Any small business owner knows that technology can be expensive.
Technology can also pay off, especially in the long run, by creating significant savings.
Different technologies will save your business money in different ways. The latest and greatest offering instant savings and increased cash flow is not always the best way to go, however. Choosing the right technology for your company means evaluating your priorities to make sure the technology meets your operations and budgeting requirements.
Here are 5 ways tech can save your small business money:
- Cut down on paper
Excessive printing, especially with a printer that was meant for home use, can waste a lot of paper and ink. A few ways to cut down printing costs is to go electronic where you can. Get a tool which allows employee and clients to fill out and “sign” documents electronically. A printer meant for business, though more expensive upfront, will be a more efficient machine than one taken from your executive’s home and plopped down in the office.
- Inbound Marketing
Traditional marketing can be expensive. Running billboard, newspaper ads, radio spots, or even TV can become expensive quickly and leave you wondering where your ROI is. Inbound marketing is a way of leveraging digital tools to advertise. It is much more budget friendly, can be automated, and tracking the results is a breeze. There are tons of marketing platforms out there, such as Hubspot, to help you keep everything organized and efficient.
- Communication Platform
Of course, you have email. But what other ways can your team communicate and collaborate? Slack is a great chat platform where you can create different channels around a team or project. All communication and attached documents are easily found in one spot, helping to increase collaboration. There is a mobile app so your team can stay connected from anywhere. Communication is all important, especially for a small business. Spending a little for the right platform will soon pay off.
Integration might sound like the furthest thing from cost-savings. Some integrations can get pretty pricy. However, when your business essential applications are able to communicate and share data, your departments are no longer working in silos. Everything is easy to access and easy to share. No more data entry, no more excel sheets to combine data. Integration also opens up the possibility of Business Intelligence. Business Intelligence has the ability to save you money through better decision making in all areas of your business. Trends are uncovered, you can gain market share, business intelligence can even let you know when it’s the right time to hire.
Spending to save is most important when it comes to security. Without a managed security platform to monitor and alert you to potential threats, you could be caught in a cyber incident which will take thousands to get out of. Hackers are increasing ransomware attacks at an alarming rate. If you don’t pay a sum of money, they won’t give you your data back. This data could be sensitive and harmful if leaked, or it could just be needed to run your day to day operations. If your business comes to a grinding halt, how much will that cost you in one day, one week? Unfortunately for many small businesses, it can cost them everything. 40% of small businesses who encounter a cyber incident close within 6 months of the incident.
These technologies, platforms, and services require an investment upfront, but between the insights and efficiencies created, in the long run, they will save you money. With an IT partner to create a technology implementation strategy for your small business, it can be easier to get what you really need and make decisions on what items should take top priority. Technology can be intimidating, but properly selected and implemented, you will be happy you took the plunge.
Learn more about GadellNet’s IT support for small business today.