Saving your business money is probably one of your biggest concerns right now what with the uncertain economy we are all having to deal with following the global pandemic. After all the more money you can save, the healthier your profit margins will be and the more able you will be to weather any future storms and stay in business, as a result.
Tools to help your Business Save Money
The good news is, in your quest to save money for your business, there are lots of excellent tools you can employ, which will make the task easier than ever before. Here are a few of the best you may want to consider using in your company:
Mobile payment systems
If you own a physical business like a store or restaurant, and you aren’t already using mobile payment systems, you should probably think about changing that. Why? Because mobile payment systems can save you a lot of time and money. They are more flexible and typically less expensive than other payment systems because you can turn pretty much any smartphone into a machine that can take payments from customers. This makes it ideal for when you are traveling or attending trade shows, for example, too, which mean processing sales will not only be less costly but also that you won’t miss out on additional sales because you do not have the tech to accept card payments, which means double savings!
Unemployment claims management software
If your business is often hit with expensive unemployment claims taxes, then one thing you can do to reduce your burden and save, what can often be a significant sum of money, is to invest in unemployment claims management software which makes contesting unemployment easier than ever. Obviously, you will still have to pay up if a claim proves to be valid, but many are not and this kind of software can weed out the invalid claims really quickly, leaving your business in a better financial situation at the end of each tax year.
Investing in cloud computing software is a really good way to save your business money because it enables you to upload all of your important documents and store them securely online. This means you don’t have to spend lots of money on document warehousing, and you can also switch to a paperless office, which means you won’t need to spend lots of cash on paper, printer ink, and new printing equipment, not to mention printer maintenance – all costs which can add up quite significantly over the course of a year. It also makes it easier for you to run your business remotely if that is something you might be interested in, and that is really where the big savings are because you don’t need to rent/maintain a larger office space any longer if you choose to do that.
Website builders like WIX and HostGator can potentially save you a small fortune. They allow you to very quickly and easily build your own company websites, which means you don’t have to hire what can be an expensive, web design team to do it for you. Every business in 2021 needs to have at least one website that is extremely user-friendly and very attractive and website builders can definitely help you to create them, which is why you absolutely do need them in your business life.
Open Source software
As a business operating in 2021, chances are you are reliant on various software packages that enable your business to function normally from word processing tools to spreadsheet software. These packages, especially if you use a lot of them, can be very expensive, especially if you are a small business with a tiny budget, but the good news is, whatever software packages you need to run your business, there is usually a suitable open source alternative that will do the job just as well. By using these instead of the more expensive paid-for options, you can save a modest, but not insignificant, amount of money so it is definitely something that is worth exploring.
Invoicing software like Invoice2Go, may not seem like something that can save you money at first glance, but it really can. How? By automating the invoicing process so that you can better keep track of invoices, send them out on time, and get paid when you should be paid. This will ensure that you stay on top of your company’s cash flow, which means you’ll be less likely to have to take on additional credit and the resultant interest than you might if your payments were always late.
Rewards credit cards
While we’re on the subject of credit cards, it is fair to say that, although credit cards should rarely be your go-to when it comes to financing your business, if you can get hold of a rewards credit card for your company, it can be a great tool for saving your business money. Why? Because every time you spend o a rewards card you earn cashback or Airmiles or whatever, which you can put back towards your business costs/travel, thus saving your company money overall. Providing you pay off the balance in full at the end of the month, you won’t accrue any interest and the benefits of the deal will be yours.
Freelancers are undoubtedly an excellent tool for your business to have access to because they can typically be employed at a lower cost than having someone on the payroll. Whether you are looking for someone to take care of your company’s bookkeeping needs, you want to have access to IT professionals whenever you have a problem or you need someone to help you with your latest marketing campaign there are always going to be freelancers ready and waiting to help you out with their skills for a fair fee that will enable you to get what you need when you need it without it costing your business a fortune.
From factory equipment that automatically assembles various components for your products to AI bots that will take care of any of your customer service needs, whatever sector your business operates in, there is likely to be a number of automated tools that will take the load off and do the work that you would otherwise have to employ additional staff to do. By making use of it, you can very easily save a lot of money with very little effort, well once you have determined which automated software packages will work for your business anyway.
A Loan Calculator
Loan calculator tools like LoanCalc are invaluable when you need to borrow money for your business because they will very quickly do the math for you and work out which loans represent the best value. Basically, whatever you need to know in order to make a more informed decision about whether to take a loan or not, LoanCalc will help you with, which is why you should always have it ready and available on your phone just in case you ever need to boost your cash flow with some outside financial in a hurry.
With all of these tools in your arsenal, there is no way that you cannot save money and boost your business’ bottom line, so what are you waiting for? Track these tools down now, install the relevant software or speak to the right people and ensure your company is as streamlined as it is possible to be.