How Virtual Meetings Can Save Your Business Money

Submitted by: Andrea Duke

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There’s no denying that the business communications landscape has changed drastically over the last few years. New and progressive technologies are empowering companies to become more productive and efficient. While any innovative technology can be an investment that moves new business forward, virtual meetings are one of the most cost-effective and lucrative tools your company should be taking advantage of.

You’ve probably heard of virtual meetings before, and thought, “My business doesn’t really need a complex and advanced tool like that! I’m only meeting with clients and employees a few times a week, and phone calls or face-to-face meetings are sufficient enough.” But with virtual meetings, you can enhance those meetings and cut some of your largest business costs.

Travel: Let’s be honest – travel costs for a business can be prohibitive, but with the click of a virtual meeting link, you can gain access to a digital tool that helps maintain quality relationships both internally and externally without requiring people to be in the same room.

Hotels, plane tickets, car rentals and food expenses can really start adding up when your employees are traveling for events, meetings or trainings. Utilizing a virtual meetings tool can help you control and decrease your meeting costs by bringing everyone together online.

Overhead: Daily operational costs like utilities, materials, and office supplies are a reality for all business owners. A solution to high overheads could be as simple as allowing employees to telecommute. Research shows that if a typical business allowed its employees to work from home just half the time, it could save on average $11,000 per year. Those employees would personally save between $2,000 and $7,000 a year on work-related and transportation costs. What employee wouldn’t be happy to save money?

Speaking of happy employees, those who telecommute report greater productivity while working from home, and according to research done by Connect Solutions, 23 percent of those telecommuting are willing to work longer hours, with 52 percent less likely to take time off when working remotely.

The benefits of telecommuting end up being a pretty simple equation: allowing flexibility with telecommuting means employees will be more productive and more likely to stay with their employer, increasing retention rates and saving you money.

Time: A final invaluable cost that you can save by using virtual meetings is your time. Without the hassle of planning travel, finding meeting spaces and making sure there’s enough coffee to fuel your meeting, you’ll save hours of work that can be used more productively.

Telecommuting and the use of virtual meetings may not be right for every business. But if you’re a business owner looking to cut costs, you owe it to yourself – and your business’s finances – to give it a test drive.

If you’re ready to try cost-effective and collaborative virtual meetings, sign up for a free 30-day trial of PGi’s iMeet®. Looking to learn more about the pros and cons of telecommuting? Check out PGi’s free eBook, “The Yin and Yang of Telecommuting”.