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6 Money Saving Tips for Your Small Business

Category: Growth Hacks

6 Money Saving Tips for Your Small Business
Mohab Growth Hacks 0

6 Money Saving Tips for Your Small Business

If you are the owner of a small business, chances are that you are always searching for creative ways to save money and keep your business afloat. Even if your business is doing well, it always makes sense to spend frugally. Whether you are looking to cut costs or improve profitability of your business, here are some creative ways that make the entire idea of saving money painless and easy!

  1. Avoid having a full-time office space

Thanks to the advancement in technology, businesses today can be run from any location. Barring a few sectors, try to rent as minimal office space as you can.

Offer people work from home options and get only the core team to sit at office. This way you can cut down on not only office rent but also small overheads like paper, electricity, food and gadget expenses etc.

  1. Try inbound marketing rather than keeping a big fat sales team

Try attracting your customer online by implementing a good content marketing strategy. Focus on your SEO strategy, build on social media and invest in search engine marketing. Also don’t ignore your company blog, since that has a lot of potential in getting you traffic. This might work better than outbound sales, especially if you are trying to sell a product or service online.

  1. Consider used furniture

If having an office is the only option you have, consider buying equipment and furniture that is pre-used. You can find office chairs and screen at nearly half the price from most second hand or refurbished goods store. Delay gratification. What you offer to your customers is much more important than a fancy looking office.

  1. Outsource as much as possible

Full time employees do not come cheap these days. Add to it the additional benefits like leaves, medical expenses and provident funds, you might just blow up all your budget. So, if possible, hire independent and reliable freelancers to reduce cost. Needless to say, by hiring a freelancer you will also be able to save a lot since they are already an expert in their field while a full time employee would need to be trained.

  1. Do not shy away from negotiating

As a small business owner, you should definitely avoid paying retail prices as often as possible. So, try to negotiate with vendors, consider bulk buying to save on shipping charges or tie up with wholesalers. Figure out ways to save money on your buying charges. You can also barter with some companies and save further. For example, you can purchase raw material for your bakery at a lesser price and in exchange offer to provide free cake on the dealer’s celebration occasions.

  1. Hire a good tax accountant

No one likes paying taxes. So it makes sense to hire a good accountant who can help in claiming certain tax rebates and allowances that you might not be aware of.

To be honest, when it comes to saving money, there are numerous things you can try. Every business comes with its own needs and priorities, so you are the best judge of what works best for you. Having said that, always remember, if it saves money, it is worth it!

If you are looking for a reliable way to accept online payments and have a competitive advantage, you can visit www.PayTabs.com.

6 years ago
8 Tips to Drastically Improve Shipping for Small E-Commerce Business Stores
Mohab Growth Hacks 0

8 Tips to Drastically Improve Shipping for Small E-Commerce Business StoresYou shouldn’t be surprised as factors like customer loyalty and buying decision are directly related to your shipping policy. Earlier people were happy with free delivery, whereas delivery time was considered secondary. These days everything is important. Customers not only look for free delivery, they also want quick delivery.

The E-Commerce vendors should also wake up to this new market demand and plan their shipping strategy accordingly.

  1. Understand your business objectives

In order to offer a better delivery experience, first of all, you need to understand your business objectives. For example, if you are selling a product which is uncommon customers may not want one-day or two-day delivery.  They must rather be looking for safety and certainty.

  1. Offer value

Offering value to your customer is extremely important and it shouldn’t be compromised at any stage of the buying process. Always put customer expectations on top.

  1. Don’t minimize cost at the cost of customer loyalty

Some of the E-Commerce companies make a grave mistake of finding cheaper delivery options, but at the same time they forget that it might affect customer loyalty in the long term. They may lose the customer base as result. Customers do not want poor services especially in this competitive marketplace, even if you offer free delivery.

  1. Offer the combo of both low price and high speed delivery

The concept of low price and high speed delivery is not new. With the competition heating up across the E-commerce market, more and more customers are now looking for cheaper delivery and at the same time they also want same day, one-day or two day delivery. With plethora of options available in the market, if you are not providing the combo of both these benefits, the customer might switch to some other product or E-Commerce store.

  1. Go for multi-step and multi-vendor shipping arrangement

In order to optimize delivery, go for multi-step and multi-vendor arrangement, where in you will be able to reduce costs as well as delivery time. Finding a strategic mix of both will lead you to success. With plenty of opportunities available in the market, finding the right mix is not difficult.

You can find many local delivery partners, who can help you avail the best local delivery solutions as well as large shipping companies like FedEx and UPS, which will help you in rapid delivery across major cities.

