When starting out as a new business owner, time and money is a precious commodity, in limited supply. With each aspect of building a company from the ground up eating away at the bank balances, stress levels can quickly rise, and things can become rather overwhelming.
In business, one of the most important aspects is technology. With everything from ordering to communication, slowly becoming digitalized, a company without an online platform is one that will ultimately fail. However, when it comes to the task of purchasing new devices for any sector, whether that is CAD workstations or the latest software, technology can rack up a very large and unexpected bill
In this article, we will be talking about all the many ways in which technology can be used to help decrease business expenditures, but also how they can be implemented and used across a wide selection of different industries.
Video Conferencing
Meetings are an inevitable part of any business, an opportunity to catch up and communicate with the team but also with clients and customers. With some meetings required to be attended regularly throughout the year, with the addition of meetings, comes travel, replenishments and the possible need to book accommodation. With each expenditure adding up and being minused as a lump-sum from the account balances, this expenditure can only grow, the larger the size of the group of those travelling to and from the meetings.
A benefit of incorporating technology into your company and that can be through the ability to organise and hold meetings freely and at a time convenient to you. Through the rise in both technology and webcams, businesses can now make video calls to colleagues and external teams all over the world.
In incorporating and using webcams within the company offices, the team will no longer have to travel long distances to attend arranged meetings and instead can call and conduct meetings with the use of their webcam anytime that they wish. This simple amenity will take away all extra expenditures that can be produced from regular meetings.
Digitization
The consistent monthly orders of paper and ink can take a toll on a business and even the environment. Going paperless, for many, has been an aspect that has shown drastic improvements in the account outgoings.
The decrease of paper used in a business takes away any ordering costs that would be needed, while also requiring all work produced to be stored online. Allowing documents to be easily accessed from anywhere in the world, while also reducing the risk of loss of vital documents.
With a few simple steps, companies can take the plunge and rid the use of paper from their office. By sending emails instead of writing letters to the use of social media posts to illuminate paper Ads and billboards, by making a conscious decision, companies can go paperless for the benefit of their bank balance but also the environment.
Cloud Storage
When starting out a business, large or small, one of the biggest shocks will be the amount of data that will need to be stored. With data needing to be stored in a constant orderly manner, security surrounding your data storage will also need to be examined.
Along with security, a plan on how to rediscover deleted or lost files is a must. Without creating a reliable organisation method, documents can quickly fall into chaos, an expensive rut to get out of.
The technology that is Cloud Storage is quickly becoming a popular aspect not only businesses, but also within our everyday lives, helping to keep work, statements and documents safe and secure.
The use of Cloud Storage has eliminated the need to save work onto hard drives. Along with helping to reduce large business costs through reducing the need to purchase additional components and devices that can store vast quantities of storage. With the use of cloud storage, users, not only can access, but also edit data from anywhere around the world, with the use of internet connection.
Business To Business Integration
Business to business integration is the automation of procedures and communication between two or more organisations. Through the ability to effortlessly communicate with others, the use of human contact is reduced for efficient collaboration between suppliers, partners and customers.
An example of Business to Business Integration can be seen as Electronic Data Exchange, the automation of key business documents such as shipping notices and invoices, as well as eFlow technology. A simpler way to process and share information, this sharing of documents electronically can help to make a company more efficient while reducing the amount that is spent on postage to courier the documents between companies.
In creating this process within a new startup, you can see a huge reduction in the overhead costs through the implementation of business to business integration. Everything from handling of paper and mailing costs can be eliminated through the transfer of data and documents digitally.
Webinars
Another webcam-based feature that can be used to reduce company expenditures, is through the addition of webinars. Whether you are using the feature of webinars to train staff, or holding a webinar to educate online followers, a webinar is a web-based seminar in the form of a video conference, that can be watched from all over the world. Conducting this
meeting can become like a mini-company course, and an effective way to turn viewers into engaging customers and potential clients.
Adobe, for example, announced that after hosting a webinar, they saw a 19% increase in conversion rates; with their company gained more registered clients, helping to improve productivity and profitability. With the addition of this simple aspect, a webinar has the capability of attracting a larger audience and a range of customers that otherwise would be unaware of your business and its service that it can offer.
Along with its impressive array of benefits, when it comes to hosting a webinar, it can cost as little or as much as you prefer. With many hosting sites offering free streaming slots, you can host your webinar within the space of the office. A handy and useful tool when it comes to hosting webinars, these online seminars can convert hesitant customers, while helping to build brand awareness.
Summary
Starting a business can be an exciting and wonderful time. With many new ways and methods to begin saving money, the success of your company can be determined shortly within its lifespan. By switching out traditional methods of working, for new digital alternatives, by creating a digitized company that runs on the successes and advances in technology, you can reduce the amount of unnecessary outgoings as early as possible.
With the simple addition of conference calls, webinars to the storing of important documents and data through a form of cloud storage of your choice. Each of these top tips promises to reduce business expenditure while helping your business accounts to look fuller at the end of each month.
By saving money and reducing unnecessary bills, you can create a stable and confident company that employees will feel proud to work for.
We have highlighted only a handful of effective examples on how to reduce business expenditures, but there are many other fantastic options available.
When starting out building a business, we recommend taking the time to analyse each service and purchase made, helping you to save money where possible.
We would love to hear from you and to discover if there are any other methods that you too have incorporated into the running of your small business, helping to cut running costs and unnecessary expenditure.
Charlotte Johnson is from the sunny south of England and is a copywriter and SEO assistant. With clients ranging from construction, beauty to the enchanting world of workstations, there is little that Charlotte cannot write about.
