Teri Marin

Modern Methods for Saving Money in Your Business

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Starting and maintaining a successful business is an exceptionally difficult endeavor. It’s much like trying to lead a lifestyle comprised solely of good habits. Once one good habit falls to the wayside, everything else can follow the slip into dysfunction. Similarly, if you neglect to keep your business healthy, the unchecked corners of your enterprise can become infested with inefficiency. This is when money starts to leak, the dominoes are set in motion, and you can quickly find yourself in the midst of frantic damage control.

This is not an article about slick new ‘business tech,’ but an examination of how some modern innovations could make running your business easier and less expensive.

Open-Source Software

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Purchasing the right software, even basic office software, can be a massive expense for a business. Before you spend hundreds or thousands on that next upgrade, have a look at what’s on offer for free. Open-Source software is developed on an ethos of sharing, and you’ll find a whole wealth of free downloads to suit your needs.

Sourcing your Utilities

Although this may seem obvious and is something people do at home, but this can be an expense that entrepreneurs often overlook, with at least 80% overpaying for at least one utility. With the availability of comparison websites, there’s no need for this to be happening. Your business gas and electricity, alongside other utilities such as the internet, should always come from a provider that meets your needs at a sensible price. 

Automate the Workload

The advance of technology has only accelerated since the Industrial Revolution. The phenomenal changes we’ve witnessed within a couple of short decades suggest that the march of progress will only continue to accelerate in the foreseeable future. As a business owner, you need to always have the latest intelligence on how this will affect your business and the job roles within it.

Take accountancy, for example. This is a job largely based on coordinating and crunching numbers, making it a prime candidate for automation. There are already many options online for automating business taxes and monitoring income and expenses. Additionally, there are programs that cut much of the legwork from secretarial roles.

You won’t be able to staff your entire business with robots just yet, but you’ll find that by using technology in the right places you can economize on how many hours staff need to work, and how many people you hire.

Advertising Intelligently

This is where technology can trip us up as much as facilitate us; don’t assume that the most modern digital advertising methods are always the greatest. Sometimes digital advertising platforms isn’t always the best use of your money.

Advertising needs creative flair, and while data harvesting can enable us to choose targets better, technology can’t substitute the human creativity required to make an effective advert. So keep this in mind when you look at options for advertising your business. Don’t continue to pour money into advertising unless you know the approach is working. 

 

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