Many small business owners stress over how to finance their company. One way to ease the pain of opening your doors is through frugal innovations that ensure a healthy cash flow. Here are some of the most popular and effective ways for your home-based business to save money, grow revenue, and increase its customer base. According to Dr. Jordan Sudberg, the Frugal Innovator is not about doing things for less money. It’s about doing things differently but getting the same results.
5 Frugal Innovations to Help Small Businesses According To Dr. Jordan Sudberg
1. Utilize the Cloud
While it’s normal to be concerned about the safety and security of computer data and documents, the cloud offers many advantages, such as the ability to access your information from anywhere at any time and share it with employees or clients. Also, you can access files from a regular computer and workstations such as iPads and cell phones. The cloud makes it easy for you to back up files and store documents in case of a hardware failure. It also means you can access all those important files even if your office gets broken.
2. Adopt Outsourcing
Even though outsourcing can be costly, it might be the best option if you want to expand or hire new employees. You can get services from an outside company, such as phone answering, advertising and marketing, building maintenance and repairs, office supplies and equipment, IT support, accounting services, and more. Outsourcing is a great way to bring your business up to speed quickly.
3. Use B2B Marketing
When you sell products or services for which there is little competition in the marketplace, there is always a chance for some good sales. However, it’s hard to get the attention of buyers. In addition, you are also at risk of not making a profit. B2B Marketing can help you gain brand awareness and cost-effective leads that will result in sales opportunities. It can also bring in new wholesale customers, meaning you need to sell less in quantities to make the same amount. It’s a great way to lessen your marketing expenses and save money on advertising costs.
4. Use Landing Pages
Dr. Jordan Sudberg thinks that landing pages are a must if you want to be an effective online marketer. Landing pages are particular web pages that you create to help you get new customers. They work by providing a first impression of your business and product in the form of a customized page that looks like a physical brochure or display. You can allow visitors to sign up for your mailing list or request more information about your company.
5. Offer Payment Plans
Businesses that have payment plans are more likely to be paid on time. There is no need to get worried if your customer doesn’t deliver on the due date because you are always put first. You also save money by not having to pay interest. Businesses that offer payment plans save money, time, and stress since there is no stress involved in chasing down payments.
The Frugal Innovator concept is a profitable one. It helps small businesses become more efficient and creative and keeps costs down. The cloud, outsourcing, B2B marketing, landing pages, and payment plans are relatively new innovations in the small business industry, and all have proven to be effective ways of doing business today.