Data suggests that it can cost around $3,000 to start a new business.
Fortunately, if you can figure out how to keep costs low, you may not need that much startup capital.
One cost-cutting measure you may want to look into is using a PBX phone system.
Read to learn more about PBX and how this system can help your business save money. If the concept of PBX is new to you, this post should help you understand why it’s something you need to take seriously.
What Is PBX?
PBX stands for ‘Private Branch Exchange.’
The term refers to a business phone system that uses a ‘local area network’ rather than traditional phone lines.
It’s worth noting that a PBX system doesn’t remove any of the functionality you’d have with a ‘normal’ phone line, as you can still use things like voicemail.
With that said, let’s review some of the benefits that come with using a PBX phone system and how these benefits can help you save money.
Send Calls to the Right People
One of the great things about a PBX phone system is it removes the need for you to have a dedicated receptionist that’s in charge of routing calls.
That’s because you can set up a system that asks people to press certain keys, to speak to specific departments.
Such a system isn’t hard to create, and you’ll find you can set things up even if you don’t have a lot of technical knowledge.
Of course, you may not like the idea of putting people through this process. If that’s the case, keep in mind that some of the companies that install PBX systems offer a ‘call routing service.’
This is where the company will provide you with someone that’ll be in charge of answering your calls and routing them to the right person. This service often costs much less than what you’d pay for a full-time receptionist, even though the results are the same.
Keep Track of Call Volume
If you make use of a PBX system, you can monitor the call volume for each department within your business.
You can then use this data to figure out which department needs a greater level of investment when it comes to business communication.
For instance, using a PBX phone system, you can identify the number of calls that go into a ‘queue’ for a particular department.
Suppose you find a certain department is putting a lot of phone calls into a queue.
You may need to increase the number of people that are handling calls for that department. In doing so, you can keep clients happy and avoid a scenario wherein a client leaves because they’re frustrated by your long call queues.
With a traditional phone system, you don’t have access to this kind of data. Thus, you may only make a change after you’ve lost a lot of clients, or until someone makes a clear case for putting more people on the phones.
Hosted or On-Site PBX?
When installing a PBX system in your business, you have the option of using an ‘on-site’ solution or a ‘hosted’ one.
An on-site solution is where you have all the equipment required to make PBX phone calls, situated right in your office.
The company that provides you with the PBX system will be responsible for managing this equipment. If anything goes wrong, they’re the ones you’ll need to call.
Setting up this hardware can take some time. This is because the company installing the hardware will need to make sure their equipment works with your local area network.
You’ll also need to pay for the hardware and maintenance costs. This is in addition to the costs of using the system. If your business is relatively stable and not in the middle of rapid growth, these costs shouldn’t be significant.
As mentioned, the other option is a ‘hosted’ PBX solution.
If you make use of a hosted solution, you’re essentially outsourcing your phone network to another company.
This means you don’t need to have any specialized hardware within your office and this can help reduce the setup costs. That said, you may still need to pay for some ‘PBX compatible’ phones, depending on your existing setup.
One of the good things about a hosted PBX solution is the flexibility it can offer you.
Let’s say your business has launched a new marketing campaign and then experiences a sudden surge of growth.
You may need to add some more phone lines to your business so you can handle the increase in call volume. This isn’t hard to do, as you just need to contact the provider, and they’ll be able to get this done for you in a matter of minutes.
Take Calls from Outside the Office
With a hosted PBX system, you can redirect office phone calls to a mobile device. This is because the calls are managed by cloud software and this means you can take calls, as long as you have an internet connection.
By setting things up this way, you can lower costs because you don’t need to pay for mobile phone minutes, as business calls are made using the internet. This is helpful if employees need to make international calls, which can be pricey when conducted over a mobile phone.
The fact that office calls are routed to a mobile device, also ensures you don’t miss any calls. Thus, while such a system can allow you to save money, it can also help you make money as you don’t miss out on any opportunities.
Time to Invest in a PBX Phone System?
You should now understand the many benefits that a PBX phone system can offer your business.
Many companies provide PBX services, and you’ll want to do a lot of research before you pick one. Select the wrong one, and you may not experience the low costs you’re after.
The good thing is that it’s easy to switch companies, should you find a particular provider to be unreliable. So, as long as you keep a close eye on how things are going, it shouldn’t be too hard to install a PBX system that meets your needs.
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