Based on the results of a study by Computer Economics, businesses are said to have spent an average of around 2.6% of their overall revenue on their technology budget. The statistic is generalized and will therefore defer from business to business, depending on the size, nature and how established the business already is.
The running of a business comes with a wide array of costs, some of which come completely unexpected and they can quickly add up resulting in a cut into your profit. Money often gets wasted as a result of improper budgeting, product/service research or mismanagement of resources. However, with the correct planning and cost cutting measures the influx in expenses can be curbed. Here are five ways in which your business can save on technology costs.
5 Ways To Save On Technology Expenditure
1) Save on printer costs
Printers are an integral part of any business and are essential for the day to day running of a business. However, the cost of running a printer can be steep especially if not managed correctly. One of the major issues that companies have with regards to prints is that employees often use the resource for personal purposes, resulting in a faster depletion of printer ink and paper. The utilization of software that requires an id and password will allow you to keep track of how often employees are using the printer and the number of prints that are being done.
The cost of toner and ink cartridges are somewhat up there especially if you are using high quality products such as HP ink and Brother toners, whilst they are excellent investments to ensure the best quality results. By purchasing ink cartridges via online stores such as CartridgeSave you will ensure that your business is getting the best deal on authentic cartridges.
2) Working remotely
The events of the past two years have forced us to think out of the norm and pull away from traditional work structures. A large number of employees have since been working remotely and it is predicted that remote offices are to become the new norm. This means that businesses will save money on office space and utilities. Whilst giving employees the flexibility to work from the comfort of their own homes or office of their choosing.
Utilizing virtual technologies such as video conferencing will provide a platform to schedule and take meetings without having to factor in the costs of travel, this means that a meeting with members from all over the globe can happen in a matter of minutes.
3) Invest in an upgrade
This might sound counterintuitive but technology developments are done so that there is an improvement in efficiency. This means by upgrading your computers, printers and networking systems the money that you put in will yield an increase in productivity and profits.
For instance, newer printers actually allow for thousands of more prints per cartridge in comparison to ones from a decade ago. Faster computers and internet options means that employees will no longer have to wait for screens to load before they are able to perform a task, which will result in quicker turnaround time and more room for growth.
4) Do you really need a fixed telephone line?
Whilst some companies may see it as a necessity, the fixed line system is becoming an unnecessary cost. Multi-purpose technology is the only way forward that the cost of fix lines can be cut down or done away with completely. Thanks to advancements in technology we do not rely on dial up internet, and calls can either be conducted using the internet or via your regular cellular network.
5) Utilize free resources
Whilst there are some things that require state of the art technology, a lot of the time businesses, especially small businesses can get away with the “freemium” version of software. Whilst they may not be as robust and feature rich as the paid for package, they serve their purpose if you just require the basics.
Google Analytics is an example of an effective free to use option for visitor tracking on your company’s website. By looking into free software options, you will realize that you do not always need expensive programs to effectively get your intended task done.
With the marketplace becoming more and more competitive it is always important to try and find effective cost cutting measures that do not impact the quality of your goods and/or services. Technology advancements have always had the primary objective to make our lives easier and to increase productivity however, it does come with a cost.
By accessing your businesses individual needs first, you will be able to identify spots in which you can cut costs for example utilizing free instead of paid for software and reinvest that money into upgrading your computer and printing systems to increase overall company performance.