4 Effective Ways to Cut the Costs of Running an Online Business

Many people nowadays decide to break the pattern of the usual company-bound jobs and start a business online. Running an online business can have great benefits for an individual in both a personal and a professional sense. Having an online business is a lot cheaper than starting an enterprise in general.

However, it is not free of charge. Sometimes people make mistakes at the very beginning that are difficult to resolve over time, for instance over-estimating profits or overlooking expenses. That is why you should try to run your business as effectively as possible and be knowledgeable of the ways to help you cut down your costs and make your business really flourish, and we are here to provide you with some.

  1. Lower your office costs.

If you decide to run an online business – there are usually two possible ways to do it. The first one is working from home, and the second one (if it is a business of a larger scale in question) is working in an office. If you are doing your job from the commodity of your own home, you will save significant amounts of money on utilities, insurance and taxes.

If your business, on the other hand, demands having some employees rather than working by yourself, you will most probably need to rent a space and those might be the biggest expenses you will encounter.

In that case, always look for the lowest lease prices in the least expensive neighborhoods, and have in mind that an attractive location doesn’t play a big role for you. Be practical and efficient instead of opting for an enchanting space in a pricey area.

  1. Decrease the advertising costs

Numerous studies have shown that small businesses usually spend 5% of their total revenue for advertising purposes. The figures can be even higher for those who are just starting out and need to think about conquering the market. That’s a whole lot if you have just started and still can’t guarantee how high your profits will be.

Luckily, you don’t have to spend a fortune on advertising as there are many other ways to make it work by simply making a Facebook page, tweeting about your business, creating an email newsletter, or employing cold calling techniques and asking for referrals.

  1. Go for cloud computing

For most online businesses, especially for startups, cloud computing is the most effective way to cut down capital costs as well as IT service related expenses. Cloud computing eliminates the requirement to buy and/or maintain expensive servers and decreases the cost of software updates.

Using the cloud enables you to have all-time access to all of the latest business application versions and gives you an opportunity to boost your bandwidth. If you decide on implementing this system, your provider will handle your data recovery issues and thus you won’t need to pay an expensive IT technician to do that.

  1. Learn how to prioritise

As a businessperson, you probably have a lot on your shoulders. That is why you can’t afford to lose any of your valuable time. The best way to achieve that is to make the best of your time by directing your activities and prioritizing.

It all comes down to good time management. If you set your goals straight and track your daily activities (and the ones of your employees, as well), this will streamline your work greatly and reduce stress, which will enable you to focus more on what really matters – making profit.

 
To conclude, running an online business opens doors to many great opportunities but inevitably brings a lot of risks, too. However, if you follow these steps and  your time and money right, you will reap the benefits in no time!

Future of Work Trends, Part 5: Tech in HR, Human vs. Machine

Future of Work Trends, Part 5: Tech in HR, Human vs. Machine

Tech vs. Human in HR

Human Resource forms one of the most important parts of any organisation. It is one department which deals with employee recruitment, management, appraisals, payroll etc. Every day they have a hell lot of work to do from lining up candidates for vacancies, taking their interviews, maintaining policies and HR records, handling employee concerns, administering compensation and company programs, etc. All of these activities were done manually before the introduction of low-cost cloud-based services. Nowadays in various organisations, the HR department is automating many of their daily activities.

A growing trend of more and more HR activities moving online is the talk of the season. The rise of cloud based services has enabled HR to off-load much of their mundane work increasing efficiency and saving time. With the rise of new technologies like Big Data, Cloud Computing, etc. the HR world is changing forever. Many companies are using these online services to manage their HR resources function which has made it easier to track employee performances and training programs.

Employers are now taking their HR functions online with the help of cloud based services, customised mobile apps and social media. Employees now have more power over various things like punching in for work, accessing their salary slips & attendance records, requesting for leaves, etc. Various companies are using messaging apps like Slack, Google Hangouts and similar tools to create a group of team members to discuss the project work and official matters.

