For new business-owners just starting out, it’s often not just finding success that’s vital – it’s staying in operation long enough to see it come to fruition. So many new businesses – whether they’re in service delivery, manufacturing or a range of other industries – cut their lifespans short before they can reach their full potential by spending too much too fast too early.
If you’re looking to help your business reach its full potential, let Roundee show you a few ways that you can minimise your ongoing expenses without affecting your operational capabilities.
A flexible approach to staffing
Up there with wages and equipment acquisition and maintenance, rent is one of the single largest expenses that a business must meet. The more staff you have on site, the larger the space you’ll need to provide, and – with few exceptions – the larger the space you need, the more you’ll pay in rent.
If you’re just starting out as a small business, one way you can both keep your costs low and offer a point of difference to prospective hires is by encouraging remote work. Advances in video conferencing and collaboration technology have made telecommuting not just a possibility but a financially prudent choice for businesses across a range of industries.
With a state-of-the-art teleconferencing and screen sharing system like Roundee, it’s easy for your team to work together, even when they’re spread around a city or across the country. You’ll enjoy all the benefits of a cohesive, effective team without having to pay the horrendous amount of rent that comes from maintaining an office big enough for all of them.
Pick the right technology
Poor investments in outdated or ill-fitting IT systems and infrastructure can often lead to significant upfront and ongoing expenses that do not deliver the return on investment businesses need. Software that doesn’t offer the features you need, hardware that’s obsolete by the time it arrives, systems that can’t handle a growing business – these are all common complaints experienced by new business-owners.
It’s not the 1970s any more – an organisation’s technological needs can change annually or even monthly as markets shift and products and services need to shift with them. To respond to these frequent, sudden and often enormous changes, a business needs to invest in scalable, flexible and platform-agnostic infrastructure.
Core to this is your communication system. Breaking with more traditional systems such as PBX and first-generation VoIP can allow you even greater freedom in how your team communicates with itself and with clients. Choosing something like Roundee that runs on any platform with zero installation and zero maintenance could be just the thing you need.
Avoid business travel like the plague
There’s little that can drain a business’ profits like regular, unnecessary travel. While there are many events that do necessitate the personal touch of a face-to-face meeting like the courting of a big client, in most cases it’s easy, advisable and essential for new businesses to avoid inter-city, interstate and international business travel.
While many new entrepreneurs enter an industry believing that to separate themselves from the herd they must be available for in-person meetings regardless of the distance, this is not the case. Often you’ll be surprised by potential clients’ attitudes to these meetings – they take up too much time, consume too many resources and tie up too many staff-members. Instead, choosing to communicate via video conference can be faster, cheaper and more satisfactory to all parties, allowing you to get down to business without cutting into your operating expenses.