On the face of it, using technology as a means of cost reduction can seem a tad fanciful. The more advanced a technology, generally the rule is it is going to be much more expensive to use. Hence why the latest high specification laptop, television, or car only comes available at a high, aspirational price.
When running a business there is a clear focus on keeping costs low so that profitability and cash flow can be maximised throughout. We looked at some examples of when, rather than costing the Earth, technology enabled costs to be kept down.
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Cloud Computing
The cost of securing cloud storage has reduced massively as the market has grown, and there are now many excellent examples of cloud software that are available completely free of charge. Rather than spending your business’ resources on all singing, all dancing, powerful hardware, just buy a regular spec laptop, or use your existing one, and save all of your large files securely online.
This has the additional benefit of not only reducing costs but also allowing you to access your crucial information wherever you are, on any device. Using cloud computing can save money on anything from office computers toretail point of sale systems.
Green Technology
If you have a dedicated premises for your business, then you will be no doubt feeling the pressure of paying various things such as business rates, the lease on your office, and utility bills. By purchasing yourself an energy monitor, or better yet by using low energy appliances, you will save a lot of money on your electricity and energy consumption.
The added benefit here is that you are also then reducing the carbon footprint of your business, and have the makings of an excellent social responsibility policy should you want to publish one through your site. You can also submit your business to green directory listings, where consumers looking to deal with environmentally responsible businesses can search for you.
Smart Phones
Although you may pay what you feel is a lot of money for a smart phone subscription, think of what you can achieve and the money saved instead. Thanks to smart phones, you can have a conference with a business contact on the other side of the world, face to face, without setting foot on an aeroplane. Having this level of capability when it comes to interaction means you can source business deals from much farther afield than ever before without having to travel far and wide to find them.