September 2022
Avoiding a Business Financial Crisis: How a Bespoke CRM Solution Can Solve Your Money Saving Problem
When it comes to financial stability for people or businesses, things are looking a little bleak in the UK right now. While we hold out hope that things will turn around before the situation becomes dire, ensuring you have good control of your finances is always good business practice, impending financial crisis or not.
Often one of the ways businesses free up capital for investment in some areas is to cut back on others, but before you start downsizing the office, cancelling subscriptions or laying off the workforce, consider an easier money saver: a bespoke CRM solution. With a bespoke CRM solution operating at the heart of your business you could potentially save thousands. Here are four ways a bespoke CRM solution can help your business save money…
1. Save on IT Equipment
If you’re currently conduction your customer relationship management efforts through anything other than the Cloud, then you’re doing your business a disservice. This is because wasteful IT equipment brings wasteful costs – such as maintenance, repairs and electricity usage. Likewise, some CRM solutions require businesses to purchase specific software that needs to be installed on specific computers, and then that software has to be updated – and in reality your IT team are spending most of their time bouncing between servicing these two costs. Wipe the slate clean with a bespoke CRM that sits happily on the Cloud, with no installation necessary; instead of worrying about uptime and updates, someone else is doing that for you!
2. More Functionality for Less Money
If you’re already employing an off-the-shelf CRM tool that’s not offering everything you need (or has features you’re unlikely ever to even look at), then you’re spending money on something that doesn’t work for you. A bespoke CRM is exactly what it sounds like: a solution tailored to you, your team, your business and your customers. In effect, that means more functionality for less – you’re paying to have the features you need and want, rather than letting huge areas of the CRM go unused. It’s an instant saving the moment you make the switch!
3. Team Productivity
We say it a lot because it’s an important mantra to remember when running a business: time is money. Your team’s time is one of the most important and prevalent costs in any service or project provided by the business. Managing that time allows for better control over how profit margins and expenditure. A bespoke CRM can highlight areas in need of improvement, areas plagued with slow growth, and areas where there’s an over-abundance of individuals where there needn’t be. Now we’re not suggesting making sweeping redundancies, but are your people putting in their best effort and working on the areas where they’re making the best difference? Consider that first and then, if necessary, think about restructuring the team to get the most out of their time.
4. Keep Your Customers
One of the most regretful expenditures is losing a client – that’s a retained income deducted from the business that could instead be helping to support massive growth and scaling. A tool that tackles communication issues, provides up-to-date reporting features and pushes your team to be their best is far more likely to help an organisation to retain customers, compared to a generic off-the-shelf solution – or no CRM at all. With customers sticking around for longer, you’ll have the ability to put in place a foundation upon which the business can build long-lasting success and growth for years to come.
In short, don’t make your business suffer just to save some extra money: make one simple change that brings about its own savings without you having to do much else. Find out more about how Lunar CRM can assist in your company’s growth by requesting a free demo!