Money-saving tips for your business
Tough times
The world is speaking about a new recession which is unpredictable in how long it is going to last and how hard it will hit. It also creates new challenges for companies keeping up a reasonable revenue stream, keeping the staff count while at the same time cutting costs.
Some costs may come naturally to cut, such as company events, non-critical business trips, office treats for example, but at the cost of new business and the contentment of employees. While there are some costs that are less obvious but just as valuable for your business and it will not leave employees with a negative attitude towards the change.
Software optimization
By looking at the document-related software used by your company (as that are the business-area we experts in) you might be able to save quite a sustainable amount of money in license fees by combining and replacing separate software suites into one. For example:
Instead of utilizing one standalone product for Electronic Signatures and one for Business Process Management you can look for a product that combines these two functionalities.
Another option would be to upgrade or continue building on existing software and platforms like Microsoft Office 365 to be able to get rid of standalone software.
Implementation and realization are also important, that any new software that you select can be implemented within a reasonable time frame and add value immediately. During the pandemic companies were looking for products that could improve working from home with an acceptable implementation time of 7-14 days. (This can easily be achieved by BIP365).
Other potential savings
After merging, switching or upgrading your software to lower costs it can also be a good thing looking at the actual business processes at your company. By streamlining and democratizing them it is possible to increase productivity and make the business less person dependent and more resilient to change. So how would that save you money?
By streamlining/optimizing business processes your employees are able to work more efficiently. Twice the work done compared to previously.
Automating business processes reduces manual errors and mistakes which takes time and resources to solve.
Visualizing business processes will democratize document management at your company and make it less person dependent. Meaning that even when an employee is away the work can continue as normal as another employee or new hire can step in and work just as efficient.
Be Prepared
In conclusion, do not focus too hard on the larger amounts when looking to cut costs. Smaller amounts might be just as draining and usually accumulate to larger amounts in the end. Also, look at less obvious areas such as routines, business processes and how to future proof your workplace in case you need to lower the staff count despite cutting other costs.