Technology Can Improve Profits

Technology Can Improve Profits

If you own your own business you already understand that competition is stiff and you need every edge you can.  If you want to maintain a competitive edge then you need to take advantage of what technology can offer you.  Here are just some of the ways that technology can improve profits for your business.

Automation

If you want to reduce your costs and give yourself more time then you need to automate whenever and wherever you can.  Here’s just some small examples of how you can automate tasks to make your life easier, bookkeeping can be handled by software applications like Quickbooks.  You can set up autoresponders for your email to send out messages.  CRM software can help you manage your team and track the sales cycle for you.

Cut Costs

When you put technology in place for the production process you can cut the costs of production which enables you to reduce the price of your products in the marketplace.  You can use these lower prices to drive sales, which in turn leads to greater profits.  Technology can help you reduce the costs of payroll, you can do more with fewer employees.  Technology also helps you cut the costs of data storage, what once took a warehouse to store records can all now be stored on a flash drive.  Here is a video showing you how you can cut costs with technology.

Better Communication

Communication tools are one of the biggest technological advances in the past 50 years.  It is far easier to communicate with staff and customers than it has ever been.  You still have the old fashioned telephone, mobile phones, social media, chat software, virtual meetings, Skype and email, all of which allow you to interact and get feedback from customers and staff.  If there are problems you can find out about them quickly, and resolve them even quicker.  You can now have meetings with clients all over the world by way of a computer and a screen.  You can have remote workers all over the world who you can communicate with easily.

 To widen the market

Before the internet brick and mortar stores could only sell their goods within their community, now that limitation is gone.  Not only can you reach customers all over the world, you can rich them from the comfort of their homes.  Selling your products online can work well with your existing business and customer base.  You can easily advertise new products to your existing customers and provide reviews to help customers make buying decisions.

No matter what type of industry, no matter how small your business is, technology can enhance and improve productivity.  If you’re not using it to your advantage you can bet that your competitors are.

How to Minimize Business Travel Expenses

How to Minimize Business Travel Expenses

Business travel is inevitable to every business whether you are a start up company or a multi-million dollar company. It is part of every companies expenditures but with proper strategy and planning, it can be the great venue for new projects and revenues. Small business owners are one of the most commonly affected by business travels because they don’t have much of a budget to cater to all these expenses.  So, how to minimize business travel expenses is now more difficult than ever. However, in every difficult situation, there is always a simple solution.

Here are some of the few simple ways to reduce the cost of your company’s travel expenses.

Planning

First, plan on how many business trips in a year that your company is expecting to have. Write and implement the details to your employees ahead of time so that they will know the do’s and don’ts when they are on a business trip. Simply outline the expenses they need to make starting from taxi fares to hotel accommodation, so they will not spend more than the proposed budget because they already know that the company will not pay anything in the excess of what is listed.

Get receipts

Before you do a reimbursement, always ask for the receipt as a proof of their purchase to solidify the expenses to see if it matches with the report. Double-check the reports submitted to avoid misunderstandings.  Since, this is a planned business trip, shop around ahead of time for good packages and promo deals. This is one of the best and simplest ways to cut that travel expenses by booking with a travel agent. You can also get a good package deal that has free accommodations or free car rental which makes even easier for your employees because their itinerary is already set.

Two birds one stone

If you can set two appointments in one trip that would definitely help in cutting your expenses.  In almost all companies, no matter how you plan your business trip, there will always be unforeseen events that we are not in control of, overbooked hotels or rental cars that are unavailable. With the situation like this, there’s no need to panic because there are lots of online sites that offers last minute packages that are even right for your budget. You can have additional freebies like free car parks, breaks on hotel accommodation or on car rentals.

Business travel need not be expensive as long as you are resourceful in planning your trips. You can have a wonderful business travel experience without compromising comfort. All you need to do is be smart in looking for savings in through some online booking sites or with an agent.