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expanding business with video conferencing
How do I expand my small-scale business without capital?

Many small- and medium-sized businesses (SMBs) don’t survive for more than a few years. 

According to the U.S. Bureau of Labor Statistics, 30% of them fail to make it through their second full year in operation. The causes of failure are diverse and include everything from subpar software and IT infrastructure to basic lack of capital. This article will focus primarily on the latter.

The challenges of not having enough capital to run your SMB

Simply starting a company can require over $10,000. In many instances, SMBs turn to banks for loans to help get through the early stages of business formation. Even with seemingly adequate funding, though, SMBs can still face numerous headwinds right away. 

These range from the predictable (needing to procure sufficient inventory) to the more volatile (having to spend more on accounting services/software due to one-off changes in the tax code). 

Added to the other costs that SMBs must bear on basics like insurance and office space, it’s no wonder many don’t make it past year two. But it’s possible to make an SMB budget more sustainable by implementing video conferencing software. 

How video conferencing tools help with budget crunches

Video conferencing solutions can bring meeting participants together without requiring any pricey travel. Plus, web meetings enable more flexible, less capital-intensive remote working arrangements. 

As a whole, video conferencing supports better, more cost-effective collaboration. More than simply helping an SMB optimize its budget, video meetings can also support expansion by connecting employees, recruits, and customers across many locations, in high-definition.

Here are some of the more specific ways in which video conferences fuel SMB success, even on a shoestring budget:

1. Hold productive meetings, no office required

Office space is expensive. The associated costs have spurred organizations across the U.S. to seek smaller workspaces and to take advantage of co-working and hotdesking environments. For example, real estate services firm Cushman & Wakefield has charted growing densification of office space throughout the 2010s.

With video conferencing tools, SMB employees can make the most of even a small office or conference room that would be too cramped for a comfortable in-person meeting:

  • Anyone can be invited to the video meeting, whether it’s meant to be a small linkup between a specific team or an all-hands gathering.
  • It’s easy to join. Meeting participants only need to click a button in the solution when it’s time for the event to start.
  • The web meeting can be recorded for later distribution and viewing, so that no one misses out on what was covered.

Video conferencing software empowers teams to lead engaging and useful meetings without being constrained by physical space. That makes SMB expansion more feasible, since huge office spaces aren’t needed when setting up shop in new locales or trying to reach more customers.

2. Hire the right people from multiple locations

Many job searches begin by looking only for nearby candidates who don’t want/need to relocate. This makes sense in some respect, because moving is disruptive and often expensive, plus the position specs might not permit remote work.

But implementing a video conferencing platform allows for more flexibility in hiring. Say your SMB is looking to incorporate in an additional state and bring some employees on board there. Video conferencing would help in multiple ways:

  • A crystal-clear video feed could be set up for the interview. The candidate and interviewer would get more insight into each other’s reactions, including body language.
  • If hired, the candidate could then use video for their own work, perhaps as part of a remote working arrangement. They could join web conferences, view content through screen sharing, and collaborate with colleagues from anywhere.
  • Video conferencing software could also be useful for specific external-facing tasks such as conducting in-depth sales demos. A video conferencing solution is a powerful asset for sales personnel, who can use its built-in screen sharing capabilities to walk prospects through a product or service.

3. Reach audiences on any device or in any location

One of the central challenges for any SMB is building a reliable base of customers. How an organization pursues that goal will vary based on its industry, size, and personnel, but video conferencing will often be a reliable supporting tool along way.

Webinars show how a video conferencing system can expand an SMB’s reach without breaking the bank. A majority of B2B buyers have used webinars to support their purchasing decisions, according to the 2017 Content Preferences Survey Report.

Within a video conferencing solution, video feeds can be configured to show, say, a panel of subject matter experts discussing a relevant issue for buyers. But a video conference platform can go even further and enable deep interactivity between presenters and the audience, thanks to features like polling. A solution can also help manage registrations and any follow-up questions.

Audiences can participate in these events from any device. Webex supports phones, tablets, PCs, Macs, and standards-based video conferencing systems. 

 To learn more about how Webex can help your SMB grow more efficiently and stay within its budget, get started with a free plan today.

 

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Future of work with Cisco and Google
Future of work with Cisco and Google

Cisco and Google, two strategic technology partners to 21st Century Fox, announced a new era of the partnership on the future of collaboration. Paul Cheesbrough, CTO at 21st Century Fox, interviewed Amy Chang, Senior Vice President of Cisco Collaboration Technology Group, and David Thacker, Vice President of Product Management at Google, to find out more about the announcement. Here’s their conversation:

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The future of work: A people first approach with team collaboration tools

For years, solutions to unite teams and simplify team collaboration were defined by brands throwing the proverbial technology kitchen sink at their employees. From there, it was up to these teams to stumble and fumble their way to make these various tools work in whatever ways made sense for their job, setting up a perfect storm of incompatible connections, IT woes and communication delays. And while this may have been ok to “get by,” something better for a new world of work – one that calls for more nimble responses from dispersed teams that want to connect and interact in real time – was needed.

Thankfully, that something better has arrived.

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#CiscoChat: Lead your team into the future of collaboration

Business magic happens when teams have the freedom and space to bring their best work to life.  When you have great meetings, brilliant ideas are shared, plans are made, and work moves forward. That’s what we like to call #MeetBrilliant.

But to make all this happen, you need a strategy. During our @WebEx #CiscoChat on Twitter in July,  Cisco’s own Jens Meggers, talk about the future of business collaboration, shared tips on getting mobile meetings right, and discussed the importance of creating a great user experience for employees.

As Cisco’s Senior Vice President and General Manager for the Cloud Collaboration Technology Group (CCTG), Jens is responsible for managing Cisco’s cloud-focused portfolio of voice, video, and web conferencing that delivers a robust and scalable infrastructure to millions of customers.

Jens believes that great leaders understand that their job is enable their teams to be successful and produce great results, not the other way around. By adopting this new mode of thinking, leaders can bring their business into the future of collaboration. One where technology is seamless, automated and intelligent technology connects helps employees get their job done without getting in the way.

Check Jens’ unique perspective in his Two Minute Take video and catch the highlights from our #CiscoChat in the recap below! Have your own brilliant meeting tips? Share them in the comments or give us a shout at @WebEx on Twitter.

 

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