Choosing a single shipping partner is not an ideal solution in today’s business conditions. For example, if your customer is in a remote location, you can break the shipping into two or three parts. You can send the product to the city nearest to them utilizing the services of your major shipping partner, whereas you can find a local shipping partner, who would leverage his local shipping capabilities to transfer the shipment from the nearest city to the door step of the customer.

  1. Optimize and plan delivery options

With increasing competition, you can find many delivery partners, who would help you in achieving one day or two day delivery targets. Their delivery vehicles run day and night in some areas and you can leverage their strength for local deliveries.

  1. Minimize cost using technology

In order to minimize cost, you can go for different options such as shrink-wrap pallets. You can also adjust prices with your shipping partner according to weight and volume factors. Proper tracking of consignment will also help you reduce cost.

Sometimes customers make false claims of receiving broken items or not receiving a product at all. Modern technology helps you track your shipment in real time using video surveillance that reduces the chances of any goof up by the delivery guys and also customers making false claims.

It will also help in improving customer service as the customer would be able to track the shipment online. It will also help them to make sure that they are available at the mentioned address at the time of delivery. Tracking can be enabled across the entire supply chain. The technology also helps the customer in receiving automatic updates about shipment.

  1. Review your policy every six months

You should review your shipping policy every 6 months in order to minimize costs and make your delivery even more efficient. This way you will not only be able to reduce cost but would also be able to improve customer loyalty.

Make sure to consider and implement these steps so that your delivery improves drastically.   It will improve your customer base and sales.

6 years ago
The 4 Step Procedure for an Easy Payment Gateway Integration
Mohab Growth Hacks 0

The 4 Step Procedure for an Easy Payment Gateway Integration

Payment integration is a technical process, but it can be made easier if you remember a few points. Nowadays a payment gateway can be integrated both into a desktop website and a mobile app.

So, first decide where you wish to integrate it because the processes for both are different. Here we will discuss how to integrate your payment gateway into a desktop version of an e-commerce website.

1.Determine your priorities

It is extremely important to determine your priorities and what you want from your payment gateway. It will help you decide how development should be done so that you are able to achieve your desired objectives in less development time and hassles. Before you decide to choose an integration solution, define your objectives clearly.

2. Select the right integration solution

As far as integration and its coding and development are concerned, we can select from the three major types that are as follows:

A.Hosted payment forms

This is the simplest way to integrate your payment solution as you require no coding in it. It is simply a plug and play option where you can pick a specific payment form for your website. You can also paste it into your mobile app. It will help you securely collect payment from different credit cards and debit cards. But it doesn’t happen on your servers as the hosting company that offers this solution processes the information on its own servers. However, you can choose from a host of templates. Customization of your brand is also possible when you choose a hosted payment form.

B.Payment module 

If you already have a predefined platform on which your website is based such as Drupal, UberCart, Shopify or iOS, then you will get the specifically designed payment modules for those platforms.

Obviously these payment modules have far more features than the basic hosted forms that we discussed above. However, the coding requirements are still minimal.

C.Use your own code for advanced e-commerce sites

This method allows you to use your own code and even modify templates. The API language support is available for various coding languages such as Java, C++, Python, C#, Visual Basic, PHP, Ruby and Pearl, etc.

3.Test the integration

Now that you have already integrated your credit card processing, test your configuration to make sure that everything is in perfect shape and your website is ready to go live. Conduct live transactions using a dummy account so that you can detect potential issues in the trial phase itself. At every step of the way, you can get in touch with the technical support team of the payment gateway solution provider you have chosen.

4.Activate your account 

Once your payment gateway is integrated and tested, you are ready to accept payments. Contact your payment solution provider to activate your account and you are ready to go live.

The payment gateway integration seems to be a challenging process but if you know your objectives, the entire process will become a cakewalk. If you need assistance, just connect with technical support and they will guide you in the best way possible.

6 years ago
The Importance of Mobile in Financial Services
Mohab Growth Hacks 0

The Importance of Mobile in Financial Services

The ever-increasing use of mobile phones in day-to-day lives is redefining the landscape of financial services and it is impacting banks, NBFCs, insurance companies and even online stores in various ways.  Today, the digitally aware section of society is using their mobiles to receive messages from financial institutions, pay EMIs, shop online, transfer money and book a restaurant or movie easily. Mobiles are replacing the conventional financial practices and you can now buy anything online without having to use cash or card, thanks to e-wallets.  This is because even smartphones have become cheaper and can be used even by kids and the elderly. Now let’s take a look at how mobile is revolutionizing financial services:

  • Impact on financial lenders – The banking sector as well as NBFCs are embracing mobile technology these days to make their operations smoother, and to reach out to a wider section of the society. Since mobile phones are widely available in rural and suburban areas today, a farmer too can get a loan conveniently with a single phone call or text. A small rural business can get funding even while sitting at home and he or she will receive notifications through the mobile phone as well. Opening an account with a bank has become convenient too this way. So, mobiles have played a huge role in boosting financial inclusion and are encouraging the economically weaker section of the society to use banking services.

