Small businesses survive and thrive on tight rein on costs and cutting corners wherever possible. The recession of 2009 hit all businesses worldwide and the only way to survive through the difficult time is to apply different ways to save money. With new inventions and technological innovations, the cost saving options available are numerous and the only important factor is knowing how to make use of technology in business to maximize savings and returns on investment. Even small savings in day-to-day operations will add up to a substantial amount.
Tips for reducing operational costs
Using social media networks- Instead of spending huge amounts on advertising and other market promotion exercises for your small business, social networking sites are a free platform to make products and services known to consumers. Reaching out to millions comes at no extra cost, and the creation of a website with their own profiles and pages, is a highly successful way of highlighting products offered, and directly interact with customers, attract new ones and expand the business. Social networking sites like LinkedIn, Twitter and Facebook make it possible to find a global audience with a common interest at zero expense.
- VoIP- Do you want to know how to save money on phone bills for your small business? VoIP or Voice over Internet Protocol is the cheapest method of making calls, both local and long distance. VoIP is being used extensively by people and small businesses to reduce their phone bills, and small businesses can also cut costs substantially by using it. Examples of VoIP carriers include Skype, Vonage and Comcast, and they all provide phone calling service technology for business.
- Online Postage Services- Generally, small businesses pay a monthly charge to postage meter companies for all their postal needs which include a maintenance fee, monthly lease etc. However, it is not easy to find the exact details of monthly charges. Making use of online postage services is one of the ways to save money for your small business since advanced postage printing system can be used, and get the same services as postage meters at half the cost. Online postage is hassle-free and all that a small business needs is a computer, internet connection and a printer, to print out the labels. Applying this technology in business is one of the simple but effective ways to save money.
- Mobile Offices- Connectivity is the key to a successful small business and with the latest smart phone technology in business, it is possible to work from anywhere and accomplish tasks faster. It is possible to stay in touch with every employee of your small business and this means that the entire work force need not be present in office all the time. Field staff can be on the move with information and updates reaching them irrespective of their location, and it is no longer necessary for them to return to the office to complete paper work, etc. Thus the physical office premises can be reduced in size and save costs of running larger establishments.
- Online productivity tools- With mobile offices and men on the move constantly, online productivity tools like Google Notebook, software applications and cloud based services all help to keep track of tasks, stay updated, get information to all official documents and use them from any remote location. This provide ways to save money on travel expenses as well as travel time.
All these technological marvels have transformed the face of businesses big and small, and the more they are used the larger the cost savings that will lift the bottomline.