Key Considerations When Choosing Small Business Job Titles

Selecting the right job titles for your small business is a critical decision that requires careful consideration. In this section, we’ll explore some key factors to keep in mind when choosing job titles for your organization.

Firstly, understanding the organizational structure of your company is essential. Consider the size of your business, the number of employees, and the overall hierarchy. Determine who will be in leadership positions, such as CEOs, COOs, and CFOs, and how their roles will be defined within the company.

Next, it’s crucial to identify the roles and responsibilities associated with each position. Clearly defining the scope of each job title helps employees understand their duties and fosters accountability within the organization. This clarity also ensures that roles are aligned with the company’s goals and objectives.

Additionally, consider industry standards and best practices when choosing job titles. While it’s important to be creative and unique, using common job titles that are familiar to employees and clients can help avoid confusion and facilitate communication. Researching job titles used in similar businesses can provide valuable insights and guidance.

Balancing hierarchy and flexibility is another important consideration. While traditional hierarchical structures may work well for some organizations, others may benefit from more flexible and fluid job titles that reflect a collaborative and innovative culture. Finding the right balance between structure and flexibility is key to creating job titles that effectively support your company’s goals and values.

By carefully considering these key factors when choosing small business job titles, you can ensure that your organization has clear, meaningful, and effective titles that contribute to a positive and productive work environment. In the following sections, we’ll explore common small business job titles and their descriptions, as well as creative alternatives that can help differentiate your organization and attract top talent.

Common Small Business Job Titles and Their Descriptions

In the intricate tapestry of small businesses, job titles serve as essential threads that weave together the fabric of organizational structure and function. From the executive leadership team to frontline staff, each job title carries specific responsibilities and contributes to the overall success of the company. In this section, we’ll explore common small business job titles across various departments and industries, providing descriptions of each role’s duties and expectations.

Executive Leadership Team

At the helm of every small business is the executive leadership team, responsible for steering the company’s direction, setting strategic goals, and ensuring operational efficiency. Here are some common executive job titles and their descriptions:

1. CEO (Chief Executive Officer): The CEO is the highest-ranking executive in the company, responsible for making major corporate decisions, managing overall operations, and representing the organization to stakeholders.
2. COO (Chief Operating Officer): The COO oversees day-to-day operations and ensures that business processes and procedures are efficient and effective. They may also be responsible for implementing strategic initiatives and driving organizational growth.
3. CFO (Chief Financial Officer): The CFO is responsible for managing the company’s finances, including financial planning, budgeting, and reporting. They provide strategic financial guidance to support decision-making and ensure the financial health of the organization.

Operations and Administration

Behind the scenes, operations and administrative staff keep the wheels of the business turning smoothly. Here are some common job titles in this area:

1. Office Manager: The office manager oversees administrative tasks and office operations, including managing office supplies, coordinating schedules, and overseeing administrative staff.
2. Administrative Assistant: Administrative assistants provide support to executives and other staff members by handling clerical tasks, scheduling appointments, organizing files, and managing correspondence.
3. Receptionist: The receptionist serves as the first point of contact for visitors and callers, greeting guests, answering phones, and directing inquiries to the appropriate staff members.

Sales and Marketing

Driving revenue and promoting brand awareness are the primary objectives of the sales and marketing team. Here are some common job titles in this area:

1. Sales Representative: Sales representatives are responsible for generating leads, contacting potential customers, and closing sales. They may also provide product demonstrations and customer support.
2. Marketing Coordinator: Marketing coordinators support marketing campaigns and initiatives by coordinating promotional activities, managing marketing materials, and tracking campaign performance.
3. Social Media Manager: Social media managers oversee the company’s social media presence, including creating content, engaging with followers, and monitoring social media trends.

Customer Service

Providing exceptional customer service is crucial for retaining customers and fostering loyalty. Here are some common customer service job titles:

1. Customer Service Representative: Customer service representatives assist customers with inquiries, complaints, and product support. They handle customer interactions via phone, email, or chat and strive to resolve issues promptly and courteously.
2. Client Success Manager: Client success managers focus on building and maintaining relationships with clients, ensuring their satisfaction and success with the company’s products or services. They may provide ongoing support, gather feedback, and identify opportunities for upselling or cross-selling.
3. Support Specialist: Support specialists provide technical assistance and troubleshooting support to customers experiencing issues with products or services. They diagnose problems, offer solutions, and escalate complex issues as needed.

Finance and Accounting

Managing finances and maintaining accurate financial records are essential for the financial health of the business. Here are some common finance and accounting job titles:

1. Accountant: Accountants are responsible for preparing and analyzing financial statements, reconciling accounts, and ensuring compliance with financial regulations and standards.
2. Bookkeeper: Bookkeepers maintain financial records, including accounts payable, accounts receivable, and general ledger entries. They may also assist with payroll processing and tax preparation.
3. Financial Analyst: Financial analysts analyze financial data, trends, and performance metrics to provide insights and recommendations to management. They may also assist with budgeting, forecasting, and financial planning initiatives.

Human Resources

Managing personnel and fostering a positive work culture are the primary objectives of the human resources department. Here are some common HR job titles:

1. HR Manager: HR managers oversee all aspects of human resources management, including recruitment, employee relations, training and development, and compliance with employment laws and regulations.
2. Recruiter: Recruiters are responsible for sourcing, screening, and hiring qualified candidates to fill open positions within the company. They may also coordinate recruitment events, conduct interviews, and negotiate job offers.
3. Training Coordinator: Training coordinators develop and implement training programs to support employee development and performance improvement. They assess training needs, design curriculum, and deliver training sessions to employees at all levels.

IT and Technology

Managing technology infrastructure and supporting digital initiatives are essential for the modern small business. Here are some common IT and technology job titles:

1. IT Specialist: IT specialists provide technical support and troubleshooting assistance to employees experiencing computer hardware, software, or network issues. They may also manage IT infrastructure and implement security measures to protect data and systems.
2. Systems Administrator: Systems administrators are responsible for maintaining and managing computer systems, servers, and network infrastructure. They ensure system reliability, performance, and security through regular maintenance and updates.
3. Web Developer: Web developers design and develop websites and web applications to support the company’s online presence and digital marketing efforts. They may also optimize website performance, implement e-commerce solutions, and integrate third-party tools and services.

In conclusion, small business job titles encompass a wide range of roles and responsibilities, each contributing to the success and growth of the organization. By understanding the functions and expectations associated with each job title, small business owners can effectively structure their teams and empower employees to excel in their roles. In the following sections, we’ll explore creative alternatives to traditional job titles and discuss the advantages of adopting a more innovative approach to job titling.

Creative Small Business Job Titles and Their Advantages

In addition to traditional job titles, many small businesses are adopting more creative and unconventional job titles to reflect their unique company culture and values. Creative job titles can not only differentiate your organization from competitors but also attract top talent and foster a sense of camaraderie among employees. In this section, we’ll explore some creative alternatives to traditional job titles and discuss the advantages of adopting a more innovative approach to job titling.

Benefits of Using Creative Job Titles

1. Enhanced Branding and Differentiation: Creative job titles can help distinguish your organization from competitors and reinforce your brand identity. By choosing titles that reflect your company’s personality, values, and culture, you can create a memorable and distinctive brand image that resonates with employees and customers alike.
2. Improved Employee Morale and Engagement: Creative job titles can boost employee morale and engagement by providing a sense of ownership, recognition, and empowerment. When employees have unique titles that reflect their contributions and skills, they feel valued and motivated to excel in their roles.
3. Attracting Top Talent: Creative job titles can help attract top talent by showcasing your company’s innovative and forward-thinking culture. Potential candidates may be drawn to organizations that embrace creativity and offer opportunities for personal and professional growth.
4. Facilitating Career Development: Creative job titles can provide opportunities for career development and advancement within the organization. Employees may feel more inspired to pursue new challenges and opportunities when they have titles that reflect their aspirations and potential.
5. Fostering a Collaborative Environment: Creative job titles can foster a sense of camaraderie and collaboration among employees by promoting inclusivity and teamwork. When everyone in the organization has unique and meaningful titles, it reinforces the idea that every role is important and contributes to the overall success of the company.

Examples of Creative Small Business Job Titles

Here are some examples of creative job titles that small businesses may consider adopting:

1. Chief Happiness Officer: Responsible for promoting employee morale, engagement, and well-being within the organization.
2. Brand Evangelist: Tasked with spreading awareness and enthusiasm for the company’s products or services among customers and stakeholders.
3. Innovation Catalyst: Drives innovation and creativity within the organization by encouraging experimentation and collaboration.
4. Customer Experience Guru: Focuses on delivering exceptional customer experiences and building long-term relationships with clients.
5. Digital Nomad Navigator: Supports remote employees and facilitates virtual collaboration and communication across distributed teams.
6. Culture Curator: Cultivates and nurtures the company’s culture by organizing events, initiatives, and activities that promote teamwork and camaraderie.

Tips for Creating Effective and Memorable Job Titles

When creating creative job titles for your small business, consider the following tips:

1. Reflect Company Values and Culture: Choose titles that align with your company’s values, culture, and brand identity. Ensure that the titles accurately represent the roles and responsibilities of the employees.
2. Keep It Clear and Concise: While creativity is important, avoid overly obscure or ambiguous titles that may confuse employees or clients. Opt for titles that are easy to understand and communicate effectively.
3. Empower Employees to Choose Their Titles: Consider allowing employees to have input in choosing their own job titles or creating titles that reflect their unique skills and contributions. This can foster a sense of ownership and pride in their roles.
4. Balance Creativity with Professionalism: While creative job titles can be fun and engaging, ensure that they maintain a level of professionalism and credibility. Avoid titles that may be perceived as frivolous or unprofessional.

By embracing creativity and innovation in job titling, small businesses can differentiate themselves from competitors, attract top talent, and foster a positive and engaging work environment. Creative job titles offer numerous benefits for both employees and employers, from enhancing branding and differentiation to promoting employee morale and engagement. In the following sections, we’ll discuss practical tips for choosing and implementing creative job titles effectively within your organization.

Tips for Choosing and Implementing Creative Job Titles

While adopting creative job titles can offer numerous benefits for small businesses, it’s essential to approach the process thoughtfully and strategically. In this section, we’ll discuss practical tips for choosing and implementing creative job titles effectively within your organization.

1. Align Titles with Company Values and Culture:

Ensure that the creative job titles you choose align with your company’s values, culture, and brand identity. Consider how the titles reflect the unique aspects of your organization and resonate with employees and customers alike.

2. Maintain Clarity and Consistency:

While creativity is encouraged, it’s important to maintain clarity and consistency in job titles to avoid confusion. Ensure that the titles accurately reflect the roles and responsibilities of each position and are easily understood by employees, clients, and stakeholders.

3. Solicit Input from Employees:

Involve employees in the process of choosing creative job titles by soliciting their input and feedback. Encourage open communication and collaboration to ensure that the titles resonate with employees and accurately reflect their contributions and skills.

4. Consider Industry Standards and Best Practices:

While creativity is key, consider industry standards and best practices when choosing creative job titles. Ensure that the titles align with common job functions and terminology used in your industry to facilitate communication and understanding.

5. Balance Creativity with Professionalism:

Strive to strike a balance between creativity and professionalism when choosing creative job titles. While it’s important to be innovative and engaging, avoid titles that may be perceived as frivolous or unprofessional. Opt for titles that maintain a level of credibility and respectability within your organization and industry.

6. Provide Context and Explanation:

When introducing creative job titles within your organization, provide context and explanation to help employees understand the rationale behind the titles. Explain how the titles reflect the company’s values, culture, and vision, and how they align with employees’ roles and responsibilities.

7. Monitor and Adjust as Needed:

Continuously monitor the effectiveness of creative job titles within your organization and be prepared to make adjustments as needed. Solicit feedback from employees, clients, and stakeholders to assess how well the titles are understood and received, and make changes accordingly.

8. Celebrate Creativity and Innovation:

Embrace creativity and innovation in job titling as a way to celebrate the unique talents and contributions of your employees. Recognize and reward creativity in job title creation and encourage employees to embrace their new titles as a reflection of their individuality and expertise.

By following these practical tips, small businesses can choose and implement creative job titles effectively, enhancing branding, differentiation, and employee engagement within the organization. Creative job titles offer a unique opportunity to showcase the personality and culture of your company while attracting top talent and fostering a positive and collaborative work environment.

Wrapping Up

In the ever-evolving landscape of small businesses, job titles play a pivotal role in defining roles, fostering engagement, and reflecting organizational culture. Throughout this article, we’ve explored the intricacies of small business job titles, from traditional roles to innovative and creative alternatives. By understanding the importance of thoughtfully choosing job titles and considering factors such as company values, industry standards, and employee engagement, small business owners can create a cohesive and dynamic organizational structure that drives success and growth.

Creative job titles offer a unique opportunity to differentiate your organization, attract top talent, and foster a positive and inclusive work environment. By embracing creativity and innovation in job titling, small businesses can showcase their personality, values, and culture while empowering employees to take ownership of their roles and contributions.

As you navigate the process of choosing and implementing job titles within your organization, remember to maintain clarity, consistency, and professionalism while celebrating the individuality and expertise of your team members. By soliciting input from employees, providing context and explanation, and monitoring effectiveness, you can ensure that creative job titles align with your company’s goals and resonate with your employees and stakeholders.

Ultimately, small business job titles serve as more than just labels—they embody the spirit, vision, and aspirations of your organization. By embracing creativity in job titling, you can set your business apart, inspire your team, and pave the way for success in the dynamic and competitive world of small business.

With these insights and strategies in mind, we encourage you to explore the possibilities of creative job titles within your organization and unleash the full potential of your team. By fostering a culture of creativity, innovation, and collaboration, you can create a workplace where every employee feels valued, empowered, and motivated to contribute to the success of your small business.

Frequently Asked Questions

What is your job title if you own a small business?

As the owner of a small business, your job title may vary depending on your preferences and the structure of your company. Common job titles for small business owners include CEO (Chief Executive Officer), Founder, President, or simply Owner.

What is the job title for someone who does a little of everything?

A common job title for someone who wears multiple hats and handles various tasks within a small business is “Generalist” or “Multifaceted Professional.” This title reflects their versatility and ability to adapt to different roles and responsibilities.

What is a better title than the owner?

Instead of “Owner,” some small business owners prefer titles such as Founder, CEO (Chief Executive Officer), President, or Managing Director. These titles may better reflect their leadership role and strategic responsibilities within the company.

What do small business owners call themselves?

Small business owners may refer to themselves by various titles, depending on their preferences and the nature of their business. Common titles include CEO (Chief Executive Officer), Founder, President, Owner, or Entrepreneur.

What is a professional title for a jack of all trades?

A professional title for someone with a diverse skill set and the ability to handle multiple roles effectively might be “Versatile Professional,” “Cross-Functional Specialist,” or “Adaptive Strategist.”

What should my work title be?

Your work title should accurately reflect your role, responsibilities, and contributions within the organization. Consider your skills, expertise, and the nature of your work when choosing a title that best represents your role in the company.

What are the 7 levels of the job title hierarchy?

The job title hierarchy typically includes seven levels:

• Entry-Level
• Junior/Associate
• Mid-Level
• Senior
• Manager
• Director
• Executive/Leadership

What is a job title for someone with multiple roles?

A job title for someone with multiple roles might be “Multifunctional Specialist,” “Integrated Coordinator,” or “Cross-Functional Manager.” These titles acknowledge their ability to handle diverse responsibilities and contribute to various areas of the business.

What is the lowest position in a company?

The lowest position in a company typically refers to entry-level or junior roles, such as Intern, Assistant, Clerk, or Trainee. These positions often involve performing basic tasks and gaining foundational experience within the organization.

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Accordingly, small business owners everywhere are practically drooling about the potential benefits. For a relatively small investment, you could get access to a dozen or more tools that can hypothetically skyrocket your productive potential.

With the right collection of tools, they think they can dramatically reduce costs, compete with major rivals, and multiply their long-term potential.

But it’s important to exercise some caution in this area and avoid overinvesting in AI.

Why is this the case and what does over investment in AI look like?

Privacy and Security Concerns

In some applications, AI tools can present privacy and security concerns. For example, let’s say you’re producing a contract or a legal agreement that involves sensitive private information from your clients. You’re legally bound to keep this data safe. Can you be absolutely confident that this AI tool is going to protect the privacy and security of your client information?

This is a tricky area. If you’re developing your own product, you may be able to take reasonable precautions to keep all your information secure. If you’re relying on a product developed by a third party, you’ll have less transparency; even if the company claims that the tool is perfectly private and secure, this can be difficult to validate, especially considering the AI transparency issue.

Lack of AI Transparency

AI has a “black box” problem that you may have heard about. The most advanced AI and machine learning systems on the market today utilize neural networks, which attempt to model neural patterns in the brain to mimic human intelligence. In this neural network, there are thousands to millions of “nodes” that allow AI systems to compartmentalize and connect different elements of identification or knowledge. In combination with each other, and when coordinated properly, these pseudo-neurons can eventually allow the broader system to form conclusions or generate material.

The problem is that AI researchers and developers don’t always have access to these nodes or understand how those nodes are being utilized. This is a layer of opacity that prevents us from ever having true transparency.

Core Limitations of AI

In most applications, AI comes with limitations like:

•       Repetition and predictability. Narrow AI applications are inherently restricted; that’s because it’s very easy to program AI to be very good at a narrow range of tasks, but it’s much harder to program AI to be even passively good at a wide range of tasks. As a byproduct of this dynamic, most AI tools are highly repetitive and highly predictable. Sometimes, this is a genuine advantage, like when it comes to automating data entry. Other times, it’s a major weakness, like when it comes to generating original content.
•       Biases and inaccuracies. AI is often biased and inaccurate, sometimes as a result of biased programmers, and sometimes as a result of limitations with research and understanding. Either way, AI tools pale in comparison to human minds.
•       Lack of personality. Despite the best efforts of developers, AI tools are flat and without personality. AI tools can’t replicate human emotions, personalities, or even opinions. This makes them entirely unsuited for certain types of tasks.

Over-reliance and Skill Erosion

We also need to consider the possibility of over-reliance on AI tools and its influence on skill erosion. If you spend enough time relying on a GPS navigational device, you’ll gradually get worse at navigating without one. The same is true in most AI applications; if you rely on automation to do it, you’ll become less capable of doing it yourself.

The Temptation of a Thousand Tools

Everything is a subscription these days. Getting access to a sophisticated AI tool for $50 a month may seem like a total bargain, but what happens when you encounter another interesting AI tool, and another, and another? Before you know it, you’ll be subscribed to 20 different services for $1,000 a month, and you’ll be hard-pressed to justify the expense.

You’re much better off investing in a smaller number of more helpful AI tools, heightening the power of your investments.

Invest – Just Don’t Overinvest

Sections of this article probably seem like a condemnation of AI altogether, and it’s true that we’re effectively trying to warn small business owners against misusing AI. However, many of the AI breakthroughs we’ve seen in the last few years have been genuinely breathtaking. Investing in AI can be good for you and good for your business – what’s important is that you’re smart about it. Keep your budget somewhat restrained and do your due diligence before adding any tool to your portfolio.

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Following closely behind are the Millennials, with a penetration rate of 91%. Even more impressive is the 85% uptake by Gen X. Even among older generations, mobile banking adoption is significant, with over 60% of Baby Boomers and 27% of Seniors embracing the technology. These statistics underscore the burgeoning importance of online banking in our lives.

This digital transformation has enormous implications for businesses, providing an opportunity to boost efficiency and streamline operations. Read on and discover how online banking can revolutionize your business.

The Advent of Online Banking

The advent of online banking marked a new age in financial management, transforming how individuals and businesses handle their finances. It offers unparalleled convenience, enabling banking anytime, from anywhere.

This evolution, however, is just the beginning. The ensuing sections delve deeper into this technological revolution, exploring its profound impact on business efficiency and its potential future trajectory.

What is online banking? A simple overview

Online banking is a digital service offered by banks and credit unions. It lets customers conduct financial transactions remotely using a mobile device or computer. This service includes money transfers, checking account balances, and paying bills. The convenience and accessibility it provides have made it a popular choice among users.

Key features and advantages for businesses

Here are some key features and advantages of using online banking:

• Online banking provides 24/7 accessibility, allowing businesses to conduct transactions beyond traditional banking hours.
• It offers real-time tracking of income and expenses, aiding in effective financial management.
• The service facilitates the swift transfer of funds, enhancing operational efficiency.
• It reduces the need for paperwork, contributing to environmental sustainability.
• Lastly, online banking enables easy integration with other financial software, streamlining accounting processes.

Setting Up Your Online Presence

Establishing an online presence is vital for any business in the digital age. Businesses must adapt as the world increasingly turns to the internet for solutions. Having different online channels helps you reach a broader audience and enhances your brand’s reputation.

Steps to establish your business’s online banking

Here’s what you can do to broaden your market:

• Start by identifying a reliable financial institution that offers robust online banking services.
• Next, set up a business account with your chosen bank.
• Once your account is active, enable online banking features.
• Ensure to set up strong, unique passwords to safeguard your account.
• Familiarize yourself with the online banking interface and learn how to conduct your desired transactions.
• Integrate your mobile bank with your existing financial management software for seamless operations.

Opening your first online checking account: A critical step for business

Opening an online checking account is a significant milestone for any business. It provides an efficient platform for managing funds, ensuring financial transactions are completed swiftly.

If you open an online checking account, it not only makes it convenient to oversee daily operations but also guarantees seamless integration with other financial tools for better financial management. With an online checking account, businesses can better navigate financial transactions in the digital age.

Online Banking and Cash Flow

Online banking has become a powerful tool for businesses in the digital age. It simplifies transactions, enhances efficiency, and aids in seamless financial management. This shift to digital platforms is convenient and pivotal for businesses to maintain a steady cash flow. Let’s delve into how this influences cash flow and why it’s critical for your business.

Optimizing cash flow with online banking tools

Online banking tools offer an optimal solution to regulate cash flow. Immediate access to account details allows for real-time financial tracking. Quick, digital transactions ensure prompt payments and receivables.

Automated reminders can aid in averting overdue payments, reducing the risk of cash flow disruptions. This makes online banking streamline your cash flow, promoting robust financial health for businesses.

How an online checking account improves cash flow management

An online checking account plays a pivotal role in improving cash flow management. It enables rapid processing of transactions, enhancing financial fluidity. Real-time data visibility provided by online checking accounts mitigates discrepancies, manifesting improved financial accuracy.

Furthermore, integrating online checking accounts with digital banking tools facilitates efficient financial planning, aiding businesses in maintaining robust financial standing.

Banking Reimagined: Your Business’s Leap Into Digital Efficiency

Today’s digital landscape is reshaping traditional banking, paving the way for optimized business operations. With the advent of mobile bank tools and digital checking accounts, businesses can now manage their financial health more efficiently. Real-time data visibility, quick transaction processing, and financial planning facilitation are among the benefits that digital banking offers.

In conclusion, the shift towards online banking is not just a trend but a necessary strategic move for businesses aiming for financial stability and growth. Embrace the digital wave to ensure your business’s financial future is secure and thriving.

Featured image provided by Tumisu; Pixabay; Thanks!

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BCAA amino acids are considered one of the most common types of sports nutrition. The synthesis of complex proteins and protein depends on amino acids, which are essential not only for athletes but also for ordinary people. Unfortunately, the human body does not produce BCAA on its own, and it can only be obtained from food. It is important to understand that if the diet is inadequate or a person follows a specific diet, it is necessary to take dietary supplements to replenish the deficiency.

Private label BCAA manufacturing is a profitable solution for the sports nutrition business. The popularity of amino acids is growing every year, increasing the demand for the product.

What is private label manufacturing?

Private label manufacturing dietary supplements is an opportunity to have a stable income, improve reputation, and increase the popularity of your products. Often, many entrepreneurs in the health food industry are hesitant to create their own brand due to a lack of knowledge in marketing and technologies.

Contract manufacturing services are an excellent solution for:

• People who want to establish a successful business in the field of dietary supplements.
• Entrepreneurs who want to improve and increase consumer demand by expanding the range of sports nutrition and dietary supplements.
• Those working in the sports industry who wish to introduce their own product to the market.

The Science Behind BCAA Supplements

BCAA dietary supplements are a blend of branched-chain amino acids, primarily consisting of valine, isoleucine, and leucine. Typically, athletes use the supplement to enhance endurance and increase muscle growth rate. Amino acids also contribute to reducing fatigue during prolonged workouts and aid in weight reduction. BCAA contains substances that serve as building blocks, without which protein generation would be impossible. The supplement is one of the most essential for humans because the amino acids in its composition cannot be produced independently by the body.

The breakdown of BCAA occurs not in the liver, as with similar micronutrients, but in muscle tissues. Thanks to this, branched-chain amino acids provide the opportunity to generate additional energy during physical activity. In addition to this, BCAA performs functions in the body such as:

• Regulation of blood sugar levels and its use for energy production.
• Generation of protein and building blocks for muscle mass growth.
• Reduction of fatigue during physical activity by reducing serotonin production in the brain.

Leucine, according to medical research, has the most significant impact on the generation of building blocks and protein, while valine and isoleucine affect energy production and blood sugar control.

BCAA supplements help:

• Reduce fatigue. Regular intake of amino acids will help reduce physical and mental fatigue. Scientists have found that this applies not only to people professionally engaged in sports.

• Reduce muscle pain levels. Pain sensations after dynamic workouts will be less noticeable when taking supplements. It is worth noting that the effectiveness of reducing muscle pain also depends on the individual’s gender and daily protein intake.

• Increase muscle mass. Amino acids allow activating the production of an enzyme responsible for gaining muscle mass.

• Lower blood sugar levels. Leucine and isoleucine influence the reduction of blood sugar by increasing insulin production and using more blood sugar for energy generation.

• Reduce body weight. The branched-chain amino acid network helps prevent weight gain and accelerates the process of losing fat tissues.

• Reduce the risk of complications in liver diseases. Studies have shown that BCAA amino acids help normalize sleep, reduce fatigue, and eliminate muscle spasms in people with liver diseases.

Advantages of Private Label BCAA Manufacturing

Awareness of the benefits of a healthy lifestyle has led to a significant increase in demand for various dietary supplements. Private label BCAA manufacturing offers businesses the opportunity to create a product without the hassle of production.

The main advantages of creating a private label supplement include:

• Quality Supplements: Adherence to strict standards and modern equipment ensures the production of high-quality products.

• Cost-Effectiveness: Entrepreneurs can save a substantial amount compared to establishing their own facility. There is no need to invest in equipment, manage production, or study all technological processes.

• Quick Turnaround: Developing a batch takes an average of one month, allowing for the efficient and rapid release of your own dietary supplements.

• Flexibility: Contract manufacturing services include product development and packaging tailored to the customer’s requests.

• Compliance with Standards: All supplements are produced in accordance with international norms. An expert team closely monitors safety and stays informed about all requirements for product creation.

The Process of Private Label Manufacturing

Small and medium-sized companies often use contract manufacturing of dietary supplements to create private label products. Creating a production line is a complex and costly process, which is not always advantageous for entrepreneurs. Therefore, expanding the product range and creating new products is possible through contract manufacturing.

The process of creating products involves several important stages:

1. Selecting a Suitable Manufacturer: After choosing a suitable manufacturer, the client creates a technical specification containing all the necessary information for the experts to work with.

1. Developing Supplement Formulas: Creating a new product according to the client’s request.

1. Obtaining Approved Raw Materials: Working with trusted suppliers allows for quick changes and improvements to formulas without stopping the technological process.

1. Creating and Testing Prototypes: It is essential to test the developed product and ensure its safety and effectiveness.

1. Developing Packaging for the Supplement: Visual appeal is crucial for customers when first encountering a product, and packaging plays a significant role in their decision to purchase.

1. Preparing Technical Documentation and Gathering Necessary Documents: The product must obtain all required quality certificates.

Choosing the Right Private Label BCAA Manufacturer

Selecting a reliable BCAA manufacturing partner is one of the most crucial stages for an entrepreneur. It is essential to consider factors that will help make the right choice:

• Production Capabilities: Modern factory equipment allows for the rapid and high-quality production of the required quantity of developed products.

• Certifications and Compliance with Regulatory Requirements: Confidence in the supplement’s quality comes with having all necessary documents confirming the product’s safety and effectiveness.

• Raw Materials: Only high-quality materials from reliable suppliers can guarantee the creation of a supplement that will be in demand in the market.

• Professionalism of Experts: The skills and knowledge of specialists directly influence the development of unique product formulas that will stand out from competitors and guarantee their effectiveness.

Conclusion

Private label BCAA manufacturing is an excellent solution for small and medium-sized businesses. It helps expand potential and create a product that will meet demand. The contract manufacturing team of professionals can develop a unique supplement formula in a short time, adhering to all quality standards.

Designers create packaging based on customer preferences and global trends. Technologists not only develop the supplement formula but also control the production process. All processes for creating the product are under the observation of specialists familiar with the intricacies of production. By collaborating with a reliable contract manufacturer, you can be confident that the final product will meet all stated requirements.

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The Offer and Valuation

The offer made by Arkhouse Management and Brigade Capital Management values Macy’s at $5.8 billion, or $21 per share. This represents a premium for the department store, which has seen its stock price decline by approximately 17% since the start of the year. However, the offer could potentially be increased based on further due diligence.

Macy’s Struggles and Turnaround Efforts

In recent years, Macy’s has faced significant challenges in the retail industry. The rise of online shopping and increased competition from direct-to-consumer brands has impacted the company’s sales. Despite its efforts to draw customers back to its brick-and-mortar stores, Macy’s has seen a decline of 7% in sales year over year.

To combat these challenges, Macy’s has implemented various turnaround efforts. In October, the company announced the opening of 30 new store locations at strip malls, in an attempt to pivot away from traditional shopping malls. Additionally, Macy’s has focused on promoting sales at brands it owns, such as Bloomingdale’s and Bluemercury, which have shown more promising performance compared to the namesake Macy’s chain.

Acquisition Target in a Shifting Retail Landscape

Macy’s has become an attractive acquisition target due to its struggles and the changing retail landscape. Not only does the company face competition from online retailers, but it also competes with brands that prefer selling their products directly to consumers rather than wholesale through department stores. This shift in consumer behavior has put pressure on traditional retailers like Macy’s to adapt and find innovative ways to attract customers.

Industry Headwinds and Resilient Online Shopping

The retail industry as a whole has faced headwinds, with volatile interest rates and high inflation affecting consumers’ spending habits. However, online shopping has proven to be resilient, especially during key shopping events like Black Friday and Cyber Monday. While consumer spending online has remained robust, the outlook for the holiday season is still uncertain, as several retailers have issued cautious fourth-quarter outlooks.

The Potential Impact of the Buyout Offer

If the buyout offer is successful, it could have a significant impact on Macy’s and its future. Arkhouse Management and Brigade Capital Management, with their expertise in real estate investment and asset management, respectively, could bring fresh perspectives and strategies to revitalize the company. This injection of capital and expertise could help Macy’s regain its competitive edge and position in the retail market.

See first source: CNBC

FAQ

1. What is the buyout offer that Macy’s has received?

• Macy’s has received a buyout offer of $5.8 billion from Arkhouse Management and Brigade Capital Management, valuing the retailer at $21 per share.

2. How does this offer compare to Macy’s recent stock performance?

• The offer represents a premium for Macy’s, as the company’s stock price has declined by approximately 17% since the beginning of the year.

3. Is there a possibility that the offer may be increased?

• Yes, the offer could potentially be increased based on further due diligence by the acquiring parties.

4. Why has Macy’s been facing challenges in recent years?

• Macy’s has encountered difficulties due to the rise of online shopping and increased competition from direct-to-consumer brands, resulting in a decline of 7% in sales year over year.

5. What turnaround efforts has Macy’s implemented to address these challenges?

• Macy’s has opened 30 new store locations at strip malls and focused on promoting sales at its owned brands, such as Bloomingdale’s and Bluemercury, in an attempt to adapt to the changing retail landscape.

6. Why has Macy’s become an attractive acquisition target?

• Macy’s struggles and the evolving retail landscape have made it an attractive acquisition target, as the company faces competition from online retailers and brands selling directly to consumers.

7. How has the retail industry as a whole been affected by recent economic factors?

• The retail industry has faced headwinds, with volatile interest rates and high inflation affecting consumer spending habits. However, online shopping has remained resilient, especially during key shopping events like Black Friday and Cyber Monday.

8. What potential impact could the buyout offer have on Macy’s?

• If the buyout offer is successful, it could significantly impact Macy’s future. Arkhouse Management and Brigade Capital Management, with their expertise, could bring fresh strategies and capital to help Macy’s regain its competitive edge in the retail market.

Featured Image Credit: Photo by Nick Sarvari; Unsplash – Thank you!

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1. SEO and Content Marketing Tools

Search engine optimization tools work to improve your site’s ranking on Google’s search engine results page using a variety of strategies. These tools can help you improve the quality of the content on your website as well. Since so many consumers turn to search engines to find new businesses, a high SERP ranking allows you to reach them more quickly. Ranking well on Google likewise conveys that your brand is a trusted authority and leader.

SEO tools will assist you in identifying keywords to include in your website’s landing pages, blog posts, and other content. With these keywords, you can build out your site’s content pillars and identify topics that are relevant to your target audience. These tools also help you monitor your site’s performance and compare your strategy to that of your competitors.

In addition, SEO tools can assist you with off-page optimization strategies. This technology lets you monitor the performance of existing backlinks and find new prospects. On top of that, you can use these tools to keep up with algorithm changes and ensure that your site is structured well for SEO.

2. Email Automation

Email updates are an effective way to communicate directly with both leads and existing customers. Building your email marketing strategy manually is complex and time-consuming, however. Email automation technology enables you to build, monitor, and customize your campaigns faster.

There are a variety of email marketing tools on the market to choose from, some of them offered on a freemium basis. Many of these tools offer intuitive drag-and-drop email builders, list management, and campaign performance tracking.

Automated features take your campaigns a step further. Many email automation tools integrate directly with your online store to send follow-up emails to your leads and customers. Some of these tools can automatically segment customers based on their onsite and past purchasing behavior. Email segmentation lets you adjust your messages based on where customers are in their buyer’s journey.

3. Social Media Analytics

Social media platforms like Instagram, Facebook, LinkedIn, and TikTok allow you to get creative with your marketing. Since many consumers spend time on social media every day, these platforms offer the opportunity to connect with your audience authentically. Social media analytics tools make it easy to build a campaign and track your performance.

These analytics tools will analyze the traffic for each new post, showing you the demographics of your viewers and how they’ve found your posts. With this information, you can optimize future content and improve its performance. Social media analytics tools will help you manage sponsored posts and track conversions, too.

While building your social media campaign, you can use social media tools to create and schedule posts ahead of time. Such features make it easy to post at optimal times of day for your audience. These tools also allow multiple team members to work on your social media campaign at the same time.

4. Chatbots

Automated chatbots enable you to approximate an in-store customer service experience when you’re selling online. They welcome visitors to your website and can answer a variety of questions. These chatbots are powered by artificial intelligence and work on websites and mobile apps.

Chatbots help customers find products and solve basic problems right away, and they’re available 24 hours per day. In most instances, there’s no need to wait for a human customer service representative. In cases where chatbots can’t solve a customer’s problem, they’ll forward the message to the correct person to follow up.

Many chatbots are available in multiple languages to cater to a wider audience. You can also create custom chatbot flows to reflect your business model. The most advanced chatbots will integrate with other marketing tools to capture leads and track analytics.

5. Webinar and Virtual Event Platforms

Video communication technology has improved drastically over the last decade. Indeed, during the COVID-19 pandemic, video calls rapidly became the new normal. As a result of this widespread familiarity with videoconferencing capabilities, webinar tools have become an excellent way to connect with customers around the world. They’ve become particularly popular among B2B brands, given that 91% of B2B professionals say webinars are their preferred type of content.

Webinar tools allow you to deliver high-quality video presentations and host online meetings with prospects. Text chats and breakout sessions let webinar attendees interact one-on-one. Many platforms also offer screen sharing, Q&A features, and surveys for a more enhanced experience.

With this technology, you have the option to record your webinars and repurpose them later. Webinars make excellent source material for YouTube and other social media platforms. Repurposing webinar content for other channels will help you build brand recognition and share your expertise with an even wider audience.

Final Thoughts

When it comes to building a successful marketing strategy, marketers have almost endless options — among them, robust tech solutions. Today, implementing advanced technology is essential to reach your target audience. With the technologies discussed above, you won’t just build brand awareness. You’ll learn about your customers’ preferences so you can customize your marketing strategy in ways that best resonate with them.

Featured image provided by Matheus Bertelli; Pexels; Thanks!

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That’s why the small business failure rate remains so stubbornly high in good economic times and bad. It’s why people tend to self-select into entrepreneurship based on their propensity to take risks — and why many risk-averse people with legitimately great ideas put those on the back burner in favor of the relative security (and lower socioeconomic ceiling) of a regular old job.

If you’re reading this, you’ve already decided to take the leap into small business ownership. You’re well aware of the risks. Now, you’re trying to manage them and give your business every possible advantage. You want your little enterprise not only to survive but to thrive.

Your business needs to be as financially efficient as possible for that to happen. Scratch that — your business needs to be financially optimized.

Smart Strategies to Boost Financial Efficiency in Your Small Business

Most successful businesses focus on three vital strategies to improve financial efficiency: streamlining lending and borrowing processes, simplifying payment processing, and managing cash flow more effectively.

1. Streamlining Lending Processes

If you’re in the business of extending credit, streamlining your company’s lending processes is not a “nice to have” capability. It’s mission-critical.

Simply scaling your existing lending operation won’t cut it. Hiring more loan officers may help you make more loans, but it won’t make your loan origination team more efficient. By adding layers of bureaucracy, it could have the opposite effect.

Instead, equip your lending team with the best available tools for the job. Take an unsparing look at your existing technology stack and ask not what needs to go but what — if anything — is worth saving. All too often, the answer is “absolutely nothing.”

And then it’s time to rebuild. Comprehensive loan origination solutions like MeridianLink Consumer offer scalable, cross-channel capabilities for lenders that need to implement uniform processes and protocols at scale. From application to underwriting to closing, these solutions help your team work smarter, not harder.

Not in the lending business? You almost certainly rely on some form of business credit to keep the lights on and the leads coming in. Knowing what you know now, you’d be remiss not to quiz your current lender(s) and any alternatives you’re considering about the back-end tools they use to get the job done. When minutes (and hundredths of a percentage point) matter, the old way of doing things is unacceptable.

2. Simplifying Payment Processing

The old saying, “A bird in the hand is worth two in the bush,” gets at a fundamental truth every business owner learns sooner or later. That is, it’s better to have a dollar today than two dollars at some point in the future.

Okay, maybe that’s taking things too far. A 50% discount rate is way too steep on any timetable that matters to a growing business. But every business is willing to accept a haircut if it means actually getting paid on time.

In the simplest terms, that haircut represents the amount you’re willing to pay for a more efficient payment processing solution, plus the unavoidable costs (person-hours, bookkeeping software, and so on) of managing accounts receivable and integrating payments into your company’s cash flow. The same principle applies to accounts payable, including payroll, especially if your business works with many independent contractors or small vendors willing to use your preferred payment processing solution to send bills and accept payment.

Your ideal approach depends on how your business earns its money and how (and to whom) it pays for the products and services it requires. The key variable is transaction volume — not just today, but expected volume in two, three, or five years. Payment processing solutions that are perfectly adequate for a comparative trickle of transactions may fall short when growth takes off.

So, look for a scalable payment processing tool that can grow with your business. For example, Dwolla specializes in high-volume account-to-account (A2A) transfers, often for users averaging just a few dollars per transaction. If your product involves bidirectional cash transfers (say, it’s a rewards app or has a built-in incentive structure), that’s precisely the capability you need.

3. Managing Cash Flow More Effectively

Your business possibly makes consumer or business loans. It may send or receive (or both) digital payments in high volumes and at high frequency.

But it definitely makes and spends money somehow. Which means it stands to benefit from more effective cash flow management.

You know this already, or you wouldn’t still be in business. What you might not (yet) know is how to get from “state the problem” to “implement the solution yesterday.”

The truth is, there’s no catch-all solution to the cash flow management problem. Different businesses solve it in different ways. There’s a lot to consider here, which is why you’ll find (and maybe have already read) encyclopedia-length books on the subject.

With the understanding that we’re only just scratching the surface here, let’s take a look at three aspects of cash flow management that nearly every business has to face at some point: efficient invoicing, intelligent expense management, and inventory optimization.

Financial Efficiency in Invoicing

If your business sends out more than a few invoices each month, it needs a scalable invoicing solution that cuts down the time cost of invoicing itself and helps your accounts receivable team stay on top of unpaid bills.

Unless you’re already off to the races, this solution needn’t be enterprise-grade or even close. Off-the-shelf software like Intuit QuickBooks is fully capable of juggling all those invoicing balls: onboarding new vendors, creating and sending invoices, receiving invoices generated through the API, and — of course — sending and receiving payments.

Intelligent Expense Management

Spreadsheet-based expense management and two-dimensional P&L templates work until they don’t. Before your business reaches that point, deploy a more robust solution to track, understand, and attack your expenses.

You don’t need an overly complicated enterprise solution here, either. In fact, QuickBooks works for millions of SMBs. It’s “smart” enough to tell you that, for example, you’re spending 25% more on inputs than the typical peer business, and its outputs are detailed enough to help you pinpoint opportunities to tame that overage.

Inventory Optimization

Like your expenses, your inventory gets complicated quickly as your business grows. It’s a nonlinear process that can quickly overwhelm your logistical capabilities and pose an existential risk.

Unlike invoicing and expense management, inventory optimization does require a truly robust solution, even at a relatively small scale. Once you’re past a few dozen SKUs, you’re competing against better-resourced businesses whose supply chain management budgets dwarf your gross revenue (for now, at least). You can skimp elsewhere — not here.

Your Small Business Can Do Better

Don’t take that personally. It applies not just to your small business and countless others like it but to some of the world’s biggest, best-run companies.

The iconic businesspeople behind some of the most successful companies in the world all know that they can do better. They ask themselves the same question at the start of each day: what can I do today to make my team just a tiny bit more efficient, effective, or productive?

Then they execute. And iterate. And debrief.

And do it all again tomorrow.

This is how great companies are built, not by leaps and bounds but by slow, sometimes painful trial and error.

Feature image provided by Pixabay; Pexels; Thanks!

The post Boosting Financial Efficiency: Smart Strategies for Small Businesses appeared first on SmallBizTechnology.

The importance of cybersecurity cannot be overstated in today’s rapidly-evolving digital era. To protect your startup from various threats, you need a collective effort from all your employees, especially non-tech ones who lack the knowledge and experience to fend themselves against cyberattacks. You can use training programs to arm your employees with the right know-how against all known and emerging cybersecurity threats.

Read below to learn more about providing cybersecurity training programs to your employees. Discover all the benefits, the best practices, and all the helpful tips when doing so.

Why Providing Cybersecurity Training Is Important

Aside from protecting your sensitive company data like online savings bank accounts and business plans, providing cybersecurity training will help your startup achieve the following benefits.

Minimize human error

Human error is the leading cause of many cybersecurity threats. Without the proper knowledge, employees could unknowingly click on suspicious links and download malware. They could also set weak passwords, connect to unsafe Wi-Fi, believe threat actors, and do various steps that risk your company’s data.

A secure working environment should not have room for human error. Educating your employees on the latest practices for fending off any cybersecurity threats will help minimize attacks caused by human error. Aside from employing robust software against different threats, reducing human error will help strengthen your cybersecurity countermeasures.

Maintain business trust

A cybersecurity breach is detrimental to your company’s reputation. Suppose customers and partners know that hackers can easily penetrate your systems. In that case, their trust in your business will significantly reduce, ultimately affecting your company’s performance and, potentially, running your startup to the ground.

Empowering your workforce with the best know-how in cybersecurity is best to maintain your trustworthiness in the market. This exercise will showcase how you prioritize security for everyone involved, improving your credibility and business relationships.

Save time and money

Without proper knowledge, inexperienced employees will always be easy targets for a hacking attempt, resulting in downtimes that significantly affect your workplace productivity. In addition to that, your tech department will spend more time and effort putting out fires instead of focusing on improving your databases, servers, and other digital infrastructure.

Through cybersecurity training, you empower your workforce and save significant time and money by preventing costly recovery efforts from hacking attacks, especially financially damaging ones like Ransomware. Arming your employees with proper knowledge will allow them to fend off any threat before it could cause severe damage to your system. Because of that, your employees will minimize their downtime and focus more on their tasks.

Crucial Tips When Providing Cybersecurity Training

If this is your first time providing cybersecurity training to your employees, there are various practices you can do to ensure success. Here are some of the best ones you can try.

Provide hands-on training

Aside from knowledge assessments like written tests, another way to make your cybersecurity training more memorable is by providing hands-on experiences to your employees. Simulations or exercises provide opportunities for employees to encounter what these attacks would look like in real life and apply what they learn from training.

You can provide hands-on training to employees in various ways. For one, you can use programs that simulate cyberattacks, like phishing attempts or malware infections. These programs use real-life scenarios in a safe testing environment for cybersecurity practices. Other ways to offer hands-on training are role-playing exercises, interactive videos, and trivia games. You can experiment with these options and try a different one per session.

It would also help to provide a reward system to make training more enticing to some employees. You can provide certificates, gift cards, or monetary rewards to employees with excellent assessment results.

Determine risk scores

When conducting cybersecurity training, you must calculate each employee’s risk score based on their assessments. Doing so will help you gauge your training’s effectiveness and identify how safe your systems will be moving forward. It will also allow you to make the necessary adjustments to improve your subsequent training programs if most of your employees produce disappointing scores.

Provide regular training

Cybersecurity threats are constantly evolving along with modern technology, meaning there might be a new attack in a year or two that your employees are unprepared for.

Providing cybersecurity training must be a continuous effort. You must constantly educate your employees with the latest security protocols and techniques to help maintain a secure digital environment for your startup.

Ideally, providing cybersecurity training for employees every four to six months is best. This is the right way to ensure that your employees are updated with the latest know-how in cybersecurity.

Meanwhile, besides providing regular updates on the latest threats to watch out for, offering refresher courses on previous training is helpful. This is to help maintain a significant risk assessment score and ensure your workplace is secure against new and existing attacks.

Encourage feedback

Gathering employee feedback is another way to gauge the effectiveness of cybersecurity training for different areas, from understandability to engagement. Doing this will help you identify any rooms of improvement that you can address for your succeeding training programs.

The best way to gather comments is to provide post-training surveys and polls. Encouraging your employees to leave honest reviews is vital to ensure your collected data will help elevate your subsequent sessions.

Make training accessible

Some employees might want to revisit your training materials to refresh their knowledge of the latest cybersecurity threats. You can provide digital and printed copies of your programs after every session so they can have on-hand guides to help strengthen their countermeasures in case they encounter a hacking attempt.

Additionally, you must always support your workforce’s desire to elevate their cybersecurity knowledge. For instance, some employees may be reluctant to join such seminars and workshops because most require a significant application fee. Removing that obstacle will make these programs more accessible and help employees pursue a more aggressive cybersecurity experience.

What To Include in Your Cybersecurity Training

Here are some of the best areas you can start with when offering cybersecurity training to employees for the first time.

Threat detection

Training employees to detect threats is the most basic yet necessary area you must include in your programs. You can provide a step-by-step guide on identifying any red flags associated with common attacks like phishing, malware, and denial-of-service (DOS) attacks.

Your programs must also include emerging ones that might become an issue later. Doing so will make your workforce prepared for existing and new threats.

Aside from detecting hacking attacks, you must provide helpful tips on preventing them. This is an excellent way to eliminate threats early, avoiding any escalation that requires a lot of manpower and resources.

Password management

Passwords are often overlooked, but they are a company’s first defense against many cybersecurity threats. Many hackers commonly target passwords to penetrate a system and gather sensitive information. Unfortunately, most employees typically set passwords that are easy to guess, making them likely vulnerable to a malicious actor guessing their passwords or to hackers armed with tools like credential stuffing.

Providing password management training will help your employees understand the importance of a strong password combination. They can also learn how to craft the best combinations that hackers will have difficulty cracking.

You can also educate them about tools like two-way authentication factors and password managers to take their password strategies even further.

Public networks

The rise of remote work has made employees more susceptible to cyberattacks, especially when they connect with public networks. Public Wi-Fi connections are generally unsafe because they lack private networks’ protection. Connecting to one opens many opportunities for hackers to penetrate unsuspecting users.

Educating employees about these networks will help protect their sensitive data whenever they work in coffee shops and other public establishments. This will help minimize risks and elevate your cybersecurity even if your workforce is scattered elsewhere.

Incident reporting

Aside from detecting and preventing cybersecurity threats, employees must know how to generate a thorough incident report to help IT departments boost their efforts to create a robust company system. These reports must describe various hacking attacks that speak the language of a tech professional to help in-house experts eliminate these threats quickly.

Elevate Your Startup’s Cybersecurity

Providing cybersecurity training is crucial for companies of different sizes to protect themselves in today’s highly interconnected digital environment, where various threats have become more challenging to detect.

The key is to always make your programs engaging and up-to-date with the latest practices in cybersecurity. It also helps to track your workforce’s knowledge and experience and make an effort to improve them to ensure that your startup is always protected against hackers.

Featured image provided by fauxels; Pexels; Thanks!

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Using Contractors That Don’t Report Credit Activity

With all the advances in online technology, software, and web development, it’s never been easier for vendors to report credit activity when a small business makes a payment or does a transaction.

However, if you open a credit line with a vendor that doesn’t regularly report credit activity to the credit bureaus, you aren’t building credit the way you should. It’s important when researching contractors and vendors that you only do business with ones that will report your on-time transactions to major credit bureaus.

Not Using Business Credit

Some small business owners are so risk-averse, that they may not want to even use business credit. But getting business credit cards and taking out business lines of credit can be an effective means to scale the company and make more money.

If the small business never uses credit, it’s more difficult to expand your organization. Don’t make the mistake of never taking out business credit.

Business owners who are wary of having debt might just start small and get one business credit cards. Use it every month and pay it off. That way, you can slowly build business credit and not carry much if any debt.

Applying For Personal Credit Cards

One thing many small business professionals don’t know is that ‘business credit card’ you read about online is tied to your personal credit history. Many small businesses don’t have enough credit history to get approved based on their business, so the credit card company may use your personal credit profile to approve you.

You should read the fine print of any credit card you apply for to make sure that the credit line is based on your business and not your personal credit.

Putting Personal Property At Risk

When starting your business, it’s important to use the right legal entity to protect your personal assets from business creditors. That’s why you should never put your personal property or assets at risk when getting credit for your company.

It’s also usually unwise to be a sole proprietor and get business credit. You can do it, but you are personally liable for all debts of the business if something goes wrong. Also, as a sole proprietor, you don’t have a corporate tax ID; everything is based on your social security number and this leaves you legally exposed.

Selecting The Wrong Business Credit Card

Before applying, you should determine the kind of business credit card you want:

• Want to get rewards for purchasing office supplies? Apply for a cash back business credit card.
• Planning to take business trips to find new clients? Get a travel business credit card with air travel points.
• If you are just getting the company rolling, try to get a 0% interest card.

Mixing Business And Personal Expenses

So you got a business credit card to build credit and track your business expenses. But it’s easy to fall into the trap of mixing personal and business expenses, which can make it a lot harder to track your expenses when it’s tax time.

Also, you may lose the ability to deduct credit card and loan interest on your business taxes if you don’t use them only for your various business costs.

It also can be more challenging to maintain legal protections for your organization if you don’t separate your personal and business expenses.

There are many things to consider when building business credit for your small business. By following these simple principles, you’re more likely to build good business credit. And you’ll do so without mixing personal and business expenses or putting your personal credit on the line.

Featured image provided by Pixaby; Pexels; Thanks!

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The Fallout of FTX’s Collapse

When FTX collapsed last November, it sent shockwaves through the crypto industry. Billions of dollars’ worth of customer funds went missing, causing markets to plummet and leading to the failure of other crypto firms. The fallout even resulted in a regulatory crackdown in the US and the collapse of two crypto-friendly banks. The trial of FTX founder Sam Bankman-Fried, who is facing seven counts of fraud, is a significant event in the aftermath of this collapse.

