Companies in every industry today are constantly looking for ways to reduce business expenses and increase profits. While some business ideas will require massive investments and changes to company procedures and culture, other changes can be made quickly and easily. Here are a few simple ways that your company can lower costs.
Embrace the Paperless Office
For over 30 years now, people have been talking about the concept of paperless offices. As digital technology became more affordable and computers dominated the modern office environment, it was predicted that these technologies would make paper documents and communications obsolete.
But the reality was quite the opposite. Paper usage actually increased over the years. But this isn’t really necessary.
Paper memos, notepads, message pads, and paper mailers just aren’t necessary. And by cutting these products out, or at least by reducing their usage, businesses can reduce these daily business expenses. Everyone in the office already has a computer and a smartphone with messaging and note-taking apps, so it’s really easy to make the switch without adding extra costs.
Go All-In on Digital Marketing
Switching from traditional big media advertising to digital marketing can save a ton of money on business expenses. The cost of taking out ads in newspapers, television, radio, billboards, and paper mail is high. And it’s very difficult to target the reach of these media with any precision.
But with search ads, social media ads, and email marketing, businesses today have a greater ability to put marketing messages in front of their target audience without just blasting out ads to random people who have no interest in their niche.
Invest in Remote Workers
Another easy way to reduce business expenses is to cut down on employee travel and transportation costs. Digital technology and internet connectivity make remote work cheap, easy and reliable.
No longer do companies need to rent out large offices with cubicles to accommodate every single worker. With a laptop, phone, and internet connection, employees can get their work done from home and save themselves
There is no less need to fly employees around the country to work on projects in different cities – much less for business meetings. Video chat technology is still in its infancy, but this technology makes it easy for executives around the world to meet up and have “face-to-face” interaction without the high cost of travel.
The above ideas are simple but effective ways to cut costs and improve productivity. If your company is looking for even more ways to reduce business expenses by investing in technology upgrades, contact Crimson Stone Capital Solutions to explore financing options that can make these changes a reality.