No matter how profitable your business is, it wouldn’t hurt to save money whenever you can, am I right?
There’s always something that can be trimmed away to make way for more cost-effective operations. Thankfully, cutting costs does not mean sacrificing business growth or standards, at least not when done correctly.
The bouquet of effective cost-cutting options and technological advancements have made it easier for businesses of all kinds to reduce their costs while maintaining the optimal standard.
Here are 5 technology hacks to get you started:
1. Automate repetitive tasks.
If there is anything the Industrial Revolution showed us, it is how much of a difference automation can make in reducing overhead costs and increasing productivity. While you may not have a manufacturing business, the benefits remain the same.
Things like marketing, accounting, invoicing, and payroll can all be handled automatically, freeing up your time and resources for growing the business.
Here is a guide on how to pick your Business Automation Software
2. Work on the cloud.
Whether you’re a solopreneur or you’ve got a large team to manage, working on the cloud not only saves you cost by skipping the costs for physically storing and securing your own hardware, it also provides security, easy retrieval, and aids collaboration.
Your data can safely reside on cloud-based storage systems like DropBox or Google Drive while you use cloud office applications like G Suite apps to enable work contribution and collaboration.
3. Use free apps and tools.
Another way for businesses to reduce costs is by using free software applications and tools whenever they can.
These days, there are free tech tools for branding, marketing, finance, and even operations. Free doesn’t mean inferior or perhaps bootleg versions of the software.
There are many tried and tested global tech companies that offer a free version of their software for individual or small business use. Usually, this means a restricted set of features or lower storage capacity.
For most small businesses, freelancers and solopreneurs, the free versions provide enough functionality to achieve the full benefits of the application until you grow into the paid versions.
Over the years, I’ve compiled a plethora of tee tools that your business might benefit from.
You can find them here.
4. Leverage Social Media platforms
As small businesses have to operate within constrained marketing budgets, going on social media provides a great opportunity for your business to spend less and achieve a whole lot more.
With social media, you can stop spending all that money on the traditional advertising outlets (like Television, Radio, and Newspaper).
Now, you can build a community that loves your product, and even reach a wider audience with very minimal advertising spend.
5. Outsource whenever possible
There might be certain aspects of your business you need extra hands with, especially if you don’t have the technical know-how or specialized skills necessary.
Outsourcing might be a more economical option than engaging a full-time team for such tasks. Luckily, technology has made it easier to connect with people who can easily get these jobs done at affordable prices.
Some of these platforms are Fiverr and Upwork Also, some tasks will need the application of a specific technology.
By using these hacks frequently, you’ll be pleased with how much you could save.
How do you save costs while running your business?