The importance of effective communication for a business was never a mystery. Effective communication is indeed the vital factor necessary to keep a business viable and thrive in many ways.
With growing competition in the market and the necessity to keep up with the pace in today’s time, good communication has become more important than ever.
There is no doubt that communication is key to the success of any business. Costs, though, can add up fast.
They typically include the costs of telephone and fax equipment, fixed phone line rates, internet access, and cellular phone charges. In addition, they account for transportation and venue costs for face-to-face meetings.
According to research, most enterprises overspend on telecommunication services by 30% or more. In many instances, companies spend a lot of money on telecommunications without knowing what they are paying for.
On top of that, it takes a great deal of time and effort for any business to track costs and usage for voice, data, and network services in communications.
On the other hand, many companies have no idea where to begin when it comes to cutting their communication costs.
The issue of throwing away legacy hardware investments is not always rational, but neither is the time and money spent on supporting them. As a result, more and more businesses are realizing the benefits of cloud-hosted business telephony solutions.
In this article, we will explore some key approaches you can start to cut down your communication expenses and, at the same time, boost your productivity.
7 ways to reduce your communication expenses without being thrifty
Consider an MSP (Managed Service Provider)
MSPs offer remote management and support for customer IT infrastructure and end-user systems. An MSP provides a defined set of day-to-day management services to almost all types of businesses, nonprofits, and government agencies.
In addition to supporting a wide range of carrier products, such as phones, integrated voice data, and internet services, they can help you procure services that are most appropriate for your company and your budget.
By hiring an MSP, you will be able to stay within budget by obtaining predictable monthly costs to cover the entire service and enjoy the benefit of significant cost savings.
Know what you need to operate
Before choosing a phone service provider for your business, evaluate your needs and plan for growth. It is almost always the case that most expensive phone bills are simply the result of a growing business.
Surely, your operational needs change as your business grows, and you need to evaluate them before picking the right service for your business. Analyze your business growth and deduce what the numbers will look like a year from now.
Research your service provider, know what they are offering for the price you are paying, and ensure if the price will change after a certain interval.
Assure Your Infrastructure Meets Business Goals
If you are considering any changes to your communication setup, evaluate your network, hardware, and software applications first. Be mindful of what helps your organization achieve business goals and where it needs to improve.
Users’ viewpoints can provide valuable insights. Find out which systems employees find most valuable and which cause them frustration.
For instance, there may be conferencing services you’re paying for but aren’t using, or maybe a restriction on the number of ISDN lines is leading to queues and customer service issues.
Eliminate unnecessary phone features
A business phone service doesn’t have to come with dozens of features in order to be satisfactory. Rather it’s more important to have a communication channel with a company-friendly billing system, reliable service, and features that will benefit both your company and your customers.
Features such as Call Waiting and Anonymous Call Rejection perhaps shouldn’t be on a business phone line because the majority of these features are now part of most phone systems.
Therefore, don’t pay the phone company for the functionality you can receive without extra cost. Verify that your business is paying for such functionalities by reviewing your phone bill.
Audit your phone bills
Reviewing your business phone bills every month is essential, especially if you use a local phone company. First and foremost, you need to understand how your cellular and phone bills work.
Compare the current monthly charges with the charges from the previous months. Use a spreadsheet to track line-by-line charges each month, and you’ll be able to spot mistakes before they become costly.
Whenever you notice anything unusual, question it right away. If you wait for incorrect charges to correct themselves, they can persist for months or even years, affecting your bottom line.
Always look for bundle services
If you currently receive phone service and internet from different providers, consider switching to the same company. You can usually get a discount by bundling the two.
In cases where you still use a separate long-distance carrier, your current provider can provide long-distance services. You might also be able to reduce duplicate taxes and surcharges on telecom bills by lowering your per-minute rate.
With cloud communications, you can integrate communications channels such as phone, video, chat, and contact centers. You’ll have everything you need within the one ecosystem and be able to scale services to meet your requirements.
VoIP (Voice over IP) services offer you fantastic features and significant savings over legacy and on-premise phone solutions. Internet telephony, or VoIP, allows you to place and receive calls over the internet.
This is a huge step away from traditional phone systems that rely on obsolete hardware and infrastructure. In recent years, VoIP has become more sophisticated and robust as the internet has become ubiquitous.
How does VoIP lead to cost savings?
As previously mentioned, VoIP uses your internet connection to keep communication costs down. As it does not go through your local telephone company, you do not have to deal with bundles that include unnecessary services.
By contrast, VoIP doesn’t require you to pay for services that you don’t need. By using assets you already own, you reduce your operational costs. Companies can cut their bills down by 60% by switching to VoIP.
By switching to VoIP, businesses can save 60% on their bills. It’s a no-brainer since it offers cheap international calling with no setup fees, as well as unlimited nationwide talk.
Lower Equipment costs
The equipment needed to run a phone system is often complicated and expensive. On the other hand, most VoIP systems require very little equipment and, occasionally, none. You will get all of your infrastructure from the provider if you choose a hosted VoIP solution.
An internet connection and a phone will be all you need. You’re good to go as long as you have easily accessible equipment like a router, enough bandwidth, headsets, and IP-enabled phones.
Save on installation and maintenance cost
With a cloud phone, you’ll have all your communications hosted in the cloud by a business server. An external telephony provider will handle every aspect of the cloud phone system installation.
The provider will also be responsible for maintenance, updates, and training. The fee is typically low, and you will save a lot of time and resources in return.
Lower long-distance calling fees
VoIP customers benefit from immediate reductions in long-distance calling costs. The cost of making a telephone call is minimal because voice calls are placed over the internet instead of using the PSTN (Public Switched Telephone Network).
You can call someone in the vicinity of someone who resides in another country. Thus, long-distance fees are usually minimal, if not nonexistent.
When it comes to choosing the best cloud-based telephone service for your business, there is an overwhelming number of options in the market. Investing wisely in one of those services can provide you with a range of advanced features, many of which are free.
From auto attendant to custom greeting messages, this is an excellent way to enhance your ability to do business and make your customers more satisfied.
One of the main highlights of VoIP is its scalability to expand seamlessly with your business. Growth in business means hiring new employees or maybe moving to a new location to be able to continue.
Just imagine the hassle and expensive efforts you have to put in adding phone lines with the traditional system as your business grows.
Moreover, if you relocate to a larger facility, you will be required to install a brand-new PBX, which is a major endeavor. VoIP phones don’t require a particular location, and you can add as many users as you want for no or little extra cost.
Having a good communication channel is a necessity for every business in today’s time, but overhead expenses that come with the communication system is something inevitable, and you cannot ignore it.
However, the above-mentioned methods can cut your communication expenses and help your business to succeed. The time has come to invest in your company’s future, and improving communication is a great way to begin.
About the Author
Sujan Thapaliya is the CEO and Co-founder of KrispCall. He has a wealth of computer, communications, and security experience. As well as years of experience in the industry, Sujan has also conducted investigative research into issues such as privacy and fraud. Through KrispCall, he aspires to make business communication safer, reliable, and more affordable.