The Ultimate Guide to Lowering Expenses in Your Business [2022]

lowering business expenses

As a business grows, it begins to bring in more profit than ever. At this point, it is time to make a decision: do you continue running your business as is, or do you make changes to commit to lowering expenses and raising profit even further? It can be daunting, but there are many ways to lower expenses right off the bat! The key is seeking outside help and professional assistance.

As the founder, CEO, or high-level employee of a successful company, you require many skills. But nobody can know everything! That is why the key to lowering expenses sometimes comes from hiring a professional third-party company to let you know how processes could be optimized. This is the mindset of IQT or IQ Telecom, a company that specializes in Telecom Expense Management. Unbeknownst to many, telecom work can be a huge drain on finances if not properly managed. 

Keep reading to learn more about telecommunications and their essential hand in business, including how to lower expenses associated with them and watch your company flourish!

What is Telecommunications?

Strictly speaking, telecom / telecommunications is simply transmitting information over a variety of technologies. Traditionally, telecom was primarily considered to be voice connections and often involved large, expensive phone systems. Today, that is not the case.  Voice and Data services now overlap and true “telecom” departments within large organizations no longer exist. IT departments are expected to manage both voice and data services.   Engineering, ordering and upgrading technologies is a huge task, and IT teams simply don’t have time to track and manage the ever-growing expenses. Let’s look at some examples of services that now fall under telecommunications as well as the different services offered by professional telecom expense management companies like IQT. 

Examples

  • SD WAN networks
  • AVPN Networks 
  • VoIP networks 
  • Internet connections 
  • Traditional TDM/Analog connections 
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These are just a few examples of the many ways that voice and data services are being delivered within your company.. As you can see, these are absolutely crucial to keeping a company up and running. It can be hard to imagine lowering expenses by cutting corners on any of these, but telecom management companies offer a wide variety of services that make savings more viable than ever!

Managing Telecom Expenses

The upkeep of a company’s network is critical to the business. Paying the provider invoices is also a critical function, yet one internal department cannot handle both efficiently. True . telecom expense management provides the link between these two critical aspects of your business. Here’s where IQT can help. 

  • Inventory, Telecom inventories give you the big picture overview of your voice and data needs and the cost of your services. With a proper inventory, any questions or obvious solutions will be given.
  • Track invoice expense to inventories, To get a precise handle on budgets, monthly tracking of invoice costs to existing inventories is needed. Companies are constantly making changes to their inventories – but unbale to track the expenses associated with these changes. These dollars add up quickly and have great potential for overcharges. 
  • Audits to reveal the financial cost and analysis of your budget and expenses. A professional company will be able to differentiate between what you are already paying with what you should be paying. Savings are always the goal!

These are only a few of the many different services that come from telecom expense management (TEM) companies. A consultation or initial meeting with a TEM company employee can quickly reveal what services your business would most benefit from. This allows you to sit back and wait for the advice on lowering expenses to roll in!

Making Sense of Telecom Expenses

When we talk about lowering expenses, you might wonder what that actually means. Telecommunications are essential to the daily and big-picture needs of your company, so cutting corners to save a buck isn’t really in anyone’s best interest. But that is not what lowering expenses actually means! We aren’t talking about saving costs on essential processes, but rather making sure you aren’t paying too much for services that could be cheaper. Telecom expenses can include anything from the cost of keeping the Wi-Fi running to the time it takes for a company-wide database to be updated. 

  • Identifying the Most Common Expenses

    So, here are three examples of common telecom expenses that you might be unaware of. Over time, these costs can really add up and impact your business and your budget.
  1. Monthly recurring charges, or MRCs. As the name suggests, these are the fees you will be paying every single month in order to keep telecommunications going. Most people assume that MRCs are set in stone. In actuality, you might be getting charged monthly for a service that is not fully utilized or is higher than your contracted rate.
  2. Unneeded features. It is extremely common for companies to buy services or packages related to IT infrastructure or telecoms with the expectation of using them, only to end up not really needing it. In larger companies, it is easy for small things like an additional service here or there to slip through the cracks. You don’t notice it, but it impacts the overall budget.
  3. Overage charges. Overage fees are essentially paying an extra bit of money for using more of a service than initially agreed. For example, your company might have a phone plan with a set number of minutes or limited data. If your employees end up using more than the limit, overage charges are the result. Many people would rather deal with overage fees than change their entire plans, but that is not always the best decision.
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These are only three of the most common telecom expenses that your company will face. The larger your company is, the more likely the chance that these expenses slip through the cracks. To the average eye, this may seem perfectly fine or average. Only a professional telecom company will be able to recommend concrete changes that will save money without sacrificing the overall quality. 

