How to Consolidate G&A Expenses With Modern Communication Solutions
Reduce your cash burn by improving efficiency. By adopting VOIP, you can reduce G&A expenses, and increase the productivity of your team. Our partners at RingCentral are industry leading VOIP providers.
Wouldn’t it be great if you could have more control over your business expenditure? A sure-fire way to achieve that is by consolidating G&A expenses. Don’t worry, it’s easier than you may think. Reach that goal by switching to a more integrated communication system. One that utilizes modern communication solutions.
Centralize your communications and reap a multitude of benefits. Solve problems by consolidating costs, reducing admin, and improving customer service and responsiveness. But before we get into more detail, let’s look at things from a different angle.
Why do businesses fail? Poor planning, ineffective marketing, and inadequate management spring to mind. There may have been no market need for the product, stiff competition, or pricing issues. What’s else? Yep, you got it: cash flow.
Harnessing modern communication solutions to consolidate G&A expenses can impact cash flow. The easier it is to track these costs, the better. But what exactly are they?
G&A expenses defined
They’re general and administrative costs that aren’t related to production or sales. Things like rent, utilities, office equipment, executive and admin salaries, and insurance.
Organizations have a tendency to get careless in these areas, and outlays can spiral. But modern communication solutions make business life a whole lot easier. Not to mention more efficient.
Read on for the lowdown on what an integrated system can do for you.
Technology: get it right
Don’t be afraid to use it, but choose with care. Do your research, and seek advice, too. Ask your friends, family, mentors, peers, and fellow business owners what they recommend.
But bear in mind the psychological phenomenon that is social proof. Be objective; weigh up the pros and cons. For example, if you’re looking for bulk email software or a CRM platform, trial a few systems.
Deciding on the right tools can save dollars and raise productivity. Technology breeds focus, by allowing your employees to concentrate on their actual work.
Get mobile with a virtual phone service
A virtual system has myriad advantages over a landline. First up, it’s an affordable option that doesn’t need expensive hardware.
And you can keep your current number and transfer existing contacts to your account. Need to switch mid-call from your mobile app to desktop? Not a problem: flip between devices.
Users can work from anywhere, and the system moves with you too. But how does a virtual phone service work? By leveraging the cloud and VoIP (Voice over Internet Protocol) technology. Through these, you and your employees can communicate seamlessly by call and text.
The same goes for keeping in touch with clients and partners. Make yourself accessible from anywhere in the world – all you need is an internet connection.
Increased flexibility equates to reduced travel, office, and utility costs. Why trek to another state for a meeting when you can dial a number? Most virtual phone systems charge the same for long-distance calls as local ones. And international rates tend to be less than what you’d pay using a landline.
If you’re not traveling as often to meetings, think about extending that mindset to the office. Using a web-connected virtual device makes remote working a more viable proposition. If you own a building already, consider renting part of it out. Bottom line: downsizing or selling entirely saves you money.
And if you’re a startup deciding how to organize your enterprise? Ask yourself whether you need a bricks and mortar HQ at all.
Boost security with fixed VoIP
While we’re on the subject of virtual systems: fancy giving your business a competitive advantage? Choose a fixed VoIP phone number that’s attached to a specific address. More secure than its non-fixed sibling, you’ll also enjoy features such as access to emergency services.
By anchoring your business digits your network will be encrypted, and the location you’re fixed to can be tracked to the phone line. Fraudsters and hackers beware.
On the other hand, a non-fixed VoIP doesn’t need to be linked to a zip code. That option is cheaper, with fewer professional elements. Basic needs are addressed through low-cost calls and a form of messaging. But there's a lack of security, making it a top choice for scammers.
Teleconferencing: don’t fork out on multiple subscriptions
These days, it’s important to be able to communicate with your colleagues wherever they are in the world. To facilitate that, teleconferencing is the answer. Meetings, interviews, and thrashing out ideas can all take place effectively that way. You may not be in the same room, but you can still interact face-to-face.
Retain that all-important human touch, even when working remotely.
So, how does the technology work? Video conferencing tools allow coworkers and teams to communicate from different locations. That’s achieved via mediums such as audio conferencing and video calls.
But what if you're seeking more than that? Additional features like messaging, third-party integrations, and ease of use. Not to mention screen sharing, customer support, and a mobile application.
When committing to a solution, it’s important to think about your business needs. Because choosing the right tool can have a meaningful impact.
Keep things simple with an all-in-one system, and save dollars, too. Choose an offering that incorporates phone, video, and messaging in one straightforward app. A platform that can be used on any device, with no user limit.
Utilize a message service to assign work and keep stakeholders in the loop. And built-in task management will help you stay on top of projects. Collaborate from anywhere, and organize conversations with ease by topic or team.
Other benefits may include editing files in real-time, and connecting with software such as Google Drive and Box. Oh, and some software integrates with calendars like Office 365 and G Suite.
Opt for a comprehensive solution. Check out Gartner’s 2019 Magic Quadrant for UCaaS (Unified Communications as a service) leaders.
Goodbye switching between tools; hello seamless conversation flow, whatever the channel.
Ditch paper and go digital
Think before you hit the print button. Can the document or memo you’re working on be saved to a network folder instead? The growth in home working has made it even more important for workers to view docs electronically. By providing them with that service, costs also fall. A one-stop workspace can allow you to share files, add comments, drag and drop, and pin.
Assign calls based on expertise
Sounds like a no-brainer? But customers are often transferred to the next available agent rather than the most suitable one. With skills based routing, you can direct calls to the employee best equipped to deal with the inquiry.
There are four stages to the strategy. Identify why people make contact, then figure out where each agent’s strengths lie. Next, make sure your technology is up to scratch. And lastly, assess how your enterprise will change when the new system rolls out.
Set rules based on agent performance, experience, and competence. Filter high-value clients to the most proficient agents. Remember, if a query is dealt with during the initial chat, other teams won’t need contacting and average handle time falls.
And by utilizing the automated interactive voice response (IVR) system, callers are assigned based on the choices they make. Overall, productivity increases and the number of calls your enterprise can handle skyrockets.
Head for the cloud with your customer service platform
Remote working is here to stay, so why not implement cloud-based call center solutions? Agents can help customers from wherever they’re based – the only thing they need is the internet.
If clients aren’t keen to use the phone, give them more options. How? Create a virtual presence via live chat and social media. Reduce inbound call volume by incorporating digital channels like these. Let the customer decide how they want to communicate.
What's more, agents should make the most of collaborative contact centers. For example, if they need help with a customer query, navigate to real-time messaging.
Take control of your G&A expenses
Modern communication solutions are the way forward. An integrated system can help your business by providing a centralized hub.
Choose the technology that’s right for you. A teleconferencing tool may suit your needs best. You may be in the market for a cloud-based virtual phone system. Skills-based routing could be exactly what your enterprise needs.
You may need it all. Whichever it is, grab the reins, and consolidate G&A costs.