This post was first published in July 2017, but the information may be useful to businesses affected by COVID-19. Please note that some information may not be up-to-date – you can find our latest COVID-19 guides here.
Please click here for Welsh Government’s latest COVID-19 advice for employers.
The benefits of digital technology can be boasted endlessly – but how does this translate to financial gain for growing businesses?
Adopting digital technology often requires some form of investment – whether that’s time or money – so taking the first step can often prove daunting. There’s uncertainties about how well the technology will work for your business, the time it will take to get set up and how it will fit into your daily processes.
Here are 5 easy ways that you can save money and grow profits with digital technology!
Make use of VoIP services
Voice over Internet Protocol (VoIP) can help to cut down or remove the costs associated with phone calls – and even face-to-face meetings. All you need is an internet connect and your chosen online service, such as Skype or Google Voice. Cut down on your phone bill and eliminate the hefty travel expenses by holding meetings and collaborative calls over VoIP.
Make use of review websites
Save money on marketing to new customers by getting your existing customers to do the work for you! Review website like Reevoo and Trustpilot fit seamlessly onto your own website and work to automate the process of collecting reviews within the customer journey.
Depending on the size of your business and your particular needs there are different tiers of cost for using a review site – it ranges from free plans to those suited for large enterprises. Review sites offer a saving on the cost of marketing activities (and associated time) to reach new customers and an investment in improving customer satisfaction, driving conversions and understanding opportunities to improve your business – which, in turn, can generate money for your business.
Take advantage of free trials or basic package software
If you’re looking to adopt digital technology within your business but you’re not sure you’re ready to make the commitment, test the water by using free trials of the software products that you’re interested in. You can try out the features, see how it could benefit your business and understand how it could fit into your day to day processes before investing a penny. Testing your options before you invest could save you a lot of money in the long run and remove the hassle of using a product that doesn’t suit your needs or that you’ll need to change after a short amount of time.
Remote working and hot-desking
Rather than paying a substantial amount for your own premises when you’re just getting started or unsure of your speed of growth, consider the options of remote work or hot-desking. Reliable superfast broadband connections and collaborative project management tools such as Basecamp or Trello are making it easier than ever for staff to work from home or outside of the standard office environment. Alternatively, you can pay for individual or ‘hot desks’ for staff in a co-working space. Save on the upfront costs of securing your own building or workspace by sharing the space with other business in a collaborative work environment that you can expand or contract (by paying for more, or less, desks) as your staffing needs change.
Make email and social media marketing your best friends
Rather than investing in pricey advertising campaigns or throwing your money at marketing, utilise the free tools and platforms available that can help you to develop, manage and co-ordinate your own online marketing projects. Whether you distribute weekly snapshots, monthly e-newsletters or targeted email offers, platforms like MailChimp and Constant Contact simplify the process of creating your own on-brand email to send out to your database. Similarly, platforms like Hootsuite, Tweetdeck and Sprout Social can support and automate your social media activities to ensure you’re keeping your online brand current without taking up your time and attention throughout the day.
Discover the other digital tools that can save your business time and money
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