  • The Importance of Acting Swiftly

We’ve listed some common expenses, but none of them seem particularly worrisome. After all, it’s not like they are bleeding money or sucking in expenses that are needed elsewhere. What’s the rush? Truth be told, this is a situation where time is truly of the essence. The longer you wait, the more money you are spending. Once a proper audit is done and you realize how much money will be saved, it becomes clear that you should have acted sooner!

Don’t blame yourself or anyone else for not taking action immediately to bring in telecom expense experts. The field is incredibly complicated, and expenses can pile up on the best of us. Simply contact a professional TEM company like IQT as soon as possible to save money 

  • The Primary Solution for Telecom Expenses

Okay, so now you know the essentials of telecom services as well as the expenses that can build up right under your nose. What exactly are the possible solutions for a complicated and undoubtedly necessary field? The primary answer is that you need a professional telecom expense management company to not only make you aware of needed changes, but to head these changes as well.

Telecommunications are tricky, and handling them in-house can often result in unintentional errors. The best thing you can do to save money is to hire a qualified company to audit and solve the problems they encounter. While it may seem counterintuitive to spend money to save money, an expert company will end up being more than worth their weight in gold! 

One such example of a company is IQT, also known as IQ Telecom! They specialize in telecom expense management and offer a wide variety of services that will have your company’s telecommunications running smoother than ever before. Let’s talk more about IQT and what they have to offer as far as lowering expenses. 

Who is IQ Telecom?

As we mentioned, IQT is dedicated to giving you as their client the ability to make clear and informed decisions about your telecom needs. When you are paying for services, you don’t really know what you need, IQT is here to help you out! Here are some of the many services they provide that can help your company grow.

  • Our services

IQT offers seven primary services, each equipped to help your business with much needed telecom questions.

  1. Site-based inventory management. This first service takes a complete inventory of all of your services in order to ensure that you are not paying for a service unless it fully benefits your company. IQT will tell you what is needed and what services can be freed up!
  2. Telecom Expense Management. We’ve mentioned this service often, as it is the general term for lowering the expenses associated with telecommunications. Expense management can include combining and removing services, all with your budget in mind.
  1. Audits. With a qualified audit like the ones available here, you will be given a full financial overview. What type of service do you have, where are they located, and are they absolutely needed?
  2. Team support and provisioning. These will give essential support and ensure that installations are timely. This service ensures that mistakes with provisions are caught in time in order to save you money.
  3. Contract management. Telecom contracts can be confusing, so don’t be afraid to ask IQT for help! IQT can analyze contracts and extract critical details so that you know exactly what you’re getting into.
  4. Invoices. IQT is able to sufficiently utilize invoice management skills to validate and expedite the invoice process. How many other TEM companies can say the same?
  5. Project Management. Telecom-based projects can get a boost with management from IQT! Drive projects forward with the necessary expertise provided by experts like the employees at IQ Telecom.

These services obviously cover a wide array of telecommunication needs, from special projects to audits of the entire system. As you can see, IQ Telecom is standing by and ready to help you in lowering expenses and saving money.

Cut Down on Telecom Expenses with IQ Telecom!

In addition to providing a bevy of services, IQ Telecom has worked extensively on their own special telecom expense management software known as IQ360°. This platform was created specifically to assist with billing information and inventory management. This is especially handy for medium to large corporations who can struggle with day-to-day needs.

Most importantly, IQ Telecom guarantees each client at least 10% in savings. This lets you utilize their services risk free and allows you to look forward to saving money where you were not even aware it was possible. The company also offers a savings calculator in order to get an initial estimate of how much your company can benefit from the telecom expense management service that IQT offers. The calculator is also totally free! 

Services are available on a contingent fee basis, so your company will not be charged at all if savings are not found. With the quality telecommunication expertise from IQT, you will be well on your way to lowering expenses without ever needing to sacrifice quality.

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