5 Ways Tech Can Save Your Business Money
When you run a business, you do all that you can to save as much money as possible. Doing everything from reusing equipment to switching out the lightbulbs in your office will help you save money here and there, but it may not always be as much as you would like or need. There are quite a few other ways that you can save money as well including whittling down your staff, raising your prices, or otherwise pinching pennies—so to speak—in an effort to save as much as possible; however, the effort isn’t always worth the results and it can sometimes cause your business more harm than good. There are a few ways that you can effectively save money and improve your business, though.
At this point, you already know how much more convenient technology makes business and how much smoother it can make things run, but it can sometimes be difficult to pay the cost of new equipment, software, and other tech when the price tag can be so high, and you have older equipment and programs that still function well enough. Although the price of new tech may be high up-front, it can save you a lot of money in the long run in multiple ways.
1. It allows your employees to telecommute
Maintaining an office can be expensive, especially if you only have a few employees. In addition, if an employee takes the day off whether they’re sick, traveling, or stuck at home due to car trouble, there’s a lot of money at stake. When employees have the opportunity to telecommute and work remotely, whether every day or on an occasional basis, you can save money on your office space or by ensuring that your employees fulfill their duties each day. Tech makes that possible. With the Internet widely available, mobile devices, and the cloud, it’s easier than ever for employees to access what they need to, even offsite, and earn money while saving you money as well.
2. It saves you time
You’ve often heard the phrase “time is money,” but unless you’ve worked as a contractor earning your pay per project, or tried to calculate the cost of something based on the number of hours you work to earn that amount, it may not have ever rung so true. When you run a business, the more time you spend on a project, the more money you’re spending to get it done. While some projects may need extra time and special attention, other projects don’t require nearly the amount of time that they will sometimes take.
When you upgrade your tech—whether it be your software, computers, etc.—you will be able to process entries faster, run programs more quickly, access documents and programs from anywhere at any time, and save a lot of time—and money—in general.
3. It enables you to advertise online
While it’s still good to use multiple advertising mediums including mailers, fliers, and newspaper ads, etc., digital advertising should be the main focus. Why? There are ways to advertise online for free, but even if you aren’t reaching your target audience with free advertising, the cost of advertising online is quite affordable in comparison to other options and gives you more control over your budget. Plus, with IoT and big data and targeting algorithms, your advertising is much more focused and effective.
4. It reduces the amount of paper you use
When you run a business, there’s a lot you have to document. Even just a couple of decades ago, that meant printing everything out on paper and storing it in filing cabinets or distributing it to the desks of coworkers and employees. Even now, some businesses still use a lot more paper than is necessary. With tech like email and the cloud, paper is almost obsolete, and it could be costing you more than you think.
For example, if you still use and accept paper checks, not only are you using paper unnecessarily, but you could be costing both yourself and clients hundreds of dollars a year—you can calculate the cost of processing paper checks to see for yourself. The tech available makes it possible to stop using so much paper and help you reduce your costs in the process.
5. It reduces the amount of equipment you need
Not only can tech save you time and money by reducing the amount of paper you use, but it can also reduce the amount of equipment you need which can save you a lot of money as well since you won’t have to purchase equipment over and over. Think about smartphones in comparison to the bulky alternatives of yesteryears—they’re smaller, more compact, and can store information on their own. Purchasing tech enables you to do away with a lot of the filing cabinets you have taking up valuable office space, condense the number of devices needed, and reduce the amount of equipment your company needs and uses overall.
Running a business costs money, but there are several things you can do to save as much as possible and keep it in your pocket. From advertising online to reducing the amount of paper you use, using tech can help you save your business money that can be used in other areas. What tech has saved your company the most money?
This post is part of our contributor series. The views expressed are the author’s own and not necessarily shared by TNW.