A Distraction from Moving Forward

While the trial has garnered significant attention from the media and the public, many within the crypto industry see it as a distraction. Noelle Acheson, a former crypto analyst, believes that the trial is a “galactic embarrassment” for the industry and hopes that it will be over soon so that the industry can move on. The trial has been the subject of much gossip and speculation, which has taken the focus away from the future of the industry.

The Trial and Crypto’s Reputation

One of the frustrations within the crypto community is the idea that the entire industry is on trial along with Bankman-Fried. Sheila Warren, CEO of the Crypto Council for Innovation, believes that this perception is unwarranted and that the trial is simply a case of “good, old-fashioned fraud.” Warren argues that the trial should focus on the harm done to FTX customers and that the media’s emphasis on crypto-bashing detracts from this central concern.

Lessons Learned and Moving Forward

As the trial continues, the question remains whether the crypto industry will learn from the fall of FTX and its founder. Acheson is hopeful but not convinced that the industry will be more vigilant and less trusting in the future. She believes that the industry’s vulnerability to charismatic grifters is due to the hero-worship culture that exists within crypto discourse. Warren also acknowledges the need for a regulatory scheme that can contain risky financial engineering and prevent future collapses.

See first source: Wired

FAQ

1. Who is Sam Bankman-Fried, and why is his trial significant in the crypto world?

Sam Bankman-Fried is the founder of FTX, a cryptocurrency exchange. His trial is significant because it follows the collapse of FTX, which had a major impact on the crypto industry, involving the loss of billions of dollars in customer funds and regulatory actions.

2. What happened when FTX collapsed, and why did it affect the crypto industry?

When FTX collapsed in November, it resulted in the loss of significant customer funds, causing crypto markets to decline and impacting other crypto firms. The fallout even led to regulatory scrutiny and the collapse of crypto-friendly banks, making it a major event in the industry.

3. Why is there a sense of fatigue within the crypto industry regarding the trial?

Many within the crypto industry are fatigued because they see the trial as a distraction from moving forward. It has attracted substantial media attention and gossip, diverting focus from the industry’s future.

4. How does the crypto community perceive the trial’s impact on the industry’s reputation?

Some within the crypto community feel that the trial unfairly puts the entire industry on trial along with Bankman-Fried. They argue that the trial should focus on the harm done to FTX customers rather than painting the entire industry negatively.

5. What lessons can the crypto industry learn from the fall of FTX and its founder?

The industry may need to become more vigilant and less trusting in the future to avoid falling victim to charismatic individuals engaging in fraudulent activities. Some believe that a regulatory framework should be established to prevent risky financial engineering and future collapses in the crypto space.

Featured Image Credit: Kanchanara; Unsplash – Thank you!

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What Are the Benefits of Transitioning?

Transitioning to a different tech stack at a new job gives you unique professional opportunities.

• More Marketability

On average, small businesses have up to 10 separate tools in their tech stacks. While each comes with a login and a learning curve, they ultimately present a great opportunity — they make you much more marketable. Although it might take time to get used to them, you end up with valuable industry knowledge to carry into your next job.

• Enhanced Performance

Transitioning to a job with a better tech stack — specifically something more modern or consolidated — means you’ll likely experience a performance boost immediately. For example, some service providers offer omnichannel support so you can stay on the same portal to take care of multiple duties, making you more efficient.

Consider how many tools can’t communicate, creating internal data silos between departments. Interconnection can increase productivity since you spend less time on consolidation or duplication. Excellent performance looks great when starting a new job and could eventually translate into promotions or bonuses.

• Increased Salary

Salaries in the technical industry are nothing to scoff at, but you may get a significant pay increase for a tech stack transition alone. For example, programmers using Django will increase their pay by nearly 50% just by switching to Ruby on Rails. It’s less standard than something like Java, so it’s more valuable.

The best time to change careers is when your sector is thriving or experiencing a labor shortage. Perhaps you need a new challenge and feel you’ve learned all you can in your current role. Since roles in the technical field have some of the highest demand in any job market, it could be worth adapting to a new tech stack for a significant bump in pay.

• Earlier Adaptation

Over 50% of workplace skills will need updating in the next five years to accommodate a rapidly digitizing professional landscape. Chances are you’d transition to a new tech stack soon regardless of if you change careers, so you should weigh your options. Leaving gives you the upper hand because you can negotiate and set new expectations.

• Potential Upgrade

A potential technical upgrade is one of the most significant benefits of transitioning to a new tech stack. Legacy tech is much more challenging to use and manage than its modern counterparts, so it would make your work life much easier. A lighter workload is ideal when you regularly deal with seemingly endless alerts and tweaks.

What Are the Challenges of Transitioning?

Transitioning to a new tech stack can be time-consuming and increase your daily workload.

• Lengthy Adjustment Period

The learning curve you’ll have to deal with is one of the most significant challenges of adjusting to a new tech stack after a career change. For instance, consider you’re a DevOps engineer switching from C# to Python. While these programming languages are generally easy to learn, the transition still comes with obstacles.

Your mind will often subconsciously revert to habits, making adapting challenging. Unless you’re proficient with each tool, you’ll need to quickly figure out your new workplace’s intricacies to keep up with your co-workers. Because of this, your workplace performance may take a hit.

• Potentially Worse Tools

Although you’ll have to adjust to a new tech stack for most career changes, it can still feel uncomfortable. Some people in the industry won’t even take a job if it uses different tools specifically because it can be a challenging experience.

Businesses are often slow to overhaul their tech stack because of operational and financial barriers. Even though your current job may have the latest software available for employees, there’s a strong chance your new one won’t.

Imagine you find the perfect job — great pay, good culture, and excellent benefits — only to find it uses tools you don’t prefer. You may dislike them in comparison to your old tech stack. However, you should ask yourself if it’s actually worse or just unfamiliar — starting from scratch rarely feels fun and exciting in the tech world.

• Lack of Employer Support

The business you transition to may not support your learning endeavors, considering most employers prefer candidates with the proper training. Many won’t question you about your proficiency with their tech stacks because they assume you’re already familiar. While some have particular requirements, you might fly under their radar.

Although moving forward without saying anything is tempting, your lack of experience will show once you start and are behind others. While you could get by on basic knowledge and tutorials since the demand in the tech industry is high, it makes work uncomfortable and unfulfilling.

• Use of Legacy Tools

Things like cloud technology, artificial intelligence, and the Internet of Things increasingly align with modern tech stacks, meaning legacy hardware may soon become obsolete. However, simultaneously upgrading everything is expensive, so businesses often only partially upgrade to be more cost-effective.

It could feel disheartening to start your new career only to find you must adapt to legacy tech over the new tools you used in your previous role. It shouldn’t eliminate the career as a possibility for you, but it can be challenging to adjust when you’ve grown used to the convenience of modernity.

Is It Worth Transitioning to a New Tech Stack?

Transitioning to a new tech stack is only worth it if it aligns with your goals, so the answer has many variables. Most of the benefits come from the assumption you have room for learning or will be working with better tools, while the challenges mostly stem from the likelihood of legacy tech’s presence.

It’s probably worth it to make a career change and adapt to a new tech stack if you need motivation, a pay increase, or a change of scenery. On the other hand, it may not be the right choice if you think you won’t be able to keep up with your co-workers once you make the switch. Ultimately, only you can decide if transitioning is worth it.

Consider Your Options

Learning a new tech stack can be time-consuming and frustrating, but it can give you a higher salary and marketable skills. Weigh your options to see if the transition is a dealbreaker or if you can live with it.

The post Is It Worth Transitioning to a New Tech Stack? Evaluating the Benefits and Challenges of a Technical Career Change appeared first on SmallBizTechnology.

Partnership With Sesame

Sesame is a company headquartered in New York that acts as a conduit between patients and doctors across the country. Sesame’s model differs from conventional healthcare in that it does not work with health insurance. Instead, it targets people who either don’t have health insurance or who have high-deductible plans but would rather pay cash for medical care. Sesame is able to offer its customers much more affordable healthcare by removing the hassle and overhead of billing insurance companies directly.

Costco Members Can Get Access to Low-Priced Medical Care

Costco now provides its members with access to low-cost video visits with doctors through a partnership with Sesame. Online primary care visits, health exams, and mental health consultations are all examples of these types of visits. The costs of these options are much lower than those charged by conventional medical facilities. For only $29, Costco members can now schedule virtual primary care visits, health checks for $72, and online mental health consultations for $79. Costco is serious about making high-quality healthcare accessible at low prices, and these are the results.

Benefits of Online Healthcare Visits

The convenience and efficacy of online doctor visits are driving their rise in popularity. The benefit of ease of use is a major plus. Patients no longer have to leave the convenience of their own homes to see their doctors thanks to the convenience of online visits. Patients with mobility issues, those in rural areas, and those with hectic schedules will all benefit greatly from this.

Online doctor’s visits have other advantages as well, including shorter waiting times and greater scheduling versatility. Online visits can be scheduled at convenient times, so patients no longer have to wait around for long periods of time. Because of this, people don’t have to wait long to get the care they need. Patients can more easily find a time that works for them because online visits frequently have extended hours.

Costco’s New Health Care Program and Its Repercussions

Members will benefit greatly from Costco’s expansion into the healthcare industry. Costco goes above and beyond providing low prices on merchandise by facilitating members’ access to low-cost online doctor visits. The expansion of retailers’ offerings to include healthcare options is consistent with this shift. To provide its customers with round-the-clock access to medical professionals through its website and mobile app, Amazon, for instance, has opened up its own “virtual clinic.”

The Future of Retail Health Care

The healthcare industry may undergo a radical transformation initiated by Costco’s foray into online doctor visits. We can anticipate more partnerships and services in the healthcare industry as more retailers respond to the growing demand for more convenient and inexpensive healthcare options. This development may cause a shift in the current healthcare system, making medical care more widely available at a lower cost.

See first source: CNN

FAQ

1. What new healthcare service has Costco recently introduced?

Costco now offers its members low-cost video visits with doctors through a partnership with Sesame, a consumer-to-consumer healthcare marketplace.

2. What is Sesame, and how does it differ from traditional healthcare?

Sesame is a company that connects patients with doctors across the country. Unlike traditional healthcare, Sesame does not work with health insurance. It focuses on individuals without insurance or those with high-deductible plans, offering more affordable healthcare by eliminating insurance billing overhead.

3. What types of low-cost medical care can Costco members access through this partnership?

Costco members can schedule virtual primary care visits for $29, health checks for $72, and online mental health consultations for $79. These costs are significantly lower than those charged by traditional medical facilities.

4. What are the benefits of online healthcare visits?

Online doctor visits offer convenience, as patients can consult with healthcare providers from the comfort of their homes. They also provide shorter waiting times and flexible scheduling, making it easier for patients with mobility issues, those in rural areas, or those with busy schedules to access care.

5. How does Costco’s entry into the healthcare industry benefit its members?

Costco’s expansion into healthcare provides its members with access to low-cost online doctor visits, aligning with their mission to offer high-quality services at affordable prices. This move reflects a trend of retailers expanding their offerings to include healthcare options, enhancing members’ overall value.

6. What could be the future implications of retailers like Costco entering the healthcare industry?

Retailers entering the healthcare industry may lead to a transformation of the healthcare landscape, with more convenient and cost-effective options. This trend could result in increased partnerships and services in the healthcare sector, potentially making medical care more accessible and affordable for a broader population.

Featured Image Credit: Omar Abascal; Unsplash – Thank you!

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Outsourcing can help your company grow, handling specialized tasks, often for less than the cost of a single annual salary. IT and cybersecurity are two areas where niche knowledge is essential, so it’s no surprise that 81% of companies use third-party vendors to handle part or all of their cybersecurity needs. As technical needs have evolved, two distinctly different kinds of providers are called on: manager service providers (MSP) and managed security service providers (MSSP).

The difference between an MSP and an MSSP is the scope of their offerings. Understanding your service provider’s area of expertise, the scope of services they provide for you, and the delivery model is critically important. Not knowing can lead to assumptions about data storage, application costs, and information security. But with knowledge comes power; executives need a better understanding of MSP vs. MSSP to fully utilize the services they are paying for and make educated decisions about their security posture.

The Difference Between MSP and MSSP

IT operations and infrastructure management are only two of the many services that can be outsourced to a managed service provider (MSP). Ongoing and routine maintenance and active administration on-premises, in a hosted data center, or in a third-party data center may be provided for application, network, infrastructure, and security.

MSSPs are companies that offer nothing but cybersecurity services. From scanning for vulnerabilities and detecting threats to managing virtual private networks, they handle and monitor it all. MSSPs provide around-the-clock protection and are often based in a SOC.

Knowing their difference leads many companies to determine that they need both types of service―to cover IT operations and handle cybersecurity. And this is where things get muddy.

In an effort to keep customers satisfied, many MSPs have begun offering security add-ons. They might offer security patch updates, multi-factor authentication, or other subscription services without having the expertise, certifications, or comprehensive approach needed or cybersecurity, leaving people, data, and transactions at risk.

Similarly, you might hire a general contractor to put an addition on your building. They sub out the work and make sure that everything comes together and works as it should. That doesn’t mean that you turn to a general contractor to handle the ongoing security of your building. For that, you may want someone with more specialization.

The Services You Need

The easiest way to decide if your business needs an MSP or MSSP, or if it would benefit from both, is to consider your existing capabilities.

Choose an MSP if:

1. You have no in-house IT capabilities/talent
2. You require assistance with computer, network, and server setup as well as equipment acquisition.
3. You’re looking for someone to “fix” issues on demand

Choose an MSSP if:

1. Your IT staff is not certified in cybersecurity
2. Your company needs to robustly protect data or networks
3. A cybersecurity framework, such as NIST 800-171 or ISO 27001, must be adopted.

Choose both if:

1. Internally, you don’t have much of an IT department.
2. You need your IT staff free to handle core responsibilities
3. You need remediation or holistic cybersecurity

Many companies don’t have to choose between managed service providers and managed security service providers since they use both to receive the specialized technological solutions and services they require with the least amount of hassle.

Types of MSP Contracts:

Too Small for an MSSP

Small businesses often believe they are too small to be at risk of a cyber-attack, and they are reluctant to hire an MSSP or budget for any cybersecurity. The truth, as we have seen, is that SMBs are a prime target for ransomware. They have what hackers want: intellectual property, customer data, and access to other company partners or suppliers.

To right-size cybersecurity services and spend, shop multiple MSSPs, looking for those that offer tailored services instead of packages or service levels. Reputable MSSPs will start any consultation by assessing your risk and current posture before prescribing services.

Anticipating the Future

In modern times, few companies need IT support but not cybersecurity. Even non-technical and cash-based businesses require security controls and procedures to protect employees, customers, and supply chains.

When it comes to cybersecurity, the US government is paving the way for widespread adoption of standards. The National Institute of Standards and Technology (NIST) provides cybersecurity frameworks, including NIST 800-171, which is being used by the DoD for its Cybersecurity Maturity Model Certification (CMMC) program. NIST standards can be used by any organization, and many in the industry predict that these frameworks and related security standards will spread to the private sector as companies find themselves within the national supply chain.

All of this is to highlight the need for advanced planning when it comes to cybersecurity services. Meeting standards or implementing controls can take months. Those businesses that require certifications should have an MSSP to help them lay out plans to address the most serious risks immediately, work towards other milestones and budget accordingly, and implement a culture of security with employees as a front-line defense.

MSP and MSSP providers can play a critical role in your company, helping support operations, budgets, strategy, and priorities for years of growth or change. Independently assessing your company’s current and future needs; identifying the niche expertise and services your company receives from third parties; and assessing satisfaction with current services is a good place to start.

Edward Tuorinsky has more than two decades of experience in management consulting and information technology services, and he is the founder and managing principal of DTS, a government and commercial consulting organization.

Featured image provided by Christina; Unsplash; Thanks!

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Conversational AI is a blend of voice and digital messaging that empowers customers to resolve various issues without speaking to a live agent. The technology is positively impacting the efficiency of customer service departments, tech support domains, and sales teams that employ it in the form of chatbots, virtual assistants, and intelligent virtual agents (IVAs).

The beauty of conversational AI lies in its ability to facilitate two-way, humanlike interactions with customers, using a blend of natural language processing (NLP), machine learning (ML), deep learning, and contextual awareness. These two-way, humanlike interactions are central to what’s known as conversational CX. Conversational CX goes beyond transactional exchanges and provides customers with more personalized, convenient, and engaging experiences.

For example, some solutions utilize generative AI to take interactions between brands and customers to the next level. Mosaicx Expert, for instance, uses generative AI to understand customers’ questions and respond in a conversational manner with voice or chat.

Conversational CX can play a vital role in helping companies keep up with today’s competitive landscape. Here are four ways conversational CX can give your business a competitive edge:

No. 1: Deliver Self-service Capabilities

Conversational CX offers fast, seamless customer interactions through IVAs, empowering customers to resolve issues with self-service options. The evidence shows that a large share of customers—as much as 81% of them across all industries—prefer resolving certain problems rather than waiting on hold to speak to a live agent.

IVAs allow customers to receive instant, accurate responses to their inquiries any time of the day or night; no more waiting in long support queues or dealing with delayed responses. By catering to their needs promptly and naturally, conversational AI helps customers help themselves.

Delivering the self-service options customers crave can foster customer loyalty and advocacy because customers feel heard and valued. Loyal customers lead to higher lifetime value because they spend more, repeat their purchases and refer others to the brand. By cultivating a strong bond with customers through conversational CX, businesses build a formidable defense against the constant churn of the competitive market.

No. 2: Save Costs with Proactive Communications

Businesses can use conversational AI tools to deliver automated reminders to customers who have items in their online shopping cart but have yet to complete a purchase. These reminders can cut down cart abandonment rates, thereby directly increasing sales. It’s also important to note that organizations can brand these reminders to align with their voice and personalize them to be unique to the customer. After a set amount of time has passed, IVAs deliver cart abandonment reminders via text, email, or automated calls. To sweeten the deal, reminders can include a special offer alongside a link to the customer’s cart.

No. 3: Personalize Support

One of the most significant advantages of conversational CX is its focus on providing personalized support to customers. Oneway conversational CX delivers personalized support is through tools such as IVAs. IVAs have extensive datasets from previous interactions. Data might include:

• Customer preferences (e.g., language, channel, etc.)
• Pain points
• Behavior patterns (e.g., requesting support at a particular time of day)
• Purchase histories.

Virtual agents can analyze this data to personalize customer service, fostering a deeper and more meaningful relationship between the brand and the customer.

No. 4: Boost Employee Satisfaction

Happiness at work sells. In today’s complex labor market, top talent pays attention to various factors, not least whether employees say they like where they work. By enhancing the efficiency of day-to-day processes and reducing the demand for live agents to perform repetitive, high-volume tasks, conversational AI offers improved employee satisfaction and retention.

Strive for Conversational CX to Stand Out from the Pack

The versatility of conversational AI is evident across industries, from healthcare and finance to tourism and retail. Tools like IVAs can schedule appointments, offer tips, resolve queries, send outage alerts, and even help customers find special offers on the products they’re looking for. Offering customers seamless and natural interactions through conversational CX is a key differentiator in today’s crowded marketplace. Conversational CX is helping reshape the customer journey landscape while simultaneously elevating efficiency for customer service teams.

In all these ways, conversational CX is the driving force for success in today’s customer-centric world. The competitive advantage is yours for the taking.

About the Author

Rebecca Jones is the general manager of Mosaicx, a leading provider of customer service AI and cloud-based technology solutions for enterprise companies and institutions. Rebecca joined the West Technology Group, owner of Mosaicx, in January 2021, after a 25+ year career focused on growing businesses, people and client success. Rebecca also serves as a member of the board of the Families for Effective Autism Treatment (FEAT) of Louisville, KY, is an executive sponsor for Women of West, actively volunteers for The Molly Johnson Foundation that supports children with special needs, and champions causes promoting women in technology, including the IWL Foundation (Integrating Women Leaders Foundation), Tech Up for Women, and CCWomen.

Featured image was provided by Blake Wisz; Unsplash; Thanks!

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1. Elon Musk: A LinkedIn Competitor Is In the Works

Elon Musk’s disdain for LinkedIn was evident when he responded to a user’s tweet, stating, “The cringe level is so high I just can’t bring myself to use it.” This candid criticism of the platform’s perceived inauthenticity and artificiality sparked speculation about Musk’s intentions. He further suggested the possibility of creating a LinkedIn competitor, although the concrete details remain elusive.

While LinkedIn is widely established and used by professionals, Musk’s track record of disrupting industries, such as electric vehicles and space travel, makes his statement worth considering. If Musk were to enter the professional networking space, he could potentially introduce innovative features and a fresh approach that resonates with users looking for a more authentic and engaging platform.

However, it’s important to note that challenging the dominance of LinkedIn is no small feat. The platform boasts a vast user base and a strong presence in the business world. Any potential competitor would need to offer significant value and overcome the network effect that LinkedIn has cultivated over the years.

2. AI-Powered Financial Advisors: Revolutionizing the Banking Industry

The banking industry is undergoing a transformative shift with the integration of artificial intelligence (AI) into financial advisory services. Chatbots and AI systems are being trained to interact with customers, providing accurate and insightful advice on their financial queries and concerns. One prominent example is SoFi, a finance company that has integrated “Galileo,” an AI-powered customer service system with a human-like touch.

This development presents an opportunity for small businesses in the financial sector to leverage AI-powered solutions to enhance their customer experience and optimize their operations. By automating routine tasks and providing personalized recommendations, AI-powered financial advisors can free up human resources to focus on building stronger relationships with clients and delivering a more tailored experience.

It’s important to note that while AI can undoubtedly revolutionize the wealth management industry, there remains a vital role for human financial advisors. The combination of AI’s efficiency and accuracy with the human touch and emotional intelligence of financial professionals can create a powerful synergy that benefits both businesses and clients.

3. The Surge of AI Investments in US Startups

Artificial intelligence has become a hotbed of investment activity, with its share of funding in US startups doubling in 2023. This surge in investments comes at a time when overall startup investments across sectors have declined. The universal application of AI and its potential to enhance core competencies and operations have motivated companies to incorporate AI into their strategies and seek funding for AI-driven ventures.

While the rapid increase in AI investments signifies the immense potential of this technology, it also raises concerns about the sustainability of these investments. Not all AI companies will succeed, and the market may experience a significant shakeout in the coming years. However, for investors who can identify promising AI startups and navigate the evolving landscape, the rewards could be substantial.

For small businesses, this trend underscores the importance of keeping an eye on the latest AI advancements and exploring ways to incorporate AI into their operations. Whether through implementing AI-powered tools or partnering with AI startups, businesses can leverage this technology to gain a competitive edge and drive innovation.

4. Synthetic Identity Fraud: A Growing Threat

Synthetic identity fraud has reached alarming levels, presenting a significant challenge for businesses and individuals alike. This type of fraud involves the creation of synthetic identities by combining unrelated pieces of data to deceive and exploit individuals, companies, and financial institutions. By leveraging stolen information, fraudsters can create fake identities and conduct fraudulent activities.

To combat this pervasive threat, organizations must continually test and adopt fraud prevention tools and strategies. Implementing robust identity verification processes and leveraging advanced technologies, such as biometrics and machine learning algorithms, can help detect and prevent synthetic identity fraud. By prioritizing security measures and staying vigilant, businesses can safeguard their operations and protect their customers from potential harm.

5. Twilio’s CustomerAI: Enhancing Customer Service with AI

Twilio, a leading communications platform, is expanding its CustomerAI capabilities with the integration of generative and predictive AI. The company’s “Customer-Aware Generative AI” aims to enhance customer service by leveraging voice intelligence and predictive analytics. By understanding customer needs and preferences, Twilio’s AI-powered solution enables businesses to deliver a more personalized and engaging customer experience.

Understanding customers and leveraging data has become crucial in today’s business landscape. By harnessing the power of AI, companies can gain valuable insights from customer interactions and use them to tailor their offerings and improve overall customer satisfaction. Twilio’s CustomerAI development represents a significant step towards unlocking the full potential of customer data and delivering exceptional customer experiences.

6. The Future of Professional Networking: Awaiting Disruption

Elon Musk’s potential entry into the professional networking space could signal a new era in how professionals connect and collaborate. While LinkedIn has established itself as the go-to platform for professional networking, Musk’s track record suggests that he could bring a fresh perspective and innovative features to the table.

However, it’s important to approach this development with cautious optimism. Disrupting an established platform like LinkedIn would require significant resources, user adoption, and a compelling value proposition. Businesses should monitor the progress of any potential competitor and assess whether it aligns with their networking and recruitment strategies.

As the business landscape evolves, professionals must adapt to new platforms and technologies that facilitate meaningful connections and foster collaboration. Whether or not Musk’s LinkedIn competitor materializes, the prospect of disruption should encourage businesses to stay agile and explore alternative networking avenues to expand their reach and opportunities.

7. Embracing AI in Financial Services: Balancing Automation and Personalization

The integration of AI-powered financial advisors presents a unique opportunity for small businesses in the financial services sector. By leveraging AI to automate routine tasks, businesses can streamline their operations and allocate more resources to providing personalized and tailored services to their clients.

However, it’s essential to strike the right balance between automation and personalization. While AI-driven solutions can enhance efficiency and accuracy, human advisors offer a level of empathy, emotional intelligence, and nuanced decision-making that AI cannot replicate. Combining the strengths of AI and human expertise can create a powerful synergy that delivers unparalleled value to clients.

To capitalize on the benefits of AI in financial services, businesses must invest in the necessary technology, provide comprehensive training to employees, and actively monitor and adapt to changing customer preferences. By embracing AI strategically and thoughtfully, businesses can differentiate themselves in a competitive market and build long-lasting client relationships.

8. Navigating the AI Investment Landscape

The surge in AI investments presents both opportunities and challenges for businesses and investors. While AI has the potential to revolutionize industries and create substantial returns, not all AI ventures will succeed. It’s crucial for investors to conduct thorough due diligence, assess the viability of AI startups, and identify those with high growth potential and a sustainable business model.

For small businesses seeking investment or exploring AI-driven ventures, it’s essential to understand the market dynamics and potential risks associated with AI investments. Diligently researching and selecting strategic partners and investors who understand the unique challenges and opportunities of AI can significantly impact the success of AI-driven initiatives.

Furthermore, businesses should actively explore partnerships with AI startups and leverage their expertise and cutting-edge technologies. Collaborating with AI companies can accelerate innovation, provide access to specialized knowledge, and enhance competitiveness in the market.

9. Strengthening Fraud Prevention Measures

Synthetic identity fraud poses a significant threat to businesses, individuals, and financial institutions. To combat this type of fraud effectively, organizations must continuously assess and enhance their fraud prevention measures. Implementing robust identity verification processes, leveraging advanced technologies, and staying ahead of evolving fraud tactics are critical to mitigating risks.

Businesses should also prioritize consumer education and awareness to help individuals protect themselves from identity theft and synthetic identity fraud. By educating customers on best practices for safeguarding their personal information and detecting potential fraud, businesses can contribute to a safer digital ecosystem.

Furthermore, collaboration between businesses, financial institutions, and regulatory bodies is essential in combating synthetic identity fraud. Sharing information and insights can help identify emerging trends, develop effective countermeasures, and strengthen the overall resilience of the ecosystem.

10. Unlocking the Power of AI in Customer Service

Twilio’s CustomerAI capabilities highlight the transformative potential of AI in customer service. By utilizing generative and predictive AI, businesses can gain deeper insights into customer needs and preferences, improve communication, and deliver more personalized experiences.

To leverage AI effectively in customer service, businesses must focus on data collection, analysis, and interpretation. By harnessing customer data, companies can uncover valuable patterns and trends, enabling them to tailor their offerings, anticipate customer needs, and provide proactive support.

Additionally, businesses should invest in AI-powered communication platforms and tools that enhance customer interactions and enable seamless omnichannel experiences. From chatbots to voice assistants, AI technologies can streamline customer service processes and ensure consistent and efficient communication across various touchpoints.

See first source: Forbes

Featured Image Credit: Charles Forerunner; Unsplash – Thank you!

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The annual customer review survey from BrightLocal found that 98% of consumers read reviews online for local businesses — an 8% increase over 2019. The survey also found that consumers expect a response — 88% are more likely to do business with a merchant that responds to both positive and negative reviews. However, that number drops to 42% for businesses that never respond.

According to the Journal of Retailing and Consumer Services, there are several reasons consumers put stock in reviews and how merchants respond to them. Reviews give potential customers an indication of businesses’ credibility and trustworthiness as well as the features and quality of the products they sell. Consumers factor in what they read on online review sites so that they can make purchasing decisions with more confidence.

So, along with essential tasks like tracking inventory, creating employee schedules, keeping a website up to date, and optimizing pricing to improve margin, small business owners must also make reputation management a priority to ensure success.

Furthermore, to know what people in your market are saying about your business, you need to stay connected to online review hubs that allow you to capitalize on positive feedback with loyalty-building responses. It also gives you the opportunity to address criticism to restore relationships with unhappy customers. Negative feedback is also a chance to learn from your market. This way, you can improve your product mix, customer service, and other factors that add up to a growing business.

In addition to increasing transparency and trust among your customers, reputation management also gives small business owners these three additional advantages.

1. Partnership and investment opportunities

Online reviews aren’t only for consumers. The reviews that your customers post and your responses to them could be the green light to a potential partner.

2. More job applicants

If you’re like most small business owners, you’re looking for qualified applicants to fill vacant positions. Activity on review sites can encourage (or discourage) talent to consider working for your company.

3. Search engine rankings

Search engines see responses to online reviews as new content. They will help them recognize your business as a trusted source. A well-managed online reputation can also result in more traffic to your website.

To help business owners achieve these benefits, Payanywhere launched the Payments Hub Reputation Management solution. This tool allows merchants to connect their Google Business Profile to Payments Hub. Plus, stay up to date on customer reviews, all from a single screen.

Payanywhere is an all-in-one payment platform that aims to power the potential of business owners with everything they need to make day-to-day operations run smoothly. Payanywhere offers hardware, software, and support for a variety of business needs such as in-person and online payment acceptance, invoicing, reporting, inventory and employee management, and — you guessed it — Reputation Management.

Payanywhere’s Reputation Management tool allows business owners to:

• Gain insights on their customer ratings and review trends.
• Stay in the know with email alerts when reviews are posted about their business.
• Engage with their customers by responding to reviews.
• Keep tabs on what people are saying about the competition.

Reputation Management is a great way for business owners to interact with customers and set their products or services apart from others in the marketplace, directly from their back office.

Staying visibly engaged with customers and feedback on the platforms where potential buyers search for businesses is an invaluable resource. While it does take time and dedication, Payments Hub Reputation Management simplifies the process of creating conversations and cultivating trust with consumers, leading to not just a good first impression, but a good lasting one as well.

Visit payanywhere.com for more information on the products and services that are built to power the potential of businesses everywhere.

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What the DSA Means for Social Media

Facebook took the initiative to meet the requirements of the DSA by rolling out a new Feeds page that displays posts in reverse chronological order throughout the world. Without a doubt, the European Union rule requiring platforms to provide consumers the option to see non-personalized material affected this decision. In order to comply with the DSA, Facebook has removed all “Suggested For You” items from the chronological news feed. This clearly delineates the difference between tracking-based content suggestions and non-personalized content choices. The legislation assures that user agency is honored and preserved, even if Meta were to introduce AI-powered attention hacking into the modest chronological news stream.

The DSA and YouTube’s Reaction

As part of its efforts to comply with the DSA, YouTube has announced that it would no longer promote videos based on a user’s watching history to logged-in users who have the ‘watch history’ option off. This shift, inspired by the DSA, has been implemented all throughout the world, not only in the EU. Because of the large information asymmetry that platforms rely on to keep users interested inside their walled gardens, the option to turn off profiling-based content suggestions is crucial. Many people complain that they are flooded with cat videos on sites like Instagram because of the crass programming underlying these suggestions.

The Reign of the Algorithmic Cat Parade

Because of the ability of platforms to monitor user behavior and preferences, material can now be tailored to individual users. Instagram users, for instance, have complained that they are inundated with more cat videos after seeing one. Cat videos are cute and all, but it’s annoying when they pop up every time someone opens their account. By allowing consumers to choose non-personalized material, the DSA puts a halt to this algorithmic cat parade. Instagram users, for example, may now avoid material that has been carefully picked to grab their attention by restricting their feed to just posts from profiles they follow.

The Reintroduction of a Time-Ordered News Feed

The platform’s early days, when postings were shown in reverse chronological order, are recalled by Facebook’s introduction of the chronological news feed. The user experience is altered when the algorithmic ranking view is swapped for a chronological feed, since updates from friends who would otherwise be buried by the algorithm are now front and center. This simplification of the news feed is a reaction to algorithm-driven content that emphasizes interaction but may increase divisions in online communities. A more fair and accurate reflection of users’ social relationships is achieved when users may see unsorted postings from friends.

The Role of Free Will in TikTok

Even TikTok, with its focus on viral trends and content selection algorithm, is not immune to the DSA’s repercussions. However, the rule simply mandates that platforms provide a non-profiling option, thus the platform might still have a huge impact even without the ‘AI off’ lever. How the TikTok audience reacts to the new, impersonal streams is an open question. The dullness of unfiltered material may surprise users once they break out of the AI-filtered attention bubble. However, the simple choice to disable algorithmic content is welcome news for those who have had it with endless influencer blather and irrelevant background noise.

User Autonomy and the Decoupling of Platform Authority

The effects of the DSA are not limited to the ability of users to reject tailored material. It requires platforms to provide their data to external academics for independent examination of technosocial consequences and to detect and manage systemic hazards originating from their usage of AI. The adtech behemoths’ exploitation of information asymmetry to make money off of consumers’ time and attention makes this degree of public interest awareness long overdue. As its sibling law, the Digital Markets Act (DMA), targets the most dominant intermediating digital platforms, the DSA heralds the beginning of the unbundling of platform dominance. The overarching goal of these rules is to give people more control and make the internet a more equitable place.

Celebrating the Ability to Quiet Quit Algorithms

Increased user agency on established platforms may not bring about a sudden seismic shift, but it’s still something to celebrate. Allowing people to opt out of receiving tailored material is a welcome development that has been long overdue. Users are becoming more discerning and demanding a genuine and tailored digital experience, which bodes well for the spread of the current trend of taking charge of one’s own online experience. In empowering people and making internet firms responsible for their algorithms and data practices, the EU regulation serves as an example for other nations to follow.

Conclusion

A new age of user empowerment on social media platforms has begun, according to the EU’s Digital Services Act. Users now have more say over their online experiences thanks to the option to switch from tailored content streams to chronological news feeds. The DSA and its companion legislation, the Digital Markets Act, are major strides in unbundling platform power and establishing equality in the digital sphere. The option to silence retirement algorithms is a major step forward, even though the full effects of these rules may take some time to become apparent. Users’ continued use of their expanded agency has the potential to significantly alter the way algorithms are used in social media, ultimately giving users more control.

See first source: TechCrunch

FAQ

Q1: What is the EU’s Digital Services Act (DSA) and how does it impact social media platforms?

A: The EU’s Digital Services Act (DSA) is a regulatory initiative that empowers European Union residents to control their online experiences on popular social media platforms. It allows users to opt out of receiving personalized content feeds based on tracking and revert to chronological news feeds featuring posts from friends. This regulation aims to provide users with greater autonomy and a more traditional browsing experience.

Q2: Which social media platforms are affected by the DSA’s changes?

A: The changes introduced by the DSA impact popular platforms such as Meta’s Facebook, Instagram, ByteDance’s TikTok, and Snap Inc.’s Snapchat. These platforms are required to offer users the option to switch to non-personalized content feeds in compliance with the DSA.

Q3: What is the significance of the “You Can’t Make This Stuff Up” campaign?

A: The “You Can’t Make This Stuff Up” campaign is a creative response to the DSA’s impact on social media. It highlights how platforms like Facebook and YouTube are adjusting their content presentation to comply with the regulation. The campaign underscores the importance of user agency, offering users the choice to see non-personalized content and reversing the algorithmic dominance.

Q4: How does the DSA affect the content presentation on platforms like Facebook and YouTube?

A: Platforms like Facebook have introduced changes to their content presentation, such as offering a chronological news feed option and removing personalized “Suggested For You” content. YouTube has stopped promoting videos based on users’ watching history for those who have turned off the ‘watch history’ option. These changes reflect the DSA’s requirement to allow users to opt out of content profiling.

Q5: What does the “Reign of the Algorithmic Cat Parade” concept refer to?

A: The “Reign of the Algorithmic Cat Parade” refers to the prevalence of algorithmically curated content, often centered around cat-related material, on various online platforms. This phenomenon highlights how platforms use algorithms to tailor content to individual users, often resulting in repeated exposure to specific types of content, such as cat videos.

Q6: How does the DSA impact users’ experience of social media platforms like Instagram?

A: The DSA allows users to choose non-personalized content, thereby putting an end to the algorithmic cat parade. Users, such as those on Instagram, can now avoid material carefully selected to grab their attention and instead restrict their feed to posts from profiles they follow.

Q7: What is the significance of Facebook’s reintroduction of a time-ordered news feed?

A: Facebook’s reintroduction of a chronological news feed offers users an alternative to algorithm-driven content presentation. This change aims to provide a fair and accurate reflection of users’ social relationships, counteracting the potential division caused by algorithmic content.

Q8: How does the DSA enhance user agency and autonomy on social media platforms?

A: The DSA empowers users by allowing them to opt out of algorithmic content and choose non-personalized material. This shift gives users greater control over their online experience and reduces the dominance of algorithms in shaping content consumption.

Q9: How does the DSA impact internet companies’ data practices and AI usage?

A: The DSA requires platforms to provide data to external academics for independent analysis of technosocial consequences and to manage systemic risks related to AI usage. This aspect of the DSA holds internet companies accountable for their data practices and AI technologies.

Q10: What is the broader significance of the DSA in the digital sphere?

A: The DSA, along with the Digital Markets Act (DMA), aims to unbundle platform power and establish equality in the digital space. It serves as an example for other nations to follow in terms of user empowerment and responsible algorithm and data practices.

Featured Image Credit: Markus Spiske; Unsplash – Thank you!

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Artificial Intelligence (AI) systems have revolutionized various industries, including content creation and data analysis. However, the use of generative AI systems to mine publishers’ works has raised concerns about copyright infringement. Google, a leading tech giant, has recently proposed an opt-out system for publishers, allowing them to protect their content from being scraped by AI systems. In this article, we will explore Google’s stance on AI mining, the implications for publishers, and the potential challenges associated with implementing such a system.

Google has submitted its recommendations to the Australian government’s review of the regulatory framework around AI. The tech giant suggests that copyright laws should be altered to accommodate generative AI systems’ scraping of the internet. It advocates for a fair use exception that enables the training of AI models on diverse data while providing a workable opt-out option for entities that wish to protect their data from being used in AI systems.

The concept of an opt-out system is not entirely new, as Google has previously expressed its support for a fair use exception for AI systems. However, the notion of allowing publishers to opt out of having their works mined by AI systems is a novel argument from the company. While Google has not provided specific details on how this system would operate, it refers to a blog post where it discusses the possibility of creating a community-developed web standard similar to the robots.txt system used to control search engine crawling.

Dr. Kayleen Manwaring, a senior lecturer at UNSW Law and Justice, highlights copyright as one of the significant challenges facing generative AI systems. She notes that these systems require vast amounts of data to produce meaningful outcomes, which often involves copying and potentially infringing upon copyright. The laws surrounding AI systems’ permissible ingestion of copyrighted content vary across countries. However, Google’s proposal for an opt-out system raises questions about the traditional principles of copyright.

Under the current copyright framework, reproducing copyrighted material typically requires the copyright owner’s consent. Manwaring suggests that Google’s proposal would imply a significant overhaul of the existing exceptions, transforming the way copyright works. Instead of seeking consent, an opt-out system would shift the burden onto content creators to specify whether AI systems can access their content.

Google’s proposal to allow publishers to opt out of having their works mined by AI systems has significant implications for content creators. Toby Murray, an associate professor at the University of Melbourne’s computing and information systems school, suggests that Google may be attempting to establish early norms that exempt companies from paying for content. While existing licensing schemes like Creative Commons already enable creators to specify how their works can be used, the opt-out system proposed by Google could alter the dynamics of content sharing and compensation.

Smaller content creators, in particular, may face challenges if copyright issues are not adequately addressed. Manwaring points out that while powerful entities might have their copyrights protected, non-powerful entities may be more vulnerable to infringement, with AI training sets potentially utilizing their material without permission. As AI systems continue to evolve, copyright concerns will likely persist, necessitating careful consideration and potential amendments to existing regulations.

The Australian government has been actively examining the regulatory landscape for AI, considering the potential need for a scheme similar to the news media bargaining code. This code requires tech companies to pay for scraping news articles. The government’s AI regulation consultation, along with the Treasury review of the news media bargaining code, aims to explore future policy settings for news media and AI companies.

News organizations like News Corp have already initiated conversations with AI companies regarding compensation for scraping their articles. These discussions reflect the growing recognition of the need to address the financial implications of AI mining. However, the complexity of copyright laws, the evolving nature of AI technologies, and the diverse interests of stakeholders make finding a balanced solution a challenging task.

In summary, Google’s proposal for an opt-out system allowing publishers to protect their works from being mined by AI systems opens up a new perspective on copyright and AI. While the concept of fair use exceptions for AI has been previously discussed, the opt-out option introduces a fresh dimension to the debate. The potential benefits of allowing publishers to control their content’s usage in AI systems must be weighed against concerns about copyright infringement and the impact on content creators, especially smaller entities.

As governments and industry stakeholders continue to explore AI regulation and compensation models, finding a harmonious solution that safeguards copyrights while fostering innovation remains a complex task. Striking a balance between promoting the responsible use of AI and protecting the rights of content creators will require ongoing dialogue, collaboration, and potentially a reevaluation of existing copyright frameworks.

See first source: The Guardian

Frequently Asked Questions

1. What is Google’s proposal regarding copyright and AI systems?

Google has proposed an opt-out system that allows publishers to protect their content from being scraped by AI systems. This proposal is part of the company’s recommendations to the Australian government’s review of AI regulations.

2. How does the opt-out system work?

While specific details are not provided, Google suggests the possibility of creating a community-developed web standard similar to the robots.txt system used for search engine crawling. Publishers would have the option to specify whether their content can be used by AI systems.

3. What are the implications of Google’s proposal for content creators?

Google’s proposal could significantly impact content creators, as it shifts the burden onto them to specify whether their works can be mined by AI systems. Smaller content creators may be particularly vulnerable to potential copyright infringement.

4. How does copyright law currently apply to generative AI systems?

Copyright laws surrounding AI systems’ use of copyrighted content vary across countries. These systems require large amounts of data, potentially involving copying and infringing upon copyright. The current framework typically requires copyright owner consent for reproduction.

5. How might Google’s proposal impact the dynamics of content sharing and compensation?

Google’s opt-out system could alter the way content sharing and compensation are approached. It may establish new norms and potentially exempt companies from paying for content, leading to discussions about fair compensation for content creators.

6. What challenges might arise from Google’s proposal?

The proposal raises questions about the traditional principles of copyright and fair use. Striking a balance between protecting copyrights, fostering innovation, and addressing the needs of various stakeholders will be a complex challenge.

7. How is the Australian government addressing AI regulation and copyright?

The Australian government is actively examining AI regulation and considering potential policy settings. Discussions are taking place in the context of the news media bargaining code, which requires tech companies to pay for scraping news articles.

8. What is the significance of News Corp’s discussions with AI companies?

News organizations like News Corp are engaging in conversations with AI companies about compensation for scraping their articles. These discussions highlight the need to address the financial implications of AI mining.

9. How is the balance between copyright protection and AI innovation being addressed?

As AI technologies evolve, finding a balanced solution that safeguards copyrights while promoting responsible AI use requires ongoing dialogue, collaboration, and potential adjustments to existing copyright frameworks.

10. What is the broader outlook for copyright and AI regulations?

The intersection of copyright and AI regulations will likely continue to evolve as governments and industry stakeholders navigate the complex landscape. Striking the right balance will require careful consideration of the interests of content creators, tech companies, and the broader innovation ecosystem.

Featured Image Credit:

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In this small business guide, we’ll help to demystify the world of business expenses. We’ll look at everything you need to know about managing your expenses, from what they are, how to track them effectively, and ways you can optimize expense management to make it work for you.

What are business expenses?

Business expenses are the unavoidable costs you incur from operating a business. This encompasses everything you pay monthly to keep the business going, such as salaries, rent, storage, office supplies, equipment, printing, advertising, marketing, software, utilities, commissions, bank fees, and delivery. By deducting these costs from your total revenue, you can calculate income and the business’s profit or loss.

What are deductible expenses?

Deductible expenses are business costs that can be deducted from your taxable income. This reduces the amount of income that’s subject to tax and, in turn, reduces how much tax you’ll have to pay to the IRS. A business expense that’s tax-deductible must be common for your type of business and helpful to running your type of business. Here are some examples of deductible business expenses:

• Wages
• Payroll taxes
• Rent
• Office supplies
• Bank charges
• Professional fees
• Professional membership fees
• Printing
• Postage.

“Irrespective of your business’s size, it’s essential to have a good understanding of deductible business expenses and your tax obligations. Right from the start, maintaining accurate records of all your business-related expenses, including invoices and receipts is paramount. It’s a good idea to consult with a tax professional who can advise you on helping your business maximize potential tax savings,” says Damian Brychcy, COO and US MD of Capital on Tap.

How to track your business expenses

Tracking your business expenses enables you to monitor profits and losses, identify trends, and help you make more accurate forecasts. You can also plan future spending more effectively as you’ll have a better understanding of how much money you have and where it goes. To assist with thorough tracking, here are a few recommended simple steps.

Open a business account

Having an account exclusively for your business will ensure there’s a clear line between your personal and business expenses. It also makes organizing your business finances and claiming tax deductions much easier. Having a credit or debit card that’s linked to your business account makes it simpler to track business spending without having to sort through paper receipts.

Choose the right accounting software

Accounting software lets you automate your business’s financial records and track expenses. This makes organizing your business expenses much easier. The ideal accounting software will have reporting tools that give year-to-year comparisons of your expenses and let you choose your preferred reporting method.

File your business receipts

While digital is the way forward, you’ll still likely have some paper receipts, so ensure you file them as you go. The IRS requires businesses to keep all their paper receipts and relevant paperwork, such as bank statements, for a minimum of three years. Some accounting software apps and business tracker apps enable you to digitally store receipts.

Review your business expenses

Regularly reviewing them will ensure you maximize the results from tracking them. Analyze reports and identify any patterns to see how much your business spends in specific areas. This will also help you monitor any trends in your employees’ business spending. Reviewing your business expenses will help you understand your operation’s financial health for more informed decisions.

How can a small business optimize its expenses?

Optimizing your expenses can set your small business on the path toward financial stability and profitability. There are various ways you can optimize your business expenses, for example:

• Review and prioritize: Analyze expenses and prioritize which ones are essential and which can be reduced or eliminated
• Negotiate with suppliers: Approach your suppliers for more favorable payment terms, better pricing, or discounts
• Embrace technology: Take advantage of technology and automation to reduce manual tasks, streamline your operations and improve overall efficiency
• Utilize a business credit card: A business credit card can help you track business spending, identify areas to reduce costs, and leverage rewards or cashback programs
• Budget: Create a realistic budget that you regularly review and adjust according to your growth and business goals
• Tax planning: Ensure you understand tax deductions and credits to minimize your tax liabilities
• Inventory management: Regularly monitor your inventory levels to avoid excess stock and minimize costs
• Improve energy efficiency: Increase energy-saving measures such as energy-efficient lighting to reduce your business’s utility costs
• Outsourcing: Look for opportunities to outsource or collaborate with other businesses to share resources and costs.

Brychcy adds: “A business credit card that aligns with your business’s needs and offers rewards or cashback can be an effective way to optimize expenses. It also allows you to track and report expenses more efficiently. However, it’s important to use it responsibly, just as with any other type of credit card. Timely payment of the balance is crucial to steer clear of extra fees and charges.”

Conclusion

Whether you’ve been trading for several years or are one of the 5 million fresh businesses that launched in the US last year, getting to grips with expenses should be key for every business owner. Managing small business expenses is an ongoing process that requires regular reviewing, analysis, and recalibration. With effective control over your business expenses, you can optimize your business’s cash flow and economic position for a financially healthy future.

The post A Small Business Guide to Small Business Expenses appeared first on SmallBizTechnology.

Fortunately, small businesses across the United States can turn to the Small Business Administration’s SCORE program for guidance. SCORE offers free mentorship services and workshops to small business owners and entrepreneurs nationwide, including a webinar specifically designed to help businesses implement AI tools.

AI has the potential to revolutionize the way small businesses operate. By leveraging AI tools, small businesses can automate tasks, analyze data, optimize marketing strategies, and even draft legal documents. The possibilities are endless.

According to a recent SCORE workshop, while 70% of small business owners are aware of AI tools, only 40% are actively utilizing them. This suggests that many small business owners are still in the learning phase and have not yet fully incorporated AI into their processes.

Paul Ohlson, a small business owner and SCORE mentor, explains that most small businesses are currently using text-based or content-based AI tools, such as ChatGPT, to generate content for their blogs, newsletters, and websites. Some businesses are also using prospecting tools to automate lead generation. These AI tools allow small businesses to accomplish tasks without the need to hire additional staff, enabling them to scale more cost-effectively.

The SCORE program, with its network of experienced business mentors, is an invaluable resource for small businesses looking to implement AI. SCORE mentors have expertise in entrepreneurship and various aspects of business operations. They can provide guidance and support throughout the AI implementation process.

Small business owners can benefit from SCORE’s free webinar on “How to Effectively Use Artificial Intelligence in Your Business,” which will cover the fundamentals of AI, its potential applications, and a step-by-step process for implementing AI tools. The webinar will also provide actionable strategies for using AI in prospecting, negotiation, and closing deals to drive business growth.

One of the advantages of working with SCORE is the vast knowledge and expertise available through its network of mentors. As a SCORE mentor, Paul Ohlson emphasizes the value of this collective knowledge. He explains, “There’s so much knowledge at SCORE, and as a SCORE mentor, I don’t have to know everything. Why? Because I have an army of other SCORE mentors all across the nation that I can contact and pull into a call with a client, and so you have every aspect of business knowledge at your fingertips when you work with SCORE.”

AI tools can assist small businesses in various aspects of their operations, including finance analysis, marketing optimization, competitor monitoring, and contract drafting. However, it’s important to note that AI is not infallible, and users should still verify its output and consult legal professionals for any legal documents generated by AI tools.

Here are some popular AI tools that small businesses can consider implementing:

AI tools can help small businesses analyze financial data, identify trends, and make informed decisions. These tools can provide insights into cash flow management, budgeting, and financial forecasting.

AI tools can analyze customer data, behavior patterns, and market trends to optimize marketing strategies. They can help small businesses identify target audiences, create personalized marketing campaigns, and improve customer engagement.

AI tools can monitor competitors’ activities, including pricing strategies, product launches, and marketing campaigns. This information can help small businesses stay competitive and make informed business decisions.

AI tools can generate contracts and other legal documents based on predefined templates and legal language. While these tools can save time and effort, it’s crucial to review the output with an attorney to ensure accuracy and compliance with legal requirements.

Implementing AI tools can bring numerous benefits to small businesses, especially those with limited resources.

AI tools can automate repetitive tasks, allowing small business owners to focus on more strategic activities. This leads to increased productivity and efficiency, enabling businesses to accomplish more with fewer resources.

By leveraging AI tools, small businesses can scale their operations without the need to hire additional staff. AI can handle tasks that would traditionally require human intervention, enabling businesses to grow in a more cost-effective manner.

AI tools can analyze large volumes of data and provide valuable insights. Small businesses can use these insights to make informed decisions, optimize their processes, and identify new opportunities for growth.

Implementing AI can give small businesses a competitive edge. By leveraging AI tools to automate tasks, optimize marketing strategies, and monitor competitors, small businesses can stay ahead of the competition and respond quickly to market changes.

