When Every Penny  Counts: How Technology Can Save Your Small Business Money

Share the joy

When Every Penny  Counts: How Technology Can Save Your Small Business Money

Source – https://www.bbc.com/news/uk-england-53692785

When you’re operating a small business, your finances are often less resilient than those of a large corporation. If you have a particularly low-revenue season or come upon legal fees or other unexpected expenses, it can be fatal to your small business. Even barring complete catastrophe, it’s always wise to run your company as frugally as possible. With that philosophy in mind, here’s how you can use technology to make your business more economical. 

Reducing labor costs

With technology tools like a virtual office, you can reduce the number of employees you need. A virtual office bundles virtual mail, phone, and fax into one service that can put you on the map without paying for an office lease or a receptionist. 

The technology uses a staffed location to intercept your communications and route them to you. You receive a real street address that you can use for business purposes and a toll-free or local phone and fax number. 

Several virtual offices also offer a free app that you can use to view and manage your postal mail, packages, voicemail, and faxes from anywhere in the world. 

Use video conferencing software to communicate face-to-face

During the pandemic, many people restricted travel and worked from home whenever possible. Some businesses may have already been working under the remote model, but others had to change their working methods and adjust on the fly. 

According to a Pew Research study, 20% of employed adults who could work from home before the pandemic did. Now, 71% currently work from home, and 54% would want to continue working from home after the pandemic ends. 

These numbers are partly due to technology, like video conference software, that employees can use to meet face-to-face without being physically present. Because of the increased interest, good communication software is essential. Video conferencing is becoming more vital as people work outside the office more.  

By incorporating video conferencing software into your business model, you can move towards a hybrid or fully remote model and save yourself money on the overhead of renting office or conference room space. 

Use cloud computing to encourage collaboration

The pandemic also spurred more interest in cloud computing. Cloud-based technology can help your small business save money in a few different ways:

  • No upfront hardware investment
  • Reduced energy use
  • Lower security costs 
  • Teams are more productive and communicate better

When you use a cloud vendor to handle your storage needs, you avoid the need to buy and maintain your own hardware or else hire a dedicated employee to do it. You also make your business more resilient by providing yourself with a digital backup of any mission-critical data.

Use smart metering technology to reduce utility bills for your business

Since 61% of small business owners had severe financial concerns during the pandemic, it’s crucial to find ways to cut costs. One prominent area businesses can save money in is utilities. Electric rates can increase as much as almost 4% every year, depending on where you live. Installing smart meters can save a small business on energy costs while helping the environment at the same time. 

Conclusion

These are just some of the technological solutions that can save your small business money. As you look at ways to trim fat in your business budget, consider which expenses are essential and which are superfluous. Once you know those two things, you’ll be able to make the right decisions to keep your business afloat even during these trying times. 


Share the joy

Author: Firdaus

I work as an IT consultant in the Toronto area and I love to write blogs about a variety of subjects. My passion for writing stems from the desire that everyone should have access to meaningful information. Whether it is a blog about society, culture, technology, or social media, I don’t want to miss the opportunity of sharing my thoughts with my friends and audience. Since I believe in mutual exchange of ideas, I am always on the lookout for a feedback on my writings.

Share This Post On