It is fair to say that many Australian enterprises have had a tough few months. In September, Roy Morgan reported that business confidence was at a four year low and that fewer organisations believe that now is a good time to expand.
However, if a business wants to grow in its market and build a stronger customer base, it is vital to recognise the value of innovation. Essentially, when times are tough and cashflow is limited, innovation comes from smart cost-effective options that don't break the bank.
Through this avenue, businesses can still grow and expand, but won't throw away revenue for the sake of it. Here are two examples.
1) Cut the travel
Businesses rack up tens of thousands of dollars on travel expenses such as accommodation and flights every year. While this is often perceived as an unavoidable cost, is there a smarter way? In short, yes.
Through innovations such as web conferencing and teleconferencing, businesses can still communicate with clients and stakeholders without the need to be physically in the same room. Essentially, everything minus the handshake is achievable through conferences.
From a business perspective, this technology can support expansion into new regions and countries outside the boundaries of regular travel.
2) Overseas recruitment
As a method to incorporate new skills, ideas and influences, recruitment can provide a business with a new lease on life.
However, do you feel that the talent pool is rather limited in Australia? If so, your enterprise is not alone. According to the Department of Immigration and Border Protection, there was a 15.3 per cent increase in the number of subclass 457 primary visa applications during the year to March 2015.
The only issue is that you can't sit down in person and discuss your prospective employee's application in more detail. This is where teleconferencing can be of assistance. Hiring managers can interview multiple overseas candidates within a day and then make a positive business decision based on the teleconference recordings.
For more information about the cost-effective solutions from Eureka Conferencing, contact our expert team today.