If you’re a small business owner looking to harness the power of AI, the SCORE program is an excellent resource to guide you through the process. With its network of experienced mentors, SCORE can provide the knowledge, support, and guidance you need to implement AI tools effectively.

To get started, consider attending SCORE’s free webinar on “How to Effectively Use Artificial Intelligence in Your Business.” This webinar will equip you with the fundamental knowledge and practical strategies to integrate AI into your operations and drive business growth.

Remember, technology should not be intimidating. Embrace the opportunities AI presents and leverage the expertise of SCORE mentors to navigate the world of AI implementation successfully. With the right guidance and tools, you can take your small business to new heights.

Artificial Intelligence has the potential to transform small businesses by boosting efficiency, automating tasks, and providing valuable insights. However, many small business owners are still in the process of understanding and integrating AI tools into their operations. The SCORE program, with its free mentorship services and workshops, is a valuable resource for small businesses looking to implement AI effectively.

By attending SCORE’s webinar on “How to Effectively Use Artificial Intelligence in Your Business,” small business owners can gain insights into the potential applications of AI, the implementation process, and strategies for driving business growth. With the support of SCORE mentors and the power of AI, small businesses can streamline operations, optimize marketing strategies, and stay competitive in today’s digital landscape.

Don’t let the fear of technology hold your small business back. Embrace AI, leverage the expertise of SCORE, and unlock the full potential of your business. The future is AI-powered, and with the right guidance, your small business can thrive in this rapidly evolving digital world.

First reported by Fox Business.

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Qatar Airways

Leading the pack in 2023 is none other than Qatar Airways! This exceptional air service corporation is renowned for its unparalleled service and top-notch travel experiences. With a fleet of modern aircraft and an extensive network of routes, Qatar Airways seamlessly connects travelers across the globe. Their commitment to innovation and meticulous attention to detail means you’ll enjoy a journey filled with comfort, convenience, and luxury. Prepare to be pampered like never before as you soar through the skies with Qatar Airways.

Air New Zealand

Let’s give a warm kiwi welcome to Air New Zealand, one of the shining stars of the airline industry! When it comes to customer satisfaction, Air New Zealand knows exactly how to excel. Their friendly and welcoming staff go above and beyond to make you feel right at home. From cozy seating options to delectable cuisine and outstanding in-flight entertainment, this airline has it all. Air New Zealand’s dedication to ensuring an enjoyable travel experience has earned them a rock-solid reputation and a legion of loyal fans.

Emirates Airlines

Emirates Airline is all about luxury and sophistication, bringing you an incredible flying experience. Picture yourself aboard their iconic A380 aircraft, surrounded by state-of-the-art amenities that will make you feel like royalty. With over 100 destinations worldwide, Emirates connects you to the entire globe, making travel a breeze. Prepare to be amazed by their award-winning service, spacious cabins, and mouthwatering cuisine. Emirates Airlines is in a league of its own, redefining air travel with unparalleled luxury and convenience.

ANA Airlines

Get ready to experience Japanese innovation and exceptional service with ANA Airline. They’re always one step ahead, incorporating the latest technology and modern comforts to make your journey extraordinary. ANA Airlines takes safety, punctuality, and quality service seriously, and it shows in the numerous accolades they’ve earned. Whether you’re flying domestically or internationally, ANA Airline is the go-to choice for travelers seeking an exceptional experience.

Qantas Airlines

Step into the world of Qantas Airline and immerse yourself in its rich aviation history. As Australia’s flag carrier, Qantas has earned its place among the top airlines globally. With a strong commitment to safety, reliability, and exceptional service, they’ve built a reputation you can trust. Sit back and relax in their comfortable seating options, indulge in gourmet cuisine, and enjoy an extensive entertainment system. Qantas Airline has something for everyone, ensuring a memorable journey every time.

Japan Airlines

Experience Japanese hospitality with Japan Airlines, where exceptional service is the name of the game. From the moment you step aboard, you’ll be enveloped in the spirit of “Omotenashi,” receiving the utmost care and attention throughout your journey. With a modern fleet and an extensive network connecting major cities worldwide, Japan Airlines is your ticket to a seamless travel experience. Their commitment to service excellence and attention to detail make them the preferred choice for travelers seeking the best.

Factors to Consider when Choosing an Air Service Corporation

When it comes to choosing a travel provider for your air transportation requirements, it is imperative to take into account a multitude of factors. Begin by carefully assessing the airline’s safety record and its reliability in delivering a secure travel experience. Seek out airlines that prioritize the well-being of their passengers and boast a commendable history of punctuality.

In addition, it is advisable to consider the caliber of service provided, encompassing in-flight amenities, the comfort of the cabin, and the efficacy of customer support. The airline’s network of routes and the level of connectivity it offers assume paramount importance, guaranteeing comprehensive coverage of your desired destinations.

Lastly, factor in the overall value for your money, taking into consideration ticket prices, baggage allowances, and the availability of loyalty programs. By methodically evaluating these aspects, you can make an informed decision that aligns with your travel preferences and requirements.

Conclusion

In conclusion, choosing the perfect air service corporation is crucial to ensure an unforgettable and smooth travel experience. In 2023, the aviation industry boasts some outstanding leaders like Qatar Airways, Air New Zealand, Emirates Airlines, ANA Airlines, Qantas Airlines, and Japan Airlines. These top-notch companies have proven their dedication to excellence, customer satisfaction, and innovative solutions.

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In the present day, people generate a larger volume of data than ever before. Determining what data is essential and matters to businesses is very challenging. It requires a significant investment from both data teams and business subject matter experts. This is because every business team owns data but not everyone fully understands it. Additionally, it’s challenging that no one comprehends why it takes so long to obtain cleaner data. What goes behind the scenes?

Jasmeet and Data Strategy

Singh has implemented winning data strategies for organizations with a varied set of industries, org structures, and different needs. Prior to joining HackerRank, he started his career in IT. He worked with medical device manufacturer Lake Region Medical based in Chaska, Minnesota. In this sort of environment, a small error in data processing could endanger patients’ lives. This could also cause lengthy FDA audits.

“At Lake Region Medical we had to ensure the highest quality standards for compliance,” Singh Says. “But without modern data governance and quality tools available today, one had to rely on creating data definitions in Excel, writing custom SQL scripts for data quality checks, and using Windows scheduler to get email alerts for failures.”

Data Strategy in Business Systems

The data strategy at the global restaurant chain On the Border must integrate multiple business systems. This includes point of sale, online ordering, 3rd party catering system, employee scheduling, attendance, etc.

“At the time most, people would call and order,” Singh said. “There were no mobile apps where customers create their profile so coming up with personalization and segmentation to give the best customer experience meant a lot of data mining.”

Data Strategy and Analytics Teams

At Amazon, data processes were already mature. However, there were different challenges of scale, complexity, and org structure. Each business had its data and analytics team.

“Amazon operates in so many businesses, so it was like working for multiple companies at once. Each business had its own data and analytics team,” Singh says. “So it was shared ownership with data contracts needed to be in place, traditional systems and architectures could not scale so everything had to be on a distributed model including people.”

Data Strategy with Machine Learning & AI. 

HUSCO International is a global manufacturing company based in Wisconsin. They tasked Jasmeet with leading digital transformation and industry 4.0 efforts using data, machine learning, and AI.

“HUSCO was using cutting edge robotics and automation technology to manufacture parts at scale, 90 percent of data was generated by sensors vs humans, it all needed to be ingested and processed in real-time to realize maximum value, data needed to be shared asset among suppliers, the manufacturer (HUSCO) and customers.”

Insights and Data Exports

Contrary to previous companies, HackerRank is a software-as-a-service company with an AI-first strategy. HackerRank caters the data strategy towards users at thousands of enterprise customers, in addition to internal business operation analytics. HackerRank operates with a POD-based model where each product area assigns a product owner and a self-sufficient engineering team.

“Insights and data exports needed to be near real-time, perform insanely fast and actionable as recruiters needed to make hiring decisions within a few minutes of conducting campus recruitment drives, it was not just HackerRank but some of the largest tech company’s reputation is at stake.”

Conclusion

Jasmeet’s mantra of winning data strategy is that there is no one-size-fits-all. Align your data strategy with the company’s overall strategy, organizational structure, and culture to ensure coherence and effectiveness. Often, data teams try to align the operating model with the architecture they pick, but Jasmeet suggests doing it the other way around. Pick the operating model first and then pick the architecture aligned with it. If you have distributed analytic teams like Amazon, pick the Distributed Data Mesh architecture. If most of the departments in the company are centralized, pick centralized data lake architecture, and pick hybrid if that makes more sense.

Jasmeet also recommends investing in data governance, data quality, and observability initiatives early on, as delaying these can sabotage the entire strategy. If users lose trust in the presented data, they stop using the reports. Therefore, Jasmeet recommends separating out the data architecture team focusing on deployment, configuration, and best practices, so data delivery teams can focus on development and meeting deadlines. He also believes that one important aspect of winning data strategy is to leverage self-service models so that precious data engineering resources deal less with ad hoc requests, allowing them to focus on big-ticket items.

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What Use Is ChatGPT in the Grant Application Process? 

Small and medium-sized enterprises (SMEs) sometimes need additional funding. They don’t often have dedicated grant writers on staff, which can pose an issue. While they always have the choice to hire someone, they may be unable to spare the expense if they’re already looking for extra funds.

While the only choices in the past may have been to hire someone or go without, technological advances make an alternative possible. Organizations can use tools like ChatGPT because it can rapidly produce written content for their grant application process.

Human error is avoidable with the right technology. Some of the most significant benefits of transforming processes digitally are increased accuracy and efficiency. Streamlining the process is essential when the result is expanded financial support.

What Is ChatGPT?

ChatGPT is an artificial intelligence (AI) model developed by the company OpenAI that can provide feedback, answer follow-up questions, and respond to prompts. It’s a natural language processing engine, meaning it speaks like humans. The data it trained on came from all over the internet, so it has a wide variety of knowledge. It’s gone through several iterations and has grown in intelligence and scope with each one.

How Can It Help With the Grant Application Process?

The most important part of the grant application process may be the proposal. A grant proposal is a written outline of an organization’s intent for potential funds meant to encourage granters to give support. It is the foundation for the rest of the process and can increase the likelihood of a successful application.

Most professional grant writers either charge a flat fee or a percentage of the amount of funds you request in exchange for their work. ChatGPT can replace or assist with many parts of the grant writing process to improve accuracy, save money, and streamline the process.

1. Generate Text

One of the most useful ways AI can help with the process is through text generation. It can provide you with large chunks of text based on the prompt you give it. You can gradually generate sections of text until it writes the entire proposal for you.

If an SME doesn’t have the resources to hire a professional or designate someone as the grant writer, they can simply request the entire text from the AI.

2. Give You a Starting Point

Even if you’re considering hiring someone, it can help to get a strong starting point. It might be challenging for SMEs to decide which information is relevant and interesting. Thankfully, ChatGPT can understand and respond to very specific requests with accuracy.

You can ask the software to create a grant proposal outline for your industry or problem. It answers with precise information that directly relates to your organization and query. Unlike simply using a search engine, ChatGPT gives you incredibly pertinent information. However, be mindful that its knowledge base only extends to the data available before September 2021, so you may not have access to the most recent information in your industry.

3. Streamline the Process

Any organization searching for additional funding can benefit from a streamlined grant application process. Searching online for information or ideas can take up valuable time. ChatGPT usually responds within a second or less, which means you can continuously tweak and enhance your proposal with little to no downtime.

4. Provide Feedback

Since the AI is a natural language processing engine with billions of parameters, it can have a human-like conversation with you. If you have an idea you want feedback, you can prompt it to give you a detailed response. The answer it gives won’t have a ton of weight because it is based on its training data, but it may still provide valuable insight. It lets you think out of the box and get another perspective on parts of the proposal.

5. Refine Your Writing

You can use ChatGPT to refine its writing or yours. Since it generates almost any content nearly instantaneously, you can keep plugging in text until you have something you like. For example, if it gives you a great chunk of text with a few inconsistencies, you could ask it to clarify or revise those sections.

What’s the Best Way to Use ChatGPT?

While it’s a relatively simple tool with many straightforward uses, there are a few ways you can enhance the process of going back and forth with it.

Your grant proposal will be better if you know how to best use ChatGPT:

• Write clear prompts: Exact language is best for generating very precise text. It’s more likely to know what you’re asking and give you a relevant answer if your prompt is very clear.
• Review its content: While ChatGPT is very useful, its accuracy isn’t guaranteed. It’s best to review and edit everything it creates to ensure everything is factual and information about your organization is correct.
• Be specific: You can ask it to create text that specifically relates to your industry, field, or issue, so take advantage of that. Instead of asking generic questions, plug information in about specific parts of your sector.

• Repeat your process: AI works best when you phrase your question in multiple ways. Repeating your prompt with slight variations causes it to respond differently, providing you with more to work with.

While ChatGPT is incredibly useful, it’s ultimately simply a tool. Remember that human assistance and evaluation are necessary to ensure everything is entirely accurate and relevant to the organization’s goal.

ChatGPT Can Help SMEs with Grant Proposals

Technology has advanced to the point where an AI can help brainstorm, write, and edit a grant proposal. ChatGPT can be incredibly beneficial for small businesses looking to secure funding. SMEs looking to digitally transform their grant writing process can utilize it to save valuable time and resources.

The post How ChatGPT Can Help SMEs With Grant Application Process appeared first on SmallBizTechnology.

What Companies Are in the Technology Field

Alphabet Inc.

Let’s start off this list with a company nobody’s heard of. When Google restructured itself, back in 2015, Alphabet Inc. was created to be the parent company of the setup. That means Google, Gmail, YouTube, all of it. Alphabet Inc. is the umbrella it falls under. This multinational conglomerate company is valued at 1,581.72 Billion. It is stationed in Mountain View, California, and among its numerous subsidiaries hosts over 156,000 employees.

However that in and of itself does not qualify it as a tech giant worthy in standing amongst some of the best, let’s list the Alphabet subsidiaries and touch on their respective fields:

Google – Internet Services

Google Fiber – Internet Access

Deep Mind – Artificial Intelligence

Intrinsic – Robotics Software

Waymo – Autonomous Driving

Wing – Drone Based Delivery

Calico – Human Health

Verily – Human Health

CapitalG – Venture Capital

GV – Venture Capital

X Development – “Moonshot” Technologies

Yes, you read that last one correctly. “Moonshot Technologies” are essentially described as major problems addressed through a utilitarian, radical solution. X Development is quoted as a semi-secret lab aimed at the research and development of such technologies. Google’s self-driving car incited the inception of the lab that became this.

With all these conglomerated technologies: AI, internet services, massive databases, autonomous automation, and a literal Johnny Quest-style laboratory, this is surely a tech company to watch – particularly its subsidiaries, into the future.

Apple

Valued at around 2,604.32 billion, Apple has revolutionized technology and the world with its take on the smartphone. There are also their tablet technologies and Apple continues to improve upon them with its 1,608,000 employees. Their specialty is in electronics and software. Additionally, they boast other online services.

Last year, Apple claimed a 2.3 trillion valuation boosting its worth over Meta, Amazon, and Alphabet combined. All other giants on this very list.

As a business that deals in the invention of electronics and its software there is little doubt that Apple has a competitive edge in the product generation market. Besides the hardline-backed necessity of tangible merit, their footing in app development and both TV and News services provide them a competitive edge over simply logistic-based operations.

Amazon

Little understood about Amazon is the immense weight that is placed upon its algorithm. The 1,468.4 billion dollar company started as an online market, with an implementation of the aforementioned algorithm. However, over time Amazon Web Services and their Prime Logistics feature have carried them into both vertical and horizontal market expansion.

Amazon, like other tech giants, has brought research and development into autonomous driving, their car being Zoox. While this could be expected to work in tandem with their logistics services, it is said that Amazon intends to do this to rival Uber and Lyft in competition with rideshare services.

Meta

Facebook, Instagram, WhatsApp. 499.86 billion. While it has been fumbling in recent memory, Meta is a tech giant that deals particularly in data and analytics. Beyond this, these services hold massive stock in the marketing space with Facebook and Instagram respectively holding the top two spots for digital marketing as of 2023.

The “Metaverse” itself has largely been deemed a joke, however, it also serves as an interesting case study as the technology trudges along. With Web3 in discussion and the advent of NFTs and other similar decentralized happenings, if these were to come to pass it could boost the Metaverse into public consciousness and give Zuckerberg and Meta a once again stranglehold monopoly within the new space.

Microsoft

While not as flashy, or seemingly as modern as many of the other tech companies on this list, Microsoft has remained in the public consciousness since 1975. Consumer electronics and consumer software leave it with a similar background to Apple. And with its acquisition of LinkedIn, it has a social media presence as well – the third best for digital marketing, in fact.

Unlike other tech giants, it has focused on largely retaining its lane and staying within the general consensus of its core space. Its MS Office features are integral to many companies, businesses, and individuals alike across the planet.

Tesla

There it is, the electric car company housing over 110,000 employees and 650.10 billion in total market value is unsurprisingly another tech company to keep on the brain within the foreseeable future. The company’s focus is on car automation and car functionality.

This leads to the development and integration of “smaller” technologies into the “bigger” picture of the vehicle. Regardless of whether that is working in conjunction with SolarCity. In intent to navigate toward renewables, or simply Tesla’s own self-driving efforts. Anything that falls under Elon Musk’s umbrella is certainly something to pay due note to as pieces are often linked within each other like looking at an aerial view of a puzzle constructed in pieces over multiple elevations.

In addition to cars and solar integrations, Tesla develops general electric battery production and research. Similarly, the car manufacturer works in the software space by designing multiple programs and interfaces within the realm of self-piloting vehicles and camera recognition and AI software.

Across the board, there are a lot of multi-billion dollar tech companies all vying for clear market dominance in the “tech” space. This all diversifies and branches out in its own specific and nuanced ways, however ultimately the key point and takeaway is, as a good rule of thumb; look at all the technology companies that are doing essentially the same thing.

The post Top Tech Companies of 2023 appeared first on SmallBizTechnology.

Whether you do your own taxes or use a tax professional, here are some tips that can help you get a jump on your taxes year-round.

Prepare for Tax Season: Keep excellent, organized records

When you prepare for tax season there are things you will want to avoid. This includes the last-minute crunch of searching for tax-critical business information by employing good record-keeping strategies. Consider using accounting software to simplify the tracking and managing of everything from receipts, invoices, and mileage to income and bank transactions. Customize your software and sync it to your bank accounts, credit cards, payment apps, and e-commerce tools. This will allow you to run real-time reports and gain insights.

The right software can help deliver peace of mind during tax season. This is also true at moment you want to know where your money is going and what’s coming in. And there are options for paperless organization. This means you can trade rummaging through a receipt-filled shoebox for more time to focus on growing your business.

Understand tax laws 

Tax laws can be complicated and are in a constant state of flux. But as a business owner, understanding your federal, state, and local tax requirements is essential when you prepare for tax season. Be sure to always stay on top of the latest tax laws and policies, whether it’s a new tax obligation or a recently introduced tax credit that could reduce the amount of money you need to pay, dollar for dollar. Keep informed by visiting the IRS website or consult with an accountant to ensure you’re in compliance with new tax rules and taking advantage of any eligible tax deductions and credits.

Track your tax deductions 

No one wants to pay more than they have to. Small business owners can often write off many expenses. These expenses include office rent and supplies, car expenses and mileage, and business-related travel. Understanding which tax deductions you may be entitled to can help speed up your tax filing process. It can also save you money—a win-win!

You could wait until tax time to go through all your records and messy spreadsheets. However, a better way is to utilize user-friendly accounting software that automatically categorizes your business expenses through synced accounts. Whether you spend money on legal services, contract labor, or other deductible expenses, this software can help you stay organized throughout the year. It can also improve accuracy when adding up your claims. Export your documents when it’s tax time, or share them with your accountant. And it gets better: the software itself is a tax-deductible expense.

Prepare for Tax Season: Monitor finances and plan

Monitoring your financial statements throughout the year will always be beneficial. It can help you uncover issues you may need to address in order to prepare for tax season. For example, it may be a good idea to estimate your potential taxes to minimize surprises. Or use an accounting software system that can forecast money-in and money-out to help manage cash flow.

Paying attention to your finances can also help you understand the impact some of your expenses could have on your taxes, such as if you’re purchasing equipment. Perhaps you qualify for Section 179, an IRS Tax Code which allows businesses to deduct the cost of certain property, like equipment or machinery, as an expense when the year it was placed in service.

Prepare for Tax Season: Know your business tax deadlines

With everything else on your plate, there are also tax filing deadlines throughout the year to keep in mind. Knowing when your taxes are due can help you avoid accruing interest, penalties, and not-so-friendly reminders from the IRS.

Business tax due dates vary depending on your business classification. And if you’re a sole proprietor, partner, LCC member, or independent contractor, you’re required to pay estimated quarterly tax payments.

Have employees? You’ll need to report the amounts of federal income taxes and other payroll taxes you have been withholding from your employees. Payroll is another area where some accounting software solutions may assist by calculating, filing, and payroll taxes for you. One less thing you have to worry about.

View the IRS Online Tax Calendar to determine when your business taxes are due and add the dates to your personal calendar.

Prepare for Tax Season: Set up an inventory tracking system

Obsolete inventory that cannot be sold may reduce your taxable income, so keeping track of your unsold products may save you money at tax time. If you own a product-based business, consider setting up an inventory tracking software system that makes real-time tracking of goods, raw materials, and finished products easy so that you know what you still have on hand.

Prepare for Tax Season: Build a dedicated tax savings account

If you’re self-employed, having a savings account earmarked for taxes can give you peace of mind that you’ll have money to cover what you owe when submitting your quarterly estimated tax filings. Keep the account separate from other accounts, such as your personal, business checking, or emergency fund accounts. Determine your tax bracket and estimate what percentage of your income you should allot toward taxes.

Tax season may never be considered the “most wonderful time of the year,” but it doesn’t have to be the most stressful either. Make tax prep a business-as-usual task all year and help set yourself up for smoother sailing at tax time.

The post How Businesses Can Prepare for Tax Season Year-Round appeared first on SmallBizTechnology.

There are several approaches as to how best to deal with your software. Because in reality yes you have software that is the product. But what you are creating here is an offer. Think in terms of ‘The Godfather’ or ‘100 M Finance Godfather’ Alex Hormozi and give them “an offer they can’t” or would “feel stupid to refuse.”

The Offer is itself your bargaining chip in making the sale. The product should serve as the thing they need, yes, however, let it function as a bargaining chip as well. Use it to prime what you are actually selling: the offer. In this weird inverted way, you have created a product that is actually just a vehicle for you to sell the offer, which will take you to their money.

And in mind, the offer will sell the product in the end. When pricing software products, you should start viewing your selling from that perspective.

Think About Your Software and Its Best Model

• Monthly or Yearly Subscription Plans
• Billing Extra for Storage or Additional Capabilities
• Bundling Recurring Subscriptions with Additional Capabilities
• Trial Periods and Reduced Pricing Opportunities
• Targeted Segments
• Result Based Pricing

When pricing software products, think about who is using your software. This will help determine how you want to price it. Once again this is but a single metric you can factor into the offer you make the prospective client. In one turn you could offer a highly-priced product. This can help segway the decision to purchase into being one that is value-based.

Alternatively, you have the ability to provide priced base selling, at which point you can put time into finding the specific metric and undercutting competition within it to receive that extra headroom with your customers. There are benefits and detractors to both. However, keep in mind that this also has an effect on the type of clients you will receive.

The Nuance Points of Pricing Software Products

• Service
• Demonstrated Value
• The Demand Curve
• Extras that Should Be Upsold
• Brand Image
• The Pricing Model’s Effect on Price

All these nuances will shape the nature of the product as it is in part what you are putting in, the demand it generates. The extra features may provide entirely new areas for the company, as well as the brand image and how the money is collected – think frequency and premium.

Opportunities to demonstrate value can also create a lasting effect that can allow for familiarity with the program. Too often people don’t want to pay right out of the gates for something they don’t know how to use. Let your work – if you believe in it do the work and then once they integrate it and like it they will be more likely to fork over those hard-earned dollars onto your plate.

The post Pricing Software Products Before Entering the Marketing: Tips and Tricks appeared first on SmallBizTechnology.

1. Use Chatbots to Draft Candidate Communications 

Staying in touch with candidates through the hiring process is crucial, but it becomes more difficult as the number of people applying rises. Fortunately, you can use tools like ChatGPT to suggest how to tell applicants about their progress. For example, will you invite them to an interview or inform them others are better suited to the role? 

Following up with all candidates protects your brand and shows respect to the people who decided to apply. A tool like ChatGPT could also help you develop consistent messaging, further strengthening the perception of your company. 

Consider using a chatbot to help you craft content for various situations. Whether you need to let candidates know their applications are under review or want to extend job offers, clear communication will make these experiences better for everyone involved. 

2. Let Chatbots Create New Content for Job Ads

When decision-makers at your SME commit to recruiting and hiring more candidates, you must take the time to ensure any previously used job ads still reflect current needs and benefits. You may also need to make wholly or mostly new postings to attract the kinds of people you hope to hire. 

You might stipulate that international workers you hire will be contractors rather than employees. Alternatively, you might need to clarify that advanced English-language skills are a prerequisite for getting hired. 

Perhaps you’re recruiting to fill skills gaps in your organization. In that case, make sure the job listing has those specifics. You might say it’s essential for candidates to have at least three years of artificial intelligence (AI)  development or cybersecurity experience. Whatever the case, tools such as ChatGPT can help you write that content more quickly. 

You can even format your query by stipulating that the chatbot’s responses must have or should not contain certain elements. This should dramatically accelerate your workflow. 

One study found that three-quarters of respondents thought AI would gradually become more natural and human-like. Even if you believe that, don’t be fooled into thinking AI can replace your oversight. Let the technology supplement it instead.

3. Rely on ChatGPT for Candidate Assessments

Many employers remain unsure of whether to allow their workers to use AI. Some have banned it outright. They worry that products like ChatGPT could provide incorrect information or enable people to cheat. However, there are better approaches than forbidding candidates to use generative AI tools.

One possibility is to test candidates’ resourcefulness with AI by allowing them to use it during company assessments. It’s already clear artificial intelligence is becoming an increasingly significant factor in how people use the internet and complete various tasks. Recruiters typically want to see whether applicants can think creatively and use all the tools available to them.

Consider creating one assessment where people can use AI tools and another that forbids it. Then, compare the results and look for details of someone’s most obvious strengths and weaknesses. 

4. Have the Chatbot Suggest Interview or Screener Questions

It’s always a good idea to freshen up your interview questions when engaging with candidates. Some people suggest using ChatGPT to understand what will likely be asked during interviews. It does work that way, but you can also have it create new questions for candidates. 

One option is to paste the job description into the ChatGPT input box and ask the tool to provide appropriate questions. That could encourage you to think differently by going beyond how you’ve previously engaged with candidates during the interview process. 

Another possibility is to use an AI chatbot while writing your candidate screener questions. People see them when they’re submitting resumes and cover letters. They might ask individuals what appeals to them about a specific job, how prepared they are to relocate, and which characteristics make them most well-suited to succeed. 

Coming up with these questions takes time and effort, but those are some of the strongest reasons to rely on AI chatbots. You’ll still need to proofread the queries and potentially make some tweaks, but this technology application is a definite time-saver. 

Maintain a Realistic Perspective

AI chatbots are incredibly versatile, but they don’t replace human input. Use these suggestions as jumping-off points for how you might apply these tools in your organization — particularly for recruitment. The potential applications will undoubtedly change and expand as technology advances. However, these are practical and useful ways to experiment with it now.

The post The Use of Chatbots and Generative AI, Such as ChatGPT, in SME Recruitment appeared first on SmallBizTechnology.

In 2022, statistics gathered by Invesp found that U.S. businesses are more focused on improving customer acquisitions over retention strategies. The Chicago-based marketing consulting firm noted that “for every $100 spent on acquiring new customers, only $5 is spent on retaining existing ones.”

Finding new customers is essential for sustaining business growth, but it’s not enough. It is also necessary that small business owners and entrepreneurs place special emphasis on preventing customer loss. Many customers demonstrate high satisfaction rates due to fair prices, personalization, and high satisfaction. However, reducing customer churn and building up customer loyalty have been shown to help businesses thrive over time. It also reduces expenses associated with customer loss.

To prevent customer loss in 2023, it is important that entrepreneurs and small business owners look at how they can optimize their customer interactions. There is a myriad of technological tools that can help accomplish this goal. Here are 6 tools we believe every business needs to improve customer experiences and reduce customer losses this year and beyond.

1. Customer Experience Technologies

A report by Fortune Business Insights shows that the global customer experience management market has grown to $22.41 billion and is expected to reach 32 billion by 2029. Having a targeted message that speaks directly to potential customers and the right tools in place can improve customer experiences and brand loyalty. As a result, this is effective at reducing customer churn and growing retention rates.

The use of customer experience tools allows you to better understand your target customers. It also allows you to track their journeys and preferences and meet specific customer needs with automated processes. Amplitude is a great example of how you can improve your understanding of customer behavior and turn user data into meaningful insights that impact future product developments. Leading brands such as Dropbox, Walmart, HubSpot, and Notion trust the platform. It streamlines customer data analysis while increasing growth and engagement.

2. Subscription and Billing Software

A recent study by the Massachusetts Institute of Technology shows that customers are more likely to make payments on time when they receive payment reminders and have a digital payment platform that is quick and simple to use. To boost payment collection efficiency and keep your customers in good standing, consider using automated billing software to optimize payments.

Look for software that includes a list of features that will help you reduce attrition rates. Reports have shown that users who use Regpack billing solutions experience a 25% decrease in customer losses. It also shows a 30% increase in cash flow. Regpack provides a recurring billing solution that is equipped with customizable recurring schedules, easily managed payment plans, and auto-billing options to streamline invoicing.

3. Customer Relationship Management Tools

To keep your customers happy, focusing on customer relationships is essential for tracking data and understanding interactions. CRM tools have the capability to prevent customer loss and drive sales. It does this by better understanding customer needs, reducing operational costs, and supporting ongoing customer relations.

Zendesk has become a world-class name for over 10,000 companies across the globe. Known as a tool for providing exceptional customer service and managing customer relationships, it supports customer retention efforts. It does this by comparing the performance and strategies of competitors to provide customized CRM ideas for your business.

4. Digital Payment Solutions

A common barrier that keeps customers from returning is credit card fees at the checkout process. This usually falls around 3% of the total order amount. Credit card processing fees can be expensive for your business. But, it is best to refrain from charging your customers a fee or surcharge to recoup costs.

Consider a digital solution that offers account-to-account payments to avoid additional fees and provide a seamless customer checkout experience. Dwolla is a great option for eliminating credit card fees, serving as an easily implemented, low-code payment solution. This robust payment platform has helped businesses increase transaction volumes by 86% after integrating same-day ACH payments that reduced fund transfer costs and streamlined account transfers for users. The success of this innovative tool provides a white-labeled experience. It maintains brand loyalty and reduces administrative costs to work smarter and not harder.

5. Upsell Cross-Sell Software

Upselling and cross-selling strategies are great ways to keep customers coming back. Yet, many businesses leave the bulk of these strategies to customer support teams or hesitate altogether. A study by Bain & Co. found that returning customers spend over 65% more than first-time consumers. So, while chasing after new customers is more costly compared to retaining current customers, capturing opportunities with loyal customers is a valuable way to offset additional costs.

One of the best tools to support customer interactions during the post-purchasing phase is Klaviyo which uses SMS and email marketing to stay organized and save time on cross-selling. This e-commerce marketing automation platform has successfully earned its customers over $14 billion in untapped revenue. This is all while delivering greater retention rates.

6. Customer Feedback Tools

While reducing churn is an essential goal to have, don’t leave out efforts to win back customer loyalty. The Harvard Business Review has previously noted the need for companies to place greater emphasis on winning back lapsed customers using SMART strategies. In 2023, this means using the right tools to collect customer feedback, then using the feedback to gain back lost customer trust and loyalty.

To help you better identify why your business has experienced customer churn, you want to have an effective tool for gathering customer feedback. Survicate is one great option for delivering surveys in minutes across all distribution channels and informing you of the churn factors impacting your retention efforts.

Investing in digital solutions and self-service channels that are made to reduce customer losses is guaranteed to deliver long-term business growth, while still allowing leaders to focus on bringing in new customers. What tools will your business use to improve customer retention this year?

The post Prevent Customer Loss: 6 Tools Every Business Needs in 2023 appeared first on SmallBizTechnology.

Likewise, expenses that can be potentially offset with this federal tax credit include employee wages, paying contractors, purchasing supplies, and many other costs.

So, if you have a small business that performs research and/or technology development activities, you can claim an R&D tax credit. The R&D tax credit can then be applied to offset payroll tax or income tax.

Benefits of the R&D Tax Credit

Claiming the R&D tax credit enables small businesses to:

• Increase cash flow and significant savings
• Reduce the Federal tax rate
• Receive Federal and State dollar-for-dollar income tax reduction
• Ability to claim the credit for open tax years going back 3 to 4 years 

What are the Qualifications for Small Businesses to Claim the R&D Tax Credit?

In order to apply for the R&D tax credit, your small business must meet the below criteria:

• 5 years or less in revenue
• Have less than $5 million in revenue in the current year
• Have conducted qualifying research activities and expenditures

Additionally, if your small business paid for any of the below, it might also qualify for the tax credit:

• Employees or sub-consultants performing research
• Raw materials
• Consumable supplies during development
• Cloud computing services related to development operations

Claiming for Small Businesses

The following are examples of qualified research activities for small businesses to claim under the R&D tax credit:

• Design and development of new or improved software applications
• Development of conceptual designs and defining requirements and specifications for new or improved products
• Development of tooling, fixtures, and dies
• Building and testing prototypes
• Development of production processes and equipment
• Evaluation and testing of new materials for product development

Also, there are different ways of getting help with tax credits. A couple of ways are via software applications and consultants.

The post Are R&D Tax Credits Available for Small Businesses? appeared first on SmallBizTechnology.

If you’ve made a firm decision to invest in rentals, multifamily properties are oftentimes the best bang for the buck. Developers connect multiple units together rather than building individual houses that might not be anywhere near each other. In addition, there are some financial advantages to financing and bookkeeping. Here are three things to keep in mind if you’re thinking about multifamily property investment, even when capital is limited.

1. Look For Beneficial Financing For Multifamily Property Investment

Depending on how many units are in a multi-family property, the cost can be a detractor for potential investors. A duplex and a single-family home with comparable square footage might only be slightly different in price. A four-unit property, on the other hand, could easily be 2-3 times as much as a single-family home.

Unless the buyer has a great deal of income from other sources, a traditional mortgage might not be an option. Mortgages don’t take the prospective income from the property into account. Rather, they assume earned income at the time of application needs to cover the monthly mortgage payment.

Thankfully, there are other options for those without large incomes. A DSCR Loan (debt-service coverage ratio) is available for those looking to buy commercial or multifamily real estate.

These loans take into account how much revenue will likely be generated and compare that against the monthly debt service. At a bare minimum, the buyer usually needs to have a 1.00 debt service ratio, but most lenders require at least 1.25.

Maybe you need to borrow $1,500,000 to purchase a 10-unit property. A 30-year loan at 6.5% interest would have an approximate monthly debt service of $9,480.

With a high DSCR, you have more bargaining power with your lender. If your monthly income from a property will be five times the debt service, the lender will want your business. This can give you some leverage with interest rates and down payments.

2. Get Creative in Multifamily Property Investment if You Have Limited Cash.

Few people with multifamily property investments have long-term goals of living in one of their units. That doesn’t mean you shouldn’t dismiss the option when you’re first getting started. For some first-time investors, this might be the only way to afford a multifamily property.

Those who finance their multifamily property investments through a traditional mortgage might find themselves strapped for cash when first starting out. Not having an additional mortgage for a personal home could free up some much-needed funds. Also, it can be beneficial if the property needs some upgrades before a justifiable rent increase.

For example, let’s say a married couple buys a duplex in need of some moderate repairs. The owners could live on one side while renting out the other side at pre-established rates. Any upgrades could be done on the owners’ side while they’re living there. It’s an especially handy arrangement if the owners are doing most of the repairs themselves.

If it sounds like a nightmare to live through two upgrades, it might be. But for those who cannot afford it any other way, the effort could very well pay off in the long run.

3. Choose Your Level Of Involvement

If you own a couple of duplexes, you can probably keep on top of recurring tasks. Rent collection, paperwork, background checks, and scheduling maintenance get more time-consuming as you add units to your portfolio.

Part of your long-term investment planning needs to include your level of involvement. If you begin accumulating a significant number of properties or units, managing them can be a full-time job. That’s perfect if you’ve planned for that eventuality.

However, if you have a career outside of investment properties and want to maintain that, you might need help. You could hire an individual to manage your properties or engage with a property management company.

If you do acquire management assistance, make sure to thoroughly investigate the competency of whoever you hire. Ask around with other rental property owners. Is there one management company that keeps coming up over and over with a less-than-stellar reputation? If so, don’t ignore that, no matter how big or well-established the company is.

And even if you hand over nearly all the management work to a third party, you still need to check in regularly. Make sure that hidden fees not previously agreed upon aren’t decreasing your profits. Also, look into standard rental rates and compare them with what is being charged at your properties.

Trust in your management partner is a great thing, but you’re ultimately responsible for the profitability of your multifamily properties.

The post 3 Tips for Investing in Multifamily Properties appeared first on SmallBizTechnology.

What are 3PLs and what do they offer businesses of all sizes?

3PL companies provide businesses of all sizes with access to a wide range of services. These services include warehousing, inventory management, and transportation services. Companies can accomplish a great deal by outsourcing these specialized tasks to 3PL experts. They can improve efficiency, reduce costs, free up time for core business activities, and compete better in the market.

3PLs are adept at handling complex supply chain activities. 3PLs do everything from coordinating between suppliers and end customers to managing order entry and tracking inventories. Even optimizing route networks for transportation optimization and cost savings analysis.

With their expertise and expansive network of resources, 3PLs offer a reliable way to manage the many different facets of a business’s logistical needs.

How can a 3PL help streamline your supply chain and improve operations?

Working with a 3PL provider can be a cost-effective way to streamline your supply chain and improve operations. They manage the process from start to finish. Additionally, they have developed systems and processes that will help you eliminate any costly mistakes or delays.

They can develop efficient solutions for a wide range of shipping situations. This reduces costs while protecting the quality of the goods you are shipping.

In addition, they are experts in technological solutions such as automated tracking tools and innovative packaging techniques that no other provider may offer. By leveraging the expertise of such scalable systems, you can reduce direct labor costs by up to 30% and dramatically increase efficiency levels, resulting in improved ROI and greater profitability.

What are some benefits of using a 3PL for your business?

When it comes to running a successful business, there are so many moving parts. If you want to ensure maximum efficiency and success, using a 3PL can be an important part of your strategy.

They specialize in providing businesses with a variety of essential services. The services include inventory tracking, order fulfillment, shipping and freight management, freight forwarding; the list goes on! By engaging a 3PL, you will have access to their extensive network of resources. This allows you to save time and money while you focus on your core expertise.

Additionally, 3PLs have been proven to reduce costs associated with storing goods by optimizing storage locations and managing product replenishment more effectively. Whether your business is just expanding or seeking cost savings through specialized resource outsourcing there are many benefits that come along with working with a talented and experienced 3PL partner.

How do you choose the right 3PL for your company’s needs?

Choosing the right 3PL for your company’s needs can seem like a complex task, however, it all comes down to finding the best fit for you. Make sure you keep an open mind as you research potential providers and don’t forget to evaluate resources such as reviews, references, and certifications.

Look into pricing options and services available, such as storage space and order fulfillment services too. A good 3PL should be flexible enough to meet your process requirements whether they involve manual or automated techniques.

If shipping is part of the service they are offering, compare their rates and capabilities against carriers you already use too. You will also want to take any existing customer relationships into account, as an existing business relationship may be beneficial for the successful management of production processes in the long run.

Lastly, don’t forget about technology when evaluating potential logistics providers. Having the flexibility for suppliers and customers to access data within a secure cloud platform is a critical aspect of effective supply chain management these days.

Doing ample research based on your objectives should result in finding an effective 3PL provider that meets all your business needs.

What should you consider when negotiating a contract with a 3PL provider?

When negotiating a contract with a 3PL provider, it’s important to make sure you understand the many details of your agreement. Start by researching what services are included and what additional fees may be incurred. Make sure critical deadlines like delivery dates and payment terms are set out clearly in the contract before signing.

Look for a provider who is willing to collaborate and be flexible throughout the process. Be sure that their pricing structure aligns with your needs, both long-term and short-term. Any changes down the line can have serious cost implications. Communicate openly and efficiently with your 3PL provider, so both of you can come to an agreement where everyone benefits.

How will implementing a 3PL benefit your bottom line?

On top of potential cost savings as 3PLs are highly efficient and know where to obtain the best rates. Having a professional handle such matters for you means peace of mind. You can rest knowing that everything has been well taken care of by experts who specialize in their field.

As mentioned above, utilizing 3PLs is a great way to streamline processes and increase overall security and efficiency. By leveraging the expertise of a 3PL provider, organizations are ultimately able to focus on core competencies that support business growth.

Conclusion

In summary, as the business landscape continues to change at a rapid pace. It is more important than ever for companies to adopt new strategies that will allow them to remain competitive. 3PL providers offer a number of advantages that can help businesses to improve their operations and extend their reach.

If you are looking for ways to increase your company’s efficiency and effectiveness, consider working with a 3PL provider. There is much you can do with the right partner. You can gain access to the latest technology, tap into new markets, and improve your bottom line.

The post Adopting New Strategies: The Power of 3PL for Your Business appeared first on SmallBizTechnology.

As technology continues to evolve at a rapid rate, harnessing tools like AI, SEO optimization, chatbots, and more can reduce a recruiter’s workload. It also increases visibility and identifies the best candidates for a given job. Here are six ways technology can help your recruitment process.

Expand Your Candidate Pool

Technology and the internet have the ability to remove all geographical constraints when it comes to recruiting and interviewing potential candidates. This is especially helpful for positions like travel nursing, where it’s advantageous to spread as wide a net as possible, without needing to worry about where candidates are currently based. With the rise of VoIP, and video conferencing programs like Zoom, Skype, and Google Hangouts, interviewing a candidate from across the globe is now just as easy as interviewing one from across the hall.

Additionally, many of these platforms offer built-in features. They can record the screen and save interview footage for viewing at a later time. This can be exceptionally helpful if several people need to be involved in the hiring process. Additionally, it helps for reviewing candidates later on. After all, watching a recording of a video interview provides much more context and information than even the most carefully constructed notes.

Optimize Your Time (and Theirs)

No matter how efficient you are, the recruitment process necessarily involves some tedious, repetitive, and time-consuming steps. Thanks to the evolution of technology, many of these can now be handled by apps and various programs.

For example, implement automation for the interview scheduling process. This not only saves your recruiters time, but it also streamlines the process for the candidate, allowing them to choose a time that works best for them, and even giving them the freedom to reschedule for another date, if necessary.

Other processes can be automated, as well, such as the administering and scoring of skills assessments, collecting feedback from various candidates through a survey or questionnaire, and sending emails or text messages regarding the status of an application.

Finally, using a chatbot can be useful for both recruiters and candidates. Candidates can get answers to simple questions about the company, position, and recruiting process at any point. This is without recruiters having to be available to answer their queries.

Offer a Better Application Experience

Whether it’s a fair assessment or not, many candidates base their judgment of what it might be like to work at a company on what the application and interview process is like.

A complicated, outdated, or tedious application process can turn candidates off. It also leads them to believe a company doesn’t care about its employees. A streamlined and user-friendly application and interview process, on the other hand, can be a powerful way to attract top candidates.

You can ensure a simple and satisfying user experience by maintaining a streamlined and easy-to-navigate website. Also, maintain an easy-to-use application template and an accessible and stress-free virtual interview process.

Reduce Bias and Increase Diversity

Most humans, whether we’d like to admit it or not, have inherent unconscious biases. Even when they’re identified, it can be difficult to unlearn and let go of ingrained perceptions of people based on race, ethnicity, gender, age, sexual orientation, or other defining characteristics.

AI tools can help eliminate this bias. They are able to focus solely on qualifications and data points while ignoring demographics. This can help get candidates in the door who might otherwise be overlooked, and, in the long run, can diversify your workforce.

Leverage SEO

Search engine optimization (SEO) is essential when it comes to getting the right job descriptions in front of the right candidates. When creating a job posting, it’s important to include relevant keywords in both titles and descriptions, use easily discoverable website URLs, organize your page or website in a way that makes it easy for Google to crawl it, and earn backlinks from high-ranking, reputable job listing sites.

If this seems a bit overwhelming, don’t fear. There are many SEO tools out there. They range from free to subscription-based, which can help craft job postings that will rank high in Google searches. This helps more potential candidates see them.

Predict Best Fits

Ultimately, none of this is worth much if it doesn’t help your team find their next great employee. SEO can get job descriptions out there in front of the right people. And AI can read online profiles to discover potential candidates. But there’s more to it than that.

AI can accurately match candidates with the ideal skill set for a given job description. Some platforms can even draw on a variety of data points. This helps predict whether a candidate will be a good match for the company culture. It can be the difference between a future employee who does a good job, and one who thrives. Leveraging the right tools in the right way can be invaluable in helping you find the right employee.

Recap

Recruitment in the competitive healthcare field can be difficult and time-consuming. Employing technology like SEO, AI, video conferencing, and automation can minimize the strain on employees. It additionally helps identify the best candidates for recruiters and diversifies your workforce. Harness the latest in technological advances to bring your recruitment process to the next level.

The post 6 Ways Recruiters Can Better Utilize Technology in Their Processes appeared first on SmallBizTechnology.

Each business has its own apparel, that while streamlined, serves tailored toward an air of professionalism. Each is built appropriately to suit the job’s numerous functions and economically-stratified levels. So with each seeking out professionalism at its appropriately deemed level, there becomes a new question: what is business attire?

There are several key levels of dress outside of an issued uniform. This article will seek to illuminate the general articles (of clothing) that one would typically come across at each level and additionally what an outfit would most typically be appropriately composed of.

Women’s Business Attire

The Suit

This is the hallmark of business attire. The mainstay itself. A strong suit is tailored.  Always clean and pressed. Equally important, the suit should be a darker color: black, gray, and navy are all consistently accepted colors. It can be worn with either a skirt or pants suit accordingly. Make sure the fit is not too tight, small, short, or baggy. Professionalism comes from form.

• Pressed and Clean
• Dark and Neutral Colors
• Tailored, Worn with a Pantsuit or Skirt

The Blouse

Blouses offer generally more stylistic opportunities than most business attire. Furthermore, the blouse should always be clean and can come in either the collard or simple round neck variety. Softer pastel colors are often allotted beyond the usual white. Avoid anything excessive or trendy.

• Collared or Round
• Soft Colors
• Well Fitted, Pay Mind how the Collared Blouse Wears

The Shoes

Shoes should be used to complement the outfit. This will typically exist in the form of a classic pump. Heels themselves are not required but should never exceed past 4”. Ultimately go with an option that is clean and polished, but one that you are comfortable walking in. Likewise, avoid trendy, overstated footwear.

• Complement the Outfit
• Classic Pump
• Heels Remain at or Under 4”

Hosiery and Accessories

The hosiery should be worn with a skirt suit. Find a sheer style without any pattern. The color should match well with the suit. All accessories should complement the outfit while remaining understated.

• Hosiery with Skirt Suit
• No Flashy Accessories

Men’s Business Attire

The Suit

The suit itself is the flagship enterprise of business attire. Ever the safe bet, a traditional suit should sport dark, neutral colors and avoid being distracting or trendy. Also, the pants should match the suit (in most cases) and all should be kept at the appropriate length – sleeves to hands with the jacket possessing a roughly 80% overfold on the glutes and crotch. A proper suit should be pressed thoroughly.

• Pressed and Clean
• Dark Color
• Tailored for Jacket, Sleeves Fall at Hands

The Shirt

A good shirt should in theory, typically boast the same lengths as the suit jacket – hands, butt, crotch. It should be cleaned and pressed. With this in mind, a long sleeve and button down to reach the proper pedigree – this is not business casual. The shirt should theoretically be white, or another similarly understated color. It does not have to be tailored, however, it should fit well.

• Long Sleeve Button Down
• Simple, Soft Color
• Well Fitted

Socks, Shoes, Belt, Tie

Shoes should be clean and either brown or black. Socks should match the suit. The same goes for the belt. Utilize a solid belt pairing for added cohesion and professionalism. The tie is often where you can have the most “fun” if you can call it that, but it should typically be conservatively understated as well. Think of a typical solid, potentially soft color, or an underwhelming pattern.

• Cohesive
• Compliment Suit with Colors
• Distinct, but Not Distracting (should add to the outfit)

Women’s Business Casual

Blouse

The blouse can and should remain largely unchanged from the business attire. Provided that it is clean, pressed, and well-fitted. This can once again be either round or collared. It should be soft and understated, avoid flash, pomp, or anything overtly bright.

• Clean, Pressed, Fitted
• Round or Collared
• Soft, Unassuming Colors

Pants

Dark colors are preferable for pants. It’s important that they’re well-fitted and freshly ironed. Business casual exists to set a level more than any particular style. There is a chance to express oneself via one’s choice of clothing, so long as the trousers are properly tailored for business and the colors are not garish.

• Darker Colors
• Well-Fitted, Especially in Length

Shoes, Accessories

Shoes should be clean and dressier in nature. Generally, one should make sure to avoid anything flashy or overly ceremonious. Heels are fine for business casual dress. Once again, avoid the grandiose or trends. Accessories like scarves can be used to pull together an outfit, but once again should be used for stylistic cohesion.

• Heels are Fine
• Accessories Should add Professionalism and Cohesion, Not Distraction

Men’s Business Casual

The Shirt

Business casual dress offers far greater wiggle room for personal affinities or stylings. For the torso, there is the freedom of options. A clean, well-pressed shirt is standard, obviously. Also, a polo or a simple collared shirt is fine. Furthermore, a sport coat is optional assuaging the need for a tie.

• Typically Short Sleeve
• Sport Coat Opportunity

Pants

The pants should pair well with the shirt and be of a typically nicer fashion. For the most part, they are more often in essence non-suit dress pants. Think khakis. Avoid jeans. Think Justice Stewart’s “I know it when I see it.”

• Khakis
• Simple Color (brown, tan, gray, etc.)

Socks, Shoes, Belt, Tie

Lastly, socks should match your shoes. Generally, shoes should be one of the nicer pairs, with room for the individual’s proclivities and distinctions. Furthermore, a belt is a requirement, as the shirt should remain tucked. Find a belt that once again plays well between the shirt and pants. Additionally, common business casual attire does not often include a tie. If you are wearing a sport coat this remains the case.

• Dress Shoes
• Paired Belt
• No Tie

In conclusion, these are the most common forms of dress that will be appearing in your typical workplace. After grasping one element, be it the suit, blouse, or dress shirt, the outfit will typically pull itself as well as its stylistic choices together naturally.

The post Small Business Guide to Business Attire appeared first on SmallBizTechnology.

What Is Robotics Process Automation?

RPA is a type of business automation software capable of automating digital tasks. It programs virtual “bots” with specific rules or scripts for simple actions. Businesses commonly use RPA solutions to automate back-office operations, such as accounting or customer service.

According to Fortune Business Insights, the global robotic process automation market is expected to reach over 50 billion by 2030. RPA-powered bots will become commonplace in the modern workforce in the coming years.

How Robotic Process Automation Affects Small Businesses

Although small businesses may spend a different amount of money on technology than their larger competitors, they still face the impact of the rise of RPA. Some companies in the RPA space even offer free or low-cost RPA solutions to make them more accessible to SMEs.

Here are some of the positive effects RPA has on SMEs.

Reduces Costs

It seems as though SMEs investing in robotic process automation would be counterintuitive because it could raise costs. However, some jobs within a company can be taken over by bots, reducing the need for some employees.

