Small businesses often work on tight margins.
As a result, startup owners are always on the lookout for growing the revenue to sustain a healthy profit. Profit margin is a simple mathematical equation that depends on two factors: revenue and expense. For achieving higher margins, you have only two choices—either to increase the revenue or to reduce the expenses.
Of the many crucial issues that are unique to startup companies, month-to-month cash flow is most commonly at the top of the list. Beyond the month-to-month concerns are typical budgetary concerns that plague every company.
Here are a few ways for startups to reduce operating costs so they can function more efficiently, and make every influx of cash count through technology:
Here are five cost-saving technologies for any Small Business.
- Hosted PBX – A must have for any business, start-up or SME. No outlay of capital, monthly flat rate billed per number of users. Hosted in the cloud and you can use it on your mobile phone
- Whatsapp Business – An instant messaging service that could be deployed on your company website, connect with customers instantaneously, improve service levels and close deals faster
- Chatbots – Artificial Intelligence that could do the work of a resource, improves sales and customer care
- Web Application Firewall – Website security and monitoring, enables protection against hackers and helps keep your website alive
- Cloud – Storage, Servers and backup for any business is a must. Allows global access to my information and a high service level availability