You must have heard a lot about financial audit and why it’s crucial for any business. But, there might be another type of audit that your company might be missing out on – A waste audit. Don’t underestimate the power of a waste audit, as it can help you identify and reveal a lot about your operations.
Waste audits can help business owners identify and solve wasteful and costly activities and find new revenue streams that you may not know of. Thus if you are aiming at improving the efficiency of operations at your company, do consider conducting a waste audit.
But before we move any further, let us understand what a waste audit really is.
A waste audit is a survey of your company’s waste stream and obsolete inventory. People also call it “dumpster dive.” A waste audit is considered as the first step in creating a streamlined recycling process at a firm. In this process, auditors categorize all your discarded items based on material composition, weight, and volume. After sorting out the waste, the data is recorded for further analysis.
Top audit firms can help you with a waste audit of your company and identify areas that generate business waste in your firm. It not only helps you understand what you are throwing away but also the value your company will be losing after disposing of. Without a waste audit, you are operating on the basis of guesswork.
Study shows that around 70% of the waste thrown out by commercial businesses is recyclable. Have you ever wondered what’s in your trash? Well, the only way to find out is through a waste audit. Did you know, the Waste audit also helps companies save millions of dollars. Let us understand how your waste impacts your business and can help you save money.
By conducting a waste audit, you can stop guessing and finally know what is happening in your company. A waste audit can tell you exactly what is happening under your current management program and can help you determine what is working and what is not. This way, you can easily make adjustments to improve efficiency and cut unnecessary costs.
For example, if your waste audit report reveals that your company waste is composed of a huge percentage of recyclable materials like papers, plastic, etc., then you can enhance your recycling program and take corrective measures immediately. This will also redefine your purchasing decision when it comes to office supply as you will move towards recycled paper and other supplies, hence reducing the overall costs.
By auditing your waste stream regularly, you will be able to identify what is being tossed out in the trash, and are there any ways to recycled the material to reduce office supplies cost. If you have a detailed report on your waste stream, then you can focus on your recycling efforts and make changes to your company.
For example, if your waste includes a lot of paper and plastic files, then you might make a lot of money by diverting these from the trash can to a recycling facility. This way, you can update your whole office space by installing color-coded and labeled different bins for different materials that can later be sold to a recycling facility generating additional revenue. Who knew you could make money out of your trash!
A waste audit can help you save money as you are reducing your trash, you will be saving a lot of money that is otherwise spent on waste hauling. You can even sell your waste in the market for a good price. Therefore, another crucial area to audit is your hauling schedule.
You need to thoroughly examine your hauling schedule to make sure there are no unnecessary visits to haul away empty bins. For this, consider the frequency of office visits by making sure that your trash cans are collected only when they are full. This will not only help you save a lot of money but also protect planet earth by reducing gas emissions associated with the hauling process.
Waste auditing can be done both internally or with the help of a third-party auditor. We recommend consulting top audit firms in Dubai to give you an unbiased report and opinion regarding your waste management. Monitor your waste management regularly and look for more opportunities to improve your operations.
The bottom line is that it is essential for companies to conduct a regular waste audit to avoid unnecessary disposal and save costs related to the unwanted hauling activity. These are some of the ways waste auditing can help your business save a lot of money and uncover hidden revenue streams and cost reductions. You never know; you might be disposing or spending a lot of money to get rid of obsolete inventory when, in fact, it can prove beneficial and event profitable for you.
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