The expenditure associated with upgrading office systems is often categorised as a cost by businesses. In reality, upgrading your systems in line with technological changes or competitor practice can actually save you money and even help you realise more sales and expand more quickly. These are some of the ways upgrading your office systems can save you money and boost your business growth.
Office systems can completely revolutionise efficiency and productivity levels. One of the most common examples of IT systems or telecommunication systems boosting efficiency is with business phone systems.
Technological advancements have completely changed the things that can be achieved with phone systems. Management can monitor calls, listen in to conversations, and completely automate certain aspects of phone calls. Businesses can manage inbound and outbound calls more quickly and direct callers to the most relevant team member more efficiently, thereby saving on overheads per customer.
Other related types of business systems such as IT infrastructure can also boost efficiency in many different areas, by making the recording and sharing of data and information easy. These might include operations, accounting and finance, and human resources.
The example of phone systems reducing costs through productivity can be applied to sales. As staff members can make use of their time more effectively, businesses could realise more sales per staff member.
For example, phone-based marketing campaigns such as cold calling can be partly automated, making it cheaper to convert leads. A more advanced and effective IT system could record customer details more comprehensively to produce complex reports on your customer base. Your business can then analyse past outcomes and make informed future sales or marketing decisions.
Most businesses would probably prioritise keeping in line with industry standards as a valuable element of their competitive strategy. Businesses need to keep up with competitors in a number of areas. Having appropriate office systems and facilities supports better efficiency (including cost efficiency). Additionally, staying competitive allows businesses to maintain market share, which can represent higher sales and revenue over time.
RELEVANCE AND QUALITY OF PRODUCTS
In other cases, upgrading from obsolete equipment or systems empowers your business with the means to maintain a high standard of product and service quality. Staff productivity and efficiency are enhanced if you have the most advanced systems. This is related to competitiveness, but over the long-term it can reflect how relevant your products and services are in the industry. Keeping pace with technological changes can be essential for certain products or services.
Sometimes technology is integral to the actual production process or service delivery. Better systems may not only make production or service delivery more efficient, but also allow your products to meet a basic, minimum standard.
Finally, upgrades to office equipment and systems are often tax deductible. You might be able to claim on depreciation expenses along with other tax breaks. This can depend on the size of your business and other factors. Your accounting or small business bookkeeping specialist can give you more specific information about how your business can claim tax savings when upgrading systems and equipment.
Overall, upgrading your office system can be an important issue to review on a regular basis. The important thing to recognise is that this type of expenditure can end up saving you money and facilitating business growth.