Inflation is the invisible force devouring every company’s budget.
As prices increase and products shrink, the entire world feels the effects of inflation. With businesses taking one of the biggest hits. We see an increase in raw material costs, supply shortages, and a rise in labor rates, making it challenging for many companies to remain competitive. Due to Covid-19, many businesses believed they’d survived the worst, yet inflation is proving to be a difficult obstacle for many who are now unsure how to withstand its impact.
Many are currently trying to determine how to best combat rising prices. When it comes to inflation, being proactive and prepared is key. Here are 5 tips we recommend to overcome inflation in your businesses.
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Maintain Healthy Cash Flow
When you reach the end of a phone systems life and there is no longer support for it. Migration to a hosted VoIP solution that is free of any cap X will improve communications and protect cash flow. There are many providers who will replace your equipment and set you up on a new cloud based system that is professionally managed with zero out of pocket cost. Many providers include free phones that are pre-provisioned and virtually plug n play. For the cost of what you are likely already paying for phone service you could get into a brand new system with new equipment and enhanced capabilities which will help protect your cash flow and improve productivity.
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Cut Costs
There are many telecom services companies pay for that are a necessity. Things such as alarm lines, fax lines, Internet and network connectivity. With such lean times due to inflation its important to look to technology for better, cheaper ways of doing things. For example fixed land lines are no longer necessary for fax, security even fire alarm. There are technologies from cellular to IP that replace analog lines and save money. Combining technologies you already use onto a single platform such as email, office software etc can be provided by a single Microsoft 365 solution which can also save you money. Lastly get in the practice of invoicing immediately in order to improve cash flow and receivables.
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Negotiate Prices
Along with looking at the latest technology, it is also a good idea to review your telecom expenses. Work with with a consultant like Agility communications who can often save 20% or more on your current telecom services by negotiating better terms with your vendors and migrating to newer technologies such as SD WAN, Hosted VoIP and other solutions. We do business with over 100 different carriers and can leverage those relationships to get you better pricing.
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Boost Efficiency with Automation
There are many interactions that happen every day within a business. You might have Teams for instant messaging, you might have Zoom or GotoMeeting for online conference calls and you might have something like Hubspot for email or text marketing. Often as business evolves you will find that you use many different applications to accomplish all those interactions. Today however there is a better way, because a phone is no longer just a phone. Today voice communications is delivered as a SaaS solution that integrates many of the tools in our scenario above. Some of the newer solutions such as Nextiva allow you to send out customer surveys for feedback on the customer experience. It tags that survey rating to the contact and even allows you to automatically send out an email response with say a coupon for 10% off the next order. All communications from email, sms text, instant messaging, video conferences and even some marketing can be done from a single application. Auto attendants can allow you to route calls through your organization minimizing customer run around and dropped calls. The automation capabilities of the latest business VoIP software can greatly improve your efficiency of communicating inside your organization as well with clients. They also allow you to reduce the number of applications your paying for every month.
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Increase Productivity with Mobility
One of the most compelling reasons for using a cloud-based phone service is the freedom of movement. Your office can be a useful-yet-restrictive environment. If your phone system is in a physical location, expansion is more difficult. With a VoIP system you have a mobile app allowing you to work from anywhere and you have the ability to move your phones to wherever they are needed as long as they have access to Internet or cellular network.VoIP gives your people the freedom to work from home or on the road. Users can connect from anywhere. Once they are in the system, they can communicate as if they were in the office. This ability will improve productivity and provide more bang for your buck.
At Agility Communications we understand how the current economy and inflation crisis are impacting companies and we’re ready to help. With Agility’s Telecom Audit process, we connect you with vendor solutions that will improve your efficiency and reduce you’re expenses. Our mission is to focus on your success and make you a more agile competitor in the market, so let’s get in contact if you’re looking for a way to overcome inflation.
