Just a few small changes to your business’ processes can equal big savings. It’s well worth conducting a yearly audit of each of your business’ departments to see where alterations can be made to streamline the systems in place and save money in the process.
With newer tech solutions coming to market virtually every day, you might be surprised at the range of software available that can boost productivity while cutting back on costs. Here are a few ideas to get you started.
Recruitment Made Easy
Human Resources (HR) software is a great way to make your recruitment process more efficient, saving you time, resources, and money in the process. This kind of platform typically applies automation to a large part of the daily functions of HR, making for a slicker payroll and onboarding system.
Software like this can free up a vast amount of staff time thanks to its time and attendance tracking tool and tax calculation functions, which makes administrating payroll a breeze and has huge cost-savings potential.
Issues of compliance are handled by this tool, too, meaning that your business isn’t going to be unexpectedly handed a fine or a surprise tax bill.
Recruiting is especially easy with an HR tool; new recruits can be easily added to the system, onboarding can be completed with a few clicks of a mouse, and most platforms integrate with a multitude of third-party apps to make the hiring process even easier. Employee benefits can also be administrated using HR tools, such as group health insurance and retirement plans.
Incorporate a CRM Platform
A CRM (customer relationship management) system can streamline many aspects of your business, which means there is the potential for significant savings. CRM tools allow your team to easily see at what stage in the pipeline various deals are at, thereby preventing the duplication of work and helping everyone to manage the scheduling of interdependent tasks.
CRM is an effective way of ensuring that all your clients have a consistently high-quality experience in their interactions with your business, which helps to ensure repeat custom and positive brand-building. These tools can also generate leads by analyzing data, including that harvested from your website and social media platform. This can save your marketing team money as it largely negates the need for cold-calling, and results in your business’ promotions being targeted – which means, basically, that you’ll get more bang for your buck when it comes to your campaign.
Use Project Management Tools
Project management software can be your business’ best friend in terms of boosting productivity, the definition of which is getting more stuff done in less time. Project management platforms can help you to keep track of every element of your project, from assigned tasks to the overall budget, leaving you less likely to run into unforeseen eventualities that could end up costing you both time and money.
This software promotes excellent team communication and collaboration, too, as every member of staff can view what tasks their colleagues are working on and how close to completion these tasks are. Plus, all staff that has been given access to the platform can work remotely, as long as they have an internet connection, so productivity isn’t interrupted by, for example, the need to work from home.
The reporting features inherent in project management software allow users to interrogate the project budget at any point; at the end of the project, a report can be generated, which will give a comprehensive breakdown of all of the finances and highlight any over or underspend. In the case of an overspend, this will allow managers to see how the situation could be avoided next time around.
Anything that can save you time has the potential to save you money. So make the most of scheduling tools to get on top of regular events like team meetings, for example. Use meeting scheduling tools that automate the process; a link is simply sent to the possible attendees giving them a choice of meeting dates and times.
Use scheduling for your social media marketing, too. Again, tools are available that allow you to write posts and promotional content months in advance and then schedule them to go out on designated dates and times. This way, you can be assured that your social media campaigns will be taken care of without needing to find the time throughout the week to post material.
Ensuring that your administrative processes are set up so that team members can work on the same document without needing to worry about which version it is, is an easy way to streamline your business and cut costs. A cloud-based system is most helpful for this – which also means that colleagues don’t need to be in the same room (or even the same country!) to access and work on a file jointly. Such a system also saves staff time as it gets rid of the need for rummaging through an inbox that is full of multiple copies of the same document.