Five Innovations That Can Save Your Business Money

Cut down your expenses while still running your business to its fullest potential

08/14/2014

Looking for some cost-cutting ideas that will allow you to still promote your business? You’re probably wondering where you can sign up. There are tons of technical or non-technical innovations in this world that can help your business thrive while still allowing you to pinch pennies. Learn what they are:
 
Mobile payment systems. These systems make it extremely convenient and easy to process transactions. For businesses, they’re cost effective, reliable and can even lessen the burden of traveling. And it even ranks high for customer satisfaction, too. In fact, 94 percent of North Americans said that it would make them happy to process payments through their phone if they knew the system were secure, according to a new survey conducted by Mobio Identity Systems. Some of the most well known mobile payment companies where you can accept payments via credit card from others include Square of VeriFone’s PAYware Mobile, and other types include PayPal and Serve.Five Innovations That Can Save Your Business Money
 
Social media. These modern marvels are essentially free marketing. There are tons of sites that fit into the social media spectrum — Facebook, Twitter, Instagram, Pinterest and more. While each one is used for different purposes, they’re similar in that they generate a pool of interested potential clients. You can post photos of new products or even employees, discuss upcoming contests, or use it as a way to highlight sales. Most of all, social media enables you to speak to your clients in a way that wasn’t even heard of a few short years ago. Some clients even tell you exactly what they want from your company — and that’s something you can use to your advantage.
 
Blogging. "A blog offers a pivotal way to not only drive traffic to your site, but also to increase audience size by offering quality, timely information," says Ken Myers, founder of longhornleads.com and president of morningsidenannies.com. “It’s an easy way to target people who are interested in your business, creating natural leads for more business rather than forcing leads through ads." Most blogging sites, like BlogSpot and WordPress allow you to join for free and post as many articles and pictures as you’d like. When done right, blogging is an easy way to draw potential customers to your site and broaden your web presence. Like social media sites, a blog is a good way to announce promotions, sales, news and other features customers may not get from a traditional website. It also helps give your business its own voice and builds upon its brand awareness.
 
Electronic receipts. The days of printed invoices and receipts are long gone. In this day and age, electronic receipts/invoicing not only helps you budget-wise by allowing you to save on receipt printer paper (which ultimately adds up), it also saves you time. Say goodbye to all of those time-consuming activities regarding invoices and receipts, like printing, filing and sealing envelopes, mailing, scanning, faxing — the tedious list goes on and on. E-voicing provides a faster and more efficient workflow. In addition, you’ll be able to see clearer your cash flow and things of that nature.
 
Crowdfunding or crowdsourcing. Crowdfunding (when outside sources pool their money) and crowdsourcing (when they pool their advice or guidance) are what small businesses typically use to help them support or expand business-related projects. It usually occurs via the web and is useful for not only saving money, but also gaining insight into what your customers are looking for (which saves you in the long run).

Related Blog Posts

North Shore Bank's Taste of Lake Country [Photos]

Great music, amazing food, and a beautiful beach setting made for another great festival Full story...

10 Common Auto Financing Terms

Defining the essential vehicle finance jargon you should know Full story...

What is Escrow and How Does it Work?

Understanding how you can use an escrow account when purchasing a home Full story...