As a business, having too many expenses could be fatal. Due to this, many business owners are sceptical of third-party tools, often viewing them simply as another expense. But some tools, while being an expense themselves, can actually reduce other expenses on your balance sheet. In this article, we’re going to identify three tools that could be used to drive extra revenue or reduce overheads.
Virtual Receptionist Services
Today, it’s common for businesses to employ remote receptionists and admin assistants who handle calls from the comfort of their own homes, often working part-time for a range of companies at the same time. This is seen as a cheaper alternative to hiring a full-time receptionist who may end up spending a large part of their time waiting for the phone to ring or finding ways to keep busy.
But the best solution to this may be to outsource these tasks to a phone answering service. Companies like Posh offer around-the-clock phone answering for businesses from trained receptionists, which offers the best of both worlds. By using a phone answering service or a third-party virtual receptionist firm, your business will never miss a call while also eliminating the need for an in-house receptionist. This immediately reduces expenses without sacrificing business performance.
Don’t assume that you need to be an enormous company receiving hundreds of calls a day to consider a virtual receptionist service. Many small business owners use these tools to free themselves up to focus on more important tasks or to work on areas of the business that they are better suited to. It’s also a great option for small businesses that operate internationally, allowing the business to be contactable at all hours.
Project & Workflow Management Tools
Disorganisation within a business is likely to lead to projects overrunning and resources being poorly allocated, both of which cause businesses to spend more money than they would otherwise need to. Fortunately, there’s no shortage of options when it comes to workflow management tools. Software like Jira and Notion are designed to keep things on track, and while they may have a subscription cost, the money saved from not having a project overrun can pay your business back instantly.
These types of tools have become even more important in today’s world, where it’s becoming the norm for teams to work remotely or at least in a hybrid setting. If your business does rely less on physical communication, then a project management tool may be even more valuable and ensure you enjoy the benefits of a remote team without sacrificing organisational efficiency
Lead Management Tools
Managing leads can be a time-intensive process, especially if you’re a large company receiving high volumes of enquiries on a daily basis. If your business has reached a point where your human sales team can’t keep up with the workload, it may be time to assist them with a lead management tool.
CRM tools like HubSpot can be expensive, but they’re certainly not as expensive as paying a salary to an extra sales executive. Not only could this be the cheaper option, but it is also likely to be the more efficient option as it will allow you to automate tasks and ensure every single lead is captured, no matter how big your business gets.
Final Thoughts
It’s important to realise that business growth doesn’t have to involve hiring new team members. The best hire you could make could actually come in the form of a digital tool or a third-party provider. The examples above could be used to offer enhanced customer service, reduce the money spent on staff or increase the number of leads being generated. If you’re a business owner, start by reviewing your current expenses and researching whether or not these could be replaced by third-party alternatives.