In various mid scale companies, employees are directly coordinating with their HR over these various chat or messaging bots for their general concerns like benefit programs, compensations, PF settlement, etc. Various companies now enable their employees to make use of their smart phones, where employees use their touch screen finger-scan to punch in their time which is connected to the attendance records. Employees can use the company’s employee portal to login into their dashboard to apply for medical benefits which were previously done by filling huge forms and submitting it to the HR.

So, whether you are looking for a job, considering a career change or want to get into freelancing, these trends will help you plan better for your career. Rapidly changing technology will bring more trends which will change the entire perspective of workplace and employment sector for good. And whilst all this automation is great, there is always something fascinating about the perfect balance especially as within people related jobs automation is great to support mundane tasks or make paper processes online and manual, but it is not good when distressed employees are managed via bots online or job loss news is received in very inhumane or impersonal ways via the same systems and online tools.

With this blog, we end our series on the future of work, we hope you enjoyed reading them all and if you missed any of them you can check them all out on our website or via this link. To read more on similar topics explore our blogs; to speak with us about employer’s hubs and how we can help transform your contractor talent management by bringing efficiencies through our simple cloud platform, get in touch.


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Media Technology

How Changes in Technology Within HR & Recruitment Are Shaping the Future

How Changes in Technology Within HR & Recruitment Are Shaping the Future

In the era of rapidly changing technology nearly every business has been affected in various ways. HR has always been the most crucial part of any business, as finding the right candidate to meet the business requirement is very important. With everything going mobile it’s important for HR to embrace technology if it wants to continue to be an important part in managing organisational changes. With easier access to data, talent analytics the workplace analysis is increasingly becoming more common in the HR Tech world.

Companies who are actively making use of this data available to them are becoming far more competitive. With new concepts in the recruitment tech world like social recruiting technology on the rise, have made companies make maximum use of social media platforms like LinkedIn to their best advantage. Before social media, it was challenging to go through a huge chunk of resumes to find the ideal match for the position which needs to be filled. But now with the help of social media technology, it’s easier to find the right candidates.

HR & Recruitment have to embrace the technological changes in order to achieve both business requirements and employee expectations. With the invention of Big Data, the HR world has changed forever. Various companies are making use of Big Data to the best of their advantage. Previously HR had to manage everything on paper right from employee records, documents, performance reports, etc. Today’s technology gives HR the power of Big Data which has changed the way businesses see their customers. Previously it was difficult to track record of each employee in a big corporation, but with Big Data it’s become easier to track employee performances and training.

Cloud Computing is another technology which has made HR change its overall protocol by helping them store a large amount of information over the cloud. Earlier these were stored in the stack of files wasting office space and were difficult to trace. Not only it is more secure, but it is also more efficient. Now all of the employee information like payroll, tax documents, and performance reports can be stored securely online.

With the help of Smartphone’s, companies are providing a better platform for employee engagement programs and team building activities. With minute by minute update over Smartphone about any training program or cultural event, HR has come closer to building great relationships with the employees.

These are just a few of the various possibilities the HR tech domain is impacted and adapted to the technological advancements. If every HR department of every company adapts to these technological changes, it will make the life of an HR a lot simpler adding value to the organisation.

To read more on similar topics explore our blogs; to speak with us about employer’s hubs and how we can help transform your contractor talent management by bringing efficiencies through our simple cloud platform, get in touch. We are a free platform for interims with thousands of jobs refreshed daily, join us today.

About the Author:

Bhumika Zhaveri’s expertise lies in business strategy, change, human resources and talent management. Her experience is built over years in varied sectors where she has worked within Recruitment, Resourcing and HR. Now as Founder & CEO of InteriMarket a platform for Contract/Interim Talent Management. She is a firm believer of success through people, change and culture!


If you want to share this article the reference to Bhumika Zhaveri and The HR Tech Weekly® is obligatory.