How small business can use technology to cut costs
A recently released small business survey found that one in five small businesses are struggling with increasing costs but also have a reluctance to charge their customers more.
Whilst some costs (like insurance, utilities, rent and wages) are largely out of a small business’s control, there are actions a small business can take to reduce their operating costs, especially when it comes to utilising technology
Automation of routine tasks
A small business ERP (like Xpect) can help by automating repetitive tasks like invoicing, payroll, inventory, sales, marketing and customer service. A data capture solution (like Formlify) can remove the need for paper or PDF forms and the subsequent need for data entry.
Cloud-based software
Using cloud-based software (like Xpect or Formlify) removes the need to buy and maintain on-site computer hardware and software. And because these tools generally work in a web browser, the computers needed to access them don’t need to be expensive.
Remote work & communication
A cloud-based small business ERP (like Xpect) means small business staff can work from anywhere reducing overheads like utilities and rent. Cloud-based communication tools like Zoom or Teams mean staff can still collaborate effectively without being in the same physical space.
E-Commerce platforms
For small businesses working in the retail sector, an e-commerce platform (like Xpect) enables selling virtually anywhere without the cost of a physical location. Third party logistics (3PL) platforms allow storage and distribution of goods without the need for a warehouse or storage facility.
Online marketing
Instead of relying on traditional costly methods for advertising, a small business can use social media platforms (like Facebook, LinkedIn, and Instagram) to promote their products and Google ads to target a specific audience at a much lower cost.
Inventory and Supply chain management
A small business ERP (like Xpect) can help manage inventory more efficiently, reduce waste, and enable better purchasing decisions. This reduces excess inventory and storage costs.
Outsourcing
Online outsourcing platforms mean that small businesses can hire specialists on a per-project or ad-hoc basis rather than needing full-time employees for certain roles. This is especially useful for generic tasks like graphic design, content creation, or IT support.
Customer Relationship Management
Using a CRM system can help small businesses manage customer interactions more effectively, improving sales conversions and customer retention without needing a large team.
Analytics & Reporting
Investing in data analytics tools can help small businesses make more informed decisions. By analysing trends, customer behaviour, and sales patterns, small businesses can optimise pricing, promotions, and product offerings to drive more sales with less waste. Many small business software platforms have these tools available and modern versions of Microsoft Excel provide data analysis functions that were once only available to large business.
How CIBIS can help
CIBIS understands that running a successful profitable small business can be challenging, especially with rising costs. We believe technology can help reduce the running costs of your business as well as improving sales and customer satisfaction.
CIBIS has more than 20 years’ experience helping small and medium businesses cut costs through effective technology solutions. Our Xpect SME ERP solution is perfect for small businesses looking for more than just an accounting system but who aren’t ready to make the leap into a costly and complicated enterprise ERP system. Our Formlify form building solution allows business of any size to capture information both from customers and employees. This information can then be analysed in excel or uploaded to another system. CIBIS puts privacy first and is ISO 27001 certified meaning that your data is secure.
Contact us to find out more about how we can help your small business operate more cost-effectively.