The business world is an often times merciless and costly place where companies can just as easily fall as they can be formed. A great deal of these reasons lie in the fact that companies are unable to save a considerable amount of money and eventually go bankrupt due to lack of available funds when an emergency arrives.
According to Crunchbase, in order to try and protect corporations from these issues, Billy McFarland, a relatively unknown but genius entrepreneur, has developed a membership program that acts as both a social network and as a discount opportunity for businessmen and sales peoples to take advantage of.
The name of this program is called Magnesis, and comes in the form a metal card that acts in much the same way as a credit card. This card is then attached to a member’s bank account and funds are then deducted from that account once the card is used as a form of payment. The discounted rate is removed from the overall price before the cost is officially charged, allowing members of Magnesis to save a large sum of money.
These discounts are applied to such recreational areas as bars, concerts, amusement parks and restaurants. While these are normally viewed as being entertainment locations they are also commonly used as places where business meetings take place. These can be expensive to companies, especially when you consider the idea that they do not guarantee any official results.
The amount of money that Magnesis allows these business minded people to save their corporations can be used on a multitude of different areas instead of just business meetings, which will in turn allow the company to prosper much easier as funds can be freely dispersed. This can be applied to any area of focus including payroll, production and operation costs, and damage control.
By developing this discount membership program Billy McFarland has in essence created a way for business and individuals employed by them to save a large sum of money and therefore increase the effectiveness of the local economy.