 

  • Impact on insurance – Insurance is something that a lot of people opt for, be it to protect themselves against financial emergencies or accidents or medical emergencies etc. But with the advent of mobile phones, more and more customers research online about various insurances before picking one. They can compare the cost and benefit of choosing different insurances on their mobile phones as well. Hence, it is in the best interest of the insurance companies to use mobile technology to advertise their policies and reel in both new and old policy holders. This way, they can reach out to more target audience than they previously thought was possible.

 

  • Impact on online businesses – E-stores these days focus on mobile shopping apps as much as they do on their website. This is because most customers use mobile phones or smartphones to shop for fashion apparel, cookware, hardware, medicines, cosmetics and even baby care products. They have less time to spare for physical shopping and are always on the go, which makes it tough for them to use a laptop or desktop all the time. Naturally, online businesses need to ensure that the payment gateway they offer on mobile apps is secure, fast and hassle-free. This will prevent shoppers from abandoning their carts midway because of a slow gateway or one which has many redirections.

Mobile revolution and payment gateways

From buying a pizza to shopping for wedding jewelry to ordering flowers for a birthday – everything happens on mobiles these days. And simple and smart mobile apps are hence popular. But without a proper payment gateway, you will never attract enough customers through mobile marketing and your sales will dip.

Gateways like PayTabs are hence a wise choice for online stores. They deposit funds in merchant accounts fast, protect customer and transaction data, prevent frauds, and are very easy to integrate into your mobile app. Moreover, as they offer a variety of payment options, shoppers can easily pay using their credit and debit cards. The shopping experience cannot get better than this! So, it is time to adopt mobile technology whether you are a business, bank or insurance company, without a second thought, as this technology is here to stay!

6 years ago
Switching Your Payment Gateway
Mohab Growth Hacks 0

Switching Your Payment GatewayMost payment gateway changes are driven by a business’ need to support additional payment options or to accommodate growth. In some cases, merchants come across payment gateways that have more advanced features, are more professional looking, or offer a better experience for the customers.

If you are wondering how to switch payment gateways and the effect switching gateways can have on merchant’s billing, then you are at the right place. Good news is that switching payment gateways is an extremely simple process and in most cases do not have any impact on the billing process.  If you are switching payment gateways, here are few steps you need to follow in order to ensure a seamless transaction

First and Foremost, Check the Payment’s Gateway Compatibility with Your Store

Regardless of the reason for switching gateways, the first thing to ensure is that the payment gateway in consideration is actually compatible with your e-commerce store. It can get very problematic to find out that the gateway doesn’t work for your store after you have made the transition.

Review the Payment Options You will Be Adding or Removing

Moving on to the latest and most advanced payment gateway can bring great perks for your store, such as the ability to include payment wallets or direct integration via API. However, this can also mean that you will have to lose on some features that the new gateway may not be having. Therefore, it is important to evaluate what is being added or removed during payment gateway switching and weigh the pros (and cons) to be fully aware of what you are signing up for.

Consider the Change in Fees Structure

Most payment gateways charge a certain amount of fees. This can be on a monthly or yearly basis or on a commission basis where you pay a small transactional fee for every payment processed. Before making the transaction it is important to do the math to evaluate any increase or decrease in the fees. If the fee is absolutely going to decrease than the decision is easy.

However, an increase in fees is not always a bad thing. Sometimes an increase in fees can bring positive changes for your business. If you are getting access to more payment methods and to a gateway that is more secure and user-friendly, the switch is going to be worth it and you are more likely to get the money back in the long run.

Take Customer’s View Points in Consideration

Have you lost customers because they were unable to make payment through the current gateway? Or have your customers asked you to integrate additional payment methods?

In the end, it is the customer who is going to use the payment gateway and considering customer feedback can go a long way in improving the customer’s payment experience. If you have not collected any feedback yet, you can begin doing that now. Using social media pages like Facebook or Twitter to get customer’s can help you hear your customer out.

Plan for Any Possible Downtime

Once you have made your mind to switch the payment gateway, the final point to consider is whether changing gateways will bring any downtime for your store? If you don’t have provision to try out the new gateway prior to launch, you will need to figure out the best time to have a downtime. This should be the time during which you receive the lowest of traffic and sales.

The key is to think of a time that will have the least impact on the shopper. Instead of rolling out errors, you can create a landing page to inform your visitors that your store is temporarily down and will be back to service soon.

During this downtime, you can make the transition, test the gateway and take everything live. If you do have a test version of your store, test the new gateway thoroughly and by making demo transactions before deploying it for your store.

6 years ago