3 Ways to Save Your Small Business Time and Money

Nowadays it’s not enough to simply offer a good product or service. Small businesses must also be savvy with their finances, learning when to spend and when to save in order to maximize the return on all their investments. If you own a small business, take a look at these three tips for saving time, as well as money, and making the most out of your assets:

Use Cloud Computing

Computers are expensive to buy, store and maintain. And the bigger a company gets, the more likely it is that its computers will crash as it struggles to effectively store and manage an ever-increasing volume of data. Even if a computer doesn’t metaphorically crash, it is still vulnerable to physical damage: water spills, overheating, falls, power surges and more. To combat these disadvantages, many businesses are moving to cloud computing services. Instead of paying to support increasing hardware demands onsite, they are using offsite providers to house their computing needs.This is often the more effective solution for companies because it provides limitless data storage capacity, making it easier for them to both access and grow their data collection, and allows employees to work remotely rather than having to be tied to an office or any one particular place. It also shifts the burden of buying equipment and sourcing repairs to the vendor, making it easier to downsize IT departments and corresponding overhead. The result: reduced costs that allow money to be applied in other ways.

Switch to IP Telephony

Similarly, most small businesses can save money by switching to a digital telecommunication solution. A hosted VOIP system — for example, like cloud computing — removes the burden of installing, maintaining, repairing and/or upgrading expensive equipment, leaving companies extra time and money to accomplish other objectives. With a wireless communication system, businesses eliminate the downtime and loss of revenue that come with hardware crashes. They also eliminate long distance calling fees and make it easy to accept and make calls anywhere in the world — not just from a desk. The added flexibility that a Voice over Internet Protocol affords usually makes businesses more productive and more effective.

Look for Partners

We aren’t talking about financial partners. We mean business partners who can help you reach your goals. Search for associates and other businesses that can contribute knowledge or services that either save you time or make you money. Some possible partners include an accountant, who can track your finances; printers and/or designers, who can supply affordable marketing materials; and other vendors, who can offer you discounts. Many companies can also shop for a bank offering the best advantages and incentives. But the best partners are employees who have a vested interest in your company’s success. Treat your associates well and watch the value of your brand, as well as your bottom line, grow.

Photo Credit: stock photo