Like many entrepreneurs, you naturally want to reduce your business expenses as much as possible. After all, when you have lower overheads, you can keep more of your revenues and have enough funds to improve your company. You can also pass on the savings to consumers which, in turn, can pave the way to happier clients and higher customer satisfaction ratings.
The question now is this: what can you do to cut your costs?
There are fortunately lots of answers you can explore, and one of these is to take advantage of modern innovations. This can be a bit challenging if you’re not familiar with technology, but integrating it into your day-to-day processes is actually not that difficult. If you’re ready to get started, here are some helpful tips you can use:
Instead of: Spending thousands on business trips
Why not: Use VOIP services to speak with people overseas?
Traveling to other countries can be incredibly expensive, but it’s a necessary evil since it helps you connect with clients, suppliers and/or investors who live abroad. Luckily, in these modern times, you no longer have to put up with pricey airfares and sky-high hotel rates since you can use VoIP to build good relationships with overseas-based people.
VoIP (which stands for Voice over Internet Protocol) allows you to use your web connection to call virtually anyone who has a computer and internet access. So, instead of forking out hundreds of dollars to make calls, you only have to buy the necessary software and hardware and pay a monthly small fee to a provider. The best thing about VoIP? It allows you to make video conferences and hold face-to-face meetings with people abroad, so you can maintain great communication with them without spending too much.
Don’t worry since finding the right VoIP provider is easy. If you’re based in Australia, for instance, get in touch with Spintel. They offer a range of business VoIP phone plans that allow you to make local and international calls at reasonable and competitive rates. Review the packages that Spintel provides to choose one that best suits your company’s needs.
Instead of: Paying hundreds of dollars for traditional marketing
Why not: Integrate social media marketing into your strategy?
You don’t necessarily have to stop printing leaflets and brochures and joining trade shows; after all, these strategies do help you increase brand awareness and attract customers. However, you can reduce your dependence on them and minimise your marketing expenses by taking advantage of social networking sites.
Social media marketing has become popular simply because it’s efficient and cost-effective. It allows you to reach out to a large number of people, build a loyal customer base and enhance your corporate image ― without having to spend a fortune. But don’t just stop at making Twitter, Facebook and Pinterest accounts; instead, learn more about these sites and know about the services they offer to business owners.
Instead of: Buying duplicates of equipment you already have
Why not: Invest in an asset management system?
It’s easy to keep track of all the tools and machines you buy when you’re still starting out. But this is no longer the case when your business grows; with the numerous tasks you have to tackle, you won’t have the time and energy to monitor all your equipment. You might even assign an employee to handle purchases, leaving you with no exact idea of the type and number of assets you’ve amassed.
Fortunately, you can avoid this situation by using an asset management system. Through this, you’ll have a record of all your equipment and know what makes and models you have and how many you’ve bought over the years. These, in turn, can help you avoid buying duplicates of tools and machines you already have on hand and save a substantial amount of money. You can even use the system to note when your machines need to be serviced, which means you can keep them in good shape at all times and stay away from expensive repair and maintenance costs.
Technology can be intimidating and even downright scary. But, if you want your business to succeed, you shouldn’t be afraid to embrace it and use it to reduce your operational costs.