Running a successful business requires more than an excellent product or service to make a profit. It also means that business owners need to be tech-savvy and know how to save money without cutting corners. In the digital age, technology and saving money go hand in hand. From technologies that have long been on the market but are always being updated, to brand new ones that are just making their way into the world, companies that use them are more likely to keep thriving.
1. Digital Documentation Cuts Down on Paper Consumption
In decades past, the easiest way for companies to maintain organization was to print and file invoices, client contact information, and everything else that was necessary for a successful business. These days, business owners would do well to learn the benefits of digital organization. Business management software allows companies to digitally store everything from their invoices and tax information to their customers’ contact information and upcoming advertising promotions. In fact, most software allows for customization that puts everything a business owner needs in one place. For those documents that simply must be printed, experts recommend investing in a duplex printer that uses both sides of the paper. Using less paper not only saves money but is healthier for the environment as well.
2. Remote Work Saves Money on Office Space
The widespread use of the internet, in combination with user-friendly applications such as Zoom, means that business owners no longer need to have all their employees in one place in order to remain productive. A long-term lease can be quite expensive, especially for startup companies. Seasonal businesses or those companies that operate out-of-office regularly may even be throwing money away by renting office space long-term. Allowing employees to work from home or another place they choose means business owners spend less money on commercial property. Research also shows that employees who work remotely are more satisfied with their jobs and therefore more productive. For those companies that do require an in-person meeting space on occasion, co-op business spaces are available on a monthly, weekly, daily, or even hourly basis in most cities.
3. Solar Panels Create a More Energy-Efficient Workspace
Companies that want to lessen their environmental impact often use solar panels to do so. Between the energy savings and, in many cases, tax deductions for switching to solar, most businesses see a return on their investment within a few years. What many company owners don’t realize is that they can further save with their solar panels by investing in a solar panel battery. Solar panel batteries harness the excess energy created by solar panels and hold onto it for use when it’s needed the most. Perhaps a company needs to operate overnight. Obviously, the sun isn’t creating new energy at midnight, but a battery that runs on solar energy can. Even better, solar batteries are useful for businesses that use a combination of solar energy and electric service from the grid. If the grid is subject to an outage, the battery can kick in to protect freezers, keep lights on, or ensure the building remains temperate.
4. Smartphones Make It Easier To Do Business on the Go
In 2020 and beyond, business owners aren’t required to keep a company landline as well as company and personal mobile phones. Smartphones make it easier to handle personal and business use all from one device, and cutting out the landline means fewer dollars spent on utilities bills. Today’s smartphones are just as powerful as the computers used in offices, in fact. They allow company CEOs and employees alike to automate business transactions, use cloud storage, answer phone calls, analyze data, and even take payments on the go. Investing in high-end smartphone technology is an especially good idea for companies that do a lot of sales in places such as seminars, festivals, and fairs.
5. Internet Advertising Has a Better Return on Investment
Advertising by postal mail is going the way of the caveman, and it’s easy to see why. Paper, graphic designing, and printing costs add up quickly, not to mention the cost of mailing the advertisements. Spending hundreds of dollars or more on print advertising isn’t likely to have a high return on investment, either. Fewer consumers are reading newspapers and magazines, and most people throw mailed advertisements into the recycling bin without even looking at them. Learning how to advertise on the internet provides a much higher return on investment. The key is branding and social media use. Putting a “face” to the name of a company gets people to follow on Facebook, Instagram, and Twitter. Even something as simple as paying for pay-per-click advertising on Google’s search results pages often pays off more than older advertising methods.
6. Automation Technology Cuts Down on Staffing Needs
Automation is essential for businesses that want to save money. Using applications that allow for these processes cuts down on the amount of tasks delegated to employees. When employees aren’t worried about mundane daily tasks, they can better focus on their areas of expertise, becoming more productive in the long run. This saves money because business owners won’t need to pay for overtime or to hire other staff members to alleviate some of the load. Companies can use automation for a number of their needs, including security backups, sending emails and invoices, and even posting on social media accounts.
7. Stronger Internet Security Protects Your Investments
Perhaps one of the biggest ways that technology helps businesses save money is by creating better security measures. When company owners ensure their firewalls, spyware detectors, and malware detectors are strong and updated, it helps to protect company information, as well as employee and client information. The harder it is for a spammer or hacker to make his or her way into a company’s private financial or identification information, the less likely it is that a business will need to shell out big bucks to correct problems or handle reputation management.
Of course, change doesn’t happen overnight. Business owners that truly want to remain successful shouldn’t try to do it all at once. Instead, choose one or two ways to implement technology at a time and wait to ensure they are working the way they should. Once those methods are perfected, implement one or two more. Remember, slow and steady wins the race!