Every business wants to provide relevant and fast solutions to customers and profit from that venture. While their working operations may differ due to several factors, the underlying objectives do not often change. We will discuss in this article how businesses can take that one step further and turn savings into Impact.
Over the last two years, the economic landscape has shifted in the US and other parts of the world. What worked before may no longer work now.
While business executives examine current working processes to make holistic changes, they also must deal with competition, employee expectations, supply chain, procurement, and many more. And as we have written in the past, employees want their employers to strive for more.
Introducing Evolved Impact.
This is an innovative arm of Expense To Profit. It helps businesses and corporates save money from operating costs and turn their savings into Impact. We will dive into what Evolved Impact means and how your business can benefit from its implementation.
Evolved Impact Deconstructed
Competition is rampant among businesses today. With several product and service alternatives flying around, customers are again faced with selecting and sticking with a brand. Customers are increasingly putting a lot of consideration into the brands they support.
One of the major factors they consider is purpose. Purposeful businesses know precisely why they are set up and how they want to serve their immediate ecosystem (customers, stakeholders, employees, and the community).
While most business executives are not particularly keen on this, customers are fully aware and are taking note.
According to Deloitte’s 2021 Global Marketing Trends, 79% of consumers remember how brands positively responded to the global pandemic to help their employees, customers, and the community. From the study, one in five respondents agrees that such actions from brands tilted their buying decisions in favor of the brand.
Also, one in four respondents agrees that they will walk away from a brand that took actions that they consider harmful. When your firm is purpose-driven, there is a clear link between your brand voice and your dedication to your consumers and stakeholders.
And this is what Evolved Impact is all about; purposefully presenting your business to attract investors, acquire and retain customers, and inspire a dedicated workforce. As customers expect more from the brands they patronize, you need to implement purposefulness in your brand through Evolved Impact.
How Does Evolved Impact Work for Businesses?
Evolved Impact – through Expense To Profit – works to help businesses in two folds:
Reduced Operating Costs
You are probably unaware but may be overspending for your business’s day-to-day operations. Whether you like it or not, your daily spending significantly affects your pricing, product quality, and service delivery.
While businesses have budgeting in place to ascertain where they spend money, not so much attention is paid to how they spend it. Spending less and saving more can improve your business’s financial projections. And that is where Expense To Profit comes in.
We will conduct an extensive examination and review process for your business.
- We will look at your energy, external services, telecoms, utility, inventory, payroll, equipment purchasing, procurement, and other expenses to develop a base point.
- We will review your vendor report over the last 12 months.
- We will also take a keen look at your invoices to identify and estimate sources where you might be overspending.
After the review, we will provide your business with a detailed report with recommendations on cutting down expenses. You will not need to change your existing vendors. 91% of the time, we negotiate positive outcomes with your contractors and vendors.
Our services are 100% risk-free, and we do not charge any upfront fee. You will only pay us from the savings generated. We then invest 5% of our fees into an impact fund in your business’ name.
Employee Retention Tax Credit (ERTC/ERC)
A timely and perfect example of how we are currently helping businesses is through the Employee Retention Tax Credit (ERC). The ERTC is a tax credit for eligible business owners who have kept employees on the payroll throughout the global pandemic.
The US Congress extended this tax credit from its existing and limited reach in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It was amended a few times since the iteration we now have today. This tax credit benefits employers with 100 or fewer full-time workers in 2020 and under 500 workers in 2021.
The application process for the tax credit can be somewhat complicated, which is why we work with a team of experts who specialize in ERTC recoveries. If you would like to learn more about the eligibility and if your business could potentially qualify, do not hesitate to reach out.
The final piece being the workers can use Impact Dollars to support a social cause from over 1.5 million nonprofit organizations in the US.
The results of how we have turned savings into Impact speak for themselves:
- Private K-12 School with 40 employees that received a PPP loan qualified for a refund of $552,000.00 – Impact Fund of $5,520
- Pool Installer with 170 employees qualified for a refund of $2,364,000 – Impact Fund of $23,640
- A nonprofit with 207 employees qualified for a recovery of $1,700,000 – Impact Fund of $17,000
- HVAC services company with 24 employees qualified for a recovery of $536,000 – Impact Fund of $5,360
- Barbershop chain with 17 employees qualified for a recovery of $130,000 – Impact Fund of $1,300
Evolved Impact helps businesses cut expenses while investing in a cause they are passionate about or believe creates a win-win situation.
That is what makes us different from others.
Expense to Profit is a cost-reduction agency designed to help small and large businesses improve their profit margins by reducing overhead expenses. Our strategies are industry-proven and tailored to your business needs. We not only assist businesses, but we also make them appear like heroes when they reinvest in their communities. If you have any questions about cost reduction or how your business can turn savings into Impact, do not hesitate to reach out!
Call us today for a free consultation and expense reduction analysis.
Published by Marc Freedman
Marc currently serves as our Chief Cost Evaluator, expertly advising our client management team on how to help you successfully achieve your business and financial growth goals. A respected mentor to all he consults with, he is an avid collaborator and contributor to the spend consultant community, guiding thought leaders to formulate, design, and install the best operational solutions available to their clients.