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4 Tips to Save Money While Starting a Business

Finding ways to cut expenses while starting your own business can sometimes be the difference between success and failure. With seemingly bottomless startup expenses, a few wisely avoided costs can set you up the right way - instead of putting you immediately in the red.

Stay organized
Make a budget and stick to it. It is impossible to predict every expense that will crop up, but do your best to realistically plan your finances ahead while leaving a little wiggle room for unforeseen costs. Having a plan for how you will spend your money will help you minimize costs even if you don't observe it to the letter.

Use social networking
At the beginning, it may be tempting to blanket your business' location in promotional materials to get customers to line up. However, the money you'd need to spend to engage in this full-on marketing blitz might better be spent on inventory and materials. Instead, start early with a social media campaign. By creating a social media strategy, you can get your name out there on Twitter and Facebook for free, and wait to target the areas you really need to hit until you've got a little more money in your pocket.

Purchase wisely
You are going to have a lot of equipment to buy, so make sure you truly need something before you write the check. If you can make do without some hardware - it can help you spread out your costs more evenly. For example, if your business needs to send or receive faxes, you might consider getting an online fax service instead of shelling out hundreds of dollars for a machine, not to mention the ongoing costs for a phone line and materials such as toner. By using internet faxing, you can get all of the same capabilities for a low monthly rate instead of a huge upfront investment.

         

Start with revenue-producing purchases
Before you start buying the things you want for your business down the road, focus on initial investments that will immediately lead to returns. Making sure your inventory is stocked and your staff is capable will help you make the money you'll need for the long-term. In this situation, doing things like forgoing the fax machine for a fax to email service will help you start making money without requiring an early round of massive purchases.

By planning ahead and focusing only on integral investments, you can help prepare your business for a stable, profitable existence.

             

4 Benefits of Online Fax for Financial Professionals

The financial industry has experienced several major technology shifts in the last few years.

From the explosive growth of mobile applications to the sea change in cloud computing, the tools of the trade continue to adapt to finance professionals' need to keep up with the times. Much of the technology shift to the cloud is being driven by the need for increased mobility.

One example of this shift is the transition to online fax as opposed to utilizing traditional fax machines to transmit or receive sensitive, hand-signed documents.

According to an “Efficiency in Wealth Management: Mobile at the Gates” report, U.S. wealth management firms have finally begun to take note of recent advances in mobile computing. Firms cognizant of this need are developing mobile strategies that consider which advisor applications should be made accessible and which mobile platforms should be supported.

Online fax services that offer mobile apps, such as eFax, allow finance professionals to send, receive, and even sign, faxes on the go. This increased mobility, without disruption to transferring important documents, is bringing new benefits to finance professionals.

Here are four key benefits an online fax service with mobile apps offers:

                     

1. View your faxes online—Which is worse: having to hover at the fax machine waiting for an important document to come through or stopping by later only to find that your document has disappeared? Both are bad for business, but there’s an answer. eFax delivers faxes directly to your email inbox. It’s private and it’s available in the office, at home, or on the road.
2. Sign on the (virtual) dotted line—In the financial sector, there are many occasions in which signed documents need to be turned around quickly. eFax allows financial professionals to add digitized signatures to their online documents directly from their smart phone, tablet, or computer. No need to find a printer, fax machine, or FedEx drop box.
3. Send file folders to the cloud—eFax makes it easier to keep track of important documents by automatically storing sent and received faxes. Professionals can digitally search, tag and annotate all their documents. This feature makes it possible to move beyond the leaning stacks of unsorted documents into a world of easily searched digital files–something that is sure to be applauded come tax season!
4. Share the big contracts—Financial advisors and bankers have to regularly email huge proposals and contracts. Many email servers cap the size of attachments, which can block these documents from ever being delivered. In addition to its faxing features, eFax provides Large File Sharing that allows users to email files up to 1 GB - more than enough for your typical “big deal.”