5 Business Innovations on a Budget

There are so many different ways for you to innovate your business, however, not all of these are available for small companies on a tight budget. Sure, making your own fleet would be amazing, however, the cost of buying trucks, hiring a seasoned fleet manager and paying for a premium fleet management software are quite expensive. On the other hand, even on a budget, there are so many things you can do in order to innovate your business. Here are the top five business innovation ideas that you can follow even on the tightest of budgets.

BYOD

The concept of bringing your own device to work is something that your employees are already doing. After all, all of them are bringing their personal phones to work. The vast majority of them is checking their corporate emails or even have a work-related app installed. In other words, introducing a BYOD system is not about allowing them to use these devices. It is about prescribing the safest way possible for them to use these devices for business-related purposes. Seeing as how the majority of these platforms are already cloud-based, this would make the concept of telecommuting and work from shared office spaces a lot more effective.

Starting a blog

The next thing you need to do is start a blog. There are numerous advantages that this will help you unlock. First of all, you’ll get a method to demonstrate your knowledge and establish yourself as a niche authority without having to wait for your customers to actually do business with you. Other than this, by allowing your business to develop personality, you’ll allow your business to create a relationship with your audience. Finally, by offering content that’s informative, entertaining or educational, you’ll be able to generate value for your audience.

5 Business Innovations on a Budget

Refurbished devices

High-end devices enhance productivity by reducing latency, improving responsiveness and allowing for even the most demanding software to run on your devices. Other than this, it’s a nice gesture, seeing as how receiving a professional device that a lot of them can’t afford privately is definitely a huge thing. Needless to say, this will drastically enhance your brand image and your talent retention efforts. The best thing about this is the fact that you can get fully functional Apple refurbished phones at a fraction of the original price.

VR training

When it comes to the issue of VR training, a lot of people are skeptic about the frugality of this method. On the one hand, the devices are not cheap but, then again, you need to think about all the potential money that you’ll save when it comes to enhanced training. Due to the fact that in some scenarios, your trainees don’t even have to use real materials. Other than this, you’ll be able to safely drill your staff on some of the most dangerous scenarios without putting them in any real danger.

5 Business Innovations on a Budget

Crowdsourcing

Lastly, you have much more funding options due to the existence of crowdsourcing platforms like Kickstarter. Needless to say, these are great for tech enterprises and numerous other projects that require this kind of financing. One more thing you need to keep in mind is the fact that platforms like Patreon offer a system where patrons offer to pledge a fixed amount on a monthly basis in order to fund artists and other types of developers. This kind of consistency in funding is something that can give you a lot of creative freedom and ensure a much better end result.

Conclusion

As you can see, each of the above-listed ideas is A) easy to implement and B) more than justifies the initial investment. This means that it has all that you are looking for in a business idea, to begin with. Finally, the implementation of the above-listed methods is simple, easy to pull off and easy to integrate into any kind of business model. This means that they’re not industry-exclusive but work in any kind of circumstances. This boon to your productivity is something that you just can’t ignore.

  Modified On Aug-12-2019 07:57:00 AM

Leave Comment