When you own your own business, you’re always looking for ways to save money. Thankfully, there’s always new technology coming out that can help you do exactly that. If you’re looking for a few smart ways that technology can help your business save money, consider one of these popular options.
1. Accept Mobile Payments
Mobile payment systems have become increasingly popular over the years as the technology has improved and businesses have realized the cost-saving opportunities. While processing fees aren’t completely absent in mobile payment systems, some providers can help you avoid the up to 3 percent swipe fees you get charged on traditional payment systems. Currently, 80 percent of young adults and 60 percent of their parents have smartphones, and almost 30 percent of shoppers would rather use their phones over their wallets when they shop.
2. Utilize Online Advertising
Online advertising has opened up a whole new world for marketers. Unlike traditional advertising, online advertising allows you to target the exact audience you want to reach, and you can track how well your plan is working. Additionally, online advertising is cheaper than traditional advertising. For example, for every 1,000 people you want to reach, you must spend $57 on direct mail, $28 on broadcast television, and $16 on print advertising, but just $2.50 on social media advertising.
3. Use Electronic Receipts
Using electronic receipts or invoices is not only simple, convenient, and environmentally friendly, it also helps your business save money. By switching over to electronic receipts, you can cut out the need for receipt paper and receipt printers. While the cost of receipt paper may seem small, it can certainly add up over time. However, there’s one more reason many businesses are switching to electronic receipts: the coveted email address. By emailing customers their receipts, you now have access to an email address of a person who you know has expressed interest in your product or service.
4. Adjust Your Telecommunications System
From employee phones to your customer service phone system, your business has a lot of telecommunications needs. However, if you’re looking at it as individual pieces instead of a whole system, you could be wasting money. A company like Asentinel can look at your telecommunication system and identify inefficiencies, maximize the resources you have available, and streamline the process. Not only can this make your business more efficient, but it can also help reduce expenses and save you money.
5. Allow Telecommuting
With collaboration and conferencing technology improvements, it’s now easier than ever to give your employees the option to telecommute. If you’re worried about employees slacking off if they work from home, you shouldn’t be. One Stanford study showed that call center employees had a 13 percent increase in productivity when they worked from home. It can also save your business money. Between rent, utilities, supplies, and more costs, businesses can save an estimated $11,000 every year for each employee who telecommutes.
If you’re looking for some smart yet simple ways that technology can save your business money, consider implementing one of the previous suggestions.