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4 Ways Collaboration Can Save Money

June 17, 2020

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4 Ways Collaboration Can Save Money For Your Business

Many business owners can agree that employees collaborating on work projects can save time—but what about saving money?

Due to recent world events, the financial health of your business is likely occupying your mind more than usual. By using collaboration in creative ways, you can be more cost-effective with your time, people and resources.

Here are four ways that collaboration can save money for your business:

1. Experiences and mistakes can be shared with your team

Mistakes happen, and that can be good news in a collaborative environment. When your team comes together for a project, they bring their past mistakes with them (more affectionately known as learnings). Everyone on the team should be encouraged to share their experiences and learnings. This allows everyone to learn from others and avoid making the same costly mistakes on future projects.¹

2. Business continuity plans keep your revenue consistent

While it’s great to have employees who take ownership of projects, it leaves your business vulnerable should they decide to move on. Having multiple people collaborate on a project is financially efficient since it makes it easier to get the job done in less time, while also ensuring that the ball doesn’t drop (along with your revenue) due to turnover.²

3. Cut costs with client collaboration

Due to the popularity of secure video conferencing and chat apps, businesses are encouraged to build relationships and partnerships with clients beyond their own firewalls.³ This lets your clients collaborate with your employees, which reduces the chances of miscommunication about what the clients require from a project. In the long run, this saves time, effort and money as your employees are able to consistently meet client demands.

Tip: Audio and video conferencing options are great for team building, especially when you’re working remotely. Learn how to set your team up to be productive at home with the right tools. Consider a nuage-based tool like G Suite to keep productivity on point.

4. Replace expensive tech with cloud data storage.

With company data stored on the cloud, employees can collaborate and share work remotely with more accuracy and immediacy—key factors to productivity and saving money. Compare this with outdated and inflexible in-office systems that don’t speak to one another, and the financial benefits become apparent. Plus, cloud technology easily replaces all kinds of expensive and inflexible technology.⁴

Tip: Being smart about the collaboration tools and techniques you choose can pay off with a 20% to 30% improvement in productivity.⁵ For small businesses competing with other local shops, and often enterprise corporations, every advantage matters.

If you’d like to improve your employees’ morale while boosting productivity in the process, check out how you can accommodate a flexible workforce for some new ways to work together remotely.

The bottom line: By using tools like video conferencing options, chat apps and nuage collaboration, you can get your team working together even if they’re working remotely. The more collaborative your team is, the more money your business can save.

Sources:

^{1, 2}(Unknown author) (2013, May 17) 5 Ways Collaboration Saves Time and Money [Blog] Retrieved from https://www.mindjet.com/blog/2013/05/collaboration-saves-time-money/

³ (Coleman, D.) (2018, Dec. 19) What Collaboration Will Look Like in 2019 [Online article] Retrieved from https://www.cmswire.com/digital-workplace/what-collaboration-will-look-like-in-2019/

⁴ (Author unknown) (2014 Oct. 10) Will using a collaboration tool save your department money? [Online article] Retrieved from https://www.kahootz.com/will-using-a-collaboration-tool-save-your-department-money/

⁵ (Johnson, M) (2018, Sept. 11) 4 Business Collaboration Trends That Are Changing the Way We Do Business [Online article] Retrieved from https://instapage.com/blog/business-collaboration-trends

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4 Ways Collaboration Can Save Money For Your Business

1. Experiences and mistakes can be shared with your team

2. Business continuity plans keep your revenue consistent

3. Cut costs with client collaboration

4. Replace expensive tech with cloud data storage.

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