Cutting Costs for Small Businesses with E-Signatures

Jennifer Marsh, October 23, 2014
Electronic Signature for small business

Small businesses have a tight budget, but e-signatures can reduce costs of several daily production expenses. Cutting costs reduces overall production prices. E-signatures also make it more convenient to pass legal documentation between the business and customers. If you're looking to turn your SMB into a more efficient powerhouse, here are 10 electronic signature for small business ideas to cut costs.

1. Smaller Wait Times One costly issue for some companies is the wait time between selling a customer and officially signing a customer. In addition, the customer might change their mind if too much time passes. E-signatures expedite the sales process.

2. Less Print Costs Obviously, if you use electronic messaging for paper, you know that you'll have fewer costs due to the reduction in paper use. However, cutting costs has a greater financial effect in SMB production in areas you wouldn't think of. For instance, you don't spend money on printers, ink, and maintenance for these components. Altogether, costs are reduced much lower in addition to fewer paper resources.

3. Save Costs in Copies For many high scale financial businesses, you need several copies not just for you and your customer, but also copies for third parties such as attorneys or the government. With e-signatures, these costs are reduced since you can send paperwork electronically.

4. Better Security You might not think about it, but when you need to archive your hardcopies or even throw them away, you need to shred these documents to protect your customers' information. There are plenty of online related risks, but it's dangerous for customer privacy to throw away documents without extensive shredding. Sending electronic paperwork will always sit behind a user name and trusted password without the need to spend countless hours in the copy room.

5. Utilizing the Cloud "The cloud" or "cloud storage" are terms given to running software and storing documents on the Internet. The advantage is that your own resources such as server or desktop hardware aren't needed, and you only pay for storage you use. Using the cloud as a software and storage system saves cost on computer hardware, which is extremely expensive.

6. More Mobility Adding to the cloud thought, using e-signatures let you mobilize your small business. This means you can visit your customers, travel, or take any of your work on the road. The result is that you don't need to carry around expensive documents, and you can present them to the customer digitally instead of handling paperwork while traveling.

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7. Organization Benefits You might wonder how organization saves you money. Better organization means you lose fewer documents, spend less time searching for paperwork, and you don't lose customers due to disorganization. Combining e-signatures with digital documents stored in the cloud can greatly improve your customer service and sales.

8. Workflow Management Benefits If you have several steps between a final sale, e-signatures let you pass each paperwork step to individual employees without printing copies, sending mail, or waiting for a response. With e-signatures, you send signed documents to the next employee in the workflow using email, which will save you a siginificant amount of money.

9. Less Traveling Several collaboration tools let you create presentations and meetings on the Internet. You don't need to incur the high costs of traveling to a customer's site if you use e-signatures with these collaboration tools to present to the customer.

10. Cheaper Archiving Most of the time, you don't want to throw away documents. You need to archive them. It's expensive to have the space and filing cabinet space for customers. Instead of expensive archiving cabinets, you can store archived documents on your computer systems. Overall, e-signature processing is much more efficient than using hardcopy paperwork. These ten advantages save your SMB money and improve your company's workflow.