No matter how successful your business is, I can guarantee that there are always things that can be done to cut costs and make those impressive profits even more spectacular. Technology, in particular, offers us entrepreneurs the opportunity to trim the fat, streamline our processes and increase efficiency.
Sound good? Here are some of the best tech-based cost cutting hacks for businesses:
If it is possible to automate a task, then it really should be automated. You might not think that automating your accounts with QuickBooks or letting software take care of your payroll or invoicing could make much of a difference but think about how many man hours go into the smallest of tasks like these and you will soon see the potential of increased automation.
Move To The Cloud
Moving to the cloud is something that everyone from the solopreneur to the big multinational business should be thinking about because, when your IT infrastructure is hosted by the cloud, you do not need lots of expensive servers and people to manage them any longer. You can also be more confident that your data is secure and possibly even cut energy costs too! It really is amazing how much good the cloud can do for businesses.
Invest In Green Tech
Investing in green technology might seem like an unnecessary expense, but it is almost guaranteed to save you money in the long-term because even simple green technologies like CFL lamps and energy efficient printers can cut hundreds of dollars off your office’s energy bills each year. If you invest in timers, light sensitive switches, and Energy Star appliances, that number could rise significantly, and the better your green credentials are, the more likely it is you’ll attract environmentally conscious customers, too.
Meeting Booking Software
Meeting booking software might not seem like it could save you money on the face of it, but it really can. You see, by using software to manage the booking of meeting rooms, streamlining timetables, you can minimize the number of no-shows and ensure that a room that could be being used is never left empty due to booking problems. If you rent out space, this could, in fact, save you a lot of money in the long-term.
Again, you might be wondering how social media could save you money as an entrepreneur, but it’s pretty simple really. Once you or your company has a social media process, you can start advertising your goods and services at much more competitive rates than you’d find using more traditional methods. Once you have used paid ads to gain a decent number of followers, you can stop paying and start creating unique and engaging content to keep people interested. If they share your stuff, that’s free advertising for you!
If you’re paying annually for things like Photoshop and Microsoft Office for your business, you could save hundreds of dollars by switching to free software. There are lots of free alternatives which are just as good as the big names (sometimes even better) and you don’t have to pay a dime for them ever! Over the years, this could represent a significant saving for your company.
How do you use tech to cut your business costs?