Every small business is looking for ways to save money. While the majority of companies, large and small, tend to look primarily at labor – it is the number one controllable expense – there are so many other ways to cut costs without removing the base of your business. Take a look at the technology your company is using – or not using. Consider what areas of your business could benefit from an increased use of software and hardware. Some might require an initial investment, but a long-term money-saving strategy is a goal.
Technology Can Be A Saviour For Small Business Money
Make Your Business Green
We are not saying to paint your business green. Instead, try reducing the amount of paper you use for record keeping. Thanks to computers and the Internet, there is little you actually need to print out and retain. Rather than printing out spreadsheets, they can be viewed on computers, tablets, and smartphones.
Do not print out forms to be signed. There are online services that allow you to create forms you need to be signed. You can email these to a client or employee for an electronic signature then receive it back when it is done. You can store these forms in the cloud or download onto your server for storage.
If you have to initiate more immediate changes, then you may have waited too late; you may be struggling to get out of a hole that will take some time to get out of. To prevent these types of scenarios, put together a cost savings plan now so you do not end up in the hole.
Talking over the Internet
Voice over Internet Protocol (VoIP) is the way to go for small business communications. While traditional, landline-based telephone systems allow incoming and outgoing vocal calls, VoIP can provide your business with so many additional options.
If you switch to an Internet-based communication system, you can send the calls necessary to your business, but you can also send videos or data to clients, vendors, or employees. You can video conference rather than conducting a standard conference call. By setting up one of these systems, you will no longer have to pay for telephone fees the standard companies tend to charge such as long distance. This alone will save your company money.
Virtual Assistance
A virtual assistant is an outsourced individual, usually working for a VA company, that can perform many of the secretarial aspects of your business. By outsourcing these functions to a virtual assistant, you can save money from hiring a secretary.
More than that, you can also have other functions transferred to a virtual assistant, the daily tasks that are necessary for your small business to operate. This will free you and your team up to take care of the important and crucial tasks your company requires.
Up in the Cloud
Take advantage of cloud-based storage and applications. As a small business, you may be working towards creating systems for various purposes. Look into the plethora of already established apps before beginning such an endeavor. Someone has already developed programs for most business purposes. Using one of these will save you time and money, as well as get you going more efficiently quicker.
By keeping many of your business functions in the cloud, you can grant access to others. This allows anything you need collaboration on to be performed instantaneously. Even if it is a remote employee or a client half a world away, they will still be able to work on the project. Results will be quicker so more projects can be done in the time it would normally take for just one. This will save you money on labor if you can keep your employees perform.