With the covid-19 pandemic and new remote working costs, and of course, being a small business with limited resources, budgets are tight in 2021. So, businesses are looking for any way to cut down on unnecessary costs and save a few dollars. One way to do this is to adopt SaaS tools. In this article, we will explore 3 SaaS tools that can save your small business Money.
Adopting SaaS products over traditional on-premise software alone can offer you significant savings. The most obvious being lower start-up costs. For most SaaS, there are no upfront fees for licensing, and implementations are typically quick. Also, you don’t have to handle upgrades and maintenance and this even brings the total cost lower.
Some SaaS tools are not only more cost-effective than legacy software but they can also actively save you money by using them. Below are some SaaS Tools you can consider in your business.
Security tools
There is a misconception that small businesses (SMBS) are too small to be attacked because there is less value in their information. This is definitely not true. So, while security tools might be expensive for small businesses, but the cost of a security breach can be catastrophic.
But data breaches aren’t the only threat SMBs face. Ransomware — malicious software designed to block access to a computer system until a sum of money is paid — targeted 46% of all small businesses in 2020. And of the companies that were hit with a ransomware attack, 73% paid a ransom, which averaged $170,404 in 2021. Combined, just these two security breaches can cost SMB in excess of $300000. And these costs don’t even include losses from systems being down and employees being unable to work.
When you compare that to the price of security tools, it is an easy decision to make. And there are plenty of SaaS tools out there that can protect SMBs from cyber threats. For instance, a cost-effective vulnerability scanner can help weaknesses in your online systems before the hackers do and make vulnerability management easy.
eSignature tools
Yes, eSignatures make signing documents faster and easier. But perhaps the most overlooked aspect of eSignatures is the money they save. While individual usage costs might sound minuscule, they add up fast. When you combine that with the average printing price of one page, it puts the cost of printing at $650 per employee per year.
But it’s not just the paper that saps your cash. It’s estimated for every $1 spent on printing, another $6 is spent on distribution. This includes copying and scanning-related expenses—toner, maintenance, upkeep—shipping costs for physical documents, and storage costs.
The interesting thing is that today’s eSignatures do more than just facilitate signing. Also, they integrate with other business software tools like Salesforce. So, your employees can send documents out for signature without switching between applications.
Customer Support Tools
Delivering great customer support has always been hard, often unrewarding, and expensive. And the interesting thing is that, as the world has leaned further into digital, customers now expect 24/7, 365 service. This means you need someone available at all times. And that’s not cheap. Instead of hiring new staff to plug gaps, new SaaS tools can help you deliver higher levels of customer service at a fraction of the cost.
Take chatbots, for instance. Using a chatbot for support allows customers who have quick questions or simple problems to get an answer almost immediately. And the service comes much cheaper than a new employee. Once trained and implemented, businesses can reduce customer service costs by up to 30%. Also, chatbots aren’t limited to one customer or conversation at a time. They can answer multiple customer queries at once.
As you can see, while there is an ongoing cost to using SaaS tools, it is nothing compared to the savings you can make in your small business. Even implementing just one of these tools can free up more money for your business to grow, meaning you can invest in other parts of your business.
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