While this would be a disadvantage to the workforce — as it could cause workers displacement — it can benefit businesses. Additionally, as RPA becomes more widely used, the costs associated with implementing it will drop. When adopting such a solution, the goal is not to replace all employees with robots, but to implement technology that frees up time for operation-critical tasks.

Improves Employee Productivity

The business world will soon become hyper-automated, and robotic process automation will help lead the charge. Although some workers may need to upskill to keep up with RPA, it’s widely known that RPA and other automation technologies work best alongside humans — not instead of them.

Robotics do not replace human employees but mimic some of the same activities humans perform to do their jobs well. Therefore, RPA can significantly improve productivity in the workplace. As mentioned above, it takes over trivial tasks to free up team members to focus on more important, meaningful projects.

Helps Scale Business

Since RPA bots can easily integrate into an organization’s existing systems, the company can scale more efficiently without increasing costs, which can help it grow. Scalability is a vital characteristic of some of the most successful businesses. Since robotic process automation can help a company scale, it’s often regarded as a wise investment. Without RPA, SMEs may face more challenges while trying to scale themselves. 

High ROI

RPA can positively affect companies that adopt it because it offers a good return on investment (ROI). According to research from Gartner, RPA can recoup the cost of implementation in as few as three months and offer labor savings from 25–40 percent.

One reason why RPA yields a high ROI is that it can save companies money long term. In industries such as insurance and banking, it’s crucial to follow evolving regulations and compliance requirements. RPA can keep track of new or changing conditions so human employees don’t have to. In the long run, this can save organizations money.

Helps Garner New Talent

Another positive aspect of RPA is that it can help companies improve their recruiting efforts. Modern employees like to work for companies that are willing to invest in new technologies, and RPA is no exception.

If a candidate knows a job they’re applying for leverages automation technology, they could feel more eager to work for said company. RPA can also help with various HR responsibilities, such as scanning resumes, scheduling interviews or calls, and more.

Consider Implementing Robotic Process Automation Into Your Small Business

When companies adopt RPA solutions, the benefits they can reap are too significant to ignore. It’s becoming increasingly popular for companies to take advantage of all RPA has to offer, whether back-office tasks or working alongside employees. It’ll be interesting to see how RPA continues to impact the small business landscape and if more small businesses worldwide decide to adopt and implement RPA into their operations.

The post The Effects of Robotic Process Automation for Small Businesses in 2023 appeared first on SmallBizTechnology.

Along with these benefits, a business can generate revenue by producing video content and sharing it with viewers via a video streaming service. In fact, a video streaming platform has functionality for bringing money to you. What are they? Let’s observe.

Four Business Models for a Video Streaming Service

Generally, there are three basic business models for video streaming services: advertising, subscriptions, and a pay-per-view.

Advertising

OTT advertising platforms generate revenue by running ads on videos. They are usually free of charge for viewers as a content provider makes money via advertising.

Ad-based video streaming services offer free content to viewers. But viewers, in turn, watch advertisements during the video playback. It seems that people don’t mind watching some ads in exchange for free original content, as ad-based video streaming services are gaining popularity.

Such a business model can be used when your target audience is people willing to pay less for video streaming.

Subscriptions-Based Streaming Service

Subscriptions are popular thanks to huge video streaming providers such as Netflix. They sell access to a large library of content for a limited period of time. Viewers purchase once a month or year to be able to watch all videos the service offers.

Subscriptions are usually less expensive than cable or satellite television – that’s one of the reasons why people are turning to online video streaming services. While traditional television can cost around $50 and more, a subscription costs $10-$20, depending on the plan.

Low-priced access to videos allows people to have subscriptions to several streaming services. They can have more varied content to watch.

Pay-per-view Streaming Service

While a subscription gives viewers access to all videos, a pay-per-view model requires the purchase of every single piece of content on the service. When a customer pays for one video, the rest of the content is still inaccessible. A viewer needs to pay extra to watch other videos on the platform.

A pay-per-view model is suitable for services that don’t have a huge library of content. Also, it can be effective for one-time events, such as concerts or webinars.

Hybrid Streaming Service

A hybrid monetization approach allows a provider to combine several models that we described above. It is up to you to decide how to mix them.

There are some examples of a hybrid revenue-generating mode:

• Subscriptions and advertising. It is a model that Netflix is currently adopting. The company now has two plans: one is lower-priced but includes ads during the video playback, and another is more expensive but ad-free.
• Subscriptions and pay-per-view. You can allow people to purchase either a subscription or each video separately. Another format of this combination is two groups of videos: content available on a subscription basis and Premium content that requires an additional fee.

You can come up with your own combination of monetization models.

Final Thoughts

When choosing an OTT solution for your video streaming service, check if it can provide you with multiple monetization functionality. There are many solutions in the market, but they have different features. If you want to test all revenue-generating models, you need to obtain a solution that supports that.

Choose one pricing model or come up with a combination. Ensure you make an informed decision.

The post 4 Video Streaming Service Business Models: How to Generate Revenue appeared first on SmallBizTechnology.

With the latest advances in energy management, this technology can provide users with a more efficient way to monitor and control the performance of solar installations.

As the world moves towards the use of renewable energy sources, heartbeat technology can help to reduce losses in production and maintenance costs.

In this article, we will be exploring some of the advantages that heartbeat technology can offer.

What Is Heartbeat Technology?

Heartbeat technology is an intelligent, automated monitoring and control system that uses sensors and data analytics to optimize the performance of solar installations.

This technology helps to track the health of individual components within a solar energy system, allowing operators to identify issues before they become major problems.

The Heartbeat Platform has harnessed the power of Artificial Intelligence (AI) and self-learning algorithms to make sure you get the most out of your rooftop solar energy production.

By leveraging weather forecasts, it can accurately determine when is best for charging or discharging any devices in your home.

In simple words, heartbeat technology provides a complete picture of your solar energy system making it more efficient and reliable.

How Does Heartbeat Technology Work?

The Heartbeat Platform uses an array of sensors to gather data on the performance of rooftop solar systems. This information is then processed using advanced analytics which helps to detect any potential problems, like low-voltage or overloading issues.

Once a problem is identified, this technology can take proactive measures to prevent further damage, such as adjusting the output of the solar panels or notifying the operator of the issue.

This ensures that any problems are quickly addressed before they become major issues, reducing downtime and increasing the lifespan of the solar system.

Moreover, heartbeat technology can also help to optimize energy production by predicting weather patterns and adjusting the solar panel’s output accordingly.

This not only maximizes energy production but also helps to reduce energy waste. It can ultimately result in lower energy costs.

Advantages of Using Heartbeat Technology

Here are some of the key benefits of using heartbeat technology in solar energy:

1. Increased efficiency

By monitoring and controlling the performance of individual components within your solar system, heartbeat technology can help to ensure that you get the most out of your rooftop solar array.

This not only maximizes efficiency but also reduces energy waste and lowers your electricity bills.

Furthermore, heartbeat technology can also help you to identify areas where you can further reduce your energy usage. For example, by analyzing your energy consumption patterns, operators can identify energy-hungry appliances and take steps to reduce their usage.

2. Reduced downtime

Heartbeat technology can detect any issues with your solar system before they become major problems. This allows operators to take proactive steps to prevent further damage.

This helps to reduce the amount of time spent on repairs, meaning your solar system is up and running faster.

3. Remote monitoring and control

Heartbeat technology also allows for remote monitoring and control of your solar system. This means that operators can keep an eye on the performance of their system from anywhere. This allows for better energy management even when you’re away from home.

4. Improved safety

Thanks to the data collected by heartbeat technology, operators can ensure that their solar system is running safely and efficiently.

This helps to reduce the risk of damage or injury from an overloaded electrical system. Although it is important to always take safety precautions when dealing with electricity, regular monitoring can help to prevent any accidents.

5. Helps to reduce carbon footprint

In addition to the benefits mentioned above, using heartbeat technology in solar energy can also help to reduce your carbon footprint.

By monitoring and optimizing the performance of your solar system, you can reduce your reliance on traditional power sources that produce harmful greenhouse gas emissions.

Conclusion

In conclusion, using heartbeat technology in solar energy provides a range of benefits for homeowners and businesses alike. If you are planning to go green, using this tech is one of the best things you can do. With modern technologies like AI and self-learning algorithms, heartbeat is sure to create a positive impact on the environment.

The post 3 Key Advantages of Using Heartbeat Technology appeared first on SmallBizTechnology.

Considering all the other work and tasks that have to be completed in a day, strengthening cybersecurity can quickly turn into an afterthought. Regardless, proper security against ever-evolving hacking techniques is essential for preventing major financial and reputable harm.

According to Statista, a cyber incident is the main risk for small businesses in 2023. Its repercussions are more damaging and concerning for companies than inflation, energy crisis, trade wars, or natural catastrophes.

So, what is XDR security all about, what makes it essential for IT teams who manage security, and how does it cut costs for small businesses?

What Is XDR Security?

XDR security is the platform that aids teams make sense of the large quantity of data coming from several security tools while also automating responses to known exploits.

The key function of this security solution? Collect, analyze, and correlate security data then organized and shown in one interface.

Another main function is to automatically respond to threats regardless of where within the network they might occur.
As a result, security is simplified. Also, IT departments retain visibility of the state of the security from a single user-friendly dashboard to which they can refer and make informed decisions on how to protect the company.

Closing the Gap in the Security

Most small businesses will have layers of security tools that consist of:

• A firewall to observe and block any unwanted traffic
• Antivirus programs to remove malicious software that managed to get into the system
• Virtual Private Network (VPN) to protect remote employees
• Phishing awareness training for all employees within the company
• Insisting on multi-factor authentication and stronger passwords for employees

While this is a good start for building strong security, such companies don’t have a chance when facing zero-day threats and more sophisticated hacking attempts.

This is precisely where XDR security comes in handy.

It gives the company the means, visibility, and comprehensive reports they need to fight more advanced threats that security teams have to mitigate manually.

Providing a Key Asset for Security Teams

Small businesses lack a large security team managed by CISO (short for Chief information security officer). How does XDR security help SMEs get the most out of the IT personnel at the company’s disposal?

Before XDR security, companies would rely solely on security information and event management (SIEM) technology.

The main disadvantage of the old SIEM is that it would bombard the team with too many alters. Many of them would not indicate the high risks. Most would be discarded as false positives.

To fix that, XDR enables teams to manage security from a single interface. Increased visibility in the state of the security provides them with actionable reports and suggestions on how to prioritize tasks.

The tool uses machine learning to analyze the information about the security posture in the context of a company.

This helps it to catch if something out of the ordinary is occurring within the systems. Teams have useful information at hand, such as which parts of the infrastructure are affected and whether the risk is critical (e.g. is there a possibility of endangered sensitive data?)

XDR security boosts the productivity of teams. It allows them to dedicate their time to tasks that matter and reduces fatigue caused by the frequent change of the dashboards.

Being a Cost-Effective Solution for Growing Companies

XDR can cut costs for small businesses by:

• Preventing major cyber incidents that cease work in the company or cause data theft
• Not having to go through the most expensive part of the cyber breach (the recovery time)

The average cost of cyberattacks for small businesses due to the recovery period is between $15,000 to $25,000. This doesn’t include the cost of possible legal action, damaged reputation, or even restoration of the system itself.

For SMEs, the average recovery period is 279 days or just over nine months.

Financial damage and the duration of the recovery period also depend on how long a bad actor has illicit access to the network and whether sensitive user data has been stolen during the attack.

With XDR, small businesses can detect and remove hacking threats faster. This saves them the costs that would otherwise have to be allocated to repairing the network and investigating the crime.

Instead of purchasing multiple solutions that have versatile dashboards, XDR security provides small businesses with the means to respond to cybercrime by relying on the data from the unified security solution. This scales as the business grows and reaches new heights.

Main Advantages of XDR Security

Whether you’re looking for a solution that can improve the speed at which you detect and react to threats or want to help your security team, XDR can be beneficial to your small business.

It’s an essential resource for your small cybersecurity team. It allows them a birdseye view of the complete security posture. Additionally, it organizes data in reports whose insights they can use to strengthen the security or react in time.

For small companies that already have some form of basic protection, XDR offers a more advanced, but also a user-friendly solution with which they can tackle more sophisticated threats.

Finally, XDR security saves on the costs otherwise needed to repair the architecture following the cyberattack or paid during ceased operations.

The post Helping Small Businesses Fight Cyber Crime: XDR Security appeared first on SmallBizTechnology.

Reasons for Entry Level Jobs in Sales

1. Universal Skillset

Regardless of where you wind up, selling is universal. Even think about the interview process. Where else can you get a job that pays you to prepare for your next job? Even if that is in a completely different industry. Sales is essentially the art of targeted communication – clear and concise, etc.

These are skills that you can take to any event at any level. Communication is quite literally the most universal skill. And command over communication is one of the most universally priceable skills. While salesmanship is largely rooted in a deep understanding of the product, the product of the sale is rarely the product. The product of the sale is the subject of the sale. The human you are selling to.

If sales are the communication then the words are the topic and the person is the page, read and rewritten. Selling is a skill set that can have any of your future efforts or endeavors sublimated upon it and it will continue to serve you. Like marketing it is a set of skills that function regardless of medium. That makes it a great place to start.

2. Low Barrier of Entry

Sales are often seen as fast-moving, high-stress positions. While there are elements of this that are true, it would be more apt to deem that sales are a metric-driven position that come into focus based on their achievement. This means that it comes down to one simple thing: can you do the job?

If you can, you’re in. Forget the degree. Forget the experience. This gives people who took a path that offered them little money or are not fortunate to have come from the abundant opportunity to work and create abundance for themselves.

It should be noted, however, that this makes the application process far more rigorous as many applicants apply for these roles. Starting in a lower-tier cold-calling position can open this up. Additionally, the interview process is additionally very rigorous and serves as a very, very critical point. Meaning that it can make or break the applicant’s good or bad application.

3. High Ceiling

Sales offer one thing that a lot of jobs do not: a near-limitless ceiling. Sales positions are skill sets like any other, however, in a more juvenile metaphor they are a technique of coloring, not a particular medium of coloring. This means you can throw off the skin of an insurance salesman, and move to software, and eventually, high-grade medical equipment. Sales positions offer ample height in their cash ceiling. And offer work in multiple industries across the marketplace.

Sales also serve as the bedfellow of business operations. That means that if you ever wanted to truly remove your ceiling altogether you can take those skills there. And if you do in fact prove more apt at selling than you are at management or business strategy there is always a slot for you to return to… and likely beat out a sales rep hopeful that did not jump into the field earlier.

4. Teaching Motivation and Self-Starting

Sales teams are ultimately their own island. To keep the poor metaphors rolling. Sales would have you as an island in an archipelago. An island, – but not really. What sales positions do relay to the individual is a staunch appreciation for driving their own schedule and meeting their own metrics.

This confers responsibility and internal motivation. Additionally, learning skills of how to take rejection in stride and keep rolling along. These are elements of individual character that like sales training, can be carried through life. Incidentally making the approach to proper sales an approach to best living a healthy life.

5. No Loss From Experience

Sales skills are universal. There is a low barrier to entry. They can be taken to any industry. The skills can help you with elements of selling yourself in life. They have an insanely high monetary ceiling. They can impart deep life lessons. Many companies are hiring for these positions right now – even in the worst of economic times.

There is not any recognizable loss from the experience of entry level sales jobs- save if you were to spend that time learning one of the other three metrics of economics – either advertisement or production. Both are diametric to sales, with even advertisements sharing much crossover. Regardless, sales stand as one of the three pillars that drive any economy and are necessary for any individual looking to make themselves a fully realized person and an unadulterated master of business.

The post Five Reasons Your First, Entry Level Job Should Be in Sales appeared first on SmallBizTechnology.

LOGYTalks, the new innovative conference platform, is hosting the first of its annual Entrepreneurship Global Summits on Thursday 23rd February 2023, kicking off at – 7:00 AM GMT | 2:00 AM EST | 11:00 PM PST – on https://logytalks.com/summit/the-entrepreneurship-summit 

Summits

In a time of perhaps unprecedented global challenges, these summits open up to those not able to afford a plane ticket and big-buck conference fees. They’re hosted in cyberspace and uniquely offer simultaneous translation into various languages. This way, it makes attendance affordable, environmentally friendly, and open to a broader and more diverse range of delegates. It is a truly global conference. Also, at the Entrepreneurship Summit 2023, we expect international participants from a large spectrum of professional backgrounds. They range from investors, entrepreneurs, global experts, recruitment agencies, coaches, and many more. Likewise, they plan to come together to learn, share, and discuss industry challenges, solutions, and innovations.

“Entrepreneurship is a key driver of economic growth and job creation, and we are thrilled to be hosting this summit to support and inspire the next generation of business leaders,” said Founder/CEO Driss Ennaanay, “LOGYTalks is committed to promoting inclusivity and accessibility in all of our events, and this summit is no exception. We want to provide a platform for entrepreneurs from all backgrounds and regions to connect and learn from one another.”

What the Summit Includes

The Entrepreneurship Summit will feature keynote speeches, panel discussions, and interactive workshops, all designed to provide attendees with the tools, insights, and connections they need to take their businesses to the next level. The virtual platform will allow attendees from around the world to participate in real-time. It includes translation capabilities to accommodate delegates with different native languages than English.

“We believe that entrepreneurship is a force for positive change. By empowering entrepreneurs we can help create a more equitable and prosperous world.”

Likewise, for more information, or to register for the Entrepreneurship Summit as an audience, visit www.LOGYTalks.com. We include open attendance for anyone interested.

The Entrepreneurship Summit is one of many events that LOGYTalks will be hosting this year. Find them in the previous summits section on www.LOGYTalks.com. Also, like its predecessors, attendance at each session is certified so that delegates can count it towards their annual CPD requirements. Additionally, each session will be recorded and made available through the platform from the 24th of February onwards for free. So, this opens up the conference content to those who are unable to attend on the day. Or who can only sit in on one or two of the sessions due to other commitments.

Various Industries Attending

Additionally, the summit will also highlight the impact of entrepreneurship on various industries. Plus, the role it plays in driving innovation and sustainable economic growth. Attendees will have the opportunity to hear from successful entrepreneurs and business leaders. Moreover, these leaders share their stories, lessons learned, and best practices for building and scaling successful businesses.

The Entrepreneurship Global Summit is not just a conference, but a collaborative and interactive platform designed to bring together a diverse community of entrepreneurs and thought leaders to share ideas and create meaningful connections. With an emphasis on inclusivity and accessibility, LOGYTalks aims to provide a platform for entrepreneurs of all backgrounds and regions to connect, learn, and grow.

About LOGYTalks:

LOGYTalks is a virtual conference platform that believes in creating a more inclusive and equitable world. This is by making access to information and opportunities for growth accessible to all. Moreover, the platform offers a variety of virtual conference experiences. These include keynote speeches, panel discussions, and networking opportunities. Also, all attendees find it accessible from the comfort of their own devices.

Founded to create a new global conference platform, LOGYTalks (www.LOGYTalks.com) allows subject matter experts and businesses to connect with the people who want to hear what they say. We don’t just host and curate conferences. Additionally, we help create long-lasting communities that encourage dialog and the exchange of ideas that leads to transformational change.

We are “Making Professionals Visible.” And we believe in reducing the financial, locational, and language barriers that prevent access to ideas and innovations that can transform our world.

The post LOGYTalks hosts first Entrepreneurship Global Summit  appeared first on SmallBizTechnology.

The lean startup essentially purports a product that has an already existent demand. It’s a method that launches either a product or company typically on behalf of another product or company. Think “lean.” This is a company that’s not coming with the bulk trying to muscle through. The lean startup is a product that people have an already expressed desire for when it drops. The company knows this desire is there, ergo making it a substantially safer launch.

Also, this is the most critical point: the lean startup is the consumer dictating what types of products they are offered by their respective markets. Not the markets dictating the products the consumers will receive.

Basic Parts of a Lean Startup

The basic tenets of the lean startup are to build, measure, and learn. They are instrumented on hypotheses and are largely similar to the scientific method they are tested against for optimization. The idea is to target a highly specific area or segment with a very discerning eye on their particular needs. Then provide the service or product and see what the consumer opts toward in practice.

Lean startup examples include Dropbox, Zappos, and General Electric. All of them floated an initial hypothesis only to measure the success and perform new iterations. General Electric has even developed a program called, “Fastworks”, with Eric Ries the “Father of the Lean Startup” to create iterations on some of their product launches. With some products even going through 18 iterations before hitting the market. Optimization at its finest, targeting an incredibly well-realized product.

Below are three more lean startup examples, written in a far greater depth about the nature of their work and the proximity toward lean startup principles.

1. Slack

Slack was a lean startup, pre-built for a different intention, tested incrementally over time.

Sometimes things do not go as planned. Your company can crumble, people go awry, and so on. However, it is often in the darkest shadows, the faintest light shines brightest. Originally, developers build Slack as an internal communications software built for TinySpeck. TinySpeck had the aspiration of creating a multiplayer online game boasting a subscription model. Called Glitch, the game itself launched in 2011 only to fall back to beta production a year later.

However, offices responded incredibly well to their internal communications software, allowing for TinySpeck to begin offering trials to external companies and receiving feedback. Thus testing the demand in the market. The response was phenomenal with feedback from larger companies being instrumental in the growth of the software. After several iterations of the app and allowing nearly universal access the company is credited around 27 billion USD.

2. Buffer

A soft-sold product. Partially tested and partially invested. Yet, it is another one of our lean startup examples.

Founded by Joel Gascoigne and Leo Widrich, Gascoigne created Buffer in roughly about seven weeks. Gascoigne had read the work of Eric Ries and decided to subscribe to his ideas of the lean startup methodology. Widrich established a landing page that effectively floated the idea to potential customers.

So, the two opted to see if people could become invested in the idea of a social media planning service. While only around 18 of the nearly 190 investors they talked to were interested in the prospects of the company they secured roughly 800,000 dollars and were able to continue moving forward with their plans.

3. DropBox

The poster boy for the lean startup.

Okay, so I kind of lied. We’re going to go back and talk about DropBox again. Drew Houston created the startup. Many also know him as the man Forbes quotes as the entrepreneur who “Out-Steve Jobs’ed Steve Jobs”. Explored in greater depth by the mac-daddy of the Lean Startup itself Eric Ries, this article details the nature of Ries’ ordained “MVP” (minimum viable product).

An MVP essentially means a product that has enough features and aspects that it attracts “early adopters” as customers and is validated as a product early in its development cycle. So, this is where the lean startup comes in. It can be tailored toward consumer demand as massive interest is raised early in the product’s life cycle. This is also where the comparison to Steve Jobs is raised –  think of his classic pitches to excite people for products.

The idea is that by having the product be the bare minimum idea it allows the consumer market to start shaping and tailoring it to their whims and optimize the product to reach the highest potential demand. This is what DropBox did. By hallmarking the idea to instantly copy and share numerous files across devices, regardless of size it allowed the project to tweak and grow into a tech behemoth with over 250 million in funding.

The post What Is A Lean Startup: Three Good Examples appeared first on SmallBizTechnology.

Clean, Purge, and Organize

Being able to readily deal with all available tasks is a must for efficiency. If you are paying someone to do one thing, the last thing you need is them burning valuable time and money allocating resources or gathering assets.

With a bare-bones work environment, you dissuade distractions and give gravitas to the most essential elements in your business. In the physical world – especially with trade jobs or those heavy in paperwork this is much more straightforward. Sort what you have, throw away what you don’t need, and explicitly file the rest.

In jobs or organizations heading toward a virtual space, this involves limiting file sizes and keeping the production pipeline as straightforward and as simple as possible.

Create a Goal Minded Workspace

After cleaning your space, start moving and completing the necessary tasks. The clearest and most simple way to do this is clearly ordained what that is. A clear goal helps cut out the distractions of indecisiveness or a lack of direction.

This does not necessarily mean long-winded meetings or routine progress checks. Rather, having a goal-oriented mindset is about knowing what the goal is, so every minute taken and every question asked can be targeted toward the completion of the simple, clear goal.

Take Time to Recharge

Too much drive causes fatigue and mental claustrophobia. So what can a business do to improve its productivity that’s not as obvious? Take time when not working on a goal to allow your brain a respite from the stresses of the day. Having a goal means unified and unquestionable direction, i.e. efficiency and continued production. However, being too fixated on a goal and its pursuit can additionally cause mental strain on the worker.

Being able to allow for time out of the production line, or even superiorly allotting individuals to work consistently at their own pace can avoid the mental stressors that will cause many to shut down over time.

Maintain Your Pipeline

In big projects and small projects alike, there is a point that business is taken on, and quite typically a point – generally far removed, that completes the objective. This often happens with numerous days and steps in between. When a company takes on an initiative.

Allow Time for Wins

What can a business do to improve its productivity? Get people in the company excited about the work! Find a way to put them toward a project that pays off in either hard results or morale boosters over time. Have a place that allows for great enjoyment to be found within the company. This can take the form of simple, pleasurable exercises on the company’s behalf. Some of the ideas below are common items that create a strong sense of community and loyalty within a company.

• Free Meals
• An Early Day Once a Month
• Free Gear and Merchandise
• Company Events

Even beyond this, however, are events of winning. Celebrate high numbers. By doing this you get to outline results, projects, or products. These things that someone within the company created that made a huge impression. It doesn’t have to be anything special. Yet, in doing so, it makes everyone feel excited and seen by the business.

The post 5 Steps Your Business Can Take to Improve Productivity appeared first on SmallBizTechnology.

Preview environments exist to help a development team holistically review code changes in a feature branch before merging it. It’s like getting a full review of your code changes without having to worry about all the changes everyone else on your team is actively making. Each feature can progress in its own isolated test channel unimpeded by conflicts!

Monumental, right? The implications are enormous for productivity and efficiency. Think about what it means. The same group of people is able to accomplish 50% more in any given time frame. Below are the top three benefits of establishing a preview environment capability for your development team.

1. Preview environments act as quality gates.

One of the best things about preview environments is that they help you maintain a stable code base. Rather than merging code with potential regressions or breaking changes, the preview environment lets you check over your hours of tedious labor in an isolated, production-like environment. It’s 10x easier to fix a bug before merging—and that’s exactly what preview environments enable.

The preview environment enables you to make adjustments before the new code is merged. And because of their ephemeral nature—you can have one for every feature branch/pull request.

Due to its temporary nature and automated creation/deletion, teams can provision as many full-stack preview environments as they need, when they need them, and for as long as they need them. This means the speed of your feedback loops—develop, test, develop, test, develop, test—dramatically increases.

2. Previews synergize your cross-functional team.

Another dynamic role that preview environments play is in enhancing the synergy among your whole team—from developers to testers to product and beyond. The earlier that the product team and other key stakeholders can review a new feature, the faster changes can be made, and the faster changes can be made the faster the feature can be rolled out to end users.

Preview environments enable near real-time review of in progress feature development. Developers don’t have to worry about code freezes, managing merge conflicts, or the impacts of their code on all the other changes when they spin up a preview environment. Your teammate doing peer review doesn’t have to pull a branch to run locally and your product manager doesn’t have to ask “Can I see it yet?” because the answer is “Yes!” Everyone is working off the same “sheet of music” which in this case means the preview environment.

With preview environments you’ve freed up your developers to make the necessary changes to get the feature approved without having to worry about all the second order effects. They lead to a better review method, quicker turnaround times, and a boss that’s a bit more content than yesterday.

3. Preview environments save money.

The final thing to hold onto as you think about using preview environments for your development team is that it will save your company money on your cloud bills. Given the economic downturn and incredibly competitive business world we live in today, cutting costs is absolutely necessary.

The implementation of previews save money for many reasons. If you’re producing more work with the same team in a given period of time that is one way to look at the savings. While the productivity increase is the main benefit, teams will also literally save money on their cloud bills.

When you have persistent test environments they run 24/7/365 at an average cost of around $1,000/month (that’s for small projects). Preview environments only run when they are needed—which it turns out is usually less than a day or less than 3% of the month. You can run several for short periods before you reach the cost of a traditional persistent test environment.

How does your team save money with the efficiency and synergy that preview environments provide? The following progression makes it incredibly clear.

• Code Quality: Pre-Merge Testing vs. Post-Merge Testing
• Testing in Isolation vs. Batch Testing
• Bringing Your Cross-Functional Team into the Development Process
• Giving Environments a Life-Cycle that Matches Your Feature Branch Life-Cycle

One example and industry leader that exists to help companies advance workflows and the overall process of development is Uffizzi. The continuous preview environments they provide are the preferred choice. They work for many of the world’s most popular open source projects and teams seeking high performance development.

Preview environments provide a competitive edge.

Almost every team today has version control, CI/CD, and cloud-native infrastructure. Once you’ve got these basic building blocks in place, make the next game-changing move. Upgrade your test environment strategy by implementing an ephemeral preview environment solution.

There will be a learning curve. You will have to make process changes. However, the transformation will be more than worth it. With a preview environment capability you’ll never look back at how you did it before. Your team will enjoy the mental and tactical freedom that preview environments create.

The post Top Three Benefits of Implementing Preview Environments for Software Development Teams appeared first on SmallBizTechnology.

Individuals create small businesses due to many reasons. Some include the passion to fulfill a need, generate wealth, and/or drive the economy. Yet most small businesses average around 2-3 years before they start turning a residual profit for their owner. That being said, with proper financing the shrewd owner can cut the time for their small business to reach that turnaround and more importantly keep a business well above its baseline.

Removing unnecessary workplace inhibitors will help you reach a pronounced and streamlined workflow that will allot you more time and peace of mind throughout your client acquisition, through the final transaction process. Here are six simple ways that can effectively teach you how to organize small business finances. Some options are cheap or even free. Likewise, they are partnered with an alternative that may cost more, for the business that has caught its wind.

Organize Your Workspace

Keep things clean. Like any aspect of success, a business propagates itself by accomplishing tasks. By reducing any unnecessary clutter a business is able to hone in on the focus at hand: Completing tasks.

Sort through and purge unnecessary or outdated files. Begin factoring them into areas and files based on their necessity, timeliness, and proximity. Keep your workspace sorted so that everything on your desk has an easily noticeable and recognizable impact.

Look into specific deskware that may help break and structure your documents. Many recommend a standing desk as an alternative to the much more-widely articulated sedentary alternative. Beyond a desk, utilizing an employee to take some time to organize files, or getting a secretary altogether may help offer streamlining utility.

Take Your Files Digital

A major answer to how to organize small business finances is technology. Additionally, one of the things technology has granted us is efficiency. By keeping files in the digital space you reduce the clutter of your physical location. This in turn should begin to create mental clarity and objective-based focus within yourself.

Take records to the computer. Your computer is your most simple and basic outreach hub. Have your files there. By doing this you are offering yourself the ability to have a centrally loathed storage hub for all your separate entities, while also having the retrieval time condensed thanks to the absence of physical space.

Keeping things digital also allows for seamless storage and recollection allowing for a unique ability to juggle, balance, and elect any different document or set of documents at a moment’s notice.

Use Free Software to Ease Workflow

This is one of the key steps to an easy workflow and seamless project pipeline. Using software in the cloud allows for multiple employees to simultaneously develop and critique all projects and workflow ideas actively regardless of schedule or proximity. This includes client management software like Keap or Monday, both of which exist to streamline internal workflows and easily maintain that retained client base.

Now, while these paid software and programs are nice and take it to the next step, proper use of the Google Suite can allow for what is essentially free internal communications software. And again, while this may not be as fully comprehensive as other options it will allow for a streamlined production method for the developing business.

All of this will help reduce clutter in your physical workspace. Plus, by design, will act as a hub for your business’s dealings that can keep you organized. Essentially, this saves you time and allows for greater mental clarity to enjoy that time.

Streamline Payment and Billing Practices

Keep your finances clean cut and focused. Like everything within the enterprise, managing time and mental investment is the goal here. Whatever system your company uses, look to trim any unnecessary junctions. Keep the system as “a-to-b” as possible. The fewer stops mean fewer hands are used. This means the less money it takes, and the less of a chance for errors.

Look into whatever software or people-related assets you already have and see if they are capable of cutting in certain areas or conjoining them with others to more fully encompass the most necessary tasks of getting those payment options secured.

Additionally keeping payment frequencies consistent and aligned is critical. While this may seem like a given, having everything on a set date once again cleans up your “human RAM” and should grant more holistic focus to other business happenstances and ongoings.

Keep Everything In-House

While at first this may seem counter-intuitive keeping things in-house is a great way to maintain efficiency throughout any messy or seemingly unknowable moment. Finance management software can be a lifesaver with this. And even if your company is not in a place to justify such means, keeping it in the company with an individual bookkeeper is a great way to have all your finances directly under your feet and readily available when you need them.

Limit Unnecessary Investments

This is the big one on how to organize small business finances. Know when to grow aggressively and when to grow at a financially-conscientious rate. By separating the two, you can hold your finances more tightly when needed by allotting time for rapid expansion-centric purchases. By knowing the trends of your last several quarters, a business can set itself up to understand the outlook of future quarters and plan accordingly. This allows the smart investor to capitalize on key purchasing moments. Plus, they don’t get bogged down in a finance book or production with a new piece of equipment to manage and integrate.

This article has largely been about streamlining and organizing your small business. Obviously, why not trim unnecessary expenditures and streamline the process as much as possible? However, it is just as much an article about the psychological benefits of a clutter-free work life. By keeping mental control over a greatly reduced set of stimuli your brain can relax by feeling more understanding and in control of what it needs to have under it.

The post 6 Cost-Effective Ways to Organize Small Business Finances appeared first on SmallBizTechnology.

This isn’t surprising. Freelancers like to think of themselves as their own bosses.

However, in reality, they have as many bosses (at least) as they have clients. Each of those mini-bosses works on a different schedule, has a different management style, and communicates in different ways. (If they communicate at all…experienced freelancers know this is not always a strong suit for clients.) Juggling all this is exhausting. More than that, it’s discouraging.

Frustrated with the grind, many freelancers burn out. As a result, many seek the relative predictability of traditional employment, even if it means giving up some earning potential. They want to keep freelancing but are having a hard time envisioning a happy path forward in balancing it all.

Others would love to grow their freelance business. However, many either don’t know where to start or can’t find the time and mental energy to scale. So they pull back, content to work with a manageable, comfortable set of core clients.

Work Smarter, Not Harder

Maybe you sense burnout creeping in, extinguishing whatever joy you once found in your work.

Worse, it’s diminishing the quality of your output. Or perhaps you remain perfectly content as a freelancer, but unfulfilled. You’re always beating back that nagging sense you’re capable of doing (and earning) more.

The problem isn’t that you live off 1099s instead of W-2s. Nor that you’ve fallen out of love with your specialty and need to find a new line of work. More likely, it’s that you’re not managing your freelance business as efficiently as you could — and that inefficiency is preventing your business from becoming something more.

You need a tool that automates and streamlines the nitty-gritty details of freelancing, freeing you to focus on the creative work you do best and work toward the growth or income goals you’ve put off because you’re so busy with everything else.

Harlow is that tool. No, it can’t work miracles. However, it can significantly improve your efficiency and strategic discipline. Both of these are critical if you’re serious about scaling. Here’s how.

Proposal Templates (And Contracts) You Can Take Pride In

Feel like you barely have time to prospect for new clients, let alone put together thoughtful, attention-grabbing proposals to win them over? Harlow’s professionally designed proposal and contract templates make this time-consuming part of freelancing that much easier.

Find a template you like, customize it with your logo and brand colors, and save it for easy access whenever a new opportunity presents itself. No more time spent building branded proposals and contracts from scratch — or, worse, using plain text documents that scream “boring” and “anonymous.”

Harlow gives you the option to add e-signatures to your proposals as well. Whatever nostalgia you might feel for the old-fashioned “print, sign, scan, email” process, you have to admit e-signatures are faster and less error-prone.

Legalese, Done

You know that what your proposals and contracts say is just as important as how they look.

Especially your contracts. If a client relationship goes south — they delay or refuse payment, or threaten legal action over something you did or didn’t do — you need a contract that’s actually legitimate (and legally binding).

Harlow takes care of that for you. While they don’t provide legal representation, their contracts are written by legal professionals. No need to write your own legalese, which you have no business doing anyway unless you’re a freelance lawyer.

No need to worry, either, about whether the random freelance contract template you found online for free will actually protect you.

Fast, Organized Invoicing

One of the many advantages of freelancing is being able to dictate your payment terms. Not only how much you charge — if a client doesn’t want to pay your going rate, they can negotiate or end the relationship — but how frequently you get paid and by what method.

Maybe you’re a Stripe fan. Or a PayPal enthusiast. Perhaps you’re a credit card die-hard. Or, inexplicably, you prefer the crisp thwack of a paper check, mailed monthly to your P.O. box.

Whatever the case, you know it takes work to get paid. You have to generate a new invoice, fill it out with the client’s information and a description of services rendered and dollar values and all the rest, and send it off by email or snail mail or text.

Multiply this by however many clients you have and however many times you invoice per year and you’ve got what’s practically a part-time job as an invoice manager — an unpaid one at that.

Harlow’s invoicing suite uses pre-built invoices that you can custom-finish rather than start from scratch. You choose the frequency — one-off or recurring on your preferred schedule. You build in your preferred payment method. If you have clients in different countries, you can accept currencies other than U.S. dollars. And Harlow automates follow-up and payment logging, so you can focus on the next project while awaiting payment for the last.

Seamless Integration With the Rest of Your Digital Work Life

Calendar management (or lack thereof) holds countless freelancers back. Add in the multitude of apps the typical freelancer relies on to get work done and the whole thing can feel unworkable at times. Taking on more complex projects under these conditions is a nonstarter.

Harlow can’t make you better at managing your time; that’s still on you. But it does integrate with Google Workspace (the former GSuite) so you can spend less time toggling between your calendar, your client contact list, your invoices, and your to-do list.

The less time you spend running down this or that detail of your finances or meeting schedule, the more time you have to focus on finding new clients or expanding your relationship with existing ones.

Project and Task Management to Keep You on Track

Do you use a project or task management app to stay on top of your assignments and strategic objectives? Or do you just wing it, maybe updating handwritten or Google Doc-based to-do lists when you have a free second?

Either way — and especially in the second case — you’re probably spending too much time thinking about what you should be doing and not enough time actually doing it.

Harlow’s built-in project and task management tool is appropriate for simple, small-scale personal tasks (say, paying estimated taxes) and more complicated professional needs (mapping out milestones for a six-month project, for example). You can track time against any task right in the interface. This means you won’t lose out on billable work or fail to compute exactly how long you spent on essential non-billable stuff, like prospecting for new clients or onboarding your own contractors.

Get Serious About Scaling

If you’re a freelancer, that means you’re a business owner, even if you don’t feel like it. Which also means you’re already walking a path that only a small fraction of your peers dare to follow.

Yes, it’s risky, and it can be lonely and thankless. But it’s exhilarating and full of potential. With a few tweaks to your routine and the right tools to support your operation, you can turn that potential into reality, all the while growing the success of what you so bravely started.

The post The Tool That Will Help Scale Your Freelance Business appeared first on SmallBizTechnology.

People use Jotform every day, especially our solopreneurs and SMBs who use Jotform to manage data, including customer information and sales. People use Jotform to cut down on administrative time and speed up processes. For instance, prior to Jotform, one of our customers used to use Excel spreadsheets to keep track of customer orders and information, and doing so was tedious and time-consuming. When the pandemic hit, their business needed to scale quickly, so they began using Jotform to digitally transform business processes and scale to keep up with an influx in sales.

Q: What are the different ways in which Jotform assists small and medium-sized businesses (SMBs)?

Jotform helps small and medium-sized businesses scale operations by helping them digitally collect, organize and visualize critical data/information. No longer do people have to manually input data collected over the phone or in person. And it all starts with the online form.

Q: Tell us about Steve Hartert’s, VP of Sales Operations at Jotform, background.

I’ve been at Jotform since 2016 and have worn many hats. I have decades of experience in sales and marketing and received my MBA from Cal State Bernardino.

Q: How does Steve see inflation and supply chain issues impacting SMBs for the holiday season?

SMBs and solopreneurs are expected to see a massive influx of sales of products and services this holiday season, which is great but inflation and supply chain issues are still creating challenges for businesses. Online shopping continues to grow at a rapid pace and consumers see online as the default, and brick and mortar as secondary shopping options.

Q: Is there anything SMBs can do to work through these issues and optimize their businesses and sales?

To help manage inflation and supply chain issues, SMBs and solopreneurs should look for tech that can help them streamline business processes that quickly fit into workflows, and also boost productivity and cut costs. For instance, with Jotform, SMBs and solopreneurs can scale sales. They do this by expanding online and using online forms to collect orders and manage data. They can also manage customer information with our Tables feature and collect signatures using Sign.

Q: What else would you like us to know?

Jotform is a non-stop shop platform that SMBs and solopreneurs can use to scale sales and operations.

Move everything online to boost productivity and cut costs spent on administrative time. It starts with an online form that customers fill out. But from there, SMBs and solopreneurs can stay organized with the data collected using Jotform Tables and can keep track of orders too!

The post A SmallBizTechnology Interview with Jotform and Steve Hartert appeared first on SmallBizTechnology.

How Abandoned Carts Undermine Potential Revenue

Abandoned carts are precisely what they sound like.

They’re the digital equivalent of filling your cart with items at a store, changing your mind about buying your cart’s contents, and walking out without making a purchase.

It’s worth pointing out that, in this case, it’s even worse. It’s much easier to add items to a digital cart, close out a window, and never look back.

It should come as no surprise that abandoned carts are a common issue for online retailers. This is easiest to explain via a retailer’s “abandonment rate.”

Customer Cart Abandonment Rate in Simple Terms

Your abandonment rate reflects the number of carts visitors generate on your site. The abandonment rate compares that to the number of purchases they complete.

For instance, consider if 100 people visit your Etsy site on a given day and create a shopping cart. If 36 of those people complete their purchases, your abandonment rate is 100 – 36 = 64%.

That number may sound high, but Baymard Institute begs to differ. The research organization reports that the average documented abandonment rate for online shopping carts as of August 2022 was 69.99%.

Steering Clear of Making Hasty Assumptions

The good news is that this number doesn’t represent potential customers who have definitively decided not to patronize your brand. On the contrary, there are many reasons for people to abandon carts while online shopping.

Statista lists things like slow delivery, excessive extra costs (like shipping), and the need to create an account as the primary reasons people didn’t cash out in 2022. It isn’t until the fourth reason on the list (just 18% didn’t trust a site with their credit card information) that the issue becomes more connected to specific failures on the part of the retailer.

In other words, in most cases an abandoned cart isn’t a burned bridge. It’s simply a failure to complete a purchase. This naturally implies that, if handled correctly, following up on abandoned carts can be a legitimate (and profitable) source of revenue for an e-commerce company. The question is, how?

Reclaiming Cart Abandonment Income

With so many abandoned carts out there, it’s important to consider multiple ways to reclaim that unrealized cash. Here are some different strategies to consider heading into 2023.

Send abandoned cart emails.

This is one of the most tried and true ways to follow up on an abandoned cart. If a potential customer gives you enough information (including an email address), you can send them an email reminding them about an abandoned cart.

When a shopper is a repeat buyer or an older customer with an account or purchase history with your brand, you can even personalize the message.

Retention.com points out that there are also ways to engage with anonymous cart abandoners. On-site software can collect first-party cookies, allowing you to reach out to unknown website visitors who filled a cart and left it behind.

Fire off a text message.

E-commerce website giant Shopify reports that nearly a third of all U.S. internet users used mobile devices to purchase something every week in 2021. The significant number of mobile shoppers makes text messages a solid alternative to an abandoned cart email.

When a mobile shopper leaves items in their cart in your app or mobile site, sending an SMS notification can be a perfect way to draw them back in. These are quick, subtle messages — and they aren’t seen as spam, either.

Try exit popups.

Abandoned carts are a time-sensitive issue. If someone leaves your site, there’s a good chance that they’re still shopping and want to find a better deal or an easier checkout process. This sense of urgency means the sooner you connect with a customer after they leave a cart, the better.

Exit intent popups allow you to do exactly that — before they even leave your site. These popups trigger when a user is about to leave a website. Hubspot explains that these should include offers or information that can draw potential customers back to their carts, such as a discount or free shipping.

Reclaiming Abandoned Cart Revenue in 2023

Customer cart abandonment revenue should never be an afterthought. It’s a significant source of potential revenue growth for most businesses.

Remember, a consumer who has gone as far as putting an item in a cart is close to being sold. They are much closer to the point of purchase than a new lead. They are far closer even than someone at the beginning of the customer journey.

Make sure to keep this dormant income in mind. Leverage it as you create and adjust your e-commerce strategies for the year ahead.

The post How to Reclaim Revenue by Reducing Customer Cart Abandonment appeared first on SmallBizTechnology.

One of the best ways to open up the doors for delegation is by helping a small business owner see the value that comes from offloading a job onto someone else. This is particularly true when that task has to do with keeping up with the complicated and overwhelming world of human resources.

What Is Outsourced HR?

As the work world becomes more interconnected through technology, HR professionals are seeing their responsibilities increase in complexity. One of the most obvious examples of this is remote work.

As businesses great and small hire across international borders, it opens up a Pandora’s box of regulations and compliance concerns. A common solution to this challenge is to outsource the HR responsibilities associated with those new hires. Also called human resource outsourcing or HRO, outsourced HR involves passing HR functions off to an independent third-party provider.

Depending on the situation, you can farm out either all or a portion of your administrative HR duties to outside entities. The global HR solution specialists at Remote point out that outsourcing HR can have other nuances, too.

For instance, a company may need to choose between an EOR (employer of record) or PEO (professional employer organization) to efficiently navigate HR requirements in another country.

While it does take some work to set up, outsourcing HR can offer small businesses several key benefits, especially when it comes to efficiency.

6 Efficient Benefits of Outsourced HR for Small Businesses

Here are a handful of the most important ways outsourced HR can benefit small businesses, despite their limited size, time, and resources.

1. Keeping Up With Regulations

HR is a regulation-heavy field.

However, it doesn’t just take time to grasp all of the rules and compliance concerns that come with hiring and retaining employees. You also need to invest significant effort into keeping up with those standards and requirements. Outsourcing HR takes that ongoing burden off of the shoulders of a small business’s employees.

2. Cutting Costs

One of the most obvious advantages of HRO is that it saves money.

The cost of hiring a full-time HR professional is significant. ZipRecruiter estimates the average annual U.S. HR salary at over $66,000. Working with a third-party provider gives small businesses access to the same skills and services at a fraction of that price.

3. Freeing Up Precious Time

A small business owner may decide that they can get by without a full-time HR professional on staff. In fact, that’s often the case.

But the truth is, whether you have a human resource rep on your team or not, someone is going to need to spend time tending to that part of running a small business. Outsourcing HR frees up significant quantities of time that can be reallocated to more productive activities.

4. Better Retention

Chairman and CEO of Lyons HR, Bill Lyons, emphasizes the impact that HRO can have not just on upfront efficiencies like payroll and administrative costs. He also points to retention as a quiet-yet-critical way outsourced HR can revolutionize a small business’s efficiency.

When a small business works with a third-party provider, it can provide higher-quality HR services to its employees. This helps them feel valued and well-compensated for services, leading to improved loyalty and retention, both of which have a direct impact on efficiency over time.

5. Access to Better Talent

One subtle way outsourced HR can improve small business efficiency is through access to better talent.

When you use an HRO partner, it gives you the confidence to recruit the best individuals for your team. This is true no matter where they’re located or what complexities come with hiring them. This sets up a much larger talent pool, helping you build a better, more efficient team.

6. Help With Scaling

As small businesses scale, their HR needs grow, as well.

Typically success comes with more hires, a larger staff, greater compliance and regulation concerns, and so on. When you have an experienced and knowledgeable HRO partner, you can address these needs without spending unnecessary quantities of your internal staff’s precious time, effort, or resources.

HR is a necessary part of any small business. It’s also a complicated and evolving field that requires professional attention.

Small business owners can cut through their organizations’ HR inefficiencies (and at the same time keep costs down) by passing off ongoing HR needs to an outsourced HR provider. The result is a leaner, meaner operation that can maintain quality and onboard better talent. Consequently, they can effortlessly scale internal operations when the time comes.

The post How Outsourced HR Can Help Make Your Small Business More Efficient appeared first on SmallBizTechnology.

In an era where brand reputations are ruined in an instant, launching a product without first doing your homework is a recipe for disaster. Here’s a closer look at common product development mistakes and ways to avoid them.

Completing Tasks You Don’t Comprehend

Entrepreneurs are notorious for doing things themselves. Although this route works for specific business tasks, it’s not ideal in all circumstances. Product development is a multi-faceted process involving a variety of steps. Executing each phase successfully requires education and experience in everything from market research and analytics to consumer studies to manufacturing and distribution. Unless you have a plethora of degrees or years of experience, you run the risk of making mistakes that cost you big.

There’s nothing wrong with admitting you need help developing your product. Whether it’s working with a digital product development agency to design an app or a consumer research panel to provide feedback before launching, enlisting help from people with experience is ideal. Their knowledge in their fields or personal experience enhances your products, increasing your chances of success.

Not Investing Enough Time or Money In Feedback

All too often, entrepreneurs anxious to get their product on the market bypass getting feedback from others. Consequently, they end up producing merchandise that doesn’t sell. No matter how great you believe your product is, you need feedback. The professional and personal opinion of others gives you new perspectives on your product. It enables you to weed out problems and finetune your merchandise before you place them on the market.

Talk to your business partners, stakeholders, and target audience to get honest feedback on your product. You can try user testing, online polls, paid surveys, and consumer panels. You must also be willing to take the findings and apply them as needed to create merchandise that interests consumers and stands up to the competition.

Cutting Corners To “Save Money”

The idea of having your product or service on the market is exciting. However, accomplishing this goal comes with a sizeable financial investment. Consequently, anxious entrepreneurs working with small budgets cut corners as a means to save. They start skipping steps or using low-quality resources to develop their products. Although it may shave a few bucks off the expense, taking “shortcuts” or opting for “cheap” materials and professional services could cost you big time. Ultimately, you present a product or service to the public that’s sub-par or ineffective, ruining the brand and everything you’ve worked so hard to accomplish.

A ruined reputation, overlooking federal and local regulations, or a lawsuit from a disgruntled customer is hard to come back from. While there’s nothing wrong with finding discounts and streamlining processes to save money, it should never come at the expense of your product or service’s safety or quality. Entrepreneurs are encouraged to research in advance to get an average cost of product development. If you don’t have enough money in the budget, it’s best to turn to money-earning solutions or hold off until you have what you need.

Whether you’re just starting a business or merely interested in expanding your brand, it’s essential to take your time with product development. This merchandise is a reflection of your company and can ultimately determine your failure or success. Although you want nothing more than for your idea to take off, making mistakes like those discussed above can throw a monkey-wrench in your plans. When you do the research, enlist help, and create an efficient strategy, you have a better chance of making your professional dreams come true.

The post Designing A Product? Hopefully, You’re Not Making These Mistakes appeared first on SmallBizTechnology.

The issue is that traditional freight visibility methods tend to be costly and efficient. Logistics managers still have to contend with malfunctions, human error, and unaccountable events. Without tools to manage these factors, you risk losing track of shipment in transit, generating inaccurate inventory counts, and incurring high costs on damages. Maintaining accountability also becomes tricky. 

Fortunately, the shipping industry has benefited from the introduction of state-of-the-art hardware and software into common logistics operations. If you’re new to being a shipper, carrier, or third-party logistics partner, it helps to know how technology improves freight visibility. 

Some of the ways it has accomplished this include: 

• Preventing Overbooking 

Some companies overbook because they accept as many shipments as possible during busy times, like holidays and peak seasons. They may do this in the hopes of maximizing their profits. 

In addition, they may believe that overbooking helps them maintain good relationships with their customers by delivering on time. Unfortunately, this strategy often backfires and leads to delays or missed deadlines for your shipments. 

A load board is the best way to ensure you don’t overbook your trucks and trailers. This technology allows you to see where carriers are going, how long they’ve been in transit, and how far they are from their next stop. This feature allows you to plan your routes accordingly and stick to shipping timelines with ease. 

• Eliminating Cargo Theft 

Theft is a critical reason why you need to track your shipments in real-time. 

