Technology has become so ingrained in the commercial industry that it has become challenging to do business without leveraging some tech. From digital marketing to using AI, Boost Business all technology.
However, there are specific ways you can use technology to boost business efficiency and save costs while at it.
Of course, using AI and highly advanced tools may be out of your budget as a small business. So here are more affordable ways to get more done.
Only use technology when and where needed.
Technology can be expensive, especially sophisticated ones. So it becomes necessary to prioritize areas where there’s a dire need for it.
To do that, identify the areas where you’re wasting time — gaps where productivity could be improved. There’s a technological solution to almost every challenge your business faces, but you’ll realize that not all are in critical need of it at the same time.
If you use all the technological tools, you may inadvertently hurt your productivity.
Outsource! Outsource! Outsource!
Are your in-house employees responsible for everything that has to do with your business? Think accounting, IT support, invoicing, social media marketing, web design, logistics, etc.
If that’s the case, you would have to spend heavily acquiring a high-capacity office space, computers, hardware, and software for designing graphics, marketing, printing invoices and cheques, and distributing orders. Imagine how much time and effort it will require to oversee everything.
While every company tries to be independent, keeping everything in-house can hurt productivity and budget. Therefore, hiring virtual assistants and third-party IT support companies is more cost-effective. A virtual assistant can handle tasks like digital marketing, bookkeeping, or content writing without you having to provide them with an office space and equipment.
You also wouldn’t get to pay employee benefits to a managed IT service provider.
Automate repetitive processes
Many repetitive processes waste valuable time that could have been better devoted to more productive ventures. For example, you may spend hours scheduling posts, writing invoices, and replying to emails. Of course, these things are vital, but why pay an employee to do that when there are more crucial tasks they could be spending that time on, such as overseeing operations and business analysis.
Find tools to automate business processes, from scheduling and bill payment to replying to emails. Luckily, you’ll find free and affordable software if you look hard enough.
Find affordable alternatives
When searching the internet for business software tools, it’s almost certain that the first results are the big companies in that niche. There’s also a great chance that such reputable brands would charge a premium for their services.
On the other hand, there may be lesser-known brands in that same niche offering very similar software at a slashed price to stay competitive.
Go for affordable software alternatives if you’re on a budget and looking to boost business efficiency. More often than not, the higher price of prominent software vendors is because they offer a broader scope of services, some of which are redundant or irrelevant to your needs.
Take advantage of free tools until you outgrow them
Free software can make your business more efficient while saving costs. Of course, the zero-fee often comes at a price: limitations to advanced features. You may also only be allowed to onboard a few users. When your business is still new, do you really need advanced software features? Do you have up to 50 employees?
If a free tool serves your basic business needs, it is wise to take advantage of it until there’s a need for growth.
Use an all-in-one system.
An effective way to save cost while boosting business efficiency is to use an all-in-one software tool. For example, Odoo offers a comprehensive suite of solutions catering to CRM, PoS, eCommerce, accounting, marketing, and HR, among others. Such business software lets you keep things in one place without paying for individual apps.
Finally, you can improve efficiency cost-effectively by working on your existing systems rather than buying new technology. Analyze your current process, find loopholes, and see if you can’t fix them without breaking the bank.