The general rule of any business is to control costs, increase revenue and maximise profit. It sounds simple enough however it can be quite difficult to implement, especially when the economy is weak. No matter how profitable your company may be, there’s always a little bit of fat which can be trimmed away to make it even more efficient and cost-effective.
Keeping costs under check and cutting unnecessary expenses works best when times are good. When your business shows a good profitable yearly return, cost cutting doesn’t hurt as much. One of the easiest ways to reduce business costs is by using technology.
Here are a few techno savvy cost-cutting suggestions:-
- Automate wherever possible – With the latest boom in Saas (Software as a service) tools there are easier ways to automate routine parts of nearly every business function. Tools like FreshBooks or Xero can help to reduce your head count. This includes things like accounting, invoicing, taxation and payroll which can all be handled via one tool.When it comes to social media, make sure your business makes use of post scheduling. Using tools such as Hootsuite can cut business costs and time spent on social media every day.
- Check out free apps and tools – By doing a little online research, you’ll find a free version of nearly every piece of software your business uses daily. Let’s take analytics for instance. Analytics don’t really need a subscription to KISSmetrics when free Google Analytics are around. Why not do away with those landlines in your office and replace them with free WhichVOIP’s phone solutions. You can also save on business travel and video conferencing with clients by using Skype or FaceTime.For social media analytics, these days Facebook and Twitter as well as many other social media channels offer their own analytic analysis. This makes it easier for you to check how engaged your company has been on social media this month compared to last month.
- Move IT infrastructure to the cloud – Whatever type of online business you have, you need to have servers to host your website. You’ll also need to store all of your business data securely in one place. In the past this was managed and maintained by physical servers which cost money. What’s more as your business grows and computing needs expand, you will need to upgrade all of your machinery, again incurring significant costs.With the advent of the cloud, business costs can be reduced. You can host your website on shared servers hosted by third-party vendors like GoDaddy, HostGator and Pay as you go.
Investing in business green technology can also help to cut costs. This could be switching to CFL and LED lights which use 75% less energy than incandescent bulbs. Light sensitive switches or switches with automatic timers can turn lights off during the day when it’s bright outside.
Improving your bottom line
Improving your bottom line is all about making smarter choices. It’s the choice of where to put your business funds. Today’s technology allows businesses to save money in ways which weren’t even possible five years ago. There’s everything available from tele-conference services to online payment services, open-source software to remote desktop applications.
Top things to consider:-
- Going paperless
- Exploring an alternative place of business
- Cutting back on software
- Ditching your business landlines
Technology provides more ways than ever before to cut business costs and in this tech era we are living in, you will find more innovative ways to carry out successful online business marketing strategies than ever before.