Small businesses always need to find new ways to save money. As you explore new options, make sure you consider technology efforts that will make it easier for to cut your expenses.

Institute a BYOD Policy

Many small businesses have adopted BYOD policies to slash their technology spending. With BYOD, you don’t have to purchase smartphones for your employees. Instead, you let them use their own devices.

There are some disadvantages to BYOD. Some employees worry that they lose privacy. Some companies worry that employees will misplace devices that contain sensitive information.

Regardless, your business can save quite a bit of money. Consider that the average smartphone sold in North American costs $567. If you have 10 employees, then BYOD can help your business save over $5,000.

You also reduce the amount of money that you spend on monthly service plans. It’s good etiquette to pay a portion of your employee’s plan, but you still get to save hundreds of dollars every month.

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Use More Cloud Applications

Buying software can cost quite a bit of money. Most businesses find that they can save money by choosing cloud applications that charge monthly or annual membership fees.

In addition to saving money, your business can also get updated security features from cloud apps. For instance, if your office still uses an old version of Microsoft Office, it could have vulnerabilities that open your business to malware attacks.

Updating to Office 365, a cloud service, means that you automatically get the latest security patches to protect your business. You also get enhanced security from features that monitor users to prevent breaches, require multi-factor authentication, and encrypt all communications.

Reduce or Eliminate Paper

Buying a ream of paper costs about $10 for 500 sheets. Depending on how many pages you print each week, you could end up spending a lot of money on paper. Instead of throwing your money away on something that ends up in the recycling bin, turn to paperless technology to save money.

Paperless offices usually rely on software for communication and scheduling. Instead of sending paper memos to employees, you use a messaging app like Slack or HipChat.

Going paperless offers more than an opportunity to save money. Apps can make it easier for managers to track projects, send files to employees, and monitor activities. In your quest to spend less money on paper, you end up with an office that operates more efficiently.

Replace Your Landline with VoIP

Even if your business only has a few offices, paying for landlines can get expensive. Many businesses choose VoIP (Voice over Internet Protocol) to save money and get more features from their phone systems. Some features that small businesses often like include call forwarding, call waiting, voicemail, and conference calls. VoIP providers often give you these extra features without charging additional fees. If you went through your local phone company, you would spend a few more dollars for every feature that you add.

Technology has transformed the ways that small businesses operate. Make sure you use the latest tech so you can save money.