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In the current economic climate, every dollar matters in the business world and there will always be room and an obvious, welcomed appreciation for money saved. You may have tried downsizing or asking for help, but what are some other unique ways that your business can save on expenses?
4. Invest in (Green!) Cloud Technology
If you haven’t introduced it into your company already, one of the first initiatives small businesses should consider when implementing ways to cut costs is investing in cloud technology. This means your business software, data storage and inventory management applications can be maintained by a multi-tenant third party system that your team can easily access from any location and from multiple devices with the proper login information.
This software as a service (SaaS) model allows small businesses to take advantage of subscription based access to high-end business applications without having to invest in the hardware it takes to maintain them or purchase multiple software licenses. In addition, businesses that utilize SaaS business models produce significantly less carbon than similar businesses maintaining in-house IT departments.
3. Consider a Bring Your Own Technology (BYOT) Policy
A recent survey predicted that the number of PCs sold this year will fall 7.6 percent to the continued popularity of tablets. In addition, BYOT is making significant inroads in the business world with roughly 75 percent of employees in high growth markets (year end 2012) already using their own technology at work.
Add in the additional personal privacy and enterprise data security features of the newer generations of business intelligence software such as Armor 5, Domo and Divide many small businesses are now able to move towards significantly reducing their equipment costs without sacrificing security of business operations or.
2. Consider the Work From Anywhere Culture
Whether you call it telecommuting or working from a remote location, the “work from anywhere” culture is not only one of the most desirable alternatives to commuting in the U.S. by far; it is also another great way in which many companies can save additional money on overhead costs associated with utilities and renting office space.
1. Outsource the appropriate non-core processes
Everyone has their own opinion on outsourcing. Regardless of your view, the fact remains that if done properly, outsourcing can save your business some hard earned cash so analyzing which of your non-core business competencies, if any, can be outsourced should be taken under serious consideration.
Non-core processes are perfect candidates for this. This method is more cost effective than keeping someone on location at all times, and outsourcing work often means you can get the job done for a fraction of the cost.
For example, if you need text written for a brochure or website, you can outsource this for a very attractive price, and you can even find a large pool of potential workers that share a strong expertise in copywriting, which can often be difficult to find locally.
If you want to save money in today’s business world, you will have to get creative. Specific types of businesses can save money in various ways, so be sure to analyze your business costs and how you can manipulate and minimize them.
Other money-saving ideas from this site:
Other sites of interest:
Mark Cuban’s 12 Rules For Start-ups -kingslife.ning.com
Frugal Living at About.com -frugalliving.about.com
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