The business sector is one of the hardest-hit groups in the current global health crisis. However, as with any other crisis, the businesses that survive are the businesses that innovate. Mobile payments, delivery apps, and automated customer support are only a few of the ways that companies, small or large, have risen to the situation.
Regardless of the circumstances, an ever-present concern among businessmen is how to increase their bottom line. Reducing costs in business does not have to mean sacrificing quality, especially with the plethora of tech-based solutions available to us now. In fact, with the rise of new technologies, efficiency and reduced costs appear to go hand in hand. Below is a list of the best ways you can maximize your company’s budget while increasing efficiency.
Digitize whenever possible
The digitization of many industries has been fast-tracked because of the need for people to stay home for safety purposes. Instead of sending letters, emails are the preferred medium of business communications. In addition, social media has become the hottest site for advertising. The cheaper cost of digital advertising is the primary reason advertisers choose it over traditional advertising methods. Plus, customers are quickly becoming dependent on mobile phones and the internet for everything, so it’s natural for businesses to follow their clients’ lead.
Additionally, hiring freelancers and having employees work from home are also effective ways to reduce spending on office rental and wages. In this way, the brick-and-mortar office is effectively replaced by a digital workspace. There’s no need to worry about carrying out collaborative tasks since there is a wide range of available tools for recreating these experiences. For instance, you may use teleconferencing to simulate face-to-face meetings and consultations. You may also use video-conferencing platforms such as Zoom to host webinars for employee training.
Automate, automate, automate
Time is a valuable commodity, if not the most valuable one for businessmen. Freeing up time by automation means that you can use the extra hours to do something else to enrich your business or even to take some much-deserved rest. Are you still using spreadsheets or record books for accounting or management? You’ll find many wonderful alternatives to those online, such as accounting software and social media management tools. If you think there’s no software for any of your tasks yet, you’re probably wrong. For example, if you manage a group of vehicles for your business, you can use fleet management software to make your life easier. Using one-stop-service software like this does not only save time but also reduces costs.
If you still think automation’s costs outweigh its benefits, consult this list of the benefits of business process automation:
- Quality Customer Service-Never miss a customer’s phone call or message again. Whether it’s an automated phone line or an automated reply to an email, your customers will surely appreciate your round-the-clock response. Hiring people to answer calls or messages 24/7 will definitely put a hole in your pockets, so using automation is easily the best option in this scenario.
- Comprehensive Overview of the Business-Because most business software allows you to monitor every step of the business process, it is easier to review tasks, analyze data, and make evidence-based decisions. This brings huge relief not only to supervisors but also to employees and customers.
- Available Free Versions of Tools-Why use paid analytics software when Google Analytics is available for free? Now apply this line of thinking to other processes like emailing and video conferencing.
Shift to cloud computing
Machinery used for computing occupies a huge amount of office space, especially in bigger companies. Even in small to medium-sized enterprises, buying hard drives as you accumulate more data is a hassle. A huge chunk of your budget also goes to the acquisition and maintenance of physical servers. Solve both of these problems by moving to cloud computing. Instead of hiring IT personnel, you can leave repairs and upgrades to the providers. The best part? They only charge you for the services you use. Also, you can choose from a wide variety of providers for your company’s needs, e.g., Google Drive, Dropbox, or Amazon Cloud Drive.
It’s time to move past the claim that “the future is digital” because the future is here. Take advantage of the emerging software that can facilitate your workflow. Bring down business costs in 3 easy ways: digitize, automate, and innovate. Even if these changes take time and resources to introduce and implement, the long-term benefits make the switch worth it.