Businesses need to have solid control over their cash flow even under normal circumstances. Given the current state of the economy, having a positive cash flow isn’t just a matter of making profits, but a matter of survival. Part of that means taking steps to reduce waste. Fortunately, technology can help with that.
If you want to reduce waste in your business, you need to be looking for ways to be more efficient. One of the things you can do to become more efficient as a business and to help improve your employees’ efficiency is to automate tasks where possible. According to Website Magazine, many marketing tasks can be automated such as posting on social media, gathering leads, and sending out marketing emails. Similarly, office tasks such as sending out meeting reminders, gathering job applications, and making sure important documents are sent and received can be automated. By using technology to automate these tasks, you free up employees for more important tasks that require a more hands-on approach.
Simplify the Onboarding Process
After hiring someone, they have to go through the whole onboarding process before they are ready to start working. Onboarding can take a lot of time, and tying up even one employee for hours to oversee the whole process means a lot of valuable time that could be spent on literally anything else. Use technology to simplify your onboarding process so it’s as streamlined and efficient as possible. According to Gideon Taylor, you can keep all your employee onboarding functions in one place with PeopleSoft-based software.
Reducing Paper Waste
When was the last time you thought about how much you spend on paper? According to Keap, on average, a business will spend $20 to file a single document. If it’s misfiled, the cost jumps dramatically. How many documents does your business file? If you move to a paperless online system, you reduce waste at your business on multiple levels. You reduce the wasted time spent filing papers by hand that could be stored with a few clicks of a mouse. You reduce the amount of paper waste you generate with misprints. You reduce the costs associated with storing paper. You also help reduce your business’s carbon footprint. If you want to reduce waste, you might want to start by going paperless.
Technology can be one of the most powerful tools a business has at its disposal when it comes to reducing waste. It can be used to automate tasks, simplify the onboarding process, and reduce paper waste. Ultimately, it translates to saving both time and money. Since time is money in business, it might be one of the best tools you have to help protect your cash flow.
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