3 Types of Tech That Can Reduce Business Costs

Keeping costs low is an important way to minimize waste and increase profitability. When you’re running a small business, it’s vital to make the most of your budget. By reducing overheads where you can, you’ll be able to invest more resources in other critical areas and generate higher profits. Fortunately, technology makes it easy to minimize business expenditure.

Cloud tech cuts costs

photo credit: Pixabay

To find out how you can drastically reduce your outgoings, take a look at these three types of tech that can reduce business costs now:

1. Cloud Storage

Switching to the cloud means you won’t have to rely on physical servers to host applications, store data or run platforms.…

Continue reading

Simple Yet Profound Ways to Cut Costs Amid COVID-19 Crisis

As the economy continues to struggle and many businesses are faced with prolonged dips in sales, many SBOs are getting creative to stay afloat. This includes cutting costs and reorganizing expenses based on new developments.

Expense management and cost cutting

The 2 Levers of Profitability and Financial Sustenance

Whether it’s a small business, global organization, or your own household, there are two levers that impact your profitability and financial sustenance:

  • Increasing revenue. The first (and most obvious) choice is to increase revenue. If you sell more products at a higher profit margin, you generate more revenue. Plain and simple.
  • Cutting costs. The other lever is to cut costs.
Continue reading

Three Tips for Reducing Your Small Business’ Everyday Operating Costs

When it comes to improving your business’s profitability you have three choices: Sell more, increase your prices or cut your costs. Put that way, it sounds like a statement of the glaringly obvious, but it is surprising how many businesses focus like mad on the first to while paying very little attention to the third.

Cutting costs for increasing profitability

Here, we take a look at three areas every business should focus on that will help them get the optimum bangs for every buck.

1. Automate your processes

The technological world moves quickly, and any business with established internal procedures is liable to stand still and be left behind.…

Continue reading

How Virtual Offices Can Help You Win the Cost Cutting Game

A virtual office offers benefits to businesses of all sizes, including small startups and large corporations looking to expand operations into new areas. The fact is that in the era of digital, there’s no reason to rent, furnish and maintain an expensive office location, when a virtual office offers all the advantages at a fraction of the cost.

Virtual office

A virtual office gives you a professional address to put on your business card; a place to receive mail, faxes, and even receive visitors; and a facility that’s open for you, your colleagues, and clients to conduct meetings in at your convenience.

Other advantages like virtual answering service and access to virtual assistants for pressing projects means you can, for instance, work in rural Thailand while maintaining your business’s headquarters on Bay Street in Toronto, or Silicon Valley in San Francisco.…

Continue reading

Simple Ways to Cut on Business HR Costs

Every single department in a company now has to trim as many expenses as possible in order to increase organization overall value. HR departments are not an exception. Curbing expenses with human resources is normally a difficulty because this is usually not something that was needed in the past. Many CEOs have no idea what to do.

Cutting costs

The following methods presented by Productiv Inc should help out most CEOs that are having troubles reducing costs for HR departments.

Consider A New Healthcare Provider

Besides the fact that you can look at plan costs when you shop around, you can also analyze different ways to reduce the program expense in the first place or employee premiums.…

Continue reading

3 Ways to Cut Upfront Costs When Starting a Business

Starting your very own new business is an exciting time, but what isn’t so enjoyable is working out how you’re going to pay for everything that you need to get things going. It can cost thousands and thousands in the beginning to get everything up and running as you want, and then all of this will need to be made back later when you’re actually making money.

Cutting startup costs

Ultimately, the less you can spend on getting things going, the better. You’ll earn profits sooner, and things won’t be as difficult in the beginning, as you won’t need as much cash. Here are three cost-cutting tips you should follow when starting up a business:

Be Tight With Your Money

The first point is obvious really.…

Continue reading