Succeeding in business isn’t just about earnings; it’s also about wisely handling your costs. Every penny saved can be used to grow your business, improve customer experiences, or boost your profits. And one area where you might be able to save more than you think is in your business internet and phone bundles. If you’re eager to cut unnecessary spending and enhance telecom usage, read on for practical strategies.
1. Assess Your Current Needs
First, assess your current needs – specifically, your communication needs. This starts by considering the size of your team and how they communicate. Do you rely on video conferencing, voice calls, or applications that require a large amount of data? Assessing this can help you determine the required internet speed, bandwidth, and phone service features you need. Additionally, identify which departments or employees use the most data and for what purposes. This insight can help you tailor your internet package to suit different usage profiles.
2. Analyse Cost Structures
Once you’ve assessed your needs, you can audit business expenses. Start with the obvious: the monthly fees for internet and phone services. Businesses often choose bundles for their internet and phone services to get a package deal. But, it’s important to regularly review these fees to ensure they are competitive and reasonable. Sometimes, businesses continue with a service plan out of habit or convenience, not realising there might be more cost-effective options available. Moreover, many bundles come with added features or services that a business might not need. This could be extra bandwidth or special calling features.
3. Explore Bundle Options
Start by determining your internet speed and bandwidth needs. A basic plan will be acceptable if you have a small team primarily using email and web browsing. However, you may need higher speeds for data-heavy tasks like video conferencing or large file transfers. Speaking of using email, did you know poor email management can slow down productivity and, in turn, impact costs? That’s why organising and managing emails effectively is an essential part of your business operations and savings goals. Next, consider the phone features you use. Do you need features like call forwarding, international roaming, and conferencing? Or just the basics? Tailoring your phone service features ensures you’re not shelling out for bells and whistles you won’t use. Remember to read the fine print of your contract terms and commitments. Ideally, businesses want long-term contracts as month-to-month is often more expensive.
4. Negotiate With Service Providers
To secure the best deal for your business, you can break this strategy down into a simple 3-step process:
- Research competitive offers: Begin by researching the market and competitor pricing. Knowing what others are charging for similar services provides a great benchmark for assessing the competitiveness of your current deal.
- Contact your current provider: Reach out to your current provider and let them know that you’ve been exploring other options. Ask about any available discounts, promotions, or loyalty rewards. Often, providers are willing to offer better terms to retain valued customers.
- Negotiate: Take a moment to assess the advantages and disadvantages of staying with your current provider versus switching. Sometimes, a change can bring better deals and improved service quality. But, it can also prompt your current provider to offer your business a sweeter deal on your business internet and phone bundle.
5. Review Your Business Network Infrastructure
Take a close look at your business network infrastructure, including routers, switches, servers, firewalls, SD-WAN, and wireless access points. Are they optimised for your bandwidth and performance needs, or are they slowing you down? Consider exploring cloud solutions like Managed Firewalls to reduce manpower and maintenance expenses. These changes can improve the total cost of ownership while streamlining your tech setup. It’s all about boosting efficiency and saving money in the long run.
6. Monitor and Manage Usage
Get in the habit of reviewing and auditing your business phone bills regularly, especially if you’re getting your service from a local phone company. Look out for third-party billing charges, often sneaky fees for services you never ordered. One of the best ways to keep your usage in check is to implement clear usage policies for your employees. Make sure everyone knows what’s acceptable and what’s not when it comes to data and calls.
Final Thoughts
Your internet and phone bundles are an often-overlooked opportunity for substantial savings. By evaluating your needs, controlling costs, negotiating effectively, and monitoring usage, you can enhance your financial health and allocate resources more effectively. With these strategies, you’re not just cutting costs; you’re investing in the growth and profitability of your business. Interested in more saving strategies? The Money Task Force offers helpful material for business owners looking to up their game.
