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Cost saving aspects of Business Video Conferencing

Business Video Conferencing is becoming ESSENTIAL in the work place and in a business conference. In running a business you would spend a significant amount of money making sure things got done right.

A great percentage of being successfull in business is networking. Being a decision maker in an organization, you would understand that saving money increases your revenue.

You meet people representing potential business partner companies to establish a rapport, and build trust.

For example, when people from other companies want a product or service that you offer, they will have more confidence in your relationship if you have a dependable business continuity plan in place.

When you have a joint venture with a business partner, you have at least a couple of meetings with them before an agreement is made (I assume you wouldn't conduct a 5 or 6 figure deal without having visual contact with that person). Doing all of the above involves traveling.

Video Conferencing is one more way to achieve your goals at lower cost and with more convenience.

Business Video Conferencing Savings

1) Reduces Traveling Costs:

Business Video Conferencing: reduces traveling costs

  1. The cost of wear and tear on each company vehicle averages appproximately $600 / month.

  2. Gas Prices - whether the gas prices are high or low it is STILL an expense. If it is low, don't count on it being low for too much longer.

  3. Private Jet - the average cost of operating a private jet is $400,000 - 500,000 per year.

  4. Commercial Airline - Cost per ticket (fuel prices often determine ticket prices), Food, Entertainment.

  5. Lodging - $200 - $600 per night (per employee).

  6. Food - This is an expense that MOST cannot avoid. You HAVE to eat to keep functioning.

Even if you are the type of person to be very organized (budget minded), you STILL may spend an extra few dollars on some odds and ends.

You may justify traveling by lowering your expenses as much as possible, but the best way to lower expenses is not to travel if you don't have to.

Imagine paying for a FULL day's (or a FEW days if out of the country) traveling expenses for a TWO HOUR meeting. Most likely you're saying in the back of your mind right now that it is a waste of money, but it is not that unusual.

Other Business Video Conferencing Benefits

2) Speeds up decision making process:

Business Video Conferencing: decision making

  1. a) You make decisions that depend on your finances. It may take 3 or 4 meetings (trips) with business partners before you make comfortable decision regarding you business. You may need to be able to afford transportation costs.

  2. b) Quality of Decision-making - Have you ever played the game called "Telephone"? It's when you have a group of people standing in line. The person at the end of the line gives a message to the person next to them. Then that message is passed down the line until it gets to the other end. The challenge is to NOT get the message mixed up by the time it gets to the last person.

When you have several meetings with different people, sometimes it happens in different places, at different times.

Most of the time the individuals are supposed to give the message to others in their network. With messages exchanged between this many people, all over, it can be confusing and cause unnecessary stress.

However, it can still be done.

Or you can meet with several at the same time from your home or office. Body language is 90% of communication. Audio conferencing can also be useful. However, you are not seeing the facial concerns of your partners. People who usually disagree with an issue unknowingly make facial expressions but may not want to address it for various reasons.

There are many advantages to Business Video Conferencing (consider these strategies).

The main advantage is having your business operate more effectively if used wisely.

Even if you or one of your employees are vacationing in Las Vegas or as far away as the Dominican Republic they can still be reached or logged in on time for a quick meeting.

Of course it would be easier if they had a portable business video conferencing device such as a Blackberry Playbook.