Small Business Magazine. Small businesses need to think continuously about where their money is being spent, and how and when to spend their cash.
With the economy back in recession, small businesses have to continue to squeeze belts and find ways to try to reduce costs to make sure that maximum profits can be achieved.
'Using Technology The Right Way Can Save Your Business Money'
To help small businesses reduce costs in the right place, Powwownow, the leading free conference call provider, offers some top tips to help reduce business costs through the use of technology.
Replace face-to-face meetings with free conferencing services
Technologies such as audio, web and video conferencing can help businesses to keep in touch with customers, suppliers and colleagues, reducing travel costs and time spent away from the office. The use of these conferencing services means that for any business there is no need to even have offices. Businesses can start-up in the home and offices can be looked at later as they grow, saving initial out-lay costs.
Encourage remote working
Allowing employees to work from home means businesses can reduce overhead costs in an office - less electricity, less floor space and less tea and coffee!! The benefits of offering remote working doesn’t just benefit the business owner in terms of costs, but it also makes employees feel valued and offers greater flexibility which in turn means higher levels of productivity and retention (less training costs, as you have a lower turnover).
Remote working also means that, as with many small business owners, time is precious and CEOs and MDs will often be doing a lot of job roles at one time. Remote working allows work to be conducted at anytime, anywhere. Mixing technology with the ability to be able to access information 24/7 means that the precious time businesses have, can be used to maximum effect.
Focus marketing activities online
Online technology doesn’t only have to be used in terms business operations. Social media now allows a greater focus of marketing online and in comparison to offline media, it is very cost effective. There is a time commitment to online marketing, however creating a business blog, Twitter, Facebook, Google+ and LinkedIn pages to get your messages into the public domain and interact with your audience can have a huge impact on the success of your business. At the same time online advertising costs are a fraction of the price of print and broadcast.
Looking at where costs can be reduced and how technology can be incorporated into your business will help to not only enhance your business practice, but save costs and enable the business to grow and be successful.