Running a zoo is no easy task. Many zoo organizations are privately run not-for-profit businesses. You might rely partially on donations to keep the doors open. You may even turn a small profit, although many zoos operate at a loss.
You probably face high overhead costs in at least a few areas, which means you’re looking for ways to curb those costs and keep them in line. Rising minimum wages and other new employment legislation may put additional pressure on your labour costs.
There are many different ways you can work to reduce labour costs. An example is limiting overtime premiums paid, which can be achieved through better schedule management.
Cash management technology could also help you tame your labour costs. Here’s how.
What Is Cash Management Technology?
The first question you likely have is, “what is cash management technology?” In simple terms, it’s a category of business equipment that helps you manage cash more efficiently and effectively through automation.
There are several different types of solutions included in this category. Smart safes are one example. Coin and bank note recyclers, cash sorters, and cash counters are others. All of them help you reduce labour costs by introducing more effective cash handling practices into your business.
The Benefits of Better Cash Management
There are many benefits to improving cash management in almost any business, your zoo included. You may have more accurate cash counting, and you may spend less time investigating errors.
Your cash is also safer when you use cash management technology to improve your management of cash. You can create new policies that require cash to be handled less frequently.
Finally, you can reduce your labour costs.
Spend Less Time Handling Cash
The biggest advantage of cash management technology is that it frees up your employees’ time. You don’t need to have managers and supervisors sit down and count tills and floats if you have a coin and bank note recycler.
Cash sorters and counters help reduce errors. They limit the amount of time you spend manually tallying cash. They also reduce the amount of time you need to spend investigating errors.
If your cashiers are counting their tills before heading out into the shop or tallying everything up at the end of their shift, you can eliminate this practice with the right technology.
This reduces the costs of handling cash, but it also means your employees can spend more time attending to other tasks in the business.
How Does This Reduce Labour Costs?
You might think cash management technology only reduces your labour costs on paper. After all, you’re spending less time handling cash, but you’re still paying your employees. They’re completing other tasks, which reduces the costs of handling cash.
It hasn’t necessarily reduced your overall labour costs. It can, however, as you may need to schedule less overlap between shifts. You may be able to schedule just one cash supervisor instead of two. You can also schedule shorter shifts as employees won’t need to count cash at the start of the day and end of the night.
Increasing Employee Productivity
The effect of cash management technology is twofold. Since your employees spend less time on cash-handling activities, they can turn their attention to other tasks around the zoo. This means they get more done in any given shift.
This is an increase in productivity, which is correlated with higher sales and revenue. Instead of counting the tills, your cash supervisor is now on the floor, helping customers. Your cashiers spend more time facing the shelves, making more attractive displays of mugs and stuffed animals to entice zoo visitors, for example.
It’s easy to see how cash management technology is a smart investment for businesses like yours. If you’re not sure which solution is right for you, spend some time conducting research and talking to the experts. Better cash management is just steps away.