In today’s world, almost everything is expensive: food, rent, and, sometimes, even basic necessities, which is true especially for developing countries.
In business, operational liabilities are not getting cheaper, which is why startups, and even long-time businessmen and women, must think of ways on how to effectively reduce their costs.
With today’s advancements in technology, saving huge amounts of money is within arm’s reach. All you need to do is be creative and stay practical.
5 Ways Businesses Can Take Advantage of Technology
If you’re in business and struggling to make ends meet at every payment cutoff, consider thinking about these tips.
1. Lose the office and use the Internet to connect everyone
Renting an office for a small-operations company is a thing of the past.
Everything is connected via the Internet now, which means people don’t even have to stand up and go to someone else’s desk just to ask for assistance. You don’t even need an office to make a team of employees operational.
Several established companies today, especially those operating in the IT industry, allow their employees to work from home, especially developers who do nothing but write code for 9-hours-a-day.
There are several pros in working from home, and that includes avoiding the hassle of waking up so early in the morning just to prepare for the daily commute.
In countries from South East Asia such as Indonesia, Malaysia and the Philippines, traffic can be so congested especially during rush hour periods. Allowing your employees to work from home allows them to save money as well as energy, which they can put into their work.
Additionally, as an employer, you’ll be saving a lot from rent this way.
So if your work operations mainly revolve around using a computer and the Internet (Web designing, content creation, software programming, etc.), contemplate losing the physical office and simply use the Internet to communicate with each other. And speaking of communication…
2. Skype is good for video conferences but use Slack for instant messaging
Businesses who decide against a physical office have two powerful tools at their disposal in the forms of Slack and Skype.
Slack is web-based and has a channel that everyone can just leave and go back to whenever there’s a meeting, making it one of the fastest tools that people can use for communication.
As for Skype, it’s unmatched when it comes to giving users a free voice and video conferencing calls. If bosses need to physically meet their employees, they can just always meet in a coffee shop or a restaurant with a function room.
Meetings don’t happen every minute anyway so for short, daily assemblies, businesses can simply use Skype or Slack. You can even use Hipchat, which is the common communication software used by computer engineers.
3. Use PayPal or Skrill for sending and receiving payments for products and services abroad
When outsourcing work to freelancers or contractual employees abroad, there’s no cheaper way to transfer money through them than sending it via Paypal or Skrill.
They’re fast, reliable, encrypted, and transfers can be completed in minutes. Bank wire transfers are time consuming and you actually need to go to the bank or phone an operator to do this. With the online payment systems, however, payments can be made swiftly and orderly.
4. Use a mobile card machine when receiving payments locally
Paypal is good for International money transfers but not for local.
After all, it’s cheaper to wire money if you need to transfer funds locally. But what if your client needs to pay with a credit card?
Companies that don’t have a credit card payment system are losing a lot of potential customers who want to pay for products and services on the spot using a credit card.
If your business deals in deliveries, investing in a mobile card machine that accepts payments anywhere with mobile network coverage, while meeting global anti-fraud standards is a good idea. People always need groceries and other essentials, while sometimes not be able to access the shop physically.
Having mobile card payment systems add another dynamic to your business which consumers will fully take advantage of this year.
5. Need storage? Use Dropbox
In the past, IT professionals from every company had to buy thousands of blank DVDs and hard disks to store company files.
While this practice is still being done especially when storing sensitive company data, there’s now a better, and cheaper, way to store files without worrying about them getting damaged after being in storage for a long time.
For a price that beats buying thousands of offline storage media products, a cloud storage service such as Dropbox, which can be very beneficial for most companies.
That concludes 5 simple ways businesses can take advantage of technology.