No matter how profitable your company is, there’s always that wee bit of fat that can be trimmed away to reveal a faster, shinier, more efficient version of the business. Cutting unnecessary expenses and keeping costs under check works best when not done under duress. The best time to do it, is in my opinion, during a year that has seen exceptional profits. That way, not only do you pad your profits a little more, the cuts don’t hurt as much either.
Technology offers us multiple options to streamline operations if we so choose. Here are a few tech-savvy cost-cutting hacks.
1. Automate wherever possible.
The Industrial Revolution showed us exactly how much of a difference automation can make in reducing overhead costs and increasing productivity. Now, you aren’t manufacturing Model Ts in your line of work, but with the boom in SaaS tools, there’s a way to automate at least the routine parts of nearly every business function.
Tools like Oracle NetSuite or ERPNext can reduce your headcount. Things like accounting, taxation, invoicing and payroll can all be handled from a single tool, freeing up your time and resources for growing the business.
2. Move IT infrastructure to the cloud.
Whether you are a dentist with a simple brochure-like website or an eCommerce business with a multi-lingual, multi-currency transnational website, you need servers to host your website. The software you run for managing various aspects of your business needs hosting someplace. You also need to store all your business data securely in one place. Historically, this was all managed by buying and maintaining your own physical servers. Trouble is, all of this involves huge capital expenditure, to begin with. As your business grows bigger and your computing needs expand, you will need to upgrade all your machinery at huge recurring costs.
So the quick solutions are to a movie with an MSP provider.