The risk of losing shipments from criminal activity is never zero. So, you should be able to follow where shipments go to address incidents quickly and efficiently. If you don’t have access to such insights, you might not find out about incidents of theft until a few days later once it arrives at its destination. As a result, you’ll receive multiple customer complaints and lose the trust your brand has gained. 

Putting transport management systems (TMS) in place is a good method for reducing the risk of cargo theft. For instance, you can use radio frequency identification (RFID) tags to help you monitor every process from loading to drop-off. It allows you to respond to theft attempts before they can fully harm your shipments.

Another easy way to track shipments is by setting up email alerts for each order. This digitalization strategy lets you know precisely when a package will be delivered, so there’s no need for constant check-ins with the shipping service provider or the recipient. This will also allow you to send alerts if a theft attempt has taken place at any point of delivery.

• Minimizing Operating Expenses 

When your company cannot track the location and status of freight, it cannot prevent inventory losses caused by late deliveries. These inevitably cause customer dissatisfaction, dropping your profits and credibility. Besides that, not having an accurate image of your freight inventory keeps you from scaling your departments to support your operations, leading to unnecessarily high labor costs.

Technology improves this by mitigation through vehicle tracking systems. They let you see real-time insights into how your working fleet is operating. With that information, fleet managers can reroute trucks based on traffic patterns to avoid jams. 

Tracking previous refueling dates also enables them to schedule routine maintenance. This feature helps prevent breakdowns on the road, which in turn cuts operating costs. 

• Boosting Customer Service 

If your company has high supply chain errors and delays, you lose more on freight than you gain. The inability to know when items are getting shipped and where they’re going at the moment is a sign of poor customer service and reliability to clients.

But with a global positioning system (GPS) system, you get accurate information about the exact location of your fleet and goods. With these insights, you can send real-time updates to your customers about the status of their products in transit. Doing so assures them you can deliver what they need right on time.

• Reducing Downtimes 

When trucks get delayed at ports or highways due to traffic jams or road accidents, they can hold up other deliveries that are supposed to happen at the same time. This issue results in missed shipments, late fees, loss of revenue, damaged products, and unhappy customers.  

With shipment tracking apps, you can determine minor issues that might cause significant delays in freight transportation. In turn, you’ll gain more control over your supply chain while allowing you to make necessary adjustments in the shipment before they lead to significant losses. 

• Optimizing Shipping Routes 

Shipping routes are the backbone of a supply chain. They determine how quickly your drivers can deliver goods and how soon operations can be completed. If you optimize shipping routes, you can reduce costs and secure the satisfaction of your clients. On the other hand, failing to do so risks your business losing valuable shipments, which could lead to costly losses in revenue and customers. 

With the help of real-time tracking software, you get to optimize your shipping routes by predicting delays and congestion before they happen. This allows you to avoid detours or having to reroute shipments unnecessarily. In addition, this technology improves and gives you access to historical data about different routes. This information can show your logistics team which ones will be the most cost-effective for specific deliveries. 

• Enhancing Safety Standards 

All of these tracking and measuring devices mentioned throughout this article aren’t only meant to secure goods. Their functions also help advance the safety and security of crew members and truckers. By reducing margins of failure, improving work efficiency, and enhancing protective protocols, logistics workers now enjoy better prospects for their efforts. Increased freight visibility has done a lot to improve the way things work, and who else but they benefit the most from this?

Key Takeaways 

Freight visibility is one of the major concerns of the shipping industry today. For logistics firms to succeed, they must utilize the right tools to keep the flow of goods manageable and efficient. Technology improves freight visibility tremendously. By knowing these innovations, you gain a better perspective of how to achieve modern standards of shipping.

The post How Technology Improves Freight Visibility  appeared first on SmallBizTechnology.

Automate Inventory Control When Possible

Selling out of in-demand goods faster than expected can cause numerous issues throughout a business. The situation could disappoint customers, making them decide they’ll look elsewhere to meet their needs. Replenishing the items could take longer than you think, leading to other supply chain hassles.

That’s why it’s smart to look into robotic technology that uses artificial intelligence for better inventory control. For example, some solutions let you set triggers so goods are automatically reordered when inventory reaches a certain level.

Some artificial intelligence platforms can also make inventory-related predictions. That way, you’ll know sooner that something is about to sell out and can potentially react before it does.

Robots can also roam store aisles to monitor how much stock is left on certain shelves. Depending on the size and scope of your business, those may be outside your budget for now. However, they’re good to keep in mind for the future.

Look for Ways to Pursue Digitalization

If you stop to think about it for a second, you’ll more than likely realize that digital advancements have made your business and personal life much easier. Many digital banking platforms allow you to generate reports, and you can check your balance from anywhere.

Making a conscious effort to focus on digital operations will help you set the stage for using robotic technology. For example, there are many compelling reasons to switch to paperless processes.

Some email platforms automatically categorize incoming emails based on their subject lines and senders. Others can recognize key elements in the content and automatically route them to the appropriate person or department.

Similarly, a digital project management suite can automatically assign tasks to the correct parties and give you status updates as things are completed. You’ll be less reliant on manual tasks, which reduces the likelihood of errors.

Investigate Automating Your Customer Communications 

No matter what kind of small business you have, it’s important to stay in a top-of-mind position with your customers. Ideally, they’ll think of you first to meet their needs. One way to increase the chances of that happening is to send periodic communications.

Using a platform to distribute bulk text messages is a popular option. Consider that approximately 93% of adults from advanced economies have mobile phones. Many people are already well-accustomed to receiving text messages, too.

Think about how you might automate text message distribution. You could:

• Tell people about limited-time sales
• Remind customers to fill out feedback surveys
• Give birthday wishes or mark other milestones
• Prompt website visitors to complete unfinished orders

People don’t always have time to open emails right after receiving them. However, text messages are often easier for them to immediately digest. Before setting up an automated system, consider the wording and format carefully. You’re working with limited space, so make every word count grab attention immediately.

See if Robots Fit Your Budget

Investing in robotics to cut operating costs may seem counterintuitive. After all, many robots have high upfront costs. Fortunately, they’re starting to become more accessible. Some companies charge per-usage rates to let business owners rent robots. One machine costs $8 an hour to run, less than hiring a person. The option to rent a bot lets people lower expenses and only pay for the time they use the robot, which often makes the prospect more affordable.

Sometimes, decision-makers realize the cost of purchasing a robot is worthwhile because it allows people at the business to spend their time more productively. Consider how an Auckland, New Zealand-based export business with 80 employees used a robot called Robert to assist with data-entry tasks.

Employees initially thought Robert was a human working remotely. It took some staff members several weeks to realize it was not a person. Workers said deploying this kind of robotic assistance was instrumental in enabling them to focus on more value-added tasks and keep the company competitive.

How Will You Deploy Robotic Technology?

As these examples show, there’s no universally best way to take advantage of robotic technology in a small business. However, a good starting point is to assess persistent weaknesses in your company. How might automation improve them and give your workers more time to focus on other duties?

Now is also an excellent time to decide how much of your budget you can devote to robotic technology. Don’t worry if you only have modest financial resources. Many business owners start small when using robots and automation, then scale up once they see those upgrades pay off.

The most important thing is to stay open to new opportunities and know that it may take some time before you see the full impacts of any tech upgrades. Remaining focused on what you want to achieve will help you stay motivated.

The post Implementing Robotic Technology to Reduce Operating Costs for Small Businesses appeared first on SmallBizTechnology.

Bitcoin, created anonymously in 2009 uses the same basic model as most other cryptocurrencies. However, this extra time in the sun has grandfathered in Bitcoin to a slight edge over its younger brethren. This gives Bitcoin a distinct purchasing power crossing mediums into the tangible market. All sorts of third-party wallets such as BitPay, Kraken, and Coinbase make converting that code into cash easier than ever before.

Imagine going to Burger King and trying to buy a Whopper with Yen. Probably not the easiest endeavor. However, soon not the case with Bitcoin. While perhaps shocking that legal exchanges happen for variably tangible goods with digital currency, it gives other companies a push to use it as well.

Companies are making the way toward crypto-accessibility. With everything from car rides purchased with cryptocurrency, to lodging going all in on the sentiment with a similar maneuver, crypto is here. And not uncommon, Bitcoin is serving as the frontrunner once again. Here are a welcome few unique purchases available with those spare Bitcoins.

Lamborghini

A man bought a Lamborghini for $115. Yes, you read that right. A fully functional Lambo. Nothing broke, nothing defective. Peter Saddington invested in Bitcoin in 2011, and while that is a great story for another article, that should paint the value of a keen eye and thorough planning on the market. The rising value of Bitcoin took it from an easily accessible currency to a leviathan with a purchasing power capable of making a Lamborghini equivalent to 115 USD.

Starbucks

Going as far back as early 2020 Seattle-based coffee behemoth Starbucks began dipping its toes into cryptocurrency. Somehow we all missed it. Starbucks originally brought Bitcoin into a third-party wallet that allowed for crypto conversion into their app. Think along the lines of renewing a gift card.

Recently, however, Starbucks has partnered with Bakkt and allows for direct payment into their systems. Essentially you can now get that Iced Chai with that spare Bitcoin you’ve been looking to find a use for. While 2020 was the start of the effort now, over two years later, Starbucks has come full circle and is offering purchases of their products and an NFT-based Web3 effort proving the five-decade-old company is not lost in modern times.

Microsoft

Albeit only on their online store, Microsoft has started blazing the trail for crypto transactions. The company began accepting Bitcoin payments in 2014. This occurred via exclusively digital content, in the way of Windows and numerous Xbox games and features. It should be noted the rollout was subtle compared to the extravagant campaigning and reveals of today.

Since 2014 Microsoft has become more adept with Web3 technology. The company even started Azure Blockchain Services a year later in 2015. All of this is building off their ‘cloud-centric’ platform ideology. Microsoft’s advancements and nearly decade-long tenure have made waves in the digital space. This has even prompted the likes of Uber to begin planning toward accepting Bitcoin payments.

Rolex

While not partaking in the cryptocurrency transaction directly, many third-party buyers of Bitcoin are more than willing to part with a luxury watch such as a Rolex, Hubolt, or Patek in exchange for that Bitcoin you’re looking to drop. Illustrating the fundamental idea behind this plan, BitDials purports itself as the third-party vendor bringing the two worlds to a nexus.

Burger King

Kind of an outlier compared to the rest of the list. Burger King – a business dealing with direct transactions of Bitcoin for a set physical product has been rolling out Bitcoin transactions in select stores in Venezuela. This created an effort to help the Venezuelan communities suffering from hyperinflation.

Interestingly this offers an interesting discussion of the actual purpose of Bitcoin and cryptocurrency as a whole. Decentralization. Watching governmental control of purchasing power being mitigated via cryptocurrency offers a unique twist to look at the national and economic systems of today as the inseparable tithe between the two can be seen beginning to fray.

Imagine going out for a date to Barnes & Noble to purchase a book, getting an Uber back to your Airbnb, and ordering Dominos to be delivered via Doordash exclusively through Bitcoin purchases. All companies are set to start moving towards this decentralization, so unique purchases might not be so unique after awhile.

As with all diversified mediums on the market crypto – specifically, Bitcoin is subject to change. However, being able to have an applicable method of exchange removed from the hold of any global power is a huge step for the world’s open market.

The post Unique Purchases You Can Now Make with Bitcoin appeared first on SmallBizTechnology.

As a small business owner, you need to consistently monitor both your professional and personal budgets closely. They greatly impact one another. Below are some tips to help you create smart financial goals for both yourself and your business. 

Organize Your Finances

When it comes to the finances of your business, make sure that you separate your personal finances from your professional finances. It’s important to separate the two so that you can better manage them. This way you can clearly see how both your personal finances and professional finances are doing. A way that you can separate your finances is by opening a bank account dedicated solely to your business. This way any influx of revenue can go straight into your business account so when you have to take care of expenses, you‘ll be dipping into your professional account rather than your personal one. When first starting out, it may be more convenient for you to use your personal bank account as a source of financing. But, in the long run, it may lead to difficulties as your business grows. 

Consider looking at your current expenses. When first starting out, it’s important to make sure that you’re not spending more than necessary. Certain expenses are required such as technology, equipment, and employee wages. If there are any unnecessary expenses such as fancy employee perks, office space, or third-party experts it may be taking away from other investment opportunities.

When breaking down your expenses, some expenses that are beneficial to your business include effective and consistent marketing, financial software, and a strong technology team. Taking the time to figure out what is necessary for your business will help you to avoid taking on unnecessary expenses and allow you to put more money into resources that will help your business grow. 

Understand Your Taxes

As a small business owner, your taxes will look different when comparing them to your personal taxes. Many owners will do their own taxes as a way to save money. But as your business grows, the ability to keep up with both personal and professional taxes may become more difficult. At the same time, doing your own taxes requires a lot of time and patience.

If you are someone who doesn’t have the time to dedicate to doing both types of taxes, then it may be worth it to consider hiring a professional. The only people that are qualified to help you are tax lawyers, CPAs, and enrolled IRS agents. These professionals understand the tax laws in your area. They know how to navigate the different required tax forms for a small business. While it may cost you, it will be worth it. Because it will allow you to have one less aspect of your business to worry about. It would also keep your business safe should any audits occur.

Small business taxes can be complicated and often have multiple tax deadlines that you will need to be aware of. Outsourcing your taxes by finding a good accountant will ensure that your quarterly taxes get paid, that your payroll taxes get paid, and that you can keep up with the annual changes that make filing taxes so challenging. 

Create a Risk Management Plan

Owning your own business means that you are responsible when things go wrong. No matter how well you prepare and plan every aspect of the business process, there’s no way to prevent unexpected pitfalls. Creating a risk management plan can allow you to have a cushion for your business plan. So that if and when something does go wrong, especially impacting your financial goals, you’ll already have a set course of action to take to navigate any issues that arise. There are many different types of risk that exist. But it’s up to you to determine which risks will have the greatest impact on your business. 

Strategic risks are those that involve your competitors, changes in technology, or an increase in cost for your products or services. Addressing any concerns with these risks will help you be better prepared and more adaptable for when changes occur. Reputational risks involve anything that’ll hurt how your business is viewed by the public. This would include not only the state of your finances and sales but also your employees. You should make it a priority to discuss expectations and guidelines, as it’ll help to ensure that employees are well-versed with your policies to avoid any potential damage to the reputation of your business.

It’s important to also make sure that you are taking care of your employees. This way employees excel in their roles while knowing that the company values them. If you don’t put time into your employees, then you’ll be putting yourself at risk to lose good people. Part of running a business is employee retention. If you’re experiencing low hiring rates or a decrease in employee retention, that’ll negatively impact your overall reputation. 

Consider Your Employees

Providing your employees with financial and mental wellness resources may help employees feel more confident both in their professional and personal lives. Resources may include budgeting, stress management, http://affectivebrain.com/?attachment_id=5774 and relocation tips. If an employee is considering relocation due to the flexibility of remote work, providing different financial assistance resources can help alleviate their stress by helping them understand how much they can afford to pay for a house during the relocation process.

As a business owner, it’s your job to find ways to not only fulfill the basic needs of your employees such as health benefits and competitive pay. You also have to invest in them so that they’ll continue to learn and grow. Financial goals aren’t simply for your business. Investing in your employees will only benefit you as they’ll be able to bring more to the table. This allows you to bring your business to the next level. 

Taking the time to set financial goals will help you to improve your small business practices. It also allows you to achieve the success that you’re striving for. No matter how much you prepare, there will always be challenges. But creating ways to check in with your business and yourself will help to ensure that you’re heading in the right direction. 

The post Tips for Setting Financial Goals as a Small Business Owner appeared first on SmallBizTechnology.

If that’s you, I have a plan.

Why are small businesses big targets?

It’s helpful to understand the reality behind the statistics. Small and medium-sized businesses are a popular target because they tend to have poor cybersecurity compared to their larger counterparts. Many attackers want money, so small businesses are more likely to pay to recover. Others want access to data – and small businesses have that, plus access to larger partners and vendors. 

Many small business owners think they are flying under the radar and are too small to be targeted, but phishing schemes and ransomware are crimes of opportunity and even a few hundred dollars of ransom is profitable for cybercriminals.

The case for cyber insurance

With new, next-gen attacks using artificial intelligence technologies to study and replicate human behavior for sophisticated phishing schemes, businesses of every size are being compelled to protect their company, employees, and data. And a natural starting place for many small-to-medium businesses is cyber insurance. 

Cyber liability insurance protects the business from the high costs associated with recovering from a data breach or malware attack at a relatively low price point. Recovery costs may include ransom payments. But, also the technical resources needed to recover lost data and restore system access, communication with stakeholders, lost productivity due to the breach, and reputational damage.

While insurance can make the difference between closing your doors and surviving a cyber-attack, it isn’t a complete solution.

The one issue with cyber insurance 

Cyber insurance may help your business recover from an attack. But it does little to fight off attackers in the first place. 

Today, most insurance policies require basic cyber hygiene to qualify for coverage, such as having practices and plans to keep sensitive data organized, safe, and secure, with more advanced security helping to lower rates. Companies are allowed to self-attest their cyber protection. But, insurance companies are beginning to ask for objective evidence that controls are being met if marked implemented on a questionnaire. 

A recent article from Insurance Journal explains how one insurance company refused to pay out the policy after it determine that the company filing the claim didn’t actually follow its cybersecurity plans, allowing an attack to happen.

A complete solution for companies of any size includes cyber insurance, cybersecurity protection, and employee training.

A three-step plan

Anyone running a business knows there are certain operational requirements. Cybersecurity now joins traditional tasks like running payroll, obtaining Internet access, and purchasing office supplies. Developing and maintaining comprehensive cybersecurity practices is a must for any company that has customers, data, or employees. In other words, every company.

Because small business owners tend to wear many hats and involve themselves in core business activities, they often view cybersecurity as a challenge. But it doesn’t have to be. 

I’ve outlined a three-step plan for small businesses to establish a cybersecurity baseline and prepare for cybersecurity insurance coverage.  

Step 1: Assess your cybersecurity posture.

Start by making a list of all hardware, software, and online applications your business uses. Analyze the list for security vulnerabilities. That might include how you dispose of old and unused equipment or how often you install software updates. It could also include what password guidelines are used and how often you back up data. Additionally, whether employees connect to work systems remotely.

Step 2: Create a basic cyber hygiene policy.

With insights from your assessment, write out a set of practices (the rules, procedures, personnel, and schedules) to maintain good cyber hygiene. Minimally it should include:

• Passwords: Complex passwords, changed regularly 
• Software updates: Updating all software you use regularly and installing security patches when released
• Hardware updates: Computers, smartphones, and other mobile devices need firmware updated regularly 
• Management of new installs: Anything new that connects to your systems or internet access needs documented and installed properly. Employees should not download apps or connect to new accounts without permission 
• Limit users: Only those who need admin-level access to programs should have access
• Back up of data: All data needs backed up to a secondary source (such as a hard drive or cloud storage) to ensure its safety in the event of a breach or ransom.
• A cybersecurity framework. Select a framework used by your industry or available from the U.S. government, like the NIST cybersecurity framework, to guide more advanced security standards. Even if you aren’t fully compliant with all guidelines right away, these frameworks can help you focus your plans and security investments.

Step 3: Do your insurance homework.

All cyber insurance policies are not created equal. Compare rates and coverage and ask about factors that lower rates. You may be able to get a lower insurance rate simply by switching on multi-factor authentication for your email accounts. Or completing online training classes! So, look for policies with valuable benefits. Like cyber investigators helping during an attack or legal aid to determine your liability to customers and vendors.

Cybersecurity is for every business, and cyber liability insurance has quickly become an important part of protecting the country’s small businesses. While the threats will continue to be challenging, preparing your business to face them is feasible with sound cyber hygiene practices.

The post What Every Small Business Needs to Know about Cyber Insurance appeared first on SmallBizTechnology.

When selecting a small business loan for your startup you should be aware of all the ins and outs, to better outline your dos and don’ts. Here are five types of small business loans to take your business to the next level.

Startup Loan

Diverse, Fair Funding, Long Term

If your business is a ship just starting its voyage then the humble ‘startup loan’ is that perfect wind guiding your sails in just the right direction. These loans are all fairly specific to the individual and the nature of their business. There are numerous types one should seek out to better specify your business’s particular setup. This gives the borrower the power to fit the loan into whatever box they need.

The loan is built for novice businesses, offering loans from the low hundreds to a modest hundred-thousands. Think $500 – $500,000. The money is often available within one to two weeks, with interest rates running anywhere from 0-17%. These are often spread long term – think 20-25 years.

Business Line of Credit

Flexible, Short Term, Revolving

You’ve been in business for a couple of years, you need a slightly deeper baseline to either expand or weather the current climate and your funds are humble. You are a prime candidate for a business line of credit.

A ‘business line of credit’ covers anywhere from $1,000 – $500,000 on a revolving credit. This means that as opposed to a lump sum given to you, you have permission to dip into the loan’s allotted amount as much as you may need.

Typically this line has a 1-2 year maturity. Given that these loans are granted after two years in business, you need a certain amount of stability. Most lenders require a credit score of around 680, although a score of 580 can earn you this loan with the right lender.

Business Acquisition Loan

Targeted, High Ticket, Long Term

This loan has one purpose: buy into an existing business or franchise. Let’s say you love Chick-Fil-A, eh, Burger King – this is a fantasy, and you have no building, no license, and essentially no funding. This loan is for you.

The ‘business acquisition loan’ will let you seize that opportunity. This loan drops anywhere from $5,000 to $5,000,000 on your doorstep in around a month. And with a common 5% interest rate on the 10-25 year payment, you won’t be struggling while paying back the lender. This type of loan usually comes in several forms.

These are set-targeted loans intended to calmly let you buy a business’s assets, buy your way into a franchise or even acquire a whole company entirely. Having only a typical 15% down this loan can bring an entirely new scope to your business horizons.

Small Business Administration Loan

Slow, Modest Funding, Respectable Terms

An SBA or ‘small business administration’ loan is served to a small business, generally with the outlier of some special condition or requirement. They serve a fair range of funding and maturity rates. Funds go from that $5,000 – $ 5,000,000; with an average of $417,316 for the SBA 7(a) loan type. The benefit of this type of loan is that the SBA serves predominantly as an agency, and will add a layer of security between the borrower and lender.

The most common form of the SBA is the SBA 7(a). It can be used in many ways and has a deep range of funding, some going as low as $25,000 with minimum requirements. 7(a)s are often the most common. Additionally, an SBA 504 can be used for higher dollar loan amounts ($125,000 – 10,000,000). A 504 is often used for a particular business’s major projects or similar ventures.

The standard SBA involves lots of intense paperwork and can take up to several months to hit your pocket. This can be avoided with an SBA Express Loan that can have the paperwork filed in as little as 36 hours, however, even then the money may still take a month to hit. While often convoluted in their process an SBA does add security and extra reach for the disadvantaged business.

Short Term Loan

Fast, Small, Short Term

Need money quickly? Just how quickly? In the time it took you to put a timeframe to that question you could already be filling out the application for your ‘short term’ loan. And if that aforementioned hypothetical timeline was extremely detailed you might have already been able to submit that application.

Short-term loans happen fast. As soon as that submitted application is approved you can have up to $500,000 dollars in your hand in less than a day. That’s right, 24 hours. Typically you pay off short-term loans in 1-3 years. They have interest rates that can start as low as 8% but can climb very high depending on the lender.

Use short-term loans responsibly, to help shoulder pressing financial issues in a crunch. Examples could be your equipment breaking or needing to hire another employee to reach a looming deadline.

Business Term Loan

Reliable, Modest Funding, Modest Terms

If we were doing a vision exercise and asked ‘what is a loan?’ It’s likely that the ‘business term’ loan is the one that would come to mind. A lump sum (5,000-3,000,000), that you pay back over approximately 10 years, through set periods with interest. Not flashy, and has very little accounting magic. Most lenders tend to offer a flat rate of interest at a set pay period that does not change.

Use these loans for everything from setting up a second location, to a remodel, to purchasing equipment. The basic idea is, this is all you have. This is how much you need to give and how often you have to give it back. Think of this as a clear-cut option for the entrepreneur with a clear plan. Plus, the resources to make it happen.

Overall these loans can vary greatly in amount and terms from lender to lender. So it’s important to know your business and fetter out the circumstances and options that best suit your particular business and funding. While they are all tailored to specific needs, there is overlap in which you use and what you use them for. Think about what you’re trying to accomplish, how quickly you need the money, how much you need, and how much you can realistically pay back at the set period.

The post Selecting a Small Business Loan for Your Startup: Best Tips to Consider appeared first on SmallBizTechnology.

NINJIO offers cybersecurity awareness training and simulated phishing. Our solutions engage and educate users to create a healthy skepticism about online interactions. This is so they can keep their companies safer from online threats like ransomware, phishing, and other social engineering attacks.

Q: What is NINJIO known for?

NINJIO is known for its animated 3-4 minute microlearning episodes that each focus on a specific cyberthreat, teaching viewers how to identify it, avoid it, and keep companies safe from hacks. NINJIO’s American Anime style of animation is known for its visual excitement that engages viewers in the first few seconds. Our episodes feature Hollywood-style storytelling, each written by a member of the Writers Guild of America who has written or directed over 72 episodes of CSI:NY and Hawaii 5-0. We also feature famous actors like Jon Lovitz, Stacey Keach, Robert Davi, and Joey Lawrence. This ensures that each “mini-movie” is interesting as well as educational. Each NINJIO episode is based on a recent real-life hack. When viewers see a NINJIO episode, they often think, “Wait, didn’t I just hear about this happening?” This is part of why NINJIO’s educational methodology works so well.

NINJIO’s educational approach is based on the science of how adults learn. We use the same case study approach as leading graduate schools, with each episode featuring one clear issue, a step-by-step examination of how the issue happened, how to avoid it in the future, and simple steps that an individual takes to stay safe online.

NINJIO also offers a simulated phishing platform that allows security professionals to reinforce learning with tests to ensure that lessons then become applied. With an available managed service phishing offering, NINJIO is a simple, turn-key solution for small and medium-sized businesses that are likely to have more needs from their security department than people to fulfill them. NINJIO’s DOJO platform combines the deployment of NINJIO training and simulated phishing for ease of use, reporting, and automation with opportunities for unlimited customization of phishing tests.

Q: How did NINJIO start?

NINJIO started as an idea from its founder, Zack Schuler. Zack had started and grown a managed services IT business. He saw over and over that many of his (often small business) customers kept receiving hacks. Ultimately because someone made a simple mistake. Frustrated, Zack saw no effective solutions existed to drive safer online behavior among end users. So, he decided to start his own.

He connected with a college friend who was a successful television writer and exceptionally talented animator. They began season one of NINJIO. Zack is now a board member, and the company is led by Dr. Shaun McAlmont, an acclaimed leader in adult learning. He built on Zack’s foundation and employed proven cognitive science techniques to drive even better behavior change outcomes from the NINJIO approach.

Q: Tell us about the importance of DCOYA acquisition by NINJIO.

DCOYA is the leading simulated phishing solution in Israel. It has developed novel ways to assess and help end users be safer online. DCOYA’s combination of behavioral science and a personalization approach helps identify specific attack vectors. To these, each individual is susceptible. So, it delivers educational content that speaks specifically to those areas of improvement. This data, combined with DCOYA’s machine learning-based reporting and assessments, allows companies to predict risky behavior and avoid it, rather than managing incidents after they happen.

Together with NINJIO’s industry-leading content and training, the combined solution offers companies both proactive training and proactive simulated phishing to engage, educate, and avoid risky behavior.

Q: In what ways does this help small businesses?

The hardest hit by modern hackers often includes small businesses. Typically underfunded and understaffed for cybersecurity, SMBs are where hackers find ample opportunities for “quick wins”. But, most SMBs simply cannot afford to be hacked from a budgetary, reputational, or time standpoint.

Additionally, SMBs typically lack ample support for their IT or cybersecurity teams, which are often one and the same. NINJIO’s white glove managed service approach and low cost means that we become a force multiplier for in-house teams that typically rely on NINJIO to deploy training, simulated phishing, user management, and reporting. This allows internal teams to focus on other areas of cybersecurity.

The post NINJIO Acquires DCOYA appeared first on SmallBizTechnology.

Today, there are countless cost-effective digital tools on the market that come with a short learning curve. Likewise, if your business incorporates the right solutions, you might be surprised how quickly you’ll experience healthy growth. So, below we share five areas in which every SME should consider incorporating digital tech.

1. Accounting

You don’t have to be a business owner for long to understand the importance of money management. Moreover, making one bad decision or overlooking a single detail can put your company in a poor financial position and hinder its ability to grow.

Fortunately, as Geekflare points out, there are cloud-based accounting solutions to help you deliver electronic invoices to customers, which can minimize late payments and improve cash flow. Moreover, some software will even let you store and categorize your receipts to help you maximize tax deductions. So, look for an integrated accounting system that works alongside your other digital tools.

2. Business Processes

Business process management (BPM) is a discipline that ultimately helps companies optimize their workflows. By automating menial tasks, BPM can allow your team to streamline business operations that were once laborious. And since it frees up your employees’ time for working on more purposeful tasks, it should be relatively easy to get your team on board. Create a BPM framework, regularly track its effectiveness, and act on the monitoring data to continuously improve each process.

3. Mobile Apps

More and more small and medium-sized businesses are developing mobile apps. The primary reason is that it can help your business grow in virtually every aspect. If you’re wondering whether your SME needs to build an app, ask yourself the following questions:

• Do you want customers to have an easier time finding you?
• Do you want to facilitate more brand loyalty?
• Could you benefit from collecting more data to personalize the customer experience?
• Would you like to provide customers with a smoother shopping experience and easier payment processing?
• Do you need to build your social media presence?

Developing a mobile app can help your business in all these areas. Also, considering how much it can spur growth, the upfront investment of hiring a professional web developer will quickly pay off.

4. Marketing

No matter how unique and high-quality your product or services are, your SME will not stand the test of time without implementing impactful marketing strategies. Fortunately, as POWR notes, plenty of digital tools can help your team devise and execute marketing campaigns that boost your customer base. So, research the many tools on the market related to these essential marketing disciplines:

• Website building
• Web analytics
• Search engine optimization (SEO)
• Social media marketing
• Email marketing
• Customer relationship management (CRM)
• Lead generation

One type of marketing you shouldn’t neglect is content marketing. Because through well-written blog posts and social media updates, you can reach a large audience and communicate directly with potential customers. This allows you to build awareness about your products or services, answer common questions, and provide valuable information to your target audience. Also, it’s easy to learn more about content marketing strategies.

5. Collaboration

Lastly, your team needs software that makes communication and collaboration simple and easy. The right solutions will foster better teamwork on many different tasks — general or specialized.

Moreover, there’s no denying collaboration is crucial in the workplace, which is why every SME should consider adding collaboration tools to their arsenal. Likewise, any software that can boost productivity and efficiency is worth exploring, whether you need video conferencing, project management, cloud document storage, team chat, or time tracking. Some of the top products available include Google Workspace, Microsoft 365, Basecamp, and Slack.

You don’t want your SME to fall behind in the digital-first world. So, to position your team for long-term growth and success, make sure you invest in any software that will improve your decision-making, money management, customer experience, content marketing strategies, and collaboration. You might be surprised how quickly your managers and employees can adopt some of the tools above. You’ll also realize substantial improvements in no time.

The post 5 Key Areas Your SME Can Improve With Digital Tools appeared first on SmallBizTechnology.

The steps to boosting the online presence of your real estate business consist of a few crucial ones. These are investing in a professional website and optimizing it for SEO. Additionally, starting a blog and posting insightful content is what makes people come back to your website. Moreover, what also helps a great deal is investing in paid marketing such as Google AdWords and being active across social media channels.

Invest in a professional website

Your website is the first thing your prospective clients see – so, make it worthwhile. You should invest in a professional website, as it is an investment into a first impression. And we all know how important first impressions are. A website that will keep the clients on it is characterized by a modern, sleek design. The listings of properties should have professional, high-resolution images with detailed descriptions. What you can also include is high-end tech and virtual tours of properties. In that way, people can go through the property virtually and sneak a peak. The website should also be user-friendly and easy to navigate. This is the first key step in building an online presence for your real estate business.

Optimize your website for SEO

After you have created a professional and appealing website, it’s time to optimize it for search engines. If your website is not optimized for search engines, people won’t be able to find you, based on the service they’re looking for and the ones you’re offering. So, we could say that this step is equally important as the first one. It is a natural extension of the first step. What you do with SEO is basically help Google rank you in the top results when people are searching for a specific thing you’re offering n your website. An SEO specialist can help you optimize your website for SEO. Remember that it takes time for SEO to start being effective.

For example, a practical example would include a real estate business, located in Sydney. Let’s assume that your business focuses on Inner West Sydney. You would optimize your website in such a way that people searching for real estate in Strathfield, find you among the first few results on Google. And you can achieve that by optimizing your website properly.

Start a blog

Starting a blog on your website is yet another of the powerful tools you can use to boost your online presence. Real estate is such a field that offers plenty of space for blogging on different topics. People don’t know much about real estate practices, so starting a blog would be a great way to share some insightful and useful content. People like reading professional blog posts about the topics that interest them explained in simple language. You can find out which topics are hot currently and write about those. In that way, you’ll have an opportunity to attract new potential clients to your website. Make sure that you update your blog frequently, at least once a week.

Consider paid marketing such as Google AdWords

Digital marketing consists of a few segments – one of the paid ones is Google AdWords. This can be a great marketing strategy as you are charged for your ad only when someone clicks on your ad. It is also called pay-per-click marketing. This kind of marketing is based on keywords, so these ads will only pop up for those people conducting related searches. So, it is highly targeted. For a successful Google AdWords campaign, it is best to hire a PPC expert.

Be active across social media channels

When it comes to social media, there are plenty of them. However, that doesn’t mean that we should be active on every single one of them. You should find out which social media channels are relevant for real estate and focus on making a few great business pages that will be effective for your business. You should respond to comments, share content, and interact with people generally.

Building an online presence for any business takes time – so, be smart about every step and don’t rush it for better long-term results.

The post How to Boost the Online Presence of Your Real Estate Business appeared first on SmallBizTechnology.

Because the customer journey now has so many potential touchpoints, having a siloed CX team is no longer enough. Now, the customer experience needs to be a top priority across the organization — not just in the marketing department. Here’s what to consider as you make your company more customer-centric.

Product Teams Need Clarity on What Customers Want

Among the 71% of consumers who switched brands last year. 58% did so for better product quality, per Salesforce’s 2022 State of the Connected Consumer report. Customer centricity starts with knowing what your customers want, why they want it, and how they will use it. Even if the product team has access to the same customer persona data as the marketing team (and if they don’t, they should), deciding what products to build or source is a continual challenge that’s shaped by consumer trends, economic forces, and the quality of the supply chain.

Customer data can help inform product decisions if it’s granular and comprehensive enough. For example, in addition to knowing which existing products have sold well, the product team can use the voice of customer data from product reviews, social media conversations, and customer-service feedback to identify the features customers like and use and those they don’t.

AI-powered demand forecasting tools can help product teams see the details that can separate a winning product from a dud. One demand forecaster recommends testing products that include “20 or 30 customer-centric attributes” as opposed to a handful of merchant-focused attributes, then evaluating their appeal and forecasting demand with an algorithm that identifies the most important attributes to customers. That data can then go back into the algorithm along with the next season’s sales data. It creates more precise product selection and development over time.

Service Teams Need to See Complete Customer Histories

Customer service teams can reduce customer churn, increase loyalty, and even drive revenue. But only if they have the insights they need to deliver the kind of customer-centric service experience consumers expect. The proportion of consumers who say that the experience a company delivers matters as much as the products and services have risen from 80% in 2020 to 88% now, according to Salesforce. When it comes to contacting customer service, that survey found that 83% of customers expect to reach a person immediately. The same number expect one customer service person to solve their complex problems.

When customer service agents have the customer’s purchase and customer-service contact histories available, they can understand the issue faster and save the customer time and frustration explaining that issue. If agents also have support from CS solutions that can analyze that customer data along with product data, they can lead the customers through remote troubleshooting. Or suggest the next steps for resolving the problem without transferring the customer to another person or making them wait on hold. Automated, personalized CS tools can also suggest related products that the agent can offer as upsell or cross-sell options. And the data from each customer service engagement can help those AI/ML tools become increasingly accurate.

UX, Commerce, and Fraud Teams Need Unified Visitor Insights

Understanding what customers do when they visit your website or app is critical to improving CX. There are a number of UX elements to consider. This includes from accessibility and ease of navigation to localization for different markets and personalization for each customer. Two critical areas to focus on are customer recognition and cart abandonment.

Customer recognition is the key to displaying personalized product recommendations and other content. It’s also one of the keys to avoiding false declines during the checkout process. However, the data that supports personalization and the data that drives fraud control aren’t always unified. That can lead to order rejections that undermine the customer’s feeling of being recognized. Ultimately, it can push them to switch companies. For example, in ClearSale’s State of Consumer Attitudes on Ecommerce, Fraud & CX 2021 report, 40% of online shoppers in the U.S., U.K., Mexico, Canada, and Australia said they’d boycott an eCommerce retailer after a false decline. More than a third also said they would complain about the site on social media.

Unifying those data sets, with proper permission, can reduce false declines and improve CX. So it can carefully analyze how customers behave during checkout. Complicated or slow checkout processes pushed 35% of the consumers in the same survey to abandon checkout at least once within the past year. If those shoppers found a competitor with an easier checkout, it’s unlikely they came back to the store with a frustrating checkout experience.

Final Thoughts

Unifying data and making it visible across the organization is important. But making your entire organization more customer-centric requires more than sharing data and insights. There also needs to be a top-down commitment to change. This can include a chief experience officer or similar leader, One who can own the process and connect with different departments and rethink siloed processes and technologies. It’s a long-term process. But, with customer experience expectations and consumers’ willingness to switch companies continuing to rise, it’s an important process to begin now.

The post Why Every Department In Your Organization Needs To Be Customer-Centric appeared first on SmallBizTechnology.

Prioritize Safety 

Data is an integral element of your business’ success as it can help you predict market trends, learn about customers’ purchase behaviors, identify competitor weaknesses, and much more. But, if your data falls into the hands of bad actors, it can cause significant damage to your finances and reputation. 

Here are some tried and tested methods to keep your data safe:

• Install antivirus and malware protection software on all machines used for business. This can include mobile phones, tablets, laptops, desktops, etc.
• Integrate 2FA (two-factor authentication) for all business-related accounts.
• Create strong passwords which include a combination of numbers, special characters, and a mix of upper and lower case letters.
• Back-up data to a secure server periodically. If your data is stolen, a backup will allow you to recover faster and prevent financial difficulties.

Additionally, remain vigilant while surfing the internet on work gadgets, as 35% of security breaches include an element of social engineering. For instance, a hacker may impersonate themselves as a service provider (bank, cell phone company, etc.) and make you click on a phishing link disguised as a payment link for payments. As good practice, always check the sender ID. If in doubt, reach out to your service providers personally regarding the communication. 

Use Digital Tools for All Business Projects

When you’re crunched for space, the last thing you want to deal with is paperwork. Not only is paperwork tedious to manage, but it requires ever-increasing spending on printing and storage. Part of the trick to managing a business from a rental property is by working smarter, not harder. The smarter way to work is to use digital tools for all business projects, such as:

• Venmo: One of the leading payment platforms on the market, Venmo allows you to make and receive payments in an instant. Additionally, all records will be stored digitally on your account and can be accessed at any time.
• DocuSign: Rather than printing and sharing contracts, use apps such as DocuSign to share them via email. Additionally, the app allows you to sign documents digitally and protect them with encryption.
• Buffer: When it comes to managing multiple social media handles, social media management apps like Buffer are a must. Buffer allows you to upload content simultaneously across all channels, create performance reports, and manage user interactions from a central dashboard.
• Accounting Software: Struggling to manage business finances? Accounting software is just what you need. Using this tool, you’ll be able to create financial statements with just a few clicks, providing complete clarity regarding finances and future business decisions.

Designing Your Space

Here are tips for designing and completing your space from furniture to lighting:

• Design the Office for Success: According to the SBA, 50% of all businesses in the United States are run from home, which means that having limited space should not be a barrier to designing a functional home office.
• Keep Furniture to the Minimum: An ergonomic chair, desk, and storage is the bare minimum needed for a workstation. For storage, consider purchasing vertical shelving as it allows you to store more in a small space.
• Buy Some Houseplants: Working from home can be stressful, but research shows that houseplants serve as natural stressbusters, helping individuals maintain a positive mindset throughout the workday. Additionally, they purify the air of toxins and reduce noise disturbance. 
• Install Good Lighting: Working in bad lighting can lead to eye strain, headaches, and irritability at work. For days when you work well into the night, it’s important to have good quality lighting in the office. The best option is to purchase lamps or ceiling lights that use LEDs. 

Completing Your Space

• Invest in High-speed Wi-Fi: A reliable, fast internet connection is a must for home-based businesses. Research the best providers in your area and compare them based on speed, reviews, and pricing. Opt for the provider that best meets your needs regarding bandwidth and price. As a business, you could be eligible for corporate pricing, hence remember to inquire regarding that.
• Check Your Lease: As you’ll be running the business from a rented apartment, it’s important to confirm that you’re legally allowed to do so. The lease document provided to you by the landlord or the HOA (homeowners association) should include clauses for what type of businesses could be run from the property. Additionally, you’ll need to adhere to any requirements included by the owners.

Furthermore, speak with your insurance provider to check whether your renter’s insurance will cover liabilities arising from the business. If you need to purchase separate business insurance, it’s best to do it at the earliest. Do not launch the business before completing these formalities to avoid any future inconveniences.

Apply for Required Licenses 

Depending on the industry and type of goods sold, you may need to apply for licenses or permits. On average, licenses and permits take a couple of weeks to obtain. You need to gather paperwork, submit applications, make payments, etc. Hence, make this a priority and start the process as soon as possible.

Take Advantage of Tax Deductions

Home-based business owners are eligible to claim business-related expenses as tax deductions, which can include:

• Cost of equipment such as laptops, office supplies, etc.
• Expenses related to homeowner’s insurance, HOA fees, mortgage interest payments, and more.
• Cost of repairs made to the space used for business activities.

While you can claim these expenses as a sole proprietor, register the business as an LLC or an S Corp. They protect personal assets and finances from business-related liabilities. Establishing a business registers it as a separate legal entity, unlike in a sole proprietorship, where the business and owner are considered the same entity.

Plan for a Larger Space

If you think your current space will become insufficient in the near future, look at larger apartments to move into. Look for areas where the cost of living is lower. This allows you to rent a larger space for less and bring down business expenses as well.

Along with a workspace, look for a home that includes space for personal activities as well such as an extra room that can be converted into a gym or entertainment space. Use an apartment search tool to browse properties in different neighborhoods and visit the apartment before making a final decision.

Creating the perfect home office in a limited space will require leveraging the power of technology, purchasing minimal furniture, and investing in a fast, reliable internet connection. Additionally, prior to signing, get a confirmation in writing from the landlord or the HOA granting you the right to manage a business from the rental property. When it comes time to expand the business, look for a larger property in a better neighborhood that strikes a balance between your personal and professional needs.

The post How to Manage a Business from a Rental Property appeared first on SmallBizTechnology.

Let’s explore these questions and see what the hype is about.

What Is Hybrid Database Architecture?

First, it’s vital to nail down a concrete definition of hybrid architecture. This type of database possesses features of two distinct structures: relational and NoSQL. Relational databases store information in the form of traditional systems, namely tables. Employees retrieve data from these structures with language commands.

NoSQL — an abbreviation for “not only structured language queries” — is a database design that enables storing information outside of traditional relational structures. It uses document stores, key-value stores, graphs, and other unique methods to make it easier for complex organizations to access information. However, NoSQLs can be inconsistent.

A hybrid database architecture possesses the positive qualities of both structures. It stores data on a physical disk and in the software’s memory, combining to create a singular engine where analytics and collaboration can occur simultaneously.

A hybrid cloud is designed to break down the wall between data processing and analytics, enabling businesses to make quicker, more informed decisions about their projects. So, here’s a deeper dive into hybrid architecture’s impact on small businesses.

How Hybrid Architecture Helps Small Businesses

There are many benefits that hybrid database architecture can bring to small businesses, including better productivity, heightened security, and reduced costs. It can handle more data than the average relational or NoSQL database. Users also have more control over the information it collects. Here’s how it can help your company.

• Better Productivity

Relational databases have limited amounts of space for data storage. Once you reach the limit, you must expand the server’s CPU, RAM, and solid-state storage device (SSD). NoSQL databases are also limited, requiring you to add more nodes over time. Everything happens on a physical disk.

A hybrid database enables you to back up your data regularly through the software’s memory. No manual alteration is required. This structure allows employees to organize and retrieve information more quickly. Hybrid databases also have automated features that analyze the available statistics and help workers create project plans with a high probability of success.

Other databases use horizontal and vertical storage techniques, while hybrids use rows and columns. This structure helps employees analyze and distribute the data with greater efficiency. This function even has a name — hybrid transactional and analytical processing (HTAP). The design is ideal for the modern world’s fast-paced work environment.

• Heightened Security

Hybrid databases inherit the flexibility of NoSQL databases, but they also have the security features of relational databases. They use SQLs to create a standardized interface that only authorized users can use. Additionally, since hybrid databases utilize hardware and software, businesses can store their most sensitive data on a private cloud to protect it.

Authentication and auditing are near-automatic with hybrid databases. Managers can easily track employee activity, monitor important datasets, and identify emerging threats. It also helps ensure the company follows industry standards or regulations by spotting human errors.

• Reduced Costs

Small businesses need to find money-saving solutions wherever possible. Optimizing data storage with a hybrid database can save lots of money by eliminating hardware costs and assisting with project management.

The cost of replacing hardware and third-party servers can debilitate a small business. Hybrid databases provide the option of using private servers, keeping storage costs low, and freeing up funds for other endeavors. This factor is more important than ever as companies center their operations on their websites and build remote workforces.

Most businesses aren’t reducing salaries for qualified employees to avoid labor shortages. Additionally, expensive digital tools like intelligent automation are becoming mainstream. Small companies that want to keep up with new technology and retention strategies must cut costs elsewhere. Hybrid databases help them accomplish that goal.

Hybrid Databases Belong in the New Working World

Many aspects of the workplace have seen drastic changes in the last few years, from new employee expectations to never-before-seen automated technology. Hybrid databases belong in the working world because of their ease of use, heightened cybersecurity, and reduced costs. They will partly influence upcoming business trends and help small businesses adapt.

The post The Impact of Hybrid Database Architecture on Small Business Projects appeared first on SmallBizTechnology.

First of all, you need to have the right audience in mind. Who is your target audience, what is their age range, and what jobs do they do – these are just some questions you should be asking yourself. Then, the next step is about choosing suitable platforms and social media where you will reach those people. Meanwhile, you should start compiling your keyword list. They will help you in creating ad copy. Additionally, it would be great to set up your budget for advertising. 

• Start with choosing the right audience

Even though choosing the right target audience might seem like an easy thing to do, it is in fact not so easy. It goes further than just noting that the right target audience is parents. You need to dig a bit deeper. Consider what type of parents are you targeting: new parents, moms, dads, and single parents. This is important for every type of parent to look for different types of baby clothes. 

For instance, consider this. New parents would probably focus on safety, while parents with at least one more child will want items that make their life easier. A good strategy to start with is to make a list of products and note down a list of features for each one. You should have your one unique selling point feature. Then, consider who would need that type of product, and voila – you have your target audience for that particular product.

• Choose suitable platforms and social media

The next step refers to choosing suitable platforms and social media channels. Not all platforms and social media channels are suitable for all types of products, that’s why you should be careful and considerate when choosing them. It’s not the point to create profiles across all social media channels. You should start small, with one or two most significant ones at a time. For instance, Facebook and Instagram offer you the possibility to highly customize your audience according to several factors such as their location, age, occupation, interests, and others.

On the other hand, Pinterest is great for creating different looks that can appeal to your audience. So, for example, if you’re selling baby knitwear, you could create cute looks and post them on Pinterest, which parents (most often moms) can save to their collections and perhaps decide to purchase the items they saw.

• Come up with a plausible keywords list

Keywords are the way to help people find you more easily. They are essential for advertising. Keywords refer to the most popular words and phrases people type in Google when searching for a particular product. How do you start? For each product that you sell, you should create a list of generic keywords.

When you have that finished, you should go to Google and run a search for those keywords. You can use different strategies here to check which keywords work best for you. You can use Google Keyword Planner, Moz, Ahrefs, and a simple Google search and “people always ask” and “searches related” sections. When looking for keywords to use in your copy and website, focus on search volume, cost per click, and difficulty for each keyword.

• Create ad copy

After you have finished all the previously mentioned steps, it’s time you moved to create ad copy. The right ad copy will attract the target audience you desire. How you phrase your ad copy highly affects whether potential customers will purchase the product. As you’re selling baby clothes, your ad copy should always focus on what would prompt a parent to buy that particular product. There are several great strategies for writing ad copy that will get you revenue. First of all, you should answer parents’ questions and concerns. Then, you should add your unique selling proposition. And of course, high-quality images of the product with a genuine description. 

• Set up a budget for advertising

It’s also key to set up a budget for advertising. Your budget shouldn’t be too little or too much. Every business is different so there isn’t a right amount that will work for every business. When determining your budget, there are several factors you should be mindful of. Consider how competitive your business is. The more competitive, the more ad money you need to invest. Moreover, you should also consider your conversation rate goals. Also, consider whether you want to rank first on Google, where you’re targeting your ads, and whether you’re outsourcing them. 

Coming up with the right target audience for a baby clothes website is not an easy thing to do, there are several important aspects to consider. You should go step by step in order to create a plausible marketing strategy that will bring you more revenue.

The post How to Target the Right Audience for Your Baby Clothes Website appeared first on SmallBizTechnology.

As a solopreneur who cannot hire employees or a team yet, you should consider using tools or software to give you some support. Online business applications can help you run your business more efficiently at little to no cost.

6 Tools to Make Life Easier as a Solopreneur 

Solopreneurs or small business owners should use technology to their advantage. It helps to optimize their processes and save a lot of time. Below are some of the applications or tools that can make your life easier as a solopreneur. 

1. DocuSign

DocuSign is an electronic signature tool that you can use to sign documents on practically any device from anywhere in the world. It’s a completely free tool that can help you manage, sign, send, and store all your contracts. 

Likewise, you can upload several documents or contracts to DocuSign including rental/lease agreements, financial documents, healthcare documents, permission slips, insurance documents, sales contracts, offer letters, liability waivers, etc. 

DocuSign also integrates with Zoom, Microsoft products, Oracle cloud solutions, Salesforce, Google products, Workday, Stripe, and more. Your completed or signed documents are securely stored and can be accessed anytime.

2. Shoeboxed 

Shoeboxed is a digital application that helps to organize, categorize and turn paper receipts into digital images that can be accepted by the Internal Revenue Service (IRS). It’s a digital receipt app that makes filing taxes easier.

So, you can upload receipts through the Shoeboxed app or send pictures of your receipts in an email. Alternatively, their prepaid Magic Envelope can be used to mail your paper receipts directly to their processing facility.  

Additionally, Shoeboxed extracts the most important data points on your receipts and categorizes them by vendor, payment type, total amount spent, and date. You can also export, share and print all the information you need for tax preparation. 

3. Collective 

Collective.com is a back-office management solution for solopreneurs. They can help you form or restructure your small business to become an S Corporation election to legally alleviate some tax liabilities and save money.

According to a Collective review, the platform can also assist with accounting, bookkeeping, payroll, and taxes. So, as a member, you’ll gain access to their online platform which features useful business tools like Gusto and QuickBooks.

Many Collective.com reviews confirm that the team helps to simplify business setup and manage their finances for them. Your solo business won’t require an in-house accountant anymore. They also ensure you remain compliant with federal and state laws. 

4. Venmo 

Venmo is a mobile peer-to-peer (P2P) payment app for fast and easy transactions on the go. If you’re a solopreneur who sells goods on Facebook Marketplace or other e-commerce platforms, you can collect Venmo payments. 

Once you set up a Venmo business account, you can receive payments with your username, integrated Shopify and PayPal checkout, and a unique QR code. It also charges merchants a fee of 1.9% plus 10 cents per transaction.

