Techy Money Squeezing Techniques For SMEs
Small to medium enterprises can have a tough time of it in today’s market. That is why they need to be as up to date with their tech, as this can give them the cutting edge, without it causing an increase in outgoings. So, so discover some ways to do this, read the post below.
Use tech to reduce overheads
All business have to pay overheads right? It’s not something that they can escape, no matter what their size. Although there is new tech that is becoming available all of the time that can help to reduce these costs, if not eliminate some of them altogether.
One overhead that you can significantly reduce is the cost of the phone system that you are running. As phone systems like the ones from WestView Technologies run over the internet and can be installed for a considerable saving. Giving you an excellent phone service as a fraction of the cost.
It may also be worthwhile to consider abolishing having a central building or office altogether. Especially if the work can be done from anywhere with remote access. Then employees can work remotely from home, and all but the most basic of overheads can be cut, saving a great deal of money for your business.
Use tech to generate and contact warm leads
The next tech solution to improve cash flow in your business is to consider using it to help you generate and contact warm leads. Warm leads are people that have expressed an interest in your product or service in some way but have failed to take it all the way to the final step and make a purchase. Warm leads are way more useful than cold ones, as you already know there is some interest there that you can use in your pitch. So you will have a better chance of converting them.
Tech’s role in this is that you can now use services such as Lead Tracker that capture the details of folks visiting your site, even if they didn’t buy anything. That means you can proactively contact them with special offers and other marketing techniques and hopefully turn the original site visit in a sale, generating more profit for your SME.
Lastly, a great use of tech that can help you increase your SME’s cash flow is to use it to speed up incoming payments. This applies to individual customer payments, as well as and B2B customers.
For individuals, using faster payment methods on your site like PayPal can be helpful. This is because it increases the likelihood of purchase, as people are not to put off making the purchase because of convenience, or security issues.
For B2B customers that require an invoice before paying it can be helpful to use electronic invoicing software. As it is proven that a clear request for payment sent electronically is way more likely to be paid sooner, that one via traditionally snail mail. Keeping your cash flow, flowing and your SME afloat.