Do More With Less Expense

Refraining from fully utilizing technology in your online business is costly. Traditional businesses can tap into the online market through cost-effective innovations. Some costs you can eliminate include infrastructural costs, employee costs, redundant time losses, energy expenses, marketing costs and technology costs.

There are a number of ways you can save money, so let’s start with technology. Cloud computing can allow you to outsource your data center and many of the infrastructural management departments an online company traditionally needs. Online timekeeping solutions like Clockspot are a perfect solution to any business size and type.

Cloud-based applications like this can cut down the number of payroll employees your business needs to operate. Additionally, cloud-based servers can reduce equipment expenses. Using cloud computing, you can do the vast majority of things you would do on an internal server but for a recurring monthly cost rather than the cost of ownership and maintenance.

Additionally, you can outsource personnel departments like IT. That way you’ll get in touch with experience with greater diversity and continuing knowledge acquisition. Internal solutions have to play catch up so much they don’t have time to innovate or adopt newer technology solutions in many cases.

Savings

If you can cut out payroll and IT personnel from your business’s operational model, that will save you around $100,000 a year. Four individuals between these departments getting paid a low wage of $25k/year represent an expensive operational cost. Being able to put that money into R&D, marketing, or other means of expansion can be what saves a business.

Next, you have online marketing solutions through SEO organizations. These can make your business get noticed with greater ease, resulting in an expanded profitability.

On the energy side of things, you can use cloud computing to outsource employees into a BYOD situation. DaaS (Desktop as a Service) gives remote employees consolidated access. Timekeeping software allows them to clock-in as necessary. Now you don’t have to rent additional office space, and you don’t have to pay for additionally expended energy.

Feasibly you could cut off all rental costs and run things from your home. But if you do have a building, going the green energy route can be very good.

Environment

You can run a more eco-friendly business through a primarily online operation; and there are savings to be had. Cloud outsourcing saves money and the environment through redundant equipment reduction. Using solar, wind, and water energy can give your business tax breaks and pay for themselves through cut utility expenses over time.

Next, you want to look at transactions. You’ll want to secure them because statistically, as you grow, it becomes likely that cyber criminals will eventually try to hack your business. A particular vulnerability, and one that’s additionally quite lucrative, is credit card numbers. If they’re not properly tokenized, it can result in losses.

You might wonder ”what is credit card tokenization?” Learn how tokenization can protect you by doing some online research but in short it’s the process of removing sensitive data from a company’s internal network and replacing it with a randomly generated placeholder called a token.

Profitability

Between tokenization, green energy solutions (and associated tax breaks), cloud-based operational hosting (via network, applications, and DaaS), and BYOD, tens of thousands can be saved every year. You may even be able to cut $200k from early budgets—before installation/transition expenses are absorbed, of course. If you want to run a successful online company, you’ll want to get every advantage you possibly can.