Venmo provides the ability to refund customers directly from their app. It also sends a 1099-K tax form to business users who meet or exceed federal and state reporting thresholds. You can also enable tipping on payments.

5. Prialto

Prialto is all about providing virtual assistants that improve productivity and eliminate the headache of time-consuming tasks. They can relieve a solopreneur of many administrative tasks, sales, and operational functions. 

Rather than work from home or a call center, their virtual assistants operate from managed offices. Also, they are often supported by U.S.-based engagement managers who serve as partners to clients and coaches to assistants. 

Additionally, Prialto’s virtual assistants can provide support for tasks like calendar management and scheduling, document production and management, CRM data management and cleanup, and other back-office operations.

6. Buffer

Since solopreneurs don’t have big marketing budgets, one of the easiest and low-cost ways to promote your products/services is through social media. Buffer is a tool that allows you to manage your social media accounts easily. 

You can use Buffer to expand your reach and engage your followers. It offers two services – Publish and Analyze. Indeed, this means you can plan, and schedule social media posts. You can also see metrics on how your content is performing.

Buffer supports social media apps like Twitter, Facebook, Instagram, LinkedIn, and Pinterest. Other benefits include a browser extension, the ability to view and track top-performing posts, and easy integration with popular apps. 

The post 6 Tools to Make Life as a Solopreneur Easier appeared first on SmallBizTechnology.

As entrepreneurs build their tech stacks, though, they need to be aware of a couple of potential issues. The first is security. Cybercrime continues to be a legitimate concern for anyone online. Businesses should take necessary measures to improve and maintain cybersecurity.

Second, owners must make sure that they’re optimizing their small business technology. With so many options available, it’s easy to become buried under an avalanche of 21st-century solutions. This is true even if they aren’t all benefitting you the way they should.

Here are a few suggestions for ways small businesses can both optimize and secure their digital activity to ensure that they’re getting the most out of their tech.

Start with your Wi-Fi.

Your Wi-Fi is the digital gate to your company. In a tech-heavy world, this makes it the main entrance to your tech stack, your files, your data, and your business as a whole. If you want to optimize how your small business works, you need to start by setting the stage with a quality Wi-Fi solution.

The Wi-Fi experts at Plume point out that this obviously includes the need for a strong and dependable wireless signal, but it shouldn’t stop there. As is the case with the company’s small business-focused WorkPass Wi-Fi solution, a good Wi-Fi network should also be safe, easy to use, and intimately woven into the fabric of your business.

By using a quality small business Wi-Fi solution, you can simultaneously tap into the simplicity and ease of residential routers as well as the firepower of an enterprise-level internet connection.

Small business Wi-Fi has the potential to double as a business intelligence (BI) platform that collects and turns data into actionable insights. This can help you manage your workforce and communicate with guest users. It can also keep your entire team engaged with adaptive connectivity that is fast, reliable, and ultra-secure.

If you want your small business to be productive and secure at the same time, make sure to start by using a reputable and capable small business Wi-Fi solution.

Establish solid cybersecurity.

Cybersecurity can be intimidating. The need to keep your technology safe and secure from outside threats is an ever-present concern. Many solutions can also be prohibitively expensive — but not all of them.

There are many small-yet-effective ways that you can secure sensitive data while optimizing your small business technology. Intel suggests half a dozen ways to do this, such as:

• establishing a solid private Wi-Fi setup (see the previous step) that doesn’t require logging in on any public Wi-Fi connections;
• keeping hardware upgraded at all times — and, of course, making sure your team installs all software patches and updates in a timely manner;
• using strong passwords and implementing MFA (multi-factor authentication) whenever possible;
• utilizing apps like Windows 10 Pro security and Norton Antivirus to block unwanted malware; and
• teaching your staff to use proper digital hygiene (maintaining strong passwords, installing updates, etc.) at all times when using office tech.

If you feel like overseeing all of these steps is too much, consider using a Device as a Service (DaaS) solution to increase security. This is a new kind of service that bundles the distribution, management, and IT support for a business’s tech. These are then overseen by a third-party provider, taking the perpetual responsibility off of your plate.

Manage your marketing.

Marketing is one of the easiest areas to bleed cash and ooze inefficiency. This is partly due to the subtle and intangible results that marketing can generate.

If you have a sales team, you can measure their success in dollars and cents. You can apply the same simple math to other areas. These include manufacturing, paying an accountant, or shipping and handling costs.

When it comes to marketing, though, it’s easy to pour endless money into things like content creation and brand awareness without really knowing how effective they are.

If you want to optimize your marketing activity, the first thing you need to do is set up analytics tools to track your results. There are many ways to do this, including free tools, like Facebook Pixel and Google Analytics. In addition, many tools, like Shopify or Mail Chimp, come with built-in data collection dashboards.

The top companies in IT are often admired for their innovative products, cutting-edge technology, and forward-thinking leadership. These companies not only shape the future of the tech industry but also have a significant impact on the global economy.

Of course, tracking data in a dozen or more applications is challenging. That’s why you may want to consider an additional third-party tool to unify your analytical marketing data. AI-powered solutions like Hawke.ai can bring all of your marketing results into a single dashboard where you can find insights to help you make informed, optimized decisions.

Optimizing and Securing a Small Business (Without Panicking)

There are many factors that go into keeping a business both efficient and safe. For small businesses, this task can feel time-consuming and expensive.

However, if you approach things with a strategy in place, you can manage both concerns without too much trouble. Start by putting things like a solid Wi-Fi solution in place and establishing key cybersecurity protocols. From there, focus on conducting ongoing digital hygiene training. Use the tools available to gather data and turn it into actionable and efficient business strategies, too.

Optimizing small business technology is an assumed aspect of any startup venture at this point. The critical factor is making sure that your tech stack is helping, not hindering, your small business.

The post How to Begin Securing and Optimizing Small Business Technology appeared first on SmallBizTechnology.

What Kind of Business Do You Want to Start?

You love sports, you might even say it’s your passion, and you want to turn that passion into your own sports-related business. You’ll be happy to learn that is, in fact, a great idea because there are so many avenues you can pursue that there’s almost certainly one that you’d love and be great at. 

Here are just four examples:

• Are you already a skilled photographer? Sports photography is a business you can operate from home with a moderate investment in equipment. As your business grows, expect to do a lot of traveling to capture your team as they compete. 
• If you live in an area where little league teams are plentiful, think about a batting cage business. The cost of construction ranges from $64,000 to $170,000.
• All indoor and outdoor sports venues need to be properly lit. So you might wish to become a sports venue lighting engineer. A great way to start learning about this trade is to review industry case studies. Getting a clearer picture of what it takes to light up large to mid-size outdoor complexes as well as indoor arenas with these powerful lights.
• An eCommerce sportswear, sports memorabilia, or sporting goods business allows you to run your company from home. Additionally, it saves you the overhead expenses of a brick-and-mortar store. You might even find great finds at estate sales for some one-of-a-kind items. 

Jump into the Game

Your first step is to make a list. Note your strengths, knowledge of the sport, experience in both that sport and in business, and your ability to finance your new company.  

The next step would then be to create a business plan. A business plan helps you in the process of starting a business. It will contain the goal, vision, and mission of your company. It also includes financial projections and a timeline for achieving these goals. You can find templates online to use that can walk you through the process and ensure you’re not leaving out any important steps.

Marketing

The first step to marketing your small business is to create a brand. A brand is an impression that you want your customers to have of you. You need to identify what makes you different from other businesses. This way you will know what people want to buy from you. This idea can be applied in all aspects of small business marketing, including social media, advertising, and even product design.

The next step in marketing your small business is to create an online presence. You can start with social media platforms like Facebook, Instagram, LinkedIn, and Twitter. It’s possible to create your own Facebook ads with online tools, including the ability to create your own Facebook banner that helps you stand out.

You need a website for your business where people can learn more about you and how they can contact you. It’s a good idea to hire a professional to create and manage that for you since it will be critical to your business’s success. You can find plenty of freelancers online and see their portfolios and prices with sites like Upwork and Fiverr. 

SmallBizTechnology educates business owners and entrepreneurs with information on how to strategically use technology (and more!) as a tool to start and grow their businesses. Reach out and let them get your business growing.

Involve Yourself Through Fundraising

Sports programs cost money. Between the costs of traveling to games, uniforms, and equipment, it can get pretty expensive. You can get involved and give back to your sports community by helping to fundraise for them. 

Whether you sponsor or team or organize a car wash, there are plenty of ways for you to help raise money. Decide if you want to open a batting cage, sell sports memorabilia, provide stadium lighting to fields, or wherever your passion is. Then make a business plan, market on social media, and get involved in your town’s fundraising efforts. 

It shouldn’t be long before your own sports-related business is in place and growing!

So get out there and play ball!

The post Take a Swing at a Sports-Related Business appeared first on SmallBizTechnology.

But if marketing and customer service work in tandem, they can bring about terrific results.

For instance, when a marketing team cooks up a campaign, it is best to keep the customer service team in the loop. This creates a successful marketing strategy where a marketing team better understands the customer’s common pain points, allowing them to tailor a more compelling marketing campaign.

You can unlock faster business growth by providing commendable customer service but only if they support the marketing team and vice-versa. A report suggests businesses blending marketing and customer service see 55% higher yearly improvement in customer satisfaction.

Let us find out how a customer service team can reinforce the marketing department. 

#1. Emphasize Customer Service Quality

Customers crave a positive shopping experience when they make a purchase. They quickly turn to the customer service team when stuck. When crafting a marketing strategy, it is a good idea to emphasize your company’s customer service issues.

A study suggests that quality customer service is crucial to 73% of customers. Try promoting how you have a rapid response time or promise to address difficulties promptly.

Additionally, each customer has a preferred method of communication. This is useful information to add to the marketing brochures if you are already handling customers on several platforms.

For instance, if you have an online store, show that you have various options — e-commerce live chat, emails, phone calls, etc. 

Source

Consider putting this information on your website as more than three-quarters of customers prefer contacting a business through its website than via a live operator.

Gathering queries from various channels would need you to leverage customer service software that integrates these channels into a single source of truth. So customers can share queries from their preferred channel while customer service agents can escalate issues easily to the technical/business department if needed.

For this, your customer support team needs quick access to blogs, knowledge bases, and video tutorials. One way to streamline accessing such data involves using digital asset management (DAM). Having DAM not only helps customer service teams but also allows your marketing team to create and manage access to digital data.

Blogs, knowledge bases, and video tutorials are all great ways to find help. It is ideal to blend these as a part of your marketing campaign. For instance, try sharing your most recent blog post on Twitter or add video tutorials to your email campaigns. On the other hand, have your customer service teams share a knowledge base and how-to manuals to simplify self-help.

#2. Customer Expectation-Setting

Leads that know exactly what they want from your business offerings are a sure sign that your marketing efforts are up to the mark. Moreover, when leads have defined expectations, the transition from lead to customer and the future experience of that customer becomes easier. 

But, it all begins when they have the expectations that your business can fulfill. Setting the right expectations is necessary to reduce customer churn as marketing may help prevent customers from having unrealistic expectations.

On the customer service front, they will be able to alert the marketing team of situations with insufficient or false expectations. This will also mitigate likely disparities between the two teams.

Accordingly, the customer service team relays inputs from the customer queries to the marketing department. It helps identify the expectation gap and sets the bar for a marketing campaign. 

For instance, if your video editing software is marketed as ‘fast and easy,’ customers will find it hard to render videos faster. Additionally, if the UI is cluttered, your customer service team will have a hard time. This is a huge cap in expectation, leaving your customer support team in a quandary. 

#3. Know Your Brand Advocates

While customer service teams are used to managing a high volume of complaints, they may also come across some who are happy with your services. Suppose your customer has a positive experience with your product. In that case, the customer care staff might send the client’s contact information to the marketing team who can take it forward for different reasons, as mentioned below. This is a big way customer service can support your marketing campaigns.

• Surveys show that 84% of consumers trust internet reviews; therefore, marketers can reach out to happy customers and get testimonials published on websites, social media, etc. 
• Emails, presentations, and other promotional materials can use customer testimonials to entice buyers to purchase a product. 
• Case studies may also find statistical evidence on how your product benefits a particular organization.

Here’s an example: 

Source

Marketers can filter the customer data depending on the campaign objectives (awareness, conversion, lead generation, etc.). Plus they can connect with customers to get their input.

#4. Integrate Social Media

Around 90% of customers connect to a brand over social media, compelling the marketing team to blend in the customer service plan for the same. This includes involving your customer service teams across all platforms — Facebook, Twitter, and Instagram, and providing timely customer responses.

Social media marketing helps enhance brand engagement and acquire new consumers. It enables you to understand your target audience better. Plus, it helps you promote your product and/or service as the best alternative for them.

For instance, a minor customer query should be handled effectively to drive brand affinity and push engagement.

Source

Such an approach would help your business in the following ways:

• Quick responses to engage customers: Social listening helps your brand to watch, respond, and attract your customers across social channels to cater to your customer service KPIs through social media marketing.
• Craft your business’ social reputation: Your customers will know about how you care for them as your customer service teams handle queries. It creates your brand reputation in the market where they’d know you are easily approachable on their preferred platform.
• Spread positive recommendations: When a customer is happy with the customer service, they are your brand champions recommending your brands over different social media platforms.

Wrapping up

It all boils down to how both your teams integrate meaningfully to work in a symbiotic manner. Customer service can support your marketing campaigns and significantly influence almost every part of your organization. This is why it is so important.

This involves listening to customers and knowing their issues to serve them better. Ideal customer service will remain multi-dimensional; the one shares inputs to the marketing and sales team while communicating their message to customers. 

The first step in developing an internal marketing powerhouse is to recognize the relevance of departmental dependencies. Plus, recognizing the impact of such internal communications in fostering customer connections.

The post 4 Ways Customer Service Can Support Your Marketing Campaigns appeared first on SmallBizTechnology.

Many different reasons exist as to why people want to start their own business. Because of that, each person’s experience will be different. Some want to turn their passion into their 9-5, while others want to be their own boss. Some may just want a side hustle to have an additional source of income.

While starting a business can have its share of challenges, getting to see your vision come to life is beyond rewarding.  Below, we’re sharing some tips on what to do to work on owning your own small business. 

Do Your Research 

Many people want to be entrepreneurs and pursue an idea that they have for a business, but many are unable to follow through on their initial concept. When thinking about starting a small business, it’s important to be prepared for what is to come your way.

Before starting your own small business, you must first take the time to come up with your idea. This may be a product you sell or a service you offer. When coming up with what you want your business to be, you should try to figure out how this would benefit others and if something like this already exists.

It’s important to do your research because it will allow you to become more knowledgeable about not only your business but also any potential competitors that exist within that market space. You must understand the type of market that you want to enter and determine whether or not you can see your business succeeding in that industry. 

Specific Market Research

Researching the market that you want to enter will not only allow you to see the potential. It can also show you what types of businesses are currently successful in that specific market. Knowing the market that you want to penetrate will help you fine-tune your business idea. So, when you choose to officially enter that particular market, you will be well aware of the current state of the market. Plus, you’ll know who is currently saturating that market.

Once you have an idea of what type of market you want to enter and feel confident in your business concept, you should consider your audience. Your idea is just as important as your audience because if you do not fully understand to who you are trying to sell your product or service, it will be challenging to be successful.

In addition to your consumers, you should also study your competitors. Before entering a market, be sure to study the current competition so that way you can learn from their tactics and either do something similar or create a new approach to your business plan. 

Costs

Along with studying the market that you are looking to enter, you should also research how much it will cost to start your business. Creating a budget will allow you to see the breakdown of how much money you will need. Plus, what part of the business that money will be going to. Doing this will help you to plan ahead. This way you will not overspend, causing you to start off on the wrong foot. 

Create a Business Plan

When first starting a business, you should set time aside to create a business plan. A business plan outlines the overall objectives and the goals of the business. By creating this plan in the early stages, you will be able to better visualize how you want your business to operate. This allows you the freedom to make any changes that you want before fully committing.

Creating this plan is a vital part of the process. It sets the foundation for your business and will provide you with the guidance that you need to start and grow your business. Some things to include in your business plan would be your mission statement. Additionally, you want to include a detailed description of your business and the products or services that you plan to sell. Plus, an overview of the current market that you are planning to enter and your financial plan. This is so others can get a clear picture of your goals. 

Funds in Your Plan

A business plan is also beneficial when it comes to financing. If you are looking to seek financial assistance from investors, or the bank, having a business plan allows them to get a sense of what your business will be.

Having a strong business plan will help you to convince investors that your business has the potential to be successful and will provide those investors with the confidence of having a strong return on their investment.

Consider Your Financing

Without proper funding, it will be difficult to make your business a reality. When considering the financial aspect of your small business, it’s important to break down the expected costs that you may incur when getting your business off the ground. Ensuring that you have the proper funding for your business can determine whether or not you will be able to get your business up and running. 

There are many different routes that you can take when it comes to financing your business. Some people prefer to look to investors for assistance, while others may consider taking out a loan. All of these options are beneficial as they provide you with the monetary assistance that you need to be successful.

Looking to investors for financial assistance can be a great option. Especially if you find an investor that has experience in the industry that you are looking to break into. This will provide you with not only financial assistance, but they can also help guide you in the right direction. It provides their own insight from their past experiences. 

Loans

If you are someone who would rather take this journey on your own, then taking out a loan may be the better option for you. Many different types of loans are available to you when starting your own business. They can help you in different ways.

One option available is taking out a home equity line of credit loan. This type of loan allows you to borrow money against the equity you’ve built in your home. Then you receive that money as a line of credit to be able to get the financing you need for your business.

Another type of loan that you may consider is a small business loan. A small business loan is partially guaranteed by the government. This eliminates some of the risks for the financial institution issuing the loan. But, it can be difficult to acquire. Small business loans have a long list of requirements that have to be met in order to get the loan. But if those requirements are met, then it may be a good option for your small business.

Take the time to review all of your potential financing options. This allows you to choose the one that will fit your needs the best. Also, ensure that you have the proper financing set up. It helps you to feel more confident in moving forward with your business. 

Final Thoughts

It’s important to ensure that you take the time to conduct the proper research before jumping into starting your own business. Starting a small business takes time and is a big commitment. Make sure that you are well prepared with what to expect. This allows the process to run smoothly and your business to be successful.

The post Tips for Starting a Small Business appeared first on SmallBizTechnology.

To avoid stress and disasters at all costs, it makes sense for small businesses to consider incorporating administrative software systems. Certainly, when used right, a system can help you manage critical areas of your business more effectively and efficiently. More importantly, you will be in control of your business operations at all times.

Small organizations and startups invest in administrative software systems to improve processes, predict risks, and boost overall efficiency. Ultimately, this leads to more revenue down the line. So, here are the top 7 administrative software systems you can use to get a better grip on day-to-day activities and take your business to the next level.

1. Scoro

If you need a business management solution that offers all the critical features required to manage various challenges, go for Scoro. It handles projects, tasks, billing, reporting, team collaboration, and more. 

Key Features:

• Customizable KPI dashboards
• Sharing of meeting schedules and team calendar 
• Pre-set templates for quotation and invoicing
• It also includes project, task, and time management

Why Your Business Needs It

Scoro helps streamline the entire work progress. Likewise, you are spared the hassle of investing in various tools. Scoro also offers advanced business intelligence features ideal for easing novice entrepreneurs’ management challenges. 

2. OnPay

An efficient payroll system that’s easy to set up and run is a must for any business with plans to grow. OnPay is a top-rated payroll software and HR platform that makes running payroll a breeze and automates a host of tedious back office tasks. Between a user-friendly interface and knowledgeable support staff, they certainly will have you up and running in no time.

Key Features:

• Full-service payroll from any device
• Handles all tax filings and payments
• Available in all 50 states with no extra fees for multiple pay runs
• Self-service employee portal simplifies HR processes such as new hire onboarding and PTO requests
• Best-in-class integrations with top accounting and  time-tracking software

Why Your Business Needs It

This award-winning payroll software is comparably the best one for small businesses. It can easily integrate with most accounting and time-tracking systems, automates tax filings, and is also one of the only providers with an accuracy guarantee. Moreover, their expert customer service team offers free account migration and support by phone, email, or chat.

3. ProofHub

If you want to go beyond conventional emailing and try a different approach, ProofHub is especially just right for you. It comes with a string of tools that help integrate various project management features in one place. Collaborate seamlessly with the team and keep everyone in the loop while focusing on what’s necessary.

Key Features:

• Easy online team discussions
• Task delegation 
• Also includes project history reporting and tracking
• Highly secure file storage

Why Your Business Needs It

ProofHub is the best software for improving team collaboration and focusing on what’s important for your organization. It offers all the business tools you need to use in one convenient place.

4. WORKetc

If your new business is looking for a robust platform for CRM and project management collaboration, certainly go for WORKetc. This small business software is powering the growth of over 1200 businesses globally. WORKetc also offers the ideal alternative to hassling integrations and expensive web apps. 

Key Features:

• Effortlessly links timesheets, documents, notes, and contacts to projects
• Helps manage complex project budgets
• All invoice and revenue tasks across departments are captured automatically
• Offers live support, web forms, and email for supporting tickets, also

Why Your Business Needs It

This all-in-one web-based CRM system helps eliminate multiple logins and costly integrations. It keeps all your team members on the same page to discuss and resolve issues without delay. 

5. Timely

Making the optimal use of business time can be of immense value to any business. That’s why you need Timely, the business software that automates time tracking. You get an accurate and confidential record of time spent in various activities such as meetings, emails, video calls, and conferences.

Key Features:

• Accurate and automatic tracking of time spent on business activities
• Access to real-time project dashboards
• Also includes advanced reporting systems 
• Information about capacity and hourly rates

Why Your Business Needs It

Timely can be highly valuable for your small business as it helps streamline the entire time tracking process. The software automatically records everything your team works on. Additionally, it reduces time management overhead noticeably. Indeed, you will notice a significant improvement in reporting and invoicing accuracy.

6. Process Bliss

Your search for a powerful and affordable business management software ends at Process Bliss. It provides one place for building and storing all your company processes and policies. It also offers collaboration features, allowing teams to discuss critical issues with access to status overviews. 

Key Features:

• Centralize all procedures as templates in one place
• You also can automate assignments and collaborate on the same platform
• Helps better management of workflow and data capture
• Know what’s happening instantly with reports and dashboards 

Why Your Business Needs It

Process Bliss is easily one of the best business management software for small businesses. It can scale effortlessly as you grow. This software can help you remain consistent while providing easy tracking.

7. Sage

Sage is a cloud-based software and suite designed to provide an in-depth view into multiple parts of your business, such as finance and HR. Get real-time information about these and other critical areas of business operations for making informed decisions.

Key Features:

• You get a full range of products for managing critical areas of your business
• The software also can help improve customer relationships, services management, payment processing, business intelligence, and others
• Best suited for startups, SMEs, and small enterprises

Why Your Business Needs It

Your business can benefit from integrating this comprehensive and features-rich administrative management software. Because, it offers a complete suite of integrated applications to take care of finance, sales, customer service, and lots more.

Ready to rid yourself of the stress of all the spinning plates? The business management software needs of every company vary depending on the nature, size, workflow, and processes, certainly. But hopefully, with these diverse top systems listed above, your small business finds some administrative software system options to help keep your business running smoothly and efficiently.

The post The Top 7 Administrative Software Systems to Consider for Your Small Business appeared first on SmallBizTechnology.

Get Your Business Started

There are a lot of decisions to make when starting a home-based business. To make the process more manageable, break it down into a series of steps:

1. Choose your idea.
2. Write a business plan.
3. Pick your name and business entity.
4. You may want to register as a DBA.
5. Obtain a business license.
6. Get funding.
7. Set up your office.
8. Take care of your taxes.

It is important to keep your business and personal finances separate. When choosing your business entity, you may want to consider forming an LLC. Registering as an LLC provides you with tax flexibility, protection for your personal assets, and other benefits. 

It’s also best to set up a business bank account and create invoices that you know will directly correlate with that account. It’s easy to create a customized invoice using an online invoice generator. Many provide free templates that you can download and edit. Keep things professional, but make the invoice align with your business type and marketing products to create consistency.

Prepare Your Space

Not every home is an ideal environment for a home-based business. The Zebra notes you need to have enough space to set up your office, storage, and work areas, and if customers will visit your business, you also should have an area to greet them. You’ll also need fast and reliable internet and top-quality equipment like an ergonomic chair, a dependable laptop, and a comfortable desk, preferably one that is adjustable. 

If your current home doesn’t meet your needs, consider purchasing one that better suits your aspirations. But before you put your home on the market, you’ll probably need to make some upgrades and repairs. Buyers expect functional appliances in their new home. So, if you have been putting up with a finicky dishwasher or a stove with only two working burners, now will be the time to get them fixed. Look online for appliance repair shops near you and search for one that handles the types of appliances you need fixing. It’s important to read enough reviews to ensure they are a legitimate and trustworthy company. Remember, sometimes businesses hire people to write positive reviews, so read several before calling to arrange an appraisal. 

Determine How Much Home You Can Afford

Before you start the hunting process and applying for mortgages, determine how much you can afford to spend on a new home. According to financial experts, there are three rules to keep in mind when determining your budget:

• Monthly mortgage payment should be no more than 28% of your gross monthly income.
• Your total debt payments should not be greater than 36% of your gross monthly income.

With these rules in mind, you can estimate your budget. An easy way to do this is to use a mortgage calculator to determine your estimated monthly payment at different purchase prices and interest rates.

Get Pre-Approved for a Mortgage

Once you have determined your budget, it is time to get pre-approved for financing. With a pre-approval in hand, it assures sellers you are serious and ready to buy. This gives you an advantage if a lot of competition exists for the property you want. It can also make the purchase process faster and easier because you do not have to worry about making an offer only to get turned down for a loan and having to start all over.

Find a Real Estate Agent

While it may be possible to find and purchase a home on your own, working with trustworthy real estate experts will make the process much easier. A good place to start your search is by asking friends and family if they have any recommendations. Other resources to consider include local real estate associations, for-sale signs in the area you are looking to buy in, and local publications. When selecting a real estate agent, consider experience, customer satisfaction, and availability. Your real estate agent can do a lot of the legwork for you when it comes to searching for a home.

Starting with the right space can help get your home-based business off to a good start. Partnering with the right professionals can help demystify the process. Plus it takes the stress out of finding the right home for your family and your business. 

The post The Right Home Is Key to Home-Based Business Success appeared first on SmallBizTechnology.

In an effort to capitalize on cybersecurity spending, many providers have resorted to pushy tactics. Their cybersecurity options via packages cover some of the basics plus include extras your company may not want or need, or include multi-year service contracts that far exceed any government requirements. If you don’t have some technical background in IT and know what’s required of your company, it’s easy to be swayed by marketing.

I advise business leaders to get smart. And the best way to do that is to seek out a variety of providers and ask for a free estimate. A good company will ask questions and provide a recommendation and costs. A great one will make sure you understand what’s required, where your company currently stands, and what services you will need. Your decision should include services that complement your own internal capabilities to:

Embed Best Practices

While thousands of U.S. companies will need to comply with NIST 800-171, CMMC 2.0, and DFARS Clause 252.204-7012, bad actors are also hard at work devising new ways to trick employees. That’s why it’s important to have a security mindset, a security-focused culture, and to continuously train and test your workforce. Indeed, adopting and embracing these best practices is a sign that security is part of everything you do.

Just look at CMMC Level 2. Of its 110 controls, about half are technical in nature. The rest require new policies and procedures involving a change in employee behaviors. When security is truly a core value of your organization, classroom cybersecurity training is reinforced in daily processes and interactions. Plus, thinking about security first becomes a habit. 

Align Cybersecurity Options and Business Strategy

Just like all of the other administrative functions in your company (finance, HR, operations), cybersecurity runs through all that you do. Managing the risks that pose a threat to your organization’s overall health requires staying focused on the big picture. To do that, you must align cybersecurity options to your business goals. 

• Use security plans to also meet larger company goals, like digital transformation, paperless operations, or upskilling employees.
• Connect security objectives to business requirements. For example, specific security objectives can be built into staff performance goals and supplier performance measurements. Protecting assets and information and avoiding breaches helps you meet business objectives.
• Focus on reducing risk, not eliminating it. Cybersecurity is a journey of incremental steps.

Focus on the Future

Every industry has or is developing cybersecurity standards. A future-focused strategy doesn’t just meet today’s minimum requirements. Instead, it looks at implementing coordinated programs and technology that can scale as requirements change. With a robust cybersecurity program in place, your company can pursue any certifications or audits that are needed or required. And your brand can use security as a competitive advantage. 

As an example of this approach, if you do work with the U.S. Government, it’s probably wise to invest in a high-trust environment like GCC High now. Not only does it meet current requirements, but it will fulfill compliance goals for CMMC 2.0, DFARS, FAR, ITAR, and CJIS.

Consider Your Options—and You Do Have Options

If you believe the ads that pop up when you search for cybersecurity, every provider out there has a single solution that meets all your needs. The truth is that there are many options and pathways. Tailor your approach to your company’s structure, existing systems, and business goals. 

You even have a choice when it comes to licenses. Returning to our GCC High example, GCC High requires a vetting process and comes with a bigger price tag. Options exist to use Microsoft Commercial in combination with other solutions to achieve the same level of security and compliance standards for less. A provider motivated only by their profits, and not invested in your success, might not present other options or even offer them within their portfolio. This is where internal knowledge and comparison shopping can help.

Also, your provider matters, too, even for licenses. Some good ones include implementation and configuration in their costs, and some even help with documentation

Cybersecurity is a significant investment for companies that may not have done risk management or security as part of their operations before now. However, make no mistake, every small or medium-sized business, regardless of its industry, now must incorporate security into their processes (the risks and impact are too high to leave it to chance). The best approach is to adopt industry best practices, align your cybersecurity options with your business strategy, and remain future-focused.

The post Make Good Choices: Breaking Down your Cybersecurity Options appeared first on SmallBizTechnology.

Create a website

First things first, start a website if you don’t already have it. If you don’t have a website nowadays, it’s like you don’t exist at all. Then, adapt it for smartphones as many people use their phones for browsing and making purchases. Moreover, you should also be mindful of how you present your merchandise. You should collaborate with prominent influencers, to boost your online presence as well as sales. And finally, another crucial thing you can do is start a blog – more on its importance later.  

As we already mentioned, having a website for your fashion business is the first and utmost important step in advertising. It is the base. The pandemic outbreak has brought upon us a specific situation. Namely, physical stores have been closing, while the revenue in the fashion business has been increasing. That means that many people have moved their business online, which puts the focus on websites.

Your website should be appealing in a few aspects. It should look nice, modern, and suitable for the niche. It should also be highly responsive and user-friendly. Customers should be able to navigate it easily and find the necessary information quickly. Remember to include all the important pieces of information.

Adapt it for smartphones

When you have finished setting up your website, you should also make sure it is suitable for smartphones. Nowadays, people around the world use their phones for almost the same things as their computers. The only difference is the fact that we always have our phone on our hands and we can use it for shopping, ordering things, paying bills, and so on. We use them while waiting for the train, bus, or subway to finish these little things.

So, one of the great ways to get more customers is to offer them either a smartphone-friendly website or a smartphone app. In this way, you can make sure that your customers can always access your website and order things, wherever they are and regardless of whether they’re using a phone or a computer.

Present your merchandise in the right way

After you finish with the technicalities, you should work on presenting your merchandise in the right way. Start with getting quality fashion wholesale from reliable vendors. It is essential to have quality things to present to your customers. When it comes to the fashion industry and presenting merchandise, it is an industry that is highly visual.

So, you can do several things. First of all, you should get quality photos. You should present your fashion items genuinely, as realistically as possible. Make sure to use flattering lighting and take photos from various angles. Also, you can even make a catwalk video – it would mean a lot to potential customers. It is a great way to boost online sales.

Collaborate with influencers

Besides having a website that is suitable for phones, you should also work on your social media presence. That means being active across various social media channels, such as Instagram, Facebook, and TikTok, among others.

Many of these campaigns involve working with an influencer. So, it is something you should consider as it has been proven highly successful. You should find prominent influencers and collaborate with them. There are different influencers based on the number of people that are following them, so that affects their pricing.

Start a blog

People sometimes overlook the importance of having a blog. Blogs are an essential part of every business as they keep the customers engaged. Writing blog posts for a fashion business is creative and fun as it could be about anything related to fashion. You could write about the newest fashion trends, style guides, how to take care of specific types of clothes and so on. These could be things people come back for.

Also, it’s a good way to build internal and external links, which boost your SEO. In turn, a great SEO strategy can bring your website to top search results. And that would mean, higher revenue for you.

Final thoughts

Being in the fashion industry and having such a business is creative, insightful, and amusing if approached in the right way. Hopefully, these practical tips and tricks can help you in boosting your online presence and advertise your fashion business.

The post How to Advertise Your Fashion Business in the Right Way appeared first on SmallBizTechnology.

1. Choose Technology With Superior Customer Support

According to research, an unexpected IT outage can cost your business $5,600 per minute. When something goes wrong, it is vital that you can reach customer support quickly and get your problem resolved as soon as possible. Before investing in technology, find out what support is offered. Check the hours support is available. Find out how many ways you can contact support and what the expected wait and resolution time is. Do a test call to make sure someone answers your request during the timeframe the company promises.

2. Secure Technology Investments

Data breaches can cost you money, put your network out of commission, and ruin your reputation. Before you purchase any technology, research any security flaws it has. Consider using password-protected PDFs to protect your sensitive files. Invest in a PDF editor so that you can easily make changes to your PDF documents and drawings without having to convert them to another format. All you need to do is upload your file, make changes and then download the edited file and share it.

3. Read the Reviews

Technology companies make a lot of claims about their products, but not all of those products live up to the claims. One way to find out which products perform as advertised is to read reviews from professional reviewers and users. Don’t just look for good or bad reviews. Look for what people say they liked or did not like about a particular product.

4. Move to the Cloud

The price of cloud computing has dropped significantly in recent years. Moving your business to the cloud makes it easier for your employees to collaborate, particularly if they do not all work out of the same location. Cloud-based platforms are reliable, scalable, and secure. Outsourcing functions, such as running your email server, can save you time and money that you can invest elsewhere.

5. Switch to Mobile

Mobile devices, such as smartphones, are getting better and faster, and high-speed data is becoming more accessible anywhere in the world. Smartphones and tablets can be used for basic data entry and consuming information at a cost that is significantly less than managing desktops and laptops. Cloud-based apps can be accessed from anywhere that your employees have an internet connection. This combination allows you to build an inexpensive mobile workforce. 

6. Build a Professional Website

If you have been relying on free website creation tools, consider paying a professional developer to enhance the look and function of your site. A professional developer can custom code your site so that it doesn’t look like just another cookie-cutter site. Your developer can also troubleshoot your existing backend code to make it faster and more powerful or design an entirely new e-commerce system so you can stop paying monthly fees to use someone else’s.

 Final Thoughts

The upfront cost of new technology investments may be intimidating. However, when you calculate what you can save in time and money over the long run, technology investments are often a better financial move.

The post 6 Technology Investment Tips for Small Businesses appeared first on SmallBizTechnology.

Enterprise chatbot development focuses too much on data and statistics without applying strong general learning principles. Or ensuring they achieve dynamic context. A lot of enterprises rush development as well, motivated by competition. Thereby, only implementing chatbot solutions to mirror what other businesses are doing. Enterprise leaders see the revenue-generating and strategic benefits they provide by automating repetitive tasks. But they fail to factor in necessary elements like hyper-personalization, scaling, and more. 

There is a lack of repeatable and reliable models for intelligent chatbot development, and it all comes back to an overreliance on traditional development and implementation issues, leading to diminished customer experiences and maintenance headaches. Here are some of the most noticeable challenges with today’s enterprise chatbots. 

Too Much Emphasis on Testing Leads to Enterprise Chatbot Failure 

Fully functional and versatile enterprise chatbots leverage conversational AI and natural language to establish rapport with the people they interact with regularly. Chatbots can generate response rates of just under 90% when they generate highly-engaged customer experiences. Furthermore, enterprise chatbots improve productivity and workflow across verticals, ranging from help desks to IT and procurement. 

However, during the development stage, little time is spent on engagement as enterprise leaders and IT developers are married to stringent testing procedures, leading to malfunctions that negatively impact business performance. 

The evolution of chatbots has been increasing as natural language models develop, meaning that some amount of testing is required to maintain accuracy. However, chatbots fail when lots of training data and labeling are leveraged, thus ‘confusing’ the bots. The flawed thinking says that to change the ‘minds’ of chatbots, just add more data to help them understand more of the language. However, if the chatbot lacks a memory to begin with, then what is adding data going to achieve? 

Ontologies solve the testing problem because they allow chatbots to process specific meanings and synonyms. Thus they develop a contextual understanding from the beginning. Enterprise chatbots understand, test, and train service-specific properties. This enables businesses to accumulate business knowledge in one go rather than constantly drilling information into them. Or heavily scripting them so they can have meaningful conversations. 

Enterprise Chatbots Must Readily Address Declining Attention Spans

Another issue with enterprise chatbot development is that enterprise leaders and developers fail to realize that more people are demanding instant customer experiences. People increasingly adjusted to on-demand service, meaning increased response times and a greater desire for immediate replies. The average attention span for customers is eight seconds or less. They don’t have enough time to be stuck mingling with brands for longer than normal, especially for queries or tasks that should be quick enough to handle. 

As a result, the demand for chatbots with extraordinary functionalities has increased. Yet, there aren’t enough of those chatbots within the marketplace because too many chatbots lack the necessary personalization and comprehension capabilities to match increased customer demand for seamless, instant service. Many chatbots struggle to learn interactively, have no reasoning ability, and have shallow, statistics-based comprehension. These prevent them from understanding context. 

Enterprise chatbot development needs the best practices of conversation AI to mimic human conversations, leading to optimized customer experiences and management. Chatbots need deep contextual parsing to develop high comprehension levels, as well as dynamic personalization, ditching the traditional hard-coded or fixed personalization methods. As a result, chatbots develop a strong, sharp memory that allows them to adapt to situations flawlessly. 

With personalization and contextualization becoming more dynamic, enterprise chatbots can match today’s way of interaction. It is more social than technological. Enterprise chatbots should be more dynamic, creative, emotional, and natural. This matches customer expectations because their way of interaction centers around these important traits. They should be able to replicate human context and understanding to provide solutions. Solutions that not only cater to their needs but allow businesses to focus more time on mission-critical tasks. 

Providing More Context to Enterprise Chatbots 

Without having the context to make meaningful and helpful responses to help the people who interact with them, conversations become vague. The bots will have no use. Creating chatbots with contextualization in mind can prove challenging for enterprises that don’t have the knowledge base or infrastructure required to utilize them. 

Thankfully, with natural language processing (NLP), enterprise chatbots can understand conversations in great depth. Plus, they comprehend data and convert it to offer meaningful responses in real-time, meeting customer needs consistently. 

Addressing Challenges Will Lead to Increased Enterprise Adoption 

Even before the pandemic started, enterprise adoption of chatbots and conversational AI had been gradually increasing. However, such adoption will need to accelerate as the transformation to a digital workplace continues. Technological advancements built to further automate customer interactions will become more commonplace. This will necessitate that chatbots deliver hyper-personalized customer experiences at scale. 

Improving the quality of chatbots and how they extract/deliver value during customer conversations streamlines workflows. Plus it promotes interactive unsupervised learning. This means that they potentially garner key insights from conversations without someone constantly watching over them. With integrated short and long-term memory, plus hyper-personalization being based on individual goals, objectives, and history, enterprise chatbots can deliver exceptional experiences. 

They can deflect calls for call centers, scale supply-related activities, handle procurement requirements and spearhead IT helpdesks. Various fields such as fintech and ERP are enhanced as well. The use cases for enterprise chatbots are wide-ranging and more promising once the development aspect focuses more on making chatbots relatable without relying on the overuse of data to make them fully functional. 

Enterprises can become robust industry leaders with the help of conversational AI tools that position them strongly in the minds of the customers they work with. By successfully navigating chatbot development challenges, enterprise leaders can achieve bigger business goals. 

The post Exploring the Biggest Issues With Enterprise Chatbot Development  appeared first on SmallBizTechnology.

One of the reasons for this is that most small businesses are too caught up with strategies that fuel their lead generation, customer acquisition, and business development efforts.

However, press releases have a huge role to play when it comes to boosting a business’s brand awareness, traffic, and overall competitive edge. Also, getting your press release on authority publications like the Associated Press or Businesswire is a great return on your marketing spend.

Companies usually share a press release to make news, attract attention, and create a community. However, press releases can be leveraged to achieve different business goals.

In this post, we will share types of press releases with examples to help your business get the attention it deserves.

So, let’s begin.

Strengthen Your Brand Awareness with These Press Releases

Here are the top 7 press release types you must include in your media list to generate publicity.

1. Events

Event press releases are written to inform the audience about an event your business is planning to host, sponsor, or attend. The event could be a charity initiative or a community gathering.

An event press release should pique the interest of its audience by sharing a newsworthy story. Further, it should carry interesting copy and imagery to get people excited about the event.

When it comes to creating an event press release make sure you address the 5W’s + 1H of journalism, namely who, what, when, where, and why + how.

• Who is announcing the news?
• What are they announcing?
• When will the event take place?
• Where is this taking place?
• Why should the audience care?
• How should the reader participate or register for the event? OR How is the company going about it?

Besides, your press release should share why your event is worth participating in or attending. The objective of this press release is to intrigue and drive attendance.

2. New Technology

If your product circles around innovations, the technology press release can help in not just creating noise around your offerings but also attracting technology investors. This type of press release carries information on the new technologies the business has invested in. Plus how it solves customer problems.

While it’s tempting to share every piece of product detail in a technology press release, avoid doing so. Your press release should be scannable and concise. Offer plenty of opportunities to link to product pages, company overview pages, and data sheets. Learn from these press release examples to create a release that’s more readable while portraying your strong commitment to SaaS technical excellence.

To write an effective technology press release, create an engaging headline that conveys the end benefits to the reader.

Good Headline: Neoteric Invests in AI and cognitive computing for Its Client AppOrchid
Better Headline: Neoteric Invests in AI and cognitive computing for AppOrchid to Build AI Models Visually and Substituting Programming.

Secondly, journalists are constantly looking for the announcement. So, it’s best to stick with the 5W’s + 1H we spoke about earlier.
Finally, remember to add validation like quotes from beta users or R&D engineers. Business development leaders or the top management can share how investing in this technology is impacting customers and fitting into the overall company strategy.

3. Product

A product press release is used to announce a new feature in the product, a brand extension, or a new product launch. It usually talks about why the product is different from the competition, giving people a reason to invest in the product. By highlighting the product’s striking features, you are giving your new representatives (PR professionals and journalists) reason to write about the product.

Here are a few quick tips to write a product press release.

• Begin with a captivating headline. Keep it short. Use action words like achieved, capitalized, delivered, empowered, and integrated among others to evoke an emotional response from people.
• The first paragraph should convey the product value. Remember that your audience is pressed for time. Make sure you include the 5W’s + 1H we discussed earlier in this post.
• Include quotes from top officials, spokespeople, or key company stakeholders to emphasize the core of the announcement.
• Share your boilerplate in the end. A boilerplate explains what your company does, its size, and key operating locations and shares details of your website and social profiles. Your product press release is incomplete without the boilerplate.

Journalists are constantly looking for stories that their readers will appreciate. Thus, a product press release is a huge value-add that entices readers to their article and persuades them to try the product.

4. New Business

A new business launch press release announces new ventures that could be addressing a gap in the market or a competitor’s offerings. This should tell the audience all the information related to the new business opening.

Small businesses planning to expand should leverage this form of a press release. Begin with the name of the venture and share the location and date of the business opening. The body should include an overview of what the business does and the gaps it will address. Plus, why it’s different from the competition. You may also add a few executive quotes to share the firm’s vision.

5. Awards

If your business has received a prestigious industry award or recognition, showcase the accolade through an awards press release. Sharing such news can strengthen your position in the industry and attract the attention of investors who can support your venture, especially when it’s scaling.

Here are a few elements you should include in your awards press release.

Name of the award. It sounds obvious but sharing the name of the award your company has received will help your readers understand its significance.

Moreover, offer context for the award for those readers who aren’t familiar with the strength and significance of the award you’ve received.

Share the reasoning behind your award. You’ve received an award, but why? Was the technology used in the product outstanding? Did your product help solve specific problems? Include a few sentences on the judging process to tell your readers that it wasn’t just a flippant win.

Avoid bad-mouthing competitors who didn’t make it. Your winning is enough for your audience to know that your company is better than the competition.

Express gratitude. Don’t forget to mention the critical role your team, investors, and customers played in making this award possible. This will go a long way in showing that your company upholds values like humility and team spirit.

6. New Hire

New hire press releases are especially important for small businesses because it helps build credibility as a sought-after employer. Moreover, if the business has an influential person on its team, it builds trust in their expertise.

Remember to highlight the responsibilities and priorities of the person in the new role. Sharing such information in the press release allows customers and investors to relate to the new hire and understand the role they will play in addressing their pain points.

7. Partnership

If you’ve been negotiating a partnership for months and it has finally come through, a press release can help you make it official to the public. The primary purpose of a partnership press release is to update your audience on the upcoming changes and how they will affect them.

One thing that you need to remember here is that like you, your partner will have a customer base. Hence, you need to create a press release that appeals to both audiences. Focus on aligning your values. Use this opportunity to delight a new set of customers (your partner’s customer base) with the features, services, or experiences they’ll get access to.

Summing Up

Whether you are announcing a new product in your existing line or partnering with a firm to introduce a groundbreaking technology, press releases can help you get the word out. Regardless of the type of press release you use, they prove to be great tools to attract attention to the business, build credibility, and gain a loyal following.

We are sure the press release types discussed above will help you generate publicity for your small business, steering it towards the fast track to success.

The post 7 Types of Press Releases Every Small Business Should Leverage appeared first on SmallBizTechnology.

Increased Brand Awareness

Implementing a social media plan will significantly boost brand recognition. Encourage workers, partners, and sponsors to “like” and “share” your page. Each shared post will introduce you to a new network of people. It might also produce a large audience for your business if used regularly.

You can include your brand in images to help increase the visibility of your logo or name. A strong visual can help you achieve high brand recognition. You can also use gifs or memes to respond to comments or spice up your feed.

Increase Website Traffic

Posts on social media and advertisements are effective ways to generate website visitors. Sharing high-quality material from your blog or website on social media is a terrific method to gain newcomers.

One of the most effective ways for increasing website traffic is optimization. Social media profiles, like your website, should be thoroughly optimized as it is excellent SEO practice.

Make sure you include relevant keywords in your social media bios.

Instagram’s massive reach makes it a perfect platform for marketing your business or website. The platform provides a variety of advertising possibilities, and its highly visual nature makes content creation easy.

Every Instagram user can post a link in their bio. This is the only area on your profile where you can directly add a link, so be sure to use it.

Your Instagram bio should always include a link to the website you want users to visit. Instead, consider connecting to a specific page or product on your website. Including terms like “link in our bio” in your posts is an excellent way to increase the number of people who click on them and help your social media marketing strategy.

Generate Leads

Use social media to connect with potential customers and generate leads. By producing relevant and informative material, you may attract new visitors seeking information about your products or services. This will improve the ranking and exposure of your website, as well as stimulate interest in your products and services.

Allowing potential leads to view customer testimonials helps boost your brand’s reputation and gives potential clients the extra nudge down through your sales funnel.

Also, social media is an excellent place for displaying customer testimonials. Take the opportunity to demonstrate how each happy customer has benefitted from your business, as well as how you’ve helped them in overcoming common consumer issues.

Running social media ads includes collecting essential data, analyzing it, then using it to more efficiently find your target audience. Ultimately, the goal is to minimize the cost of acquiring a lead. For some industries, this can be a very effective way to generate more leads.

The most popular social media platform for lead generation is Facebook. One of the reasons many businesses use it to market their products is because it offers the lowest CPC rates. Businesses can set up their own Facebook page, and the people who like the page are potential leads.

Go Viral

Going viral is not an easy task, but it would be nearly impossible without social media. Your content travels over the Internet when individuals share it with their networks, and their networks do the same.

Viral marketing is a combination of strategy and chance. The brilliance of this method is that posts frequently become viral by accident. When the post contains a product, it is common for the product to sell out for months at a time. TikTok is an example of a viral marketing hub. All types of content have the potential to go viral. If a product is mentioned in a post, expect it to sell out quickly!

Since viral material is shared by users, it does not require a large advertising budget. Small businesses can increase their lifetime orders because of a viral TikTok video. Rapid growth like this brings rapid lead generation and sales.

Featured items find their way into the media when posts go viral. This leads to a significant increase in exposure and brand recognition. 

Customer and Audience Engagement

Social media engagement is a broad term that involves a range of metrics used to determine how many people interact with your business across various social media platforms. On the surface, this can include your posts’ comments, likes, and shares.

Identifying your target demographic and consumers will enable you to better appeal to them. Indeed, the language, tone, and visual content used will depend on their age, gender, and interests.

Also, don’t be afraid to show your business’s personal and human side. This will make your brand more appealing and relatable to customers and help your social media marketing strategy. 

Keeping up with current events and conversations will keep your content relevant. This could include hot topics in pop culture, holidays, athletic events, and memes.

The best way to keep in touch with your customers is through a social media community. When you interact with your social followers in their preferred manner, you boost your exposure and reach. Having a community of loyal customers can help you stay relevant in the market for a long time.

The post 5 Advantages of Having a Social Media Marketing Strategy for Small Businesses appeared first on SmallBizTechnology.

However, starting almost any business, preschool one as well requires you to do certain things beforehand. You should approach this business idea carefully and with plenty of consideration and thought to do the right job.

You should start with a plausible business plan as it is the base you need. Then, you should research your competitors and find an ideal location. As there are plenty of curricula available, you should consider which one(s) to implement.

It would be great if you got preschool software to help you run your business more smoothly. Moreover, you should also obtain the necessary licenses and permits. And finally, you should focus on equipping your preschool. Keep reading to learn more. 

Start with a Plausible Business Plan

A business plan is a base for every business. It is essentially an outline of your business, containing all the important information about your business. It also includes information on short as well as long-term goals, marketing strategies to be implemented as well as some future estimations.

Another key aspect of a business plan are costs involved in starting a preschool business as well as ongoing, monthly costs and all other investments needed. Writing the business plan forces you to think and plan ahead. Doing a good job in planning your business can help you avoid making mistakes.

Research your Competitors

When you have finished creating the business plan, it’s time to move to do extensive research on your competitors. Sometimes competitor research is also a part of the business plan. Nevertheless, you should find out about your competitors. Who they are, where they are located, whether they are full, what curriculum they use, what perks they offer, and so on.

Read online reviews and deduce what people want in a preschool. Check if there is some aspect nobody has covered yet and try to fill the market need for it. You should give people what they want.

Find an Ideal Location

When it comes to the right location for your child care center, there are a few options, depending on your business preferences. You can start your preschool in a part of your home, or you can rent an existing preschool facility. Additionally, you can also start your preschool from scratch, in a completely new facility. Anyway, you do need a great location.

Check your city’s zoning laws and other regulations, to check whether your intended location is compliant. The main differences between home-based and other location preschool businesses are fewer expenses and lower overhead costs, more flexible hours, and generally more convenience for you. However, they can also be a bit limiting. 

Consider Which Curriculum to Implement

As for the curricula, there are a few popular ones worldwide. You should go over each one carefully, to see what they are about. The curriculum you opt for should reflect your preschool’s aim, mission, and vision. What’s more, you don’t have to opt for only one curriculum, you can mix different aspects of various curricula.

You should focus on providing the children with a learning environment that will positively affect their academic and social development. Moreover, you should take into consideration current child development research, whether it’s practical to implement, whether it supplies support and training and whether it’s appealing to children. 

Some of the most popular curricula are the Montessori program, the Waldorf approach, and the HighScope approach. The Montessori program provides a hands-on learning environment, where educators pay attention to every child individually. It is a similar case with the HighScope approach. On the other hand, the Waldorf approach is more group-oriented, in comparison to the previously mentioned programs. Perhaps the best way to go is to create a unique framework to work by.

Get a Preschool Software

Nowadays, we have access to plenty of useful software we can use in all kinds of businesses. And you should definitely take advantage of new technology. It makes doing business easier, faster, and more optimal. By reducing the time for doing mundane tasks, you can focus on performing some other, more essential tasks. There are some preschool apps that can streamline administrative tasks.

Apps also allow you to manage your business more easily and stay in touch with parents. You can also use it to record daily events and activities and deliver real-time updates to parents. Moreover, there are also preschool apps that parents can use at home with their children.

Obtain Necessary Licenses and Permits

Child care businesses require certain licenses and permits to be obtained. They depend on each town, city, and country. So, you should get yourself familiarized with the things you need in order to run a business that involves taking care of kids. Most often, this process involves filling out some licensing applications, paying certain fees, working with a licensing agency, and going through a background check, among other things.

Equip your Preschool

When you have completed all the previously mentioned steps, you can focus on equipping your preschool. That means getting furniture suitable for a preschool, decorating walls with paint, and all kinds of educational posters. Kids should have the appropriate sleeping area as well as the area for eating. The bathroom should also be well-equipped and adapted. There should be plenty of toys, both educational ones, and free-play ones.

All in all, you should focus on making it appealing, functional, practical, and safe. Don’t forget to get insurance for your business and cover general liability insurance, property insurance, professional liability insurance, and workers’ compensation insurance.

Starting your own business can be overwhelming and exhausting at times. Nevertheless, with thorough research and good organization, you can decrease the stress and enjoy the process more.

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In other words, if the value of mean time to repair is 0, fixed devices are less likely to fail. The metric can be used in the meantime to improve customer experience and reduce the mean time to repair. 

Many people, however, do not know what is MTTR and it can be reduced. This is why we’ve put together this brief guide. Check it out. 

So, What is the Mean Time to Repair?

The term “mean time to repair” describes the length of time it takes to resolve an issue. Even though this term is quite simple to comprehend, people still often misunderstand it. This is because you will be provided with a mean time for response, recovery, and repair, which varies from one to another.

Mean time to repair, however, represents how long it takes to fix an issue. You can rely on it to keep your business running and recover from disasters in an emergency. By having a good meantime, you will be able to ensure that the system runs smoothly without any failures. 

It is believed that assets with a low mean time to repair are less likely to fail. Also, such a system has a high ability to recover and operate generally within a short period.

What is the Importance of Mean Time to Repair?

The mean time to repair is an essential measurement in determining how fast you can resolve a customer’s issue and improve their experience. Metrics such as these are commonly used in maintenance operations to ensure that people receive the best repair experience. 

Moreover, reducing the mean time to repair ensures that your system remains up and running without interruption. Besides this, you may have heard of the term downtime, and it is the period when a system or device is not available to use. However, you might not realize it can be costly, so reducing MTTR is essential for your business.

Moreover, today life is fast; no one can wait weeks and months to get things repaired. Therefore, quick responses to any issue help you gain more customers instead of losing them. That is why, if you are working in a repair or maintenance field, managing your mean time to repair is essential and will help you improve customer satisfaction and service quality. 

How Can You Reduce the Mean Time to Repair? 

To increase your customer satisfaction and service quality, and make the system function accurately, it is essential to lower the mean time to repair. Thus, here are some steps you can take in the count to reduce the MTTR. Check out below to find out.

• First, you must have an extra supply of all the spare parts and components. It will ensure that you have a backup plan in case of failure.
• Next, you have to monitor the system regularly. Then, you can conduct the test, overview the performance, and check the functioning. With this, you will get to know whether the system is functioning well or not.
• Calculate the mean time to repair. You can also conduct a business impact analysis. It will let you know which system is essential. Besides this, it will also help you monitor your performance. 
• Start with installing a mentoring system that includes sensors. It will notify you about the performance of the system.
• You can streamline the desk resources. In addition, it will ease the reporting process.
• Hire a team of trained equipment repairers to help you in any disaster. They will act as a backup for your organization. 
• Go on by updating the management process. It will decrease the chances of errors taking place within your system.

To Sum Up

Mean time to repair is essential to ensure that you are providing the least fixing time. The less time there is, the higher the quality will be. Thus, if you are facing any issue in reducing the mean time to repair for your organization, follow the tips mentioned above. It will help you reduce MTTR for your organization. Therefore, make sure you regulate MTTR timely to avoid any inconvenience and increase the demand among customers. 

The post How to Reduce the Mean Time to Repair? appeared first on SmallBizTechnology.

When it comes to improving your customer service FCR, you need to evaluate a range of data. Customer satisfaction rates (CSAT) are a nice springboard, but they don’t offer deep insight. Average handle time (AHT) is great for understanding agent efficiency, but not for understanding whether procedures are being followed. Examining several types of customer service data will help your customer retention rate, which has long-term dividends for your reputation. Using that data wisely will improve your business. 

Here are nine steps you can take for using data to improve your FCR.

1. Collect reliable data using a time-saving tool.

The first step to working with data is always, well, having good data. To get that, you’ll need a good data collection and analytics tool. You may be handy with a spreadsheet, but it’s very helpful to have your data collection, analytics, and coaching all in one place. You want to be able to look at your data in the proper context, especially when it comes to FCR versus other metrics. It’s especially helpful to be able to automate QA scorecards and CSAT score collection that identifies customer support tickets with many interactions. MaestroQA, for example, offers dashboards to identify why (the root cause) a customer query required a customer to reach out to customer support multiple times and ultimately take action to improve first call resolution.  

2. Hone in on QA rubrics. 

In addition to using the right tool, make sure your data collection within that tool is set up to catch the information you want. Collect QA data, in particular, that is specific enough to be helpful but general enough to be grouped into buckets. You’ll also want CSAT and AHT scores. 

3. Use QA scores to check agent adherence to best practices.

Are your agents following the policies and best practices you’ve outlined in your training? If not, there are a couple of fixes, depending on whether the issues are systemic or individual. You may need to update your training to be more clear on your expectations. Or, you may need to offer coaching sessions to individuals to discover why they aren’t following policy and help them correct course. 

4. Create CSAT benchmarks. 

How do your customers feel about their experiences when they contact customer service? This metric will be a helpful benchmark as you look to improve first call resolution. It should positively correlate with FCR. (If it doesn’t go up as your FCR goes up, you’ll need to do some troubleshooting.) Check in with industry benchmarks, and set a goal for your team. 

Remember: CSAT alone does not give you enough information to take action, and simply chasing CSAT isn’t necessarily helpful. Examining your CSAT holistically is a separate project. But to improve FCR, you do need to understand where your CSAT stands. 

5. Use AHT for context on customer experience. 

Average handle time (AHT) doesn’t tell you whether a client’s problem was solved, but it does give you another data point to use. It can help you put yourself in a customer’s shoes. If your CSAT is lower than you want, and your AHT is high, perhaps your customers are frustrated by long calls. Or perhaps they wouldn’t mind long calls if their question was answered on the first try. 

Remember: AHT often negatively correlates with first call resolution, so use this stat in context. 

6. Mine your data for common “root cause” questions.

Sometimes a customer gets their initial question answered, but they end up calling again because they have a deeper “root cause” question. Run a query on the topics covered in subsequent calls. When you contrast those topics with the original reasons that customers call, you may find that your agents need to ask more follow-up questions on their first calls. You may find that you need to build out your knowledge base further. Or, you may find that your product or website needs tweaking. 

7. Use QA scores to search for more insight.

Keep that QA data tab open! If your QA data is inconsistent, you’ll need to dig deeper to find the root problem. Perhaps your agents lack a critical tool, such as a robust knowledge base, and are attempting to compensate for that on their own. Perhaps a lack of rigorous training or coaching resources means senior agents spend all their time helping newer agents. Bring in a few agents for this process—they’ll be able to help you see the pain points they’re experiencing. 

8. Make changes as needed. 

The above steps should give you ample rationale for making certain changes. Now is a good time to consider investing in more resources such as training or coaching. You may need to optimize your knowledge base or adjust your budget to hire some new agents. This is the part of your plan that will get you results. 

9. Implement a follow-up plan. 

You’ve done the hard work at this point. Now, set some calendar reminders to periodically review your updated data and check in on your progress toward your goals. You’ll likely need to recalibrate a bit as you pinpoint the factors that affect your particular FCR. For some extra encouragement, don’t forget to celebrate your wins along the way. Building loyalty and trust with your customers is a worthwhile investment. 

The post 9 Steps for Using Data to Improve First Call Resolution appeared first on SmallBizTechnology.

When you monitor your employees remotely, you don’t want to micromanage them and be breathing down their necks – you want them to work in the way that is most comfortable for them. These pieces of WFH equipment can make working from home a lot easier on your employees, leaving them enough energy to work through the day and have time with their loved ones at home.

1. Standing Desk

Standing up while working is a new trend that can keep employees in shape. Exercise can help someone stay motivated throughout the work day, but how can you get your activity in if you don’t have time to exercise?

A standing desk can remedy this problem by forcing someone to stand up. Simply by standing, any employee can improve their health and have less of a sedentary lifestyle.

2. File Organizer

When you work with many papers, you need something to keep them organized. File cabinets, however, might be challenging to make space for.

File organizers are smaller WFH items that can fit on a bookshelf or stick directly to your wall. They’re a great purchase if you’re used to sorting papers while working from home. Plus, they look much nicer than a bulky beige cabinet.

3. Biking Desk

Some desks take standing desks to a new level. These desks allow you to pedal while you’re working, effectively burning calories and increasing flexibility, among other benefits you can gain while riding a bike. If you have any employees who love to exercise or need to fidget while they work, a biking desk would be an excellent addition to their home office.

4. Reusable Notebooks

Having paper is essential to any job. Instead of wasting pages upon pages of notebook paper to take notes only to throw them away, consider investing in reusable notebooks. These notebooks can allow you to write on a surface, then erase your words. Some even allow you to take a picture and upload it to an app. That way, you can store your notes online for as long as you need.

5. A Second Monitor

If you want your employees to complete their work more quickly, a second monitor gives them the option of having more on their screen without having to rapidly switch windows.

A second monitor may be seen as a way to level up an employee’s performance and may do well as a reward to help retain employees. If people know they’ll earn something by sticking with your company, they may be more likely to tough it out through the difficult times.

6. Anti-Fatigue Mat

Perfect for standing desks, an anti-fatigue mat is typically filled with gel or some other cushion that is easy on workers’ feet. The mat makes it so that employees can work at their standing desks whenever they feel like it for as long as they please.

It might take some getting used to, but eventually, your employees will feel at ease using an anti-fatigue mat to keep them energized and focused throughout the day.

7. Plants

Plants may not be the first type of WFH equipment to come to mind, but they’re a must for nearly any remote work setup because they give people another thing to take care of. Some people may see it as a chore to water plants, but succulents offer the same joy of having a burst of green in the office without worrying about taking care of it.

Plus, having green in the office can help lower stress and invite rest into a person’s life. It’s the perfect color to add to offices because it can help your employees feel more at ease at their desks.

8. Blue Light Glasses

Your eyes are some of the most important tools you have. When employees are working from home, they’re likely glued to the screen. You want them to protect their eyes, so why not instruct them to wear glasses that reflect blue light?

You may find your circadian rhythm disrupted when exposed to blue light without protection. Glasses that reflect blue light can keep your employees safe at any point in the day.

9. Ergonomic Chair

To do their best work, your employees must have the best equipment. A chair that fits them ergonomically will preserve good posture and save them from pain after a hard day’s work.

The chair itself isn’t the only thing – your employees must also know how to sit in it and maintain good posture to avoid hurting themselves. Still, the presence of a comfortable chair that positions them correctly could do nothing but help them.

10. Fidget Toys

Some people just can’t sit still during work. They might need something at their desk to fidget with to occupy their mind as they work through a problem. A fidget toy, such as a fidget spinner or a fidget cube, can help them work aimlessly with their hands during a slow period or one that requires intense focus. It’s an easier way for them to get their energy out during the workday while staying focused.

WFH Doesn’t Have to Be a Chore With These Items

With a few simple gadgets, your employees can level up their WFH life. These items all have the potential to add to the quality of working life for some people, while others may see them as distractions. It’s up to each of your employees to figure out the working style that fits them best. Then, you can provide them with the tools they need to finish their days productively and in style.

The post 10 Pieces of WFH Equipment to Boost Remote Productivity appeared first on SmallBizTechnology.

As Digital Banking methods progress in the world of tech, they become quicker and safer than most traditional exchange methods between two parties. So what exactly are the benefits of digital banking for small businesses aside from speed?

Digital Banking Allows Small Businesses to Keep Track

Since small businesses or start-up organizations that are at the beginning of their entrepreneurial journeys can’t really afford to hire top-level accountants or pay for an advanced accounting system to monitor all the processes and finances in their firm, they can take advantage of digital banking.

Digital Banking allows smaller enterprises to manage their finances smartly. Additionally, it keeps track of everything in the form of reports, either weekly, monthly, or quarterly. These are easy to filter, which gives an extra edge to decision-makers in the company. You can always take a step back and see what you’ve paid to whom in which time period.

Some neobanking solutions for businesses can even allow you to share your financial data with a third party, like a financial analyst. As a small business, you could do that once per quarter or a couple of quarters instead of hiring a full-time analytics team.

It’s Convenient

Are you outside of the office? At the beach? No problem. You’re carrying all your financial data in your pocket on a mobile device. What’s more convenient than that? Online banking has become the leading way to handle money globally.

If you are a busy business owner, you can use the features while traveling, stuck in traffic, or even in a meeting if it allows it. Sometimes during meetings, questions regarding finances that you can’t know for sure could come up. Taking out a phone and checking in a matter of seconds is something that can help you a lot. You can have it all, employee salaries, payments, bills, and invoices, in one place, at all times.

Brick-and-Mortars Are More Expensive

Did you know that traditional brick-and-mortar banks with physical locations need to spend a ton of resources on organizing financial records and documents the usual way? They need to pay for a location, build an office, have ten times the number of employees, and interact with customers one-on-one on a daily basis. All of this requires more resources and leaves almost none for innovation. These are just some of the reasons why brick-and-mortar banks charge more for almost everything than digital banks.

On the other side, neobanks don’t rely on physical locations and invest all they’ve earned into improving the digital interface and infrastructure of their product. This makes automatic billing seem like a walk in the park.

If your employees are on a fixed salary basis, you can easily schedule all salary payments. Other expenses like bills can also be deducted automatically, and even monthly subscriptions, since you can easily get a business debit or credit card alongside your banking account.

Better Digital Security

Nobody walks up to a bank and robs it these days; it’s not the 90s. Banks are getting smarter and stopped carrying large amounts of cash in their safes. On the other hand, however, there are billions of digital dollars out there. 

As mentioned above, digital banks have way more resources to spend on innovation and security, while traditional banks have to spend money on locations and traditional real-life security personnel, who can’t really keep you safe from hackers.

New online payment platforms operate with advanced blockchain technology, which brings with it a whole new level of decentralized security. This prevents attackers from hacking one specific place or domain and gaining information. Information gets encrypted and broken down into nodes within the blockchain, becoming almost inaccessible to hackers.

Aside from high-level data encryption, digital banks also take advantage of numerous firewalls and the best and latest antivirus software. Of course, regular KYC inspections are still done for additional security, preventing social engineers from accessing your accounts.

A Smaller Environmental Footprint

Whether you are concerned about nature and the environment or not, having a smaller environmental footprint is a goal everyone should strive for. New regulations regarding certain operations are being implemented each month. Some of these impact the amount banks charge. However, not digital banks. They have an almost unnoticeable environmental footprint. Paperless operations, transactions, online support, and no office, meaning no commuting, are just some of the reasons digital banks are much better for the environment.

Final Words

Each year, the reasons why a small business should switch to digital banking instead of relying on brick-and-mortar banks continue to accumulate.  Digital banks lower your cost and provide better security, convenience, automatic payments, and financial tracking. The best thing of all, it’s easy to start and try without you having to visit an actual bank. All from the comfort of your home.

The post The Benefits of Digital Banking for Small Businesses appeared first on SmallBizTechnology.

What Challenges Teams Can Face and How OKR Approach Helps

Essentially, an Objective answers where we want to go, Key Results explain how we’ll know we’re getting there, and Tasks list the steps necessary to get there. And the OKR is the plan that brings it all together.

Below we offer two OKR tools: the Objective Map and the Roadmap. The Objective Map allows you to build a visual hierarchy of goals and plan objectives, while the Roadmap links this hierarchy of goals to a time factor.

The goal hierarchy is the heart of OKR.

OKR Planning Tool #1: The Objective Map

Our first tool is the Objective Map. The visual nature of this map allows you to see the whole picture at once, making it easy to analyze possibilities, predict obstacles, and plan objectives and the necessary resources for them. The Objective Map shows all factors (and how they are connected) that are needed for your success.

See all information on a map at once.

To create your own Objective Map, follow these steps:

1. Identify and name your Objective. This is your long-term, overarching goal.
2. Determine your Key Factors. These are the measurable sub-goals needed to achieve your Objective.
3. Identify and name any possible obstacles you will face on the way to your Objective.
4. List your Tasks. These are the specific steps to accomplish each Key Factor. Assign team members to these tasks.
5. Create an Objective Map by plugging in the Key Factors and Tasks you’ve identified. Where appropriate, include your obstacle plans.
6. Define your success metrics and connect them to your Objective and Key Factors.
7. Review the Objective Map with your team to get buy-in and understanding.

The Objective Map is finished only once it provides answers to the following questions: where are you going, how will you get there, and what steps do you need to take along the way.

Tips for Creating an Objective Map

When creating your Objective Map, keep these tips in mind:

Tip #1: Name problems first, then make plans.

Take the time to brainstorm any obstacles that might come up on your way to plan Objectives. These obstacles can come in all shapes and sizes–from limited internal resources to external issues with your clients, product, or services. When you identify a potential obstacle, decide how you are going to address it before you set out on the journey towards your Objective.

Tip #2: Follow cause-and-effect logic.

It is important to have the Objective Map express the cause-and-effect connections between each element on the map (your Objective, Key Results, and Tasks). The best way to do this is to define success metrics for all factors. In other words, determine what success looks like for an activity (the cause) and connect that success to what happens next (the effect).

OKR Planning Tool #2: The Roadmap

The Roadmap is the tool you can use to determine the timeline, sequence, and deadlines of each step of your Objective Map. The Roadmap ensures that your team not only knows what they are doing but also when and in what order they will move through each step. Based on your goals, keep in mind that your team might be completing more than one step at a time. A Roadmap will help you identify those moments and prepare your resources accordingly.

The roadmap ends and begins with your Objective.

The steps of creating and using a Roadmap are:

1. Revisit your Objective Map and review all the Key Results you’ve included in the map.
2. Order each Key Result, and the Task activities that will get you to that result, in a logical sequence that moves towards your Objective.
3. Assign due dates for each activity and step toward your Objective. If there is a hard end date, work backward from there when you plan Objectives.
4. Revisit the Roadmap often to check-off completed steps and to prepare for the next steps.
5. Revise the Roadmap when changing circumstances require you to pivot.

A Roadmap gives your team the awareness of projects in real-time.

Possible Challenges

Before we jump into a discussion of OKR creation, let’s review a few possible challenges that your team might face when creating a plan.

Problem #1: Unrealistic Views

Don’t succumb to wishful thinking by setting unrealistic goals. True, you want your Objective to be ambitious, but it also needs to be based on reality. Keep the assessment of your internal resources and capabilities, as well as any external factors, realistic.

Problem #2: Rigidity

The growth of your company depends on sustainability; sustainability depends on flexibility. When creating an OKR plan, don’t follow the plan so rigidly that the plan becomes (at best) useless or (at worst) harmful to your end goal. Always have the expectation that you may need to adjust to changing circumstances.

Problem #3: Lack of Motivation

The resources and technology you have access to are important, but it’s the people in your company that are key to your success. Avoid a lack of motivation by making sure each team member understands your business goals and agrees with their importance. This allows everyone to feel invested in a positive outcome and to use their creativity and energy to solve any emerging issues.

Conclusion

By using the Objective Map and Roadmap tools as your own OKR method, you will eliminate all the common problems that teams face when planning the road to a goal. These tools allow flexibility when obstacles arise; they also teach your team how to think about their own problem-solving thought process and the cause-and-effect relationships between each Key Factor. Fostering these qualities will ensure your team and your company will always be improving the practices and routines you use for achieving your goals. This is the key to success.

The post The Best Way to Plan Objectives and Key Results appeared first on SmallBizTechnology.

If they don’t require either of these, both the certificate and the certification help to give cybersecurity professionals an edge amongst other job candidates. Many professionals are unsure of which to pursue. A common misconception is that both programs are the same. While they do sound the same, they are very different in the skillsets they cover and what job opportunities become available to you after completing them. 

What is a Cybersecurity Certificate?

A certificate in cybersecurity is usually earned at an educational institution. They are available at the undergraduate and graduate level and can be earned as part of a bachelor’s degree in cybersecurity or computer science or precede a degree program. Typically, the certificate requires you to take one or a few classes, some also may require a final project. 

Many people already working in the cybersecurity field decide to enroll in a certificate program for a promotion consideration or to use the credits toward another degree. Receiving a certificate in cybersecurity could also benefit professionals in other fields such as Human Resources, Web Development, or Business. This certificate will provide them with the necessary knowledge to brush up on their cybersecurity skills without making a long-term or expensive commitment. If you think this route would be a good fit for you, here are some things to consider when pursuing a cybersecurity certificate.

What is a Cybersecurity Certification?

You acquire a cybersecurity certification without taking an educational class. Certification is typically issued by trade/industry/professional associations who certify a candidate’s level of skill after passing one or multiple exams. Certifications can be beneficial because they help job candidates to stand out. Receiving a cybersecurity certification demonstrates hard work, drive, and helps you get recognized by employers. According to Coursera, there are 10 most popular cybersecurity certifications that a professional can receive. Let’s learn more about a few of them below.

Certified Information Systems Security Professional (CISSP)

The Certified Information Systems Security Professional (CISSP) certification is one of the most popular certifications among cybersecurity professionals. Most likely because it is one of the highest paying certifications in the industry. To get the certification, cybersecurity professionals need at least 5 years of experience working as a security analyst in the field. Having this certification opens the door to job opportunities such as a Chief Information Security Officer or Security Architect.

Certified Information Systems Auditor (CISA)

A Certified Information Systems Auditor (CISA) is another high paying certification in the cybersecurity industry. It is also the most popular certification for professionals in the field to get. By passing the exam certification, it proves that the professional has demonstrated knowledge in stopping fraud, reviewing audits, and issues of non-compliance.

CompTIA Security+

The CompTIA Security+ certification is one of the other most popular cybersecurity certifications in the industry. This certification proves that the professional has demonstrated the ability to help an employer combat a cybersecurity attack. For someone interested in a job role of a Systems Administrator or Security Consultant, this makes for an ideal certification. It is also one of the beginner certifications in the industry. Most often after receiving this certification, many cybersecurity professionals go on to receive additional certifications afterwards. This builds upon their experience.

Offensive Security Certified Professional (OSCP)

The Offensive Security Certified Professional (OSCP) certificate is a good program for cybersecurity professionals already in an IT security position. Ideal candidates could be working in positions such as Penetration Testers, Cybersecurity Engineers, or Network Administrators. It’s important to note that any cybersecurity professional interested in pursuing this certification should have a solid understanding of Linux, Python and other common program languages. 

Do employers place value on these qualifications?

Yes. Both cybersecurity certificates and certifications are worth acquiring. Here are 7 reasons why cyber certifications are worth it. They can help differentiate you against other job candidates. It can also help your chances in receiving a promotion in your current company. Or your chances to negotiate a pay rise down the line. In fact, some cybersecurity positions now require you to have either a cybersecurity certificate or cybersecurity certification for consideration. 

If you are looking to change positions within the cybersecurity industry, receive a promotion within your current company, or negotiate a pay raise, a cybersecurity certificate or cybersecurity certification will help you to stand out. Review the differences of each program and decide which avenue will help provide you with the skills necessary to get you in your ideal cybersecurity position.

The post Cybersecurity Certificate vs Certification: What’s the Difference? appeared first on SmallBizTechnology.

That said, Instagram can also help small businesses and start-ups. How? Let us explore.

Build your brand

Instagram is a visually appealing space where you can create unique content for your brand. So, efficient mechanisms to effectively connect with the existing customers and reach new audiences at a limited cost is pretty much everything every small business needs. Sharing detailed videos and photos correlated with your business will help make the customers more involved. Creating unique visual feeds makes your business stand out from the rest. 

Boost your sales

The primary objective of using any social media platform for your business is to receive better traffic. Instagram will make this entire process easy as the ads and promotions offered by this platform have the potential to reach your target audience. Essentially, this will ensure more Instagram followers, thereby boosting your traffic manifold. 

Tell franchising stories

Certainly, keeping your customers entertained is the key to receiving an increased sale rate. Today, telling exciting stories utilizing the Instagram story option has become a common approach. This is a powerful tool for increased productivity as it can attract more target audiences. Also, besides telling stories, you can exploit the Instagram story option to effectuate flash sales, discounts, etc., Alongside this, run contests that guarantee customer engagement. 

Associate with your target audience

The primary objective of social media is networking. Therefore, by using Instagram, you can successfully connect with other brands, accounts, or influencers who would lend a hand in promoting your small business. With this well-developed networking ability, Instagram serves as the ideal platform to expand your customer base irrespective of the size of your franchise. 

Cost-effective brand recognition

Similar to any other social medial platform, you can create an Instagram account and start advertising your brand without paying any extra money. But for added benefits, you can incorporate pocket-friendly brand awareness programs that will aid in expanding your fan base and follower count. Completed through an affordable budget, fewer chances of financial constraints exist within the business. 

Stay updated with customer trends.

Understanding your customers could be a challenging factor as there is no direct communication. Indeed, Instagram ensures better communication with your customers. By scrutinizing the customer feedback thoroughly, you also can stay updated with customer trends.  

Sometimes the followers need to learn about your business. Instagram can be the perfect space where you can communicate your operations with your followers. Therefore, we can sum up Instagram as the best tool to interact, market, and drive in more customers. 

The post How Can Instagram Help Small Businesses To Grow? appeared first on SmallBizTechnology.

If you stick with us, we are about to show you some useful advertising tips that you can start implementing right away. And guess what: the ones we will cover here today are free, and if not completely free, then budget-friendly. 

Let’s start with the tools you can use to advertise your business.

Cost-free Tools

In a nutshell, the common denominator for the majority of cost-free tools is content. You’ve probably heard the expression: “ Content is the king”. Good content is an absolute necessity. Why? Well, it helps you stand out among your competitors and it emphasizes your value proposition even more. Also, it makes you more visible.

Engage on Social Media

Speaking of free advertising, what better than social media. The major mistake people make is that they don’t engage with their audience or with other potential partners or influencers. Speak up, share your opinion on relevant matters and draw attention when starting a company. 

Promote your blogs, follow other influential people, take part in online conferences, and create polls. Regularly posting quality content, content that your audience will benefit from, is one of the best advertising strategies you can do. And it’s free. In reality, you can hardly make a mistake here. The only mistake you can make is being dormant and just lingering on social media without providing value for your business.

Email Campaigns

Although some people may complain that there are too many emails nowadays, the fact remains that most business communications come from emails themselves. With the help of email automation tools (many of them, like AWeber offer automation in their free plans), you can really keep your clients engaged by creating welcome emails, thank you emails, email newsletters. You just schedule them according to your business priorities and they pretty much do the work for you. They are a great time saver.

Blogging

The power of words, be it spoken or written is undeniable. It’s the strongest “weapon” because it hits directly into the heart. What better way to advertise starting a company than to write blogs? Use your expertise and make a blog easy to read. Make it entertaining while shedding some light on the hottest topics from your industry. 

Blogs are a great way to show your knowledge, engage with your audience and also do some networking. You can present your business, show what sets you apart from your competitors and where your value lies. There are educational platforms for entrepreneurs that post blogs and other educational material. These platforms could be a great place to share your wisdom and attract new customers or build powerful business relationships. 

Word-of-Mouth Advertising

It goes without saying that we live in a digital age, but word-of-mouth advertising should definitely not be underestimated. Why? The answer is very simple: people buy from companies they trust. You know yourself that trust is one of the most difficult things to build because it takes lots of time and patience. 

However, with word-of-mouth advertising that process goes much faster. Your loyal customers will spread the word to their friends, families, and colleagues. Those people would be more inclined to buy from you because someone they trust recommended you. You don’t need to go through hoops to earn their trust. 

You already got yourself a nice foundation on which you can continue to build your business relations. And although it isn’t directly linked to advertising, don’t forget to reward your loyal customers. Show them how much you appreciate them.

Partnership and Branding

When you are a small business, partnering with other respectable brands can make you more visible and attract more leads. At the same time, don’t forget about your own brand. Your brand is your ambassador. Thus, it needs to be in line with your business mission and value proposition. The key is consistency so that people can start connecting the brand with you. Consistency in this case equals trust and a sense of security. 

Moreover, it makes your business more memorable. In order to achieve consistency, make sure to use the same “voice,” the same visual branding across all social media channels. Emphasize your (key) value proposition so that the next time somebody sees your logo, for example, they immediately recognize it and know what to expect.

Internal Communication

All the advertising tools that we presented in the lines above are there to help you grow your business and connect more with your target audience. However, you should bear in mind that all these tools can’t compensate for the lack of internal communication in your company/team. It is essential that you nurture this type of communication in order to really create a high-quality working environment. 

This environment will further impact the work processes, and ultimately, the way you deliver your product. To think that the relations within the company/team don’t affect the relations with your customers would be a huge mistake. 

The statistics clearly show how important this aspect is and how often we neglect it. If you are unsure where to start from, check these internal communication examples from companies like Amazon, Netflix, Starbucks, etc. You can also check the statistics while you are at it. It will give you a great(er) insight into the importance of internal communication.

Try implementing some of these advertising tips for small businesses. They can set you apart from the competition without blowing your budget or your time.

The post Starting a Company: Tools for Advertising and Communication appeared first on SmallBizTechnology.

Just as it takes the knowledge of how to open a gold IRA account for guaranteeing financial security in retirement, it takes the know-how of sourcing, testing, and estimating, to earn a name in the gold business. This guide offers you some must-have actionable insights that you can immediately implement to get an immediate edge over your competitors.

Sourcing of the Bullion

Before you set your feet in the gold business, you need to cultivate meaningful relationships with gold wholesalers. They are your desired source of getting the required amount of gold to run your enterprise. Before you get the opportunity to work with market-makers, you need to increase your profitability. Hence, start small and then think of scaling.

In the beginning, you need to frequent retail showrooms, auction houses, and pawn shops as a source of precious metals such as gold. Keep an eye out on the auctions to grab an opportunity of getting scrap jewelry. Try to discover safety deposit box auctions to acquire low-cost, high-quality metal from unpaid bank accounts.

Beware of scammers and fraudsters. Try to avoid e-commerce platforms, and only check for local suppliers.

Testing for Authenticity

Testing if the metal is authentic is an integral part of the gold business. Unlike materials bought from wholesalers, distributors, and prominent market players who conduct independent investigations to test the authenticity of the precious metals, you must test auction metals and bullions acquired from pawnshops.

Consider utilizing electron testing, acid testing, or X-Ray Fluorescence (XRF) testing to get your job done.

As hallmarks in jewelry and coinage are easy to fake nowadays, you need a thorough test of your bullion. Employ an acid testing kit to hand-test your gold, silver, or any other precious metal. To cut costs, follow DIY acid testing methods that utilize low-cost materials.

Electron testing is a far superior method that focuses on testing low-carat metals (lower than 15-carat). You can get one of these electronic testing kits from sites like Amazon for around $200.

The last alternative is the XRF test. It is a relatively pricey option but gives better accuracy than electron testing because the latter can misinterpret gold-plated materials as genuine pieces. Using the XRF method, you can detect the authenticity of an article in less than 10 seconds. These pieces of testing equipment can cost you several thousands of dollars or even more. Although it is an expensive option, obtaining an XRF kit is by far the most reliable testing process.

Estimating the Value of Gold

Finally, it is imperative to know about deciding a bullion’s value. As a businessperson, it is a skill you must possess to profit from your endeavor. The sole objective is to buy low and sell high. For this reason, estimating the actual value of the scrap metal you buy, refine, and sell becomes crucial. This trusted formula to estimate the price per gram of gold (PPG) gets used widely in the industry:

• Recent spot price x purity (in carats) x (PPG you’re paying the supplier) / 31.1 = market gold PPG

Thus, you can manually calculate the market value of your gold based on the spot price.

Alternatively, you can seek the help of mobile applications or online services to determine your metal’s value. Remember, the closer the value is to 24-carat gold, the more worth it holds by weight.

Professionalism

Before you can make seven-figure annual sales and deal directly with the industry leaders, you must make efforts to nurture your professionalism in the precious metals business. Visit your local auction houses, estate sales, and pawn shops as a start. Then by meticulous testing and estimating, you can establish your name as a trusted gold investor.

Wrapping up

There is no shortcut to achieving a respectable position in the precious metals business. But no matter how challenging or prolonged your journey is, if you can acquire a chunk of the market for yourself, the efforts will be worth it. And eventually, you will be able to establish yourself as a professional broker or wholesaler.

The post Things to Know Before Starting Your Gold Business appeared first on SmallBizTechnology.

1. Create a Mobile-Friendly Experience

Some people may think that the world of construction and building materials falls outside the e-commerce and mobile shopping craze. Think again. Innovative construction software has made it possible for contractors, architects, project managers, and owners to communicate in real-time. This includes regarding all facets of a construction project and doing everything from approving lien waivers to setting schedules. It also includes ordering more materials on the go. 

As a result, it is critical that all building materials manufacturers have a dealer locator page that is extremely mobile-friendly. Statistics from Forbes show that mobile commerce is likely to grow by 68% through the end of 2022, so manufacturers that are not in a strong position to capitalize on this trend will miss out on some serious revenue.

In order to provide the best mobile experience, dealer locator pages should fit on all types of mobile screen sizes, with minimal scrolling involved. Ideally, the search bar will be in an attention-grabbing spot on the mobile screen (preferably with a red “go” bar to initiate the search), allowing mobile users to quickly and conveniently find the nearest place to obtain the materials they need.

2. Have Real-Time Inventory Information

There is no quicker way to draw the ire of buyers than to have them decide on purchasing your product, find the nearest dealer, and then discover the product is out-of-stock.

In such scenarios, buyers are far more likely to choose a competitor’s product than lookup an alternate outlet for purchasing yours.

As a result, the best dealer locator pages will come equipped with real-time inventory information. Buyers will not only be able to find the nearest vendor or contractor who carries your materials, but they will also see information as to the stock status of the products. If they determine that the nearest outlet to them does not have sufficient inventory to meet their needs, then they can easily search for the next most convenient place that does.

3. Leverage the Ability to Access User Location

Many buyers may complain about companies accessing their location, but the reality is that most of them really do want the convenience that location access provides. By having dealer locator software that determines the location of the customer using GPS, you save them the hassle of having to type in their current address to find the nearest vendor. 

This is important because many buyers visiting a dealer locator page are ready to make a purchase. Because of this, the businesses that make this process as convenient as possible are the most likely to make a sale. Be sure to give customers the option of opting out of location access. But make it a standard part of your page for those who like the convenience.

4. Keep It Simple

The best dealer locator pages are creatively sparse. They will contain only vital information and nothing more. The search bar should be the focal point of the page. This is because the idea surrounding a dealer locator page is to assure specifiers ease of access to your products. It also assures the installation contractors that want to purchase the building product solutions you offer. The additional text should be kept to a pithy, well-positioned phrase that captures the essence of your business. You want to do this without distracting shoppers from their goal of buying materials.

Images can be helpful. A map with location pins near points of reference is a good idea for the central image of your page. A scrollable camera roll with pictures of the storefront can be useful for buyers. It confirms that they are at the right store upon arrival.

5. Make the Most Out of Local SEO

SEO is the name of the game in 2022. As a result, it is important that your page leverage the most current local SEO trends. Content, phrases, and captions should be relevant to the local SEO climate. For example, “Atlanta door hardware” or “Denver security technology” are a couple of SEO phrases. These may be relevant to building materials companies. When customers type in such location-specific phrases, they are more than likely past the stage of information gathering. They are looking for a specific outlet to make a purchase. Due to this, it is critical that your business is at the top of the search results. Even if your building materials company operates on more of a B2B model that is not directly concerned with retail transactions, local SEO is still extremely important. It creates pull by educating the end-user market on how to access your materials. 

The Most Important Tips for Optimizing a Dealer Locator Page

(Image source by https://allurausa.com/)

The world of hybrid commerce has taken the building materials industry by storm in recent years. As a result, it is critical that manufacturers have the best dealer locator page possible. This makes it as quick and convenient for customers to locate their products. 

With this in mind, creating a mobile-friendly experience, having real-time inventory information, leveraging location access features, keeping the page simple, and making the most out of local SEO are five of the most effective tips manufacturers can take for making the best dealer locator page possible. If you are a building products manufacturer and are actively seeking ways to improve your dealer locator page, contact the professionals at Bullseye Location Software for a consultation.

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Financial institutions are more than willing to finance your new venture as long as you have enough collateral. If you do not excel in the new venture or wobble for too long in your baby steps, you may lose the assets you enlisted as security. Thus, at first, you should know how to value and sell a business before you resolve to venture into the glaring business opportunity.

Here Are 5 Tips Before Acquiring A New Business Venture

Save yourself the heartache of a failed business, lost time, and resources by following the tips below. They will guide you towards making the right decision in pooling your resources together and focusing your efforts on your new venture. It will further familiarize you with the marketplace and shield you from the nasty surprises that spring on new businesses.

1. Market Research and Analysis

Well, this is the first step towards a successful business entry. You have to conduct thorough market research and determine the number of similar ventures in your preferred location. You also want to know the prevalence of both success and failure in the same business. Market research will empower you with the information you need to critically analyze the market, gauge the speed and effort you will put into your new venture, and ultimately shield your venture from current hurdles in that marketplace. 

2. Competitor Analysis

Competitors will literally give you a run for your money. If you are not careful, they can gradually lead to the downfall of your venture. You need to do some extensive competitor analysis and familiarize yourself with the business environment. Most importantly, you will have to craft a way to draw clients to your business. Understanding your competitors helps you create strategies and counter-measures, which play a central role in keeping your business afloat. 

Business excellence requires proper due diligence, and competitor analysis is one way of studying the marketplace and drafting ways of steering your new business venture to success.

3. Projected Return on Investment

You may need to know the value of the business and how much it will generate after all the effort you put into market research and competitor analysis. You will have to sit down and calculate the ROI to determine whether the business is feasible. Return on Investment will further help you make an informed decision on how you secure funding for the business. This will help you calculate how much you will use to pay back loans, pay for licenses and permits, and pay the workforce. Armed with a comprehensive ROI, you will determine when you will break even and give you a chance to tweak a few things to boost the returns.

4. Branding

Before you acquire a new business venture, you will need your own brand. This is what will set you apart, help you stand out in the midst of competitors, and help your clients identify your business. Once you are ready to launch your venture, you will need to enlist a branding specialist’s services. This helps because you develop a brand name, logo, theme colors, and a motto.

5. The Location

You will need to select a strategic location to set up your business. Here, you will have to go to the busiest town, busiest street, and secure area. This way clients can enjoy the ease of access. Secure parking is a plus too.  You will have a great time doing business if you adhere to the aforementioned steps.

The post 5 Tips Before Acquiring A New Business Venture appeared first on SmallBizTechnology.

Create a board of advisors.

Put together a board of trusted advisors, who speak their minds and not coddle you and who are experts in a variety of fields that can benefit you – sales, technology, finance, marketing, people operations, strategy

Hire a mentor.

Work with a dedicated mentor this year. Someone who’s far ahead of where you want to be.

Know your numbers.

Hire a CFO, a GOOD CFO, who can help you organize your finances, and help you better understand your financial statements and what it means for your business.

Focus.

Reduce your email, stop saying yes so much and focus on a few management projects.

Hire an executive assistant.

If you don’t have someone to help you manage your calendar and your projects, you’re probably wasting time.

Hire expert help.

Stop building your own web site and marketing campaigns. Hire professional help for the various aspects of your business that someone else can do better.

Get healthy.

I do about 60 push ups a day (give or take), planks and stretches. I used to job on my treadmill – but need to start back on it. What about you? What simple, yet healthy exercises and diet can you do to be more healthy in 2016?

Have fun.

If you find your life is always in front of a computer or in a business meeting – you NEED to take a break and have fun. At least get away from WORK and do something else.

Educate yourself.

Discipline your mind and set time to educate yourself and learn. Succeeding at business is NOT luck – it’s all about smart hustle.

Related Post: You are the Secret to Good Security

The post What to Do Before Starting a Business appeared first on SmallBizTechnology.

1. Google Sheets

With Google Sheets and Zapier, you can automatically keep your Spreadsheets up to date with the latest data from your apps. Just select which apps you want to connect, and Zapier handles the rest. For example, you can use Google Sheets and Zapier to automatically add new rows to a Spreadsheet when new entries are added to a form. Or, update cells in a Spreadsheet when new data is added to a CRM. The possibilities are endless! With Zapier’s Google Sheets integration, you can certainly save time and effort by automating tedious data entry tasks.

2. Asana

Asana is a great project management tool, but it can be even better with the right integration. Zapier is one of the best ways to automate your workflow and connect Asana to the other tools you use. With Zapier, you can set up rules so that certain tasks are automatically created or completed in Asana when something happens in another app. For example, set up a zap so that a new task appears in Asana whenever someone subscribes to your newsletter. Or, you could have Zapier automatically add a comment to a task whenever someone tweets about your company. There are endless possibilities for how you can use Zapier to streamline your workflows and get more out of Asana.

3. Gmail

Gmail integration examples with Zapier are numerous and varied. With Gmail being one of the most popular email platforms in existence, it’s no surprise that there are a wealth of integrations available for users who want to get the most out of their inboxes. One popular example is to use Zapier to connect Gmail with a CRM system, allowing sales teams to manage their email communications more effectively. Another common use is to connect Gmail with project management software, making it easy to keep track of tasks and deadlines.

4. Trello

Trello, a popular and easy-to-use visual collaboration tool, enables you to organize projects and everything related in a user-friendly way. One example of potentially integrating with Zapier is to automatically create tasks in Trello based on new items added to a Google Sheets spreadsheet. Or set up a zap that allows you to post a message in Slack whenever a card adds to a specific Trello board.

6. Facebook Pages

Facebook Pages are a great way to connect with customers. However, they can be even more powerful when used in conjunction with Zapier. By integrating Facebook Pages with Zapier, businesses can automatically send updates to customers, post new products or promotions, and keep track of customer interactions. For example, a business could use Zapier to automatically post updates to their Facebook Page whenever they update their website. Basically, this would ensure that customers always have the latest information about the business without having to manually post updates. Additionally, businesses could use Zapier to automatically post new products or promotions to their Facebook Page when added to the company website.

7. Twitter

Businesses can use Zapier to automatically post tweets whenever new content is added to their website. This ensures that followers always have the latest information, and it can help to increase website traffic. Zapier also creates the ability to send automatic Direct Messages to new followers. This provides an easy way to build relationships with potential customers. By taking advantage of the Twitter integration features offered by Zapier, businesses can maximize the power of this popular social media platform.

8. Shopify

The Shopify-Zapier integration can be used to automatically add new customers to a mailing list, send out shipping notifications, or even post new products to social media. What’s more, the possibilities are virtually endless, and the Shopify-Zapier integration makes it easy to implement them.

Using Zapier Integrations for Small Businesses

Using Zapier integration in your small business can help you to automate many tedious tasks, ultimately saving you time and energy. Indeed, there is a multitude of integrations available, so you’re sure to find one that will fit your needs. By automating these processes, you’ll be able to focus on what’s important – running your business.

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Curious to know more about the impacts of the pandemic on entrepreneurship, we spoke to Caroline Castrillon, a successful career coach that has helped many of her clients ditch their corporate jobs for self-employment.

How would you say career perspectives and entrepreneurship have changed since the pandemic?

Clearly, remote and hybrid work has become more prevalent. That trend doesn’t show signs of slowing down. More workers are looking for freedom, flexibility, and fulfillment. Moreover, they aren’t willing to compromise.

In addition, people’s values and priorities have changed. Spending time with family and feeling satisfied with their work has come to the forefront.

What effect do you think the pandemic has had on working lives?

Because of the pandemic, more people are reevaluating their values and priorities than ever before. As a result, they are more willing to make compromises with their work. For example, they perhaps accept a lower salary if they have greater benefits that offset that sacrifice, such as more time off or a flexible schedule.

The study above found that since the pandemic women are especially dissatisfied with their jobs. Does this match your experience when coaching women?

Yes, I believe this trend is amplified at the moment. Women have had to bear the brunt of the pandemic over the last few years in terms of childcare, homeschooling, and caring for loved ones. 

Those circumstances, combined with working full-time (with many women I work with being the primary breadwinners in the household), have caused women to experience burnout and their perspectives to shift. 

They want more from their jobs and careers. This includes flexibility, advancement options, and just the opportunity to learn and grow professionally.

The pandemic has highlighted how essential sustainability is. In fact, 90% of the study’s participants stated that it plays an important role for them when starting their businesses. Would you advise going green to be a priority for startups 2022?

There is no question that the pandemic increased global awareness of environmental issues. It’s also sparked a renewed commitment to finding solutions. As a result, we see a rise in demand for sustainable goods and businesses supplying those goods and services.

This surge in consumer demand for sustainable goods opens the door to new markets. This especially happened in the fashion, cosmetics, pharmaceutical, and food industries. It also presents opportunities for self-employment, as well as for companies to build trust, enhance their brand reputation, and improve their bottom line in the process.

To read more about the US study and Caroline Castrillon, you can go here: “New Insight into Entrepreneurship in America”.

The post Entrepreneurship in America and the Impacts of COVID-19 appeared first on SmallBizTechnology.

The difficulty is that adopting a fearful worldview frequently results in a self-causing recession. This is due to the fact that those who work from a place of fear generate contraction rather than growth.

We’ve been conditioned by nature to either flee or fight. We assume a defensive posture when we’re ready for flight in order to minimize potential losses or to just stay afloat. The problem is that these are the very acts that will cause businesses to downsize or possibly fail as a result of layoffs and lower revenues.

How do some businesses thrive in a recession?

Some businesses, on the other hand, not only survive but thrive during the most inconvenient of circumstances. Therefore, how do they do it?

The distinction is that some management teams and business owners regard a crisis as an opportunity. Therefore, when you think about it, every cloud has a silver lining. At the absolute least, there is always an opportunity that develops in the face of adversity in the case of business.

Avoid reacting emotionally.

While the natural impulse may be to reduce corporate activities and cut costs wherever possible, doing so indiscriminately would have the opposite effect. Businesses that thrive during economic downturns double down on their efforts. This is because they know that growth will take more effort, time, and resources at this key stage. Therefore, to obtain more customers, you might have to work ten times harder.

However, if you are ready to put in the effort, you will get more clients. At the same time, your competitors will be losing customers and personnel if they are acting fearfully.

Here are five main techniques for maintaining growth even in a recession.

1. Maintaining growth means boosting your marketing and public relations initiatives.

Effective promotion and marketing generate sales, as most CEOs know. They also understand that during a recession, the majority of other firms, including competitors, will cut back on marketing spending. However, this is an opportunity to do more.

This is when smart companies ramp up their advertising and marketing campaigns in order to stay ahead of their competitors. Those who are cutting back are driving their businesses into the ground at the same time.

2. Maintaining growth means eliminating the bottom 20% of your consumer base.

This does not apply to e-commerce companies. However, everyone else should be aware. This strategy seems unlikely to help. You may be wondering whether, at a time like this, you can afford to lose customers.

The truth is, yes, you can. In addition, this is how smart leaders succeed. We’ve all dealt with clients who are tough to work with, late to pay, or who require a disproportionate amount of resources in comparison to the money they create. Therefore, cut these clients immediately. This is because increasing your marketing efforts will bring in new business. This change will require the same internal resources that low-yield customers are consuming now.

3. Provide additional assistance to your customers.

Make a list of the problems that your clients may be facing during the downturn. Think about how you, your partners, or your vendors can help clients withstand the storm better with your team. In addition, reach out to your customers and inquire about their problems in order to give them assistance.

Offer to do something for free. You can do this if there is something you can do without increasing your expenditures. You might offer to deliver something with payment terms or at a discount rate.

4. Maintaining growth means streamlining operations and providing a better client experience.

You now have extra time on your hands. You can use it to improve internal processes. Further, you can improve the quality of your deliverables in addition to setting up a system to provide top customer service.

If you want to come out on top after this storm, you’ll have to outperform your competitors. You can do so by providing the best customer service in a more efficient manner. This will significantly lower client churn while also allowing you to service more customers.

5. Fire your worst employees and convince your other employees that you care about their well-being.

There’s a good chance you’ve kept people on board because you needed all the support you could get. These folks, on the other hand, are chronic underachievers who don’t get along with others and have lots of other troubles. Now is the moment to let them work for the competition. It will benefit both your team and your customers.

Now go tell the rest of the team why you did it. After that, let them know how much you care about them and will go to any length, including falling into the red this year, to ensure that they and their health insurance are protected. Furthermore, fulfill this commitment. Your company’s success depends on the trust you have with your employees.

Your company may not only survive but prosper in this storm if you have an offensive plan, an expansionary attitude, and a proactive approach.

Image Credit: Lukas; Pexels; Thank you!

The post 5 Tips for Maintaining Growth During a Recession appeared first on SmallBizTechnology.

So, think about it: “What do I provide clients that will make them feel good and keep them coming back?”

Don’t worry if you’re not sure about an answer. Here are five customer service gems for retaining your consumers, getting on their “loved” list, and, best of all, getting their repeat business:

Pleasantly Personalize to Keep Customers Returning

Do you have frequent interaction with your customers so that when they need your product/service, they will think of you first? Sending thank-you notes is a big part of this. The ones that are handwritten and personal have the most impact. Customers will remember that you took the time to write them a custom, personal note.

Here’s a suggestion: take a picture. Nature, sunrises, animals, sunsets, or anything else appropriate is good. The argument is that people have a difficult time discarding images. On the back, include a label with your name, phone number, company name, address, and website URL, as well as a short thank-you note. It’s likely that they’ll pin it to their desk or bulletin board and think of you every time they see it.

Politely Persist

The line between persistence and annoyance is thin. Therefore, when you try to pitch your goods or service too hard, you will annoy people. When you address and fill the needs of your customer, however, persistence pays off. Polite persistence is a proactive attitude. Annoyance is a reactionary emotion.

Here’s a tip: call to follow up on a sale or service. Inquire about the customer’s experience. Inquire if there is anything else they would want or require. Make them aware that you are there for them.

Advance Alerts Keep Customers Returning

Nobody enjoys finding out that everyone else had heard about your great deals before them. If you’re preparing to launch a new product or service, reach out to your customers and let them know. It’s a fantastic method to stay in touch with them.

Here’s a hint: your message might be as basic as: “I wanted you to be one of the first to hear about our great offer before we made it public.” What a powerful statement!

A Product or Service of the Month will Keep Customers Returning

Having a product or service of the month is a terrific approach to get your consumers’ attention and develop excitement.

Here’s a hint: practically every month of the year has a holiday in it. Consider monthly product/service of the month goods that are thematic to keep customers returning. You could also use the seasons to divide your Product/Service of the Month. For example, “Spring Into Action”; “Hot” Summer Deals” and so on.

Anniversary Announcements – Remembering Older Purchases

Wish them (and their product or service, of course) a happy anniversary on the anniversary of the date they purchased your goods or service. Of course, anniversaries can be used to commemorate birthdays, company anniversaries, or anniversaries of a product or a service.

Here’s a tip: tell your consumers about your company’s or product’s anniversary. In addition, tell them that they, the customer, are the best gift you could ever receive. After that, thank them for their business.

Additionally, consider including a small “something” with their purchase that day as a token of your appreciation for their devotion. This might be a loyalty card, coupon offer, gift card, or any other type of promotion you see fit.

Customer service is a Choice, Not a Chore!

There may always be some clients who aren’t a good fit. However, if you follow the “5 P’s of Positive Customer Service,” you’ll feel like you’ve been able to double or even triple your customer base. How would this happen? It’s simple! Customers will keep coming back to you.

In addition, they will tell their colleagues and friends about you. Furthermore, their colleagues and friends will tell their friends and colleagues…

It goes on and on like this. It doesn’t get any better than that, does it? When you give honest and excellent customer service, the dividends keep coming, just like your customers.

Image Credit: Jopwell; Pexels; Thank you!

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Understand Business Growth

A growing business is one that is experiencing growth in one or more areas at the same time. A business does not measure growth on a single metric. Instead, we might highlight a number of data indicators to demonstrate that a company is expanding.

These are some examples:

• Calculate profits from revenue and sales using the company’s valuation.
• Calculate the number of staff and the number of clients.

Companies can increase in some of these criteria and not in others, according to the research. For example, revenue might increase even if there is no increase in the number of consumers. This can happen if the gains are the result of existing customers purchasing more.

If one data point increases while another declines, it is conceivable for a business’s entire revenue to decrease as well. For example, if sales growth comes because of a decrease in product pricing, a company’s overall revenue could decrease as well.

This means that defining growth might be challenging. Therefore, those wishing to expand their businesses should examine their business objectives. They must do this in order to determine the growth metrics that are essential to them.

In the case of certain ambitious start-ups, this may entail doing everything they can to expand the total number of clients. This should be the objective even if this means incurring a significant financial loss during the early stages of growth. Other businesses, on the other hand, will benefit by gradually expanding income and sales. This may do this in order to ensure that enough money is brought in to cover costs.

Factors that Contribute to a Small Business’s Expansion

It is critical for all businesses to see growth in their operations. The type of growth necessary, on the other hand, will be determined by the stage of development in which the company is currently operating.

For start-ups to be successful, they must expand in order to solidify their position in the market. Furthermore, they must quickly grow to a scale that generates enough income to cover expenditures and begin to generate a profit.

Companies in the maturity stage do not need to expand as quickly. They may, however, wish to check their metrics to make sure they are moving in the right direction, however. Revenue and sales may remain the same. Nevertheless, a rise in profitability as a result of better sales process efficiencies could help a steady organization build cash to defend against future risk.

The Primary Drivers

Businesses do not expand of their own accord. If a firm wants to achieve organic growth, it must put in place mechanisms that will help it achieve that growth. Here are some of the aspects that can aid in the expansion of a company.

A. Individuals who are driven by a desire to see their organization succeed

The most critical component is having people who are committed to the growth of the company at the helm of the organization. A business owner who is focusing on growth might be the driving force behind the company’s success. In addition, a company’s other managers and employees will also require both drive and expertise in order to push it forward with its expansion.

B. A plan that places a high priority on expansion

It’s true that people are the driving force behind growth. However, a strategy must be in place to ensure that the business continues to grow in the right direction. There are several possibilities here, like offering new items, bringing in new clients, or entering new markets.

C. The processes and infrastructure that are necessary

It’s important for a company to have employees that are eager to expand. In addition, it’s helpful to have a growth strategy that prioritizes expansion. However, it also must put processes in place to make the expansion a smoother process. Among these measures include the implementation of automation software. This will make operations more effective. In addition, the construction of warehouses is key. Furthermore, they must be large enough to accommodate the increase in stock that will be necessary as a firm grows.

D. Sufficient funding

Every one of the issues above has one thing in common: they all require funds for implementation. Therefore, if a business owner lacks financial resources, there may be nothing that can be done about growth. In order to invest in the product, make the necessary recruits, and adopt processes, adequate financial means must be in place.

Image Credit: Jopwell; Pexels; Thank you!

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The advancement of technology is changing how we interact with the world. There isn’t a single business globally that hasn’t been impacted by artificial intelligence in some way or another (AI). From virtual reality (VR) gaming systems to artificial intelligence (AI) robots in industrial production, technology is advancing exponentially. And that’s not even close to Q Commerce.

However, since learning technologies and algorithms are already transforming the industry, eCommerce is especially susceptible to artificial intelligence (AI) disruption. It could alter the way we buy and sell items on the internet.

Artificial intelligence (AI) can not only do jobs that humans previously performed manually, but it can also optimize the customer experience and give businesses the information they require to make intelligent business decisions.

Here are four ways in which artificial intelligence is revolutionizing the world of e-business.

1. Artificial Intelligence Copywriting

The emergence of automatic copywriting is transforming how brands generate their sales copy and marketing materials.

Writing technologies that use artificial intelligence may generate marketing text in seconds. Instead of engaging copywriters or advertising firms to write headlines, blog introductions, or product descriptions, brands may now use artificial intelligence algorithms to accomplish the task.

These systems, which use advanced artificial intelligence language models, can provide digital ad text, social media material, and other eCommerce copy.

The majority of automated copywriting still requires manual editing. But it is well on its way to becoming a standard feature of eCommerce.

2. Chatbots and virtual assistants are two examples of artificial intelligence.

Shoppers who choose to do their shopping in a physical store benefit from the presence of clerks. An employee or assistant can aid them in navigating the store and locating what they’re looking for.

While eCommerce has always had customer care employees available to provide phone support, it wasn’t until recently that artificial intelligence (AI) could fill in the gaps and give customers more instant assistance. As eCommerce merchants strive to provide 24/7 help to all of their online consumers, chatbots and other virtual service usage is becoming more commonplace.

However, the use of natural language processing (NLP) allows these chatbots to understand and comprehend voice-based interactions with online shoppers, allowing them to provide customized offers. As a result of being programmed with self-learning skills, they are constantly increasing their ability to respond to and satisfy the wants of their customers.

3. Personalization is the next stage.

Therefore, through accurate product suggestions and advertising, AI also gives clients a more personalized experience.

Artificial intelligence algorithms will sift through massive datasets to extract meaningful insights into customer behavior. These insights will allow them to predict better what a client needs when the customer needs it. Their recommendation engine can use the information from your buying history to propose products that are similar to what you’re looking for. These days, you can even use AI scheduling tools to map out your whole day!

To give you an example, if you recently looked for sponges on Amazon, the AI algorithms will propose additional cleaning goods that are similar to sponges on your page.

However, people can also apply this artificial intelligence technology across various platforms, including websites, email, and even mobile applications. AI can assist you in providing a more delightful and simplified experience to your clients. AI can tailor to an audience and increase your productivity.

Personalization is essential for a positive customer journey. So the algorithms of AI are present in a great deal of eCommerce advertising.

4. Inventory control is critical.

For example, inventory management is the second area of eCommerce where artificial intelligence’s predictive analytics is transforming the landscape.

Maintaining current inventory, storing it appropriately, and placing orders well in advance is critical, mainly when predicting client demand.

Storage facilities do not have the capacity or the resources to maintain everything in stock at all times. This is why it is critical to prioritize the things you require and order them in the order in which you need them. Therefore, artificial intelligence uses predictive analysis to generate educated guesses about what the future needs in the market will be like.

With the help of machine learning, artificial intelligence technology is becoming increasingly accurate at anticipating what inventory you will need to order. And how much of it you should keep on hand at any given time. These systems can anticipate rapid changes in demand.

Do preventive maintenance on your technology. Automate key packing activities to boost productivity.

In conclusion, artificial intelligence is becoming increasingly popular among eCommerce companies to improve their analytical insights. It provides a more tailored consumer experience, and raises their competitiveness. As the market for artificial intelligence in eCommerce continues to grow, they can leave you behind.

The post Artificial Intelligence Is Transforming eCommerce appeared first on SmallBizTechnology.

Extreme natural catastrophes and pandemic risks have been shown to inflict significant economic harm. There are also other types of crises, such as the global recession of 2008 or the current pandemic, which have created major commercial disruptions.

How Can Technology Help Businesses in a Crisis?

The tsunami in Japan in 2011 had a direct influence on the profit margins of major American companies. In effect, it was the wave heard round the world. A calamity in one place might have far-reaching consequences in a worldwide economy.

For example, during the 1918 Spanish flu pandemic, governments issued measures prohibiting mass gatherings. As a result, fewer people reported to work.

When a company’s bottom line suffers, automation might be its best friend. But that usually means some investment capital. And how many small businesses save for a rainy day anymore? Not too many.

In reality, automation can help to alleviate a human resource shortage.

To compensate for a lack of staff, AI and machine intelligence can now take over daily jobs such as customer support. A basic self-help form on a company’s website, for example, can free up human personnel for more challenging work.

The self-help form can provide answers to essential inquiries concerning the company, such as service availability during a crisis. Listed below are some other ways that technology might help businesses during a crisis.

1. Communication is number one.

Businesses may now connect with their staff and consumers more quickly and efficiently, thanks to digital technologies.

Virtual meetings may be held using video conferencing software. Customers can receive critical information in real-time via social media networks. Collaboration with distant teams is feasible thanks to apps like Trello and Slack. This means firms can keep operating even in the face of a catastrophe.

The change to digital is even more crucial during a crisis. The website of a company should serve as a major center for communication, both with consumers and with staff.

2. Embrace advance preparation with technology.

During a crisis, there is a supply-demand imbalance. Utilize data to forecast future demand. This helps with resource and inventory management.

A worldwide epidemic, for example, may have a significant impact on people’s priorities. They can change in a heartbeat. People may be more likely to spend on needs if they have less disposable money. Because whether you’re rich or whether your poor — it’s nice to have money!

In the instance of the current pandemic, an eCommerce firm may utilize this knowledge to shift its focus to sourcing more health-related commodities, such as hand sanitizers, where we would expect demand to rise.

You can minimize losses, especially those related to inventory. When people’s morale is down, fashion businesses, for example, might employ flash deals to sell outdated stock. There’s really little difference between inspiration and desperation.

Companies can reduce the manufacturing of particular goods by using previous data. Predictive analytics help forecast when a crisis will end. Such data is valuable for a variety of purposes, including maintaining liquidity and determining HR practices.

3. Experiment with different revenue models.

Small firms are particularly heavily struck and more sensitive to the economic effects of any crisis. This is self-evident.

To stay relevant, many firms must change rapidly and adopt new monetization approaches. No one disagrees with that. For example, travel websites may charge a monthly fee for virtual tours of places. It couldn’t be otherwise.

Similarly, agencies that specialize in live performance events may go online and offer paid exclusive material to keep fans and artists involved.

At the end of the day, it’s about adjusting to a crisis and maybe using the crisis to solve creative problems. How else could it be?

Since the days of the Spanish flu, the global economy has come a long way. Longer than most think. In today’s world, technology may be used in previously inconceivable ways. Technology can help firms who are prepared to innovate outside the box, whether it’s real-time information distribution or new-age monetization strategies.

Sometimes, a crisis brings out the best in people. Sometimes the worst. It’s the same for a business. Many a small business has risen to the pandemic challenge. They’ve proven themselves to be good neighbors. How does your business stack up?

The post Can Technology Assist Businesses in a Crisis? appeared first on SmallBizTechnology.

Over half of Facebook users go to a local business’ page weekly, so it’s not surprising that marketing agencies see Facebook as one of the best social media platforms to invest in as a small business.

This platform can help small businesses build brand awareness, attract new customers, retain existing customers, increase sales, and improve customer service.

1. Create a business page.

Is your small business Facebook-ready? A small tea shop, an eCommerce store, or a landscaping company may benefit from Facebook. If you can only concentrate on a couple social media networks, make Facebook your top choice.

How do you find out? Ask your clients whether Facebook is a good way to interact with them. You can send a survey via an email list or through a social media post. Inquire about their preferred platforms and brands.

Getting Started

The Facebook page you create for your business will inform prospective customers about your business, its mission, and what you offer. If you’re nervous about setting up a page, it’s actually quite easy. Facebook provides templates, so you just choose the one that works best for you.

Upload a profile image that includes bright colors and an easy to read logo. Include contact information like a phone number, email address, and website (if you have one). If you serve customers locally, include your location or physical address as well.

The About section will allow you to give background information on your company’s mission, history, and products/services. It’s vital that people know what you do! Tell them what makes your company unique.

A cover picture is your brand’s initial impression. Evoke an emotion or inspire action, like taking advantage of a seasonal sale. Take a snapshot of your product in action, your business, your staff, or your current deal. Be sure to fill in all of the contact info fields.

2. Match your target demographic to Facebook users.

Some social media networks have more active audiences than others. You can match your target audience’s interests, values, beliefs, and personality to the social media platforms you’re considering.

For example, Millennials love Facebook. With over 290,000,000 users, the platform is worth exploring for all age groups. On the other hand, if you want to reach adolescents, try TikTok, where 25% of users are aged 10 to 19.

3. Examine your competitors.

Your target demographic is likely on Facebook if comparable companies have significant followings and get many comments and likes. After all, your competitors’ customers could be yours! Just start posting.

However, if your rivals aren’t on Facebook, it’s probably not for you. On the other hand, if numerous clients say they’ll follow you on Facebook, it means there’s untapped potential in your industry.

4. Customize your CTA button.

At the top of your Facebook page, you can customize the CTA button to encourage your followers to take a specific action. Other CTA considerations include:

• Vanity URLs: After 25 followers, you may obtain a branded URL, which helps to further brand your business page.
• Videos: Posts with videos get more attention and interaction than posts with only text. Facebook videos immediately play, making them much more appealing.
• Text Posts: Utilize text-only postings to poll your followers or create discussions. If you include a link, it will display a sample of the website, grabbing more eyeballs than text-only posts. Use them to promote a bargain or a blog article.
• Photo Postings: People notice photos on Facebook while looking through their feed. Photos are easier to publish than videos and have a higher possibility of interaction.
• Phone Videos: These are natural and may help viewers connect. Showcase new items, behind-the-scenes shots, and Q&As through video. Go live to interact with the audience in real-time.
• Stories: Instead of creating a status update, share a story. Facebook users are more interested in a business or product after seeing it in their stories, according to Facebook. Stories are suitable for informal content. Post exciting questions and polls to keep folks interested.

5. Be human, not pushy.

Your customers come for what you can offer them, but they remain for your human-like interaction with them on social media.

Consider Facebook to be a brand extension. You may still upload promotional material, but it should be mixed in with lots of compelling, non-promotional content to attract Facebook fans. And remember to respect their privacy as much as possible.

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What software is essential for small businesses looking to scale?

If a small business owner is looking to scale their business, a cloud-based solution is the top investment they should make. Cloud-based solutions allow businesses to gain full control over their inventory and orders and visibility into the supply chain and third party partnerships. It also offers a variety of integrated applications that businesses can install or remove based on their needs at any given time. Cloud-native software also stores all data in one system, enabling end-to-end visibility to everything from available products, accounting, warehouse management, in-store point of sale technology and much more. By giving business owners maximum flexibility and the ability to scale seamlessly, this investment will ultimately allow businesses to better serve their customers and get products into the hands of consumers faster. 

How can software or remote sourcing options allow businesses to reduce overhead costs?

Software not only simplifies and streamlines business processes, but it also automates many tasks and operations that suck up crucial employee time. This frees them up to focus on more value-added tasks to help grow the business and enable higher job satisfaction. Modern technologies allow you to integrate effortlessly with third-party logistics providers, which can help reduce overhead costs like the burden of renting your own warehouse and hiring employees to staff it, especially amid global labor and warehouse shortages plaguing the industry. Software solutions also use automation to minimize the number of mistakes made with manual processes, saving unnecessary costs that can eat away at a business’s bottom line.

For example, Cin7 customer Peta + Jain implemented software to help scale the business, reduce manual error, and make the best use of the resources available to them. Once they integrated the system, Peta + Jain was able to save hundreds of hours and over $130k per year by utilizing an accounting software integration and online marketplace and shipment applications to help bolster the company’s online presence. Another positive of the technology is that the company gained access to high-quality analytics and reporting, allowing them to instantly place inventory in any of the company’s multiple channels, see sales throughout different regions, and accurately forecast and plan for the future.

How important is program compatibility with mobile devices?

Ensuring that business programs are compatible with mobile devices is extremely important because modern product sellers need to be able to do things on the go. For example, they should be able to make sales, access inventory anywhere in a store or warehouse, fulfill orders at the touch of a finger, and have visibility into the entire business no matter where they’re physically located.

In the past, legacy systems only allowed for software to be accessed on desktop computers, but now the possibilities are endless. Mobile devices can help you offer a better customer experience – whether it be through the speed of which an online order is fulfilled or supporting customers with in-store purchases.

What kind of software metrics should programs provide businesses?

Cloud-native software provides analytic and reporting metrics, allowing businesses to gain visibility into sales by region, channels and time period. You can also have control over things like taxes, compliance-related filings and all accounting record keeping. As a result, businesses can use these reports to plan cash flow with clearer insights into quick- versus slow-moving product, expenses based on historical data, seasonal trends, and more – removing the guesswork from finances and allowing business owners to focus on functions that will help them grow and reach more people.

What is the most important tech upgrade a small business should make?

Implementing an integrated, flexible, and scalable cloud-native software platform should be a top priority for small businesses because the opportunities that come with these technologies are endless. Many small business owners are using or have used disjointed, manual systems for operations such as accounting and inventory management; but these legacy systems often involve a lot of user error, avoidable mistakes, and use up countless hours that could be spent elsewhere. Investing in an end-to-end technology that consolidates and connects all business departments and data will allow you to scale, better serve customers, speed the time it takes to get orders into the hands of consumers, and enhance employee productivity and satisfaction.

Do you prefer desktop or online software applications for your business?

We prefer online software applications because they allow employees to work from anywhere, which is essential in today’s digital world. They also keep all data backed up and automatically stored – ensuring maximum productivity – allowing employees to focus on the work at-hand, rather than troubleshooting tech issues that are often associated with desktop programs.

How does your company focus on being sustainable?

We operate in a flexible work environment that is very supportive to remote working, virtual instead of in-person team meetings, and virtual customer meetings which reduces our carbon footprint and lowers travel times for our team members. In addition, we support and encourage our customers to put a high priority on sustainability and feature positive accolades on our most sustainable customers making them role models for all our customers to follow.

The post Interview with Doug LaBahn, Chief Marketing Officer of Cin7 appeared first on SmallBizTechnology.

1. Google Sheets

Google Sheets is a great way to automate your business data. You can create formulas to calculate totals, averages, and other statistics automatically.

You can also use it to create graphs and charts to track your progress over time. This is just one example of how automation can save you time and money. Likewise, by automating your data entry, you can free up your time to focus on other tasks.

If you are not using Google Sheets for your business, you should probably start. It’s a powerful tool that can help you automate many different tasks.

2. EngageBay

EngageBay is an integrated Marketing, Sales, and Support CRM for startups and small businesses.

It features everything you need to align marketing, customer service, and sales around a single view of your customers. From marketing automation, and sales CRM, to helpdesk and ticketing, EngageBay is a complete business solution in itself.

3. SocialBee

SocialBee is a social media management tool that can help you automate your social media posts.

The app allows you to schedule posts in advance on Facebook, Instagram, Twitter, Tiktok, Linkedin, and Google My Business. Therefore, this can save you a lot of time, especially if you are managing multiple social media accounts.

4. Asana

Asana is a great tool for larger project management.

It allows you to create tasks, set deadlines, and assign team members to each task. As a result, this can help you stay organized and on track with your projects.

5. Hootsuite

Hootsuite is another social media management tool that can help you automate your social media posts.

Similarly, it also allows you to track your analytics and measure your progress over time. Hootsuite offers a free plan that gives you access to basic features. However, you can upgrade to a paid plan for more features.

If you’re looking for a tool to help you automate your social media posts, Hootsuite is a great option.

6. BuzzSumo

With this tool, you can find the most popular content on social media and see what’s working for your competitors.

This is a great way to save time by quickly seeing what content is resonating with your audience. You can also use BuzzSumo to quickly find influencers in your industry and build relationships with them.

7. Canva

Canva is an amazing tool that allows you to create professional designs for your business.

Whether you need a new logo, business cards, or a social media banner, Canva can help you create beautiful designs that will save you time and money. Likewise, Canva has thousands of predesigned templates for almost any business need you may have, including:

• logo design;
• business card design;
• social media banner design;
• presentations;
• videos;
• planners;
• letters;
• social media posts; and
• and more.

Plus, with Canva’s easy-to-use design tools, you can customize your designs to create a unique look for your business. Best of all, Canva also offers a lot of its features for free.

8. Zapier

Zapier is probably the mother of all small business automation tools. Consequently, it can connect almost any app/service you have together and create automation flows to save you time.

For example, you can set up a zap (automation) to automatically send new leads from your CRM to your email marketing service. Likewise, you can add new sales from your payment gateway — Stripe, Paypal, etc. — to Google Sheets.

Zapier starts at $0/month for the free plan which includes up to 100 tasks per month. However, paid plans start at $20/month for 500 tasks per month.

9. ActiveCampaign

ActiveCampaign is an email marketing and automation tool that can save you time by automating your email marketing. Therefore, with ActiveCampaign, you can create email campaigns, set up autoresponders, and track your results.

ActiveCampaign offers a free plan for up to 500 contacts. However, paid plans start at $15/month for up to 500 contacts.

10. Grammarly

Grammarly is a great tool that can help you improve your writing. Similarly, it can save you time by automatically correcting grammar and spelling mistakes in your writing.

Grammarly offers a free plan that includes basic features. Alternatively, you can upgrade to a premium plan for more features.

Automation is your future. Make sure you are implementing it in your business.

So there are some of the best small business automation tools out there. As a result, these tools can automate various tasks, such as invoicing, contact management, email marketing, social media marketing, and more.

Do you use any of these tools in your business? In conclusion, learn which parts of your business can be automated. After that, start using automation in your business.

The post Small Business Automation Tools: Ten That Will Save You Time and Money appeared first on SmallBizTechnology.

Before the advancement of technology, businesses used to work with and manage thousands and thousands of physical documents. This would sometimes be challenging as they would also have to manage the day-to-day business operations.

As businesses move towards a more paperless future, your business will benefit from having scanning solutions. Additionally, digital scanning solutions can be scanning apps, scanning software, and other cutting-edge technology that can be used for scanning. As a result, consider investing in the following scanning solutions for your business and step into the future.

Benefits of Digital Scanning Solutions

Digital scanning solutions can ensure that your business is running smoothly and efficiently. Therefore, they are very useful regardless of the sector you are in, whether it is the medical sector, the property sector, or the retail sector, to name a few. Likewise, you will be able to find a variety of document scanning software and digital scanning solutions for your business.

Scanning solutions help you simplify all your data management processes and ensure that your business is disaster-proof or at least well prepared enough to stand against any workplace disaster.

In the same vein, you will also be able to save time and office space in your business as most day-to-day operations will be paperless and can be shared digitally between employees. This, in turn, can help improve work efficiency at the office, which can increase work productivity. Increased productivity can be a great benefit for any business as it will translate to more profit.

1. Barcode Scanning

Barcode scanners are scanners that can read printed barcodes. The barcodes then feed information to a computer. Operators scan these barcodes using an LED, laser, sensor, and lens. Barcode scanners can decode the information received to maintain your business’s product database. As a result, you’ll know what stock you have and how much of it you have left and better plan for future expenses.

Barcode scanning can be a great addition to your business as it can also help you with asset tracking, validating tickets, managing your stock database, and security. Above all, it’s easy to use. Non-technical business owners are able to install these systems quickly.

You’ll be able to get your business running at a much more efficient pace, increasing your customer base as well.

2. OCR Scanning

OCR stands for optical character recognition. This type of scanning converts printed characters into digital texts.

Once you convert the characters into digital text, you can search them quickly. As a result, you will be able to edit the document in a word processor. Having an OCR scanner in your business means that even vision-impaired individuals will be able to scan different types of faxes, books, and various documents.

You can use OCR scanners for scanning and converting texts for signs, and billboards, making it a must-have for businesses. Data entry projects can take hours to do, and an OCR scanner can help cut down on time spent on data entry.

3. QR Code Scanning

This type of scanning is mostly used in smartphones. QR stands for the quick response, and this type of scanner can decode QR codes and convert them into their intended purpose. Some information found in a QR code includes being redirected to a company’s website or automatically downloading a particular app.

QR codes are a great way to provide mobile solutions. For example, you can use a QR code in your business to direct potential customers to your information. You can also use it as a form of advertising where potential customers will be so curious about what your business does that they will scan the code to get more information.

4. RFID Scanning

An RFID scanner uses radio frequency identification, and this type of scanning solution can help your business identify and track RFID tags. These RFID tags are usually attached to various objects and contain data relevant to your business.

By using a radio responder, a transmitter, and a radio receiver, your RFID tag will transmit all the data it contains to a scanner. Therefore, this can be very beneficial for various cases, such as tracking your inventory and tracking your business vehicles and other logistics.

With RFID, you’ll be able to remotely increase your asset visibility and know exactly where each asset is. Further, you will also be able to improve the productivity of your employees as they will no longer need to waste time on long, intensive projects. As a result, your business will also be able to mitigate any risks that may arise from theft or loss.

You will be able to track your assets quickly, access all inventory information, and cross-reference it with the location of the asset. Having this much visibility means you will be able to better prepare for anything that may arise.

Specialized Scanning Solutions for Businesses

Manufacturers design specialized scanning solutions for businesses to save time and make day-to-day operations more efficient. Other forms of scanning that can benefit your business, regardless of the sector, include the following.

1. Medical Record Scanning

Medical record scanning allows medical personnel to manage patient health records, medical prescriptions, and transcripts and track every step of a patient’s care.

2. Legal Document Scanning

Legal document sharing helps lawyers, and law personnel cut down on the amount of paperwork they handle. You can digitize most documents and file them so that attorneys can easily access them. Consequently, firms will be able to save money for the practice and reduce using physical storage space.

3. Digital Dental Scanning

Having easy access to a patient’s health records can streamline any time-consuming tasks in dental practice. You’ll also be able to control which medical personnel can access what files. As a result, this adds an extra layer of security for sensitive information.  

Additionally, there are technological advancements in the dental industry today that allow dentists to effortlessly make mouth and tooth impressions. With digital dental scans, dentists can efficiently get oral impressions within seconds. This eliminates the laborious and often expensive process of casting plaster molds for the purpose of fitting dentures and other oral procedures.

4. Blueprint and Map Scanning

Blueprint and map scanning give blueprints, plan sets, and maps to a barcode that simplifies inventory control for businesses. The images are then checked for quality, completeness, and clarity for secure data transfer.

Conclusion

Choose the best digital scanning solution for your business by identifying what weaknesses your business has and which scanning solutions will be able to help.

You can use these solutions to boost efficiency and minimize operational costs. You’ll be able to organize data without endangering the environment as all transactions will be digital. It’s the best investment for you, so make sure you invest in the best digital scanning solutions.

The post 4 Types of Digital Scanning Solutions for Business  appeared first on SmallBizTechnology.

Technology is one of the tools that help companies broaden their horizons. Most founders realize the need to start out with basic tech solutions, such as security and productivity applications.

But there are other types of software and platforms that can facilitate your company’s growth strategy and streamline costs. Let’s discuss four of those solutions.

1. Information System Monitoring Apps

As your business grows, the amount of data you collect, store, and use increases. So do the company’s technologies and processes required to collect, transform and process all this data.

These growing complex info systems require something more. But complex info systems require something more advanced than human oversight.

AI-backed applications, such as data observability tools, track the reliability of data within intricate data pipelines. You’ll gain visibility into whether the information is flowing well throughout your organization. When there are glitches with specific data moving between applications in the pipeline or performance problems, you’ll get alerts.

Observability tools also reveal where data processing costs are increasing and records are missing or don’t match.

You’ll identify and correct issues before they lead to downtime or outages. Your team will have better insights into how to optimize the way the company gathers, manages, and keeps information.

2. Digital Marketing Tools

Surveys show digital advertising now makes up 58% of marketing budgets. Spending on digital marketing is also expected to grow 14.7% in 2022.

These figures represent an overall shift from traditional forms of advertising and media, including television and radio.

Although conventional marketing is still effective in specific markets and with certain demographics, online media can be more efficient. Digital content, including social media posts, videos, and PPC ads, is often cheaper to create and circulate. Online media increases your visibility, reaches new audiences, and creates a brand following.

Furthermore, the turnaround time for campaigns can be quicker since technology simplifies the production and distribution processes.

Content management solutions, design apps, and software that runs ad campaign reports and analytics represent the bulk of that business tech solutions. With these platforms and smartphone cameras, producing and distributing online ad campaigns doesn’t have to be complicated.

While some companies partner with digital marketing agencies, technology makes it easier to do the work in-house. And many online resources exist to help you learn the best strategies and tactics.

3. Cloud-Based Applications

Growing companies need applications that are adaptable and can scale. Software licensed to a single computer doesn’t serve those needs well.

Even if you purchase multiple device-based licenses, complications arise. Installation and data storage logistics consume internal resources and reduce flexibility.

IT staff still need to manage the software installation and removal process and track which assets are taking up licenses. Employees might also store information on separate devices that the applications use. Technical teams have to use more elementary methods of migrating that data, such as USB and external hard drives.

These procedures take more time and introduce risks associated with lost and corrupted information.

By choosing cloud-based applications instead, you can manage software and any linked data more efficiently. Employees have access to applications from any device or location and can store and work on documents in the cloud. IT won’t be spending hours installing and removing software, freeing up time for higher-value projects.

Plus, you can add and track user-based licenses within an online dashboard as the number of employees and locations grows.

4. Mobile App Development Software

By 2024, the projected number of mobile shoppers in the U.S. will surpass 187 million. Mobile commerce, including apps, is also expected to become the dominant means of online shopping among consumers.

Already, 77% rely on mobile apps for in-store price comparisons. Of those that use smartphones to do in-store online research, 71% say these devices are important to their retail shopping experiences.

For businesses with storefronts and physical locations, mobile app development isn’t something that can be ignored.

Consumers are increasingly reliant on apps to enhance their overall experiences with brands. Customers find mobile apps more convenient, whether they’re ordering takeout or researching products and services. Businesses that don’t have them are missing opportunities to communicate, trigger buying behavior, and deliver service.

Mobile app development software provides the resources companies need to create the apps consumers crave.

You don’t need a coding background to make something that looks professional. These platforms work like web design software that allows you to drag and drop features. You can also use app builders to automate customer notifications and create mobile versions of online stores. Some development tools even automate the digital app store submission process.

Get Growing

Business owners see growth as an indicator of success, as well they might.

Today, technology is instrumental in advancing a company’s core competencies, increasing customer reach, and improving or enhancing service delivery. Business tech solutions also help optimize internal resources and processes, preventing downtime and increasing cost-effectiveness.

Choosing tools that support your business’s growth involves identifying opportunities and the platforms that can best facilitate your objectives. Some that are worth looking at are data observability, digital marketing, cloud-based, and mobile app development solutions. These applications not only promote growth but also scale as businesses advance.

The post 4 Business Tech Solutions That Will Help Your Company Grow appeared first on SmallBizTechnology.

There are nearly 2 billion websites in the world vying for the attention of online shoppers. Consequently, small businesses need to gain visibility to drive traffic to their site while providing the best solutions to the unique problems of each prospect.

Today’s discerning consumers are motivated less by competitive prices and more by whether a company’s website provides a positive user experience. In other words, content marketing can help you build a following and increase conversion rates for ongoing success.

Keep reading to gain a better understanding of the importance of content marketing and learn how to develop an effective strategy for your marketing efforts.

Quick Takeaways

• Content marketing helps set you apart from the competition. As a result, it increases visibility. Likewise, it drives traffic to your site for higher conversion rates and revenue generation.
• Setting SMART goals and identifying your online shoppers help shape your content marketing strategy for optimal results.
• Mapping out content and creating a distribution schedule provides parameters against which to measure the success of your content marketing efforts.

Why is Content Marketing Important?

Content marketing has a far-reaching impact. Today’s consumers want to receive relevant, authoritative information. Therefore, the more quality content you create that resonates with your audience, the more trust, and loyalty you build among your followers.

This increases the likelihood that they’ll share your information with their own contacts and broaden your reach exponentially. In the same vein, quality content enables you to:

• Engage with your audience. Storytelling helps you connect and build lasting relationships with your readers. This is important because existing customers make 65% of a company’s purchases.
• Build your reputation. When you consistently deliver quality content, people will rely on you as a trusted source and industry leader.
• Boost your ROI. The conversion rates for content marketing are six times higher than other marketing strategies.
• Enhance digital marketing channels. Social media, email, video, and more benefit from quality content.

When you craft tailored messages that address particular issues, you deliver a positive experience to your audience. Consequently, search engines identify you as a valuable resource for their users and reward you with higher ranking placement.

This is crucial since 75% of online users don’t look past the first page of Google search results. The following video provides more detail about how to write for SEO to increase your visibility and drive more quality traffic to your site:

Content marketing is key to setting your small business apart from the competition, getting more leads, closing sales, and generating revenue.

5 Steps to Building an Effective Content Marketing Strategy

To benefit from content marketing, every small business must first develop a roadmap for creating and distributing quality content. Here are five steps to building an effective content marketing strategy.

Step 1: Set SMART Goals

Before you can plan your content, you must first know what objectives you’re trying to reach. Whether you want to drive more traffic to your site or increase audience engagement, set SMART goals that are:

• Specific: Whether it’s a number to reach or a deadline to meet, specificity can help provide direction for your campaign.
• Measurable: Milestones help you gauge the impact of your strategy.
• Achievable: Goals should be realistic and attainable. A series of small successes can help propel you forward.
• Relevant: Short-term plans should align with your long-term mission.
• Timely: Set an end date to motivate you toward success.

Setting goals will help you deliver the right message to the right audience at the right time.

Step 2: Identify Your Audience

For the greatest impact, you must have a strong understanding of who your online audience is. As a result, combining basic demographics like age and gender with insight into which channels they frequent (and how often) can help you build the framework for an effective content marketing strategy.

Analyze your data to identify audience personas. Likewise, learn more by monitoring their online activity to see what kind of feedback they give and what candid conversations they have about you and your competitors.

Use that information to plan content that specifically addresses concerns and frustrations and proves why your solutions are superior. In short, by understanding what your audience wants, you can create custom content that resonates and compels them to shop with your small business.

Step 3: Map Out Your Content

With your goals set and your target audience identified, you can begin to plan your content. Choose relevant topics that are meaningful to your readers. Content marketing encompasses a wide variety of materials, including:

• Blog Articles: Expert content includes high-performing keywords and links to reputable sources that help deliver a positive user experience and boost SEO.
• Videos: People can digest information while performing other tasks.
• White Papers: Research findings help establish you as a leader in your field while delivering essential information.
• Social Media Posts: Engage your audience and learn more about their preferences, pain points, and opportunities to provide solutions.

Based on audience behavior and preferences, choose the type of content that makes the most sense for your goals. Further, as you develop your messaging, be sure to keep the customer in mind. Address their specific needs and build trust with valuable information. After all, trust is a top priority for 53% of shoppers.

Step 4: Schedule Your Distribution

Knowing your audience and the type of content you plan to post will help you set a distribution schedule. You’ll know which channels you should use to reach your readers and when the best time is to post.

If your customers respond well to images, you know to focus on an Instagram campaign. For people who prefer email, you’ll have a better open rate with content sent in the mornings. Use all this insight to create a content schedule that helps you know what topics will be covered and through which channels you should syndicate it.

In addition to keeping you focused on your goals, setting an agenda helps you assign work to team members or outsource the work to a professional writing service. With the content subject matter planned out, you can find writers specializing in those topics to create expert messaging that resonates, brings value, and earns customer loyalty.

Creating a distribution schedule ensures organization, helps you create timely messages for greater impact, and sets parameters against which you can measure success.

5. Track Your Progress

Metrics are essential to determine whether your content marketing strategy is truly successful. Measure which channels are yielding positive results and identify areas that need adjustment. Engagement, open rates, and bounce rates can tell you things like:

• which avenues aren’t a good fit for your audience;
• what topics aren’t generating interest;
• time of day or day of the week that content distribution gets the best results; and
• whether you’ve accurately identified your audience and their needs.

In conclusion, there are lots of factors involved in a successful content marketing strategy. You can pinpoint what adaptations need to be made to achieve the best possible outcome by measuring progress.

The post How to Develop an Effective Small Business Content Marketing Strategy appeared first on SmallBizTechnology.

Intelligent automation can increase productivity, accuracy, and compliance while decreasing costs and enhancing staff morale and customer happiness.

Bringing IA into your firm is a people-centered strategic business change, not a technological project. You need top-level sponsorship to get the change started, the necessary skills to make it work, and the support and buy-in of employees at all levels of the organization to assure long-term success.

High-Level Management

Senior management endorsement helps to define the automation goal for the whole organization. They release the cash and resources required to expand the project fast.

Your IA transformation has limits in scale without top-level backing, maybe to one department. Confining your automation project to an organizational silo will likely under perform and fail to realize its full potential. Consequently, resulting in a vicious loop in terms of getting funds and talent for the next step of the roadmap.

With top management buy-in and enterprise-level vision, on the other hand, you’ll be capable of launching a deep-impact, highly-increased pilot. That is to say, quickly access the funding and resources needed to scale, unlocking the synergies and economies of scale that come with end-to-end organization-wide intelligent automation pipelines.

Automation Talent

The proper personnel is critical to the success of your IA transformation; therefore, begin forming your team as early as possible in the process. This offers them a feeling of ownership over the project. They have knowledge of its history from the start, which will be helpful as the project continues into its latter phases.

Form an IA leadership committee to supervise the transition and an IA center of excellence (CoE) to execute and deliver it. The leadership committee is in charge of overseeing the transition and developing the vision, business case, and strategy. Top management from all company departments engaged in the transformation should be present.

The CoE is accountable to the leadership committee. It is in charge of carrying out the IA plan, creating and managing all of the policies, frameworks, and typical assets required for the transformation, and discovering further possibilities for innovation. The expertise necessary for the CoE is diversified and not only technical. You may encompass developers, architects, data scientists, testers, machine learning experts, data engineers, and IT and systems professionals on the technical side. However, it is also critical to involve experts in operations, risk management, change management, communication, and training.

Data Science

Because intelligent automation and data science are rapidly emerging industries, it might be challenging to discover the proper people via external recruiting. Don’t depend too much on short-term external consultants. You’ll need people to remain around beyond the first implementation phase to maintain your IA infrastructure and grow and enhance it as technology changes and new automation possibilities emerge.

Consider internal hiring and upskilling current employees. I’ve seen organizations effectively discover 60% of the essential talent in this manner. Existing workers already have domain knowledge and business loyalty. In certain circumstances, teaching them technical skills may be more beneficial than bringing outsider specialists. Moreover, to bring up to speed on your organization’s unwritten understanding.

Develop a process to find internal candidates interested in and capable of contributing to your IA transformation. Indeed, arrange communities, games, and contests that test the needed or relevant abilities. That is to say, give speeches and seminars on automation-related themes from external specialists.

Your Employees and Automation

The mindset of your whole staff has a significant influence on the continuing success and impact of your IA transformation.

Do your most junior employees regard intelligent automation as a danger that will replace them and force them out of the workforce? Or do they view it as a chance to supplement and strengthen themselves while freeing up time to focus on creative or relationship work?

The appropriate approach to training and education may lead to widespread adoption of automation inside a corporation. The road ahead will be considerably easier if your human staff accepts and works with your digital workforce rather than against it.

Employees totally on board with automation may even be encouraged to seek out chances for further automation in their day-to-day duties. Although very few whole professions are automatable, many jobs have a significant number of automatable activities. Your employees are the experts on what they do daily. They are in the best position to identify these automatable tasks in their work. Indeed, they learn what types of jobs lend themselves well to automation. They may even help train and develop the automation programs that will become their assistants using low-code and no-code technologies. This may enable individuals to become authors of the change and aid in integrating IA into your organization’s culture.

You can extend the capacity beyond the limited number of highly experienced individuals. Using your CoE, this democratization of IA may also boost your IA transformation’s scope, pace, and effect.

Everyone benefits if your employees realize that automation may free them from arduous and repetitive jobs. IA allows them to undertake more meaningful, higher value-add work that raises their market worth. Your business acknowledges and rewards this.

The post Intelligent Automation: It’s All About Your People appeared first on SmallBizTechnology.

Successful companies such as Tesla have made a move to invest in new technologies, including clean and renewable energy. This gave rise to the invention of the Tesla Powerwall, a solar battery providing even greater value.

Installing a solar battery such as the Tesla Powerwall, whether it’s to supplement your strategy for dealing with power outages along with a bank of 10000 watt generators or as a stand-alone strategy, will help to ensure that you get the most out of your system. You will be able to store excess electricity and improve its generation throughout the day in both your homes and businesses. It helps not only protect the environment but also saves money.

There are many benefits to adding the Tesla Powerwall to your system as outlined below.

1. Reliable, Consistent Power Supply

The Tesla Powerwall ensures that you have power when you need it.

Solar panels only produce electricity when there is sunlight. This means that you lack consistent supply at night. You are assured that your essential appliances will keep running even during power outages.

Installing a solar battery ensures that you have a constant power supply. The Tesla Powerwall boasts of great energy storing capacity of 13kWh. The Tesla Powerwall also ensures a higher power supply due to its flexibility. You are able to stack or add to your units at any time as your demand increases.

2. Diminished Grid Dependency

The Tesla Powerwall offers a great solution for you if you want to stop relying on the grid.

Frequent power outages are a pain to handle. This battery system ensures that you do not have to depend on the grid to run your household or business. This is because it automatically detects grid outages. You do not have to lift a finger when this happens. Having independence from the grid without a solar battery is next to impossible.

3. Improved Power Technology

Technology access means more control.

The Tesla Powerwall provides great features that make your solar power system more efficient. It even includes a storm-watch feature. The Tesla application provides you with real-time data usage and time-based control.

You are able to optimize the usage of electricity from your solar system by discharging it during peak hours. This time-based control greatly impacts your electricity costs and is a definite advantage for your household.

4. Benefits to Our Ecosystem

The use of non-renewable energy such as fuel and coal has had a continuously negative impact on our environment.

Global warming is increasingly on the rise and with it comes temperature rises and harsh weather conditions. Likewise, wildfires are now a common occurrence destroying our ecosystem.

Integration of your solar system with the Tesla Powerwall ensures that we have a constant supply of clean renewable energy from the sun. This will enable us to minimize our carbon footprint and help the ecosystem become vibrant again.

The Bottom Line

The Tesla Powerwall offers a great battery storage solution that caters to the growing needs of businesses and industry. Its ability to be integrated into an already existing solar system is also a great advantage.

The Tesla Powerwall is powered using lithium-ion batteries which are made from recyclable material. Tesla has partnered with different companies to reprocess spent battery packs and cells for making new ones. This battery requires no maintenance. You can feel proud while using this technology as it incorporates a zero-waste policy and is manufactured using recyclable materials.

Environmental awareness provides a much-needed reprieve as the world makes many changes and initiates campaigns to go green and create sustainability for the environment. Considering the benefits to your business and the environment, it may be time to give the Tesla Powerwall serious consideration.

The post 4 Benefits of Adding Solar Batteries to Your Solar Power System appeared first on SmallBizTechnology.

These technologies are more important in 2022 than ever before, especially as the eCommerce industry continues to grow. Most eCommerce businesses need the right tools and technologies to achieve their goals.

So…what should you be investing in?

Take a look at some of the new technologies entering the eCommerce space. Make a decision for yourself that is worthy of investment based on how you operate your business.

1. Artificial Intelligence

Artificial intelligence (AI) is an interesting type of technology when it comes to its place in the eCommerce world.

Once thought of as a solution for high tech, it’s now more readily available than ever. It allows many organizations to adopt it as a way of minimizing costs and enhancing operations.

AI may help to fill in the one gap that consumers have when it comes to making a decision about purchasing online. It creates the opportunity for virtual assistants to work and connect with consumers in a realistic experience.

That can help with improving personalization and customer service. It increases the connection between the company selling the product and the consumer buying it, filling an all-important gap.

2. All-Inclusive Fulfillment Systems

It’s a fact of eCommerce. The faster you can fulfill orders, the more orders you can take. And that means more revenue streaming into your company’s account.

Yet it can be challenging to keep up with all the warehousing, picking, packing, and shipping needs of a growing business. It can also become expensive, bringing down the profits you make on each item you sell.

Newer fulfillment systems that leverage the latest software advancements have been a huge boon. This is especially the case with startups operating on limited capital.

These systems are typically offered on an outsourced basis, as in the case of third-party logistics (3PL) providers. These providers can have technology that can help with warehouse management, order management, and product information management. They can pull it all together in one spot making an eCommerce retailer’s life much easier.

As a complete eCommerce solution, Tradefull points out that automation through those types of tech is making warehousing more efficient. As a result, this is helping retailers get products to customers faster and faster.

3. Hyper-Personalized Experiences

Hyper-personalized experiences piggyback on the use of AI in eCommerce environments.

AI can help to gather information about shoppers during their visits. That data proves valuable because it can then be used to create personalized experiences for customers.

Consumers desire a personalized experience that speaks directly to them and values their time. Likewise, a tailored experience like this also allows companies to present consumers with more of the products they are likely to want, improving sales.

The adoption of hyper-personalized experiences through the use of AI can empower eCommerce brands beyond the competition. As a result, it creates an opportunity for a one-of-a-kind experience that consumers desire.

4. Voice Assistants

There’s no doubt that checking the weather or playing music using a voice assistant like Google or Alexa is the easy way to go.

Voice assistants like this can also directly contribute to the needs of eCommerce businesses. Consumers want to rely on their devices to help them make purchases, especially when buying online.

In an eCommerce environment, consumers want to ask their voice assistant of choice to help them find what they need. That may allow companies to set up tools that also allow repeat purchases.

All the consumer has to do is to ask their voice assistant to purchase a specific product from the store of their choice. Many of these assistants remember past purchases. Additionally, they may even help with marketing products by sending reminders to consumers to buy again.

5. Chatbots

One of the concerns for many organizations in managing their eCommerce operation is being accessible to customers 24 hours a day.

It’s simply impossible to do this without the use of technology. New technology, such as AI chatbots, is working to provide a solution.

These more advanced chatbots allow consumers to type their messages directly to the company. The chatbots respond with reasonable questions and can retrieve customer information, product shipping data, and even product information, answering most of the consumers’ questions.

The benefit here is in improving customer service. Consumers get the information they need whenever they need it, even in the middle of the night. That leads to increased sales.

At the same time, eCommerce companies don’t need to pay the high cost of using people to answer those questions. This type of technology has improved significantly so that it creates a more personalized, realistic experience for the consumer while gathering data and supporting the needs of the company.

6. Augmented Reality

Unlike at a brick-and-mortar store, consumers have no way to look at a product from different angles, handle it, try it on, or otherwise explore it.

Augmented reality (AR) opens the door for this opportunity. While it has a long way to go in terms of texture and truly experiencing what a product is like, consumers can use AR to visualize products more realistically before they make a purchase. They can try on clothing virtually. They may be able to place furniture in their living room to see just how well it would fit.

AR is rapidly changing and morphing into a valuable tool for many eCommerce businesses. It’s also a fantastic tool to embed into social media to help build brand recognition and help encourage sales.

Technology Continues to Improve eCommerce Success

Business owners looking for ways to grow and build their operations may need to pay close attention to new technology like these.

Not only can technology help to create new opportunities for sales and better customer service, but it may also provide opportunities to streamline costs, improve operations, and improve efficiencies throughout the company.

In the growing eCommerce industry, it’s essential to have every possible tool available to ensure the best possible return on every sale made.

The post 6 Types of New Technologies in eCommerce appeared first on SmallBizTechnology.

While you’ll find many benefits with cloud computing, you might also have concerns over potential security issues. Fortunately, you can embrace the advantages of cloud computing and managed siem while still keeping your small business and your customers’ private information safe.

Look into ideas such as hybrid cloud computing, which costs less money and gives similar advantages to companies. You’ll still gain the safety net of a third-party provider, but for a fraction of the cost.

Here are some things to keep in mind when considering whether cloud computing is a secure option for your small business.

1. Train your workers to identify attacks.

Phishing usually starts with an email made to look as though it’s from an official source.

Teach your staff to go directly to a website and never click on links within an email. You can significantly reduce social engineering attacks by training your workers to recognize them.

Phishing can also look like an email from someone higher up in a company, but will actually be from someone trying to gain access to accounts. It’s always best to double-check requests for passwords or personal information by calling the other employee directly.

According to Verizon’s 2021 Data Breach Investigations Report, approximately 36% of breaches come from phishing attacks. Phishing is quite avoidable if you train your workers to recognize and avoid it.

2. Install virus and malware protection.

Make sure every device used by your company or its employees – even remote workers – has the latest virus and malware protection installed.

One of the biggest threats to the computing safety of your small business is workers not protecting their accounts. Hackers can do a lot of mischief if they get their hands on login credentials.

Make sure any device used to access accounts has protection installed. Remote workers may need to go through IT to ensure they add two-factor authentication and install all available software.

Companies should provide protection and follow up frequently to be sure it gets installed and updated properly.

3. Insist on strong passwords.

One way people allow hackers into their accounts is by reusing passwords, not changing them frequently, or using easy-to-guess combinations.

At a minimum, you should change all your business passwords every few months, including any passwords to cloud computing software.

Encourage employees to use passwords that aren’t easy to guess and contain lowercase letters, capitals, numbers, and characters.

Don’t forget to watch the passwords you use for software as a service (SaaS) applications. A company with under 500 employees uses as many as 123 different SaaS apps.

For example, if you use several different websites for various tasks, make sure you change passwords when an employee leaves or you terminate them. Not keeping up with passwords opens your business to vulnerabilities.

4. Set clear security policies.

Avoid confusion over security protocols by setting some policies.

What happens to customer data when you no longer need it? How often do you change passwords? Are there tiers to data access?

Figure out what works best for your organization and set the rules. This helps current and future employees know what’s expected of them.

5. Comply with all applicable laws.

Know the rules surrounding data protection.

For example, if some of your customers reside in the European Union (EU), you fall under the General Data Protection Regulation (GDPR) and must comply with the rules or face fines.

States such as California have similar standards. Your state and local governments may vary, so be sure to check any applicable laws.

You also must comply with laws in areas where your out-of-state customers reside.

6. Set a budget.

McKinsey & Company recently noted most companies plan to have $8 of every $10 in their IT hosting budget go toward cloud hosting by 2024.

The pandemic brought many companies online with cloud access for remote workers they weren’t planning to implement yet.

The increase in data means an increase in online criminal activity.

So, is cloud computing safe for your small business? The answer isn’t always the same, but most cloud hosting providers invest quite a bit of money into the most recent security measures possible.

It’s likely as safe as any other method of storing data, short of keeping information only on paper, which isn’t practical. Set a budget that meets your company’s goals. You can always increase it if you feel your data isn’t safe enough.

Is cloud computing safe or not?

Cloud computing is as safe as any other form of digital data storage.

You should ensure any companies you hire have the latest in safety standards and security. Take steps to protect your information, such as training employees and frequently changing passwords.

With some good security practices and awareness, it’s much less likely that you’ll face a data breach.

The post Is Cloud Computing Safe for Small Businesses? appeared first on SmallBizTechnology.

A worldwide recession is on its way. Perhaps not today. Perhaps not tomorrow. But it won’t be long now. Do you hear the consistent economic drumbeat? Don’t ignore it!

A recession is on its way, and although it is unlikely to endure the rest of your life, it is unavoidable. That’s a fact.

Even if there are warning indicators to watch for — increased interest rates, deflation, stock market collapses, loss of trust in the economy, and so on — there is no magic formula to forecast when and how long it will occur. And no, you can’t count on cryptocurrency to save you.

For example, increasing interest rates and weak first-quarter growth have led some to predict that the next recession would occur sooner than later. Perhaps it will happen. But, then again, who could have forecast the economic impact that the coronavirus would cause at the start of 2020? Aren’t the best-laid plans no more than that…plans?

But, whether it occurs this year or in five years, it never hurts to be prepared.

According to a poll conducted a few years ago, 44 percent of small-business owners questioned had made no efforts to prepare for a prospective recession.

Recognizing that the unexpected might occur at any moment, it is more crucial than ever to be proactive in preparing your organization to weather the next recession. Here are three crucial areas to concