10 Modern Ways To Reduce Business Costs
10 Modern Ways To Reduce Business Costs
Whether you are looking to reduce business spending or wondering how to reduce business costs, it can feel daunting to even know where to start. Your business needs to be technologically agile to survive in 2020, without consuming all your profits. Here are ten places you can start to get ahead of your spending;
#1 Consolidate licenses and services.
The majority of the time, software licenses are paid per user; whether it be an Adobe software, your Microsoft or GSuite licenses, or even your Anti-virus software.
Audit your current software usage to find areas to save money – are you paying for too many users?
After you get an understanding of the amount of users you actually need for your business, speak to your providers on consolidating services. Your MCS provider will often be able to offer you AV (anti-virus) and other software bundled together at a reduced rate.
#2 Utilise Virtual Technology going forward.
The first half of 2020 has taught a lot of businesses that remote working is possible and can even be more efficient than everyone working in the office.
- Keeping all your meetings virtual, using platforms such as Microsoft Teams or Zoom, allows for increased flexibility post-lockdown. If only a portion of your employees are working from the office, you may be able to downsize your space and put those savings towards growing your business. An office space that can fit less than 50% of your staff with rotating remote shifts can provide a drastic reduction in rental costs.
- Get rid of your wired in phone lines. New, cloud-based, phone lines such as Microsoft 365 Business Voice offer cheaper virtual solutions and usually better-quality phone lines on the go. Not to mention creating a seamless transition between those working from home and those in the office.
#3 Hire offshore
It’s no secret that remote working is a cost-effective and modern way forward for many businesses out there. Countries like Ukraine have an average wage income of £300 a month, with digital skills in spades.
Hiring through a company like Meeko Teams offers support throughout the hiring and training process, as well as ongoing communal office space and HR support. A social media executive’s salary in the UK is on average £25,000 a year, compared to a Digital Marking Manager on £10,000 average in Ukraine. Hiring offshore is a great way to reduce business costs as you could see your future wage bill decrease by as much as 80%.
#4 Make use of your cloud storage space.
Cloud storage is often included alongside your MSC licenses – utilising these cloud-based storage servers could free up fixed server units that are costly and take up valuable space.
Opting to go entirely onto the cloud through Sharepoint, Google Drive, or a service like Basecamp, removes the need for your storage server. Fixed and expended costs without downtime or maintenance makes it easier to stick to a reduced budget.
Note; with the increasing use of cloud solutions, your cybersecurity methods may need to change as well to maintain high levels of protection. Speak to a professional to make sure you are staying secure.
#5 Cloud-based applications.
While software that requires fixed server units still exists, such as large accountancy or payroll platforms, consider switching to a cloud-based option. Due to the nature of these platforms, they often offer substantial infrastructure savings that can be harnessed by many businesses. Not to mention the opportunity for automation, increased efficiency, and integration with other applications.
#6 Update your training procedures.
Employee training and onboarding is a necessary cost to ensure team members are proficient in specific software and have a foundational understanding of the business’ operational systems. Even though it is tempting to cut corners in this area, the return on investment is too great to ignore.
Platforms such a Nulia plug right into your company’s Microsoft 365 accounts, offering interactive training on the job. Lengthy and expensive training sessions could be no more. With UK companies on average dedicating 6.2% of working time to training, could this be a great way for you to reduce business costs?
#7 Use efficient time strategies.
Time is the most valuable asset in your employee’s control. Use online tools to manage your team’s time more efficiently.
- Rescuetime is a platform that is designed to keep people focused and on task. It offers automatic time tracking, detailed reports and analytics, and even allows you to block distracting websites during work hours.
- Plan out workflows and set tasks using software such as Asana or Monday to complete projects faster. This also gives you greater transparency over project management and your team with increased oversight and accountability.
- Track employees time using Paymo or Toggl, splitting the time between specific tasks or billable hours. These tools allow team members to more accurately estimate the time it will take to complete a project as well as offer tips on how to stay focused when managing multiple tasks at once.
#7 Utilise API.
Application Processing Interfaces (API) can automate and simplify many administrative tasks that consume your employees’ time, by running in the background and setting up workflows. With the ability to connect a CRM to your bank accounts, invoicing and payroll software, time tracking and marketing and sales CRM’s, API can completely revolutionise your business and reduce business costs.
#8 Sign online.
Digital signatures can confirm a sale in a few clicks of a button. With the ability to send a document on the go, companies such as DocuSign and Adobe sign have entirely changed the way you should be collecting your customer’s signatures.
If you have Adobe’s Acrobat Pro then good news – you are already paying for Adobe sign!
#9 Quality over quantity.
All the options above, either combined or individually, will have an impact on your business. The result will not only be reduced business spending and reduced budgets, but will also give your employees more time to spend on leads and sales; Your team will have additional opportunities to increase recurring revenue and returning customers as well as to build out reliable suppliers.
We are often told to ‘work smarter, not harder’ and automating simple tasks or reviewing oversights in your current programs allow your business to do just that.
50% off new IT Support Contracts
For a limited time, Lucidica is offering 50% off the first 3 months for all new IT Support contracts as part of our scheme to get more business cyber secure for less. If your business is based in Greater London and wishes to take advantage of this offer then contact us below.
Current clients can jump in on the action and by referring a new client to us, you will receive a whole month of your IT Support contract FREE.
Both offers are expected to expire by the end of September.