There have been so many technology advancements in the past decade that cutting costs can often just mean looking at how these advancements can help you.
If you have been thinking about trying to reduce the costs of your small business, maybe you could reassess how you use technology.
There are a few ways that technology has helped you to do business in a more cost-effective way than you have in the past. Here are some of these methods:
Gone are the days of costly marketing strategies being the only option for you to get the word out about your business. We now have access to people through social media and this can be a very cost-effective way to market your business.
That doesn’t mean that it will be easy.
Creating an effective social media strategy is difficult work, it can take up a lot of time but there may be an employee that is already working for you that could complete a free, online marketing course.
There are also a lot of ways to promote your business through social media. You can use paid social media campaigns, engage in online discussion groups or interact and engage with customers on all platforms for free.
What is important is that you fully identify your demographic and choosing the right platforms is also part of this.
There are so many advertisements on social media, so you need to make sure that yours is shown to an audience that will find your product or service relevant to them.
A great way to get the name of your business out there is through content creation. Writing articles on subject matter relevant to your business (that you have a lot of knowledge on) can alert people to your expertise.
You can also create videos for YouTube in which you give people tutorials on the skills that that you have gathered through starting your business or about the sector that you work in.
There are a lot of business that are creating webinars in order to get more attention on their brand through becoming a useful source of content for their customers.
If you are considering creating content, the most important thing is that you have a clear and concise strategy. The content that you are creating should serve the purpose of building a brand for your company which, in turn, should encourage customer loyalty.
Traveling to and from meetings can be time consuming and costly. There are so many video call options available that today, most of your meetings can happen without you leaving your home.
The video call options are not the only way that telecommuting can help to reduce costs. It may be more cost effective for you to have your employees work remotely in order to save on office space and increase productivity.
Office workers are able to be more productive by working remotely because there are less distractions. Getting rid of distractions from other co-workers and saving on time commuting to work can actually increase how productive your employees can be.
Employee turnover also decreases when your employees are given freedom to work from home and this can really decrease the costs that come with having to hire and train new staff. Having happy staff is always a great money saving strategy!
Companies have a lot of data that needs to be stored and this storage become expensive. Moving your data to the cloud can drastically reduce these costs of data storage.
Your business can also look at software options. A lot of software that is vital to running a business can have expensive licencing fees. It may be worth considering opensource software options in order to forgo paying these fees.
There is also always money to be saved by keeping things electronic. Ditching paper and printing can help to save your business a lot of money in the long run.
Running a small business is difficult but there are often these types of resources available already to you. Keeping an eye on the small things can help to reduce costs and take a little of the pressure off!
By Bruce Hakutizwi, USA and International Accounts Manager for BusinessesForSale.com, the world’s largest online marketplace for buying and selling small and medium size businesses. Bruce has over 7 years’ experience working within the US business transfer marketplace connecting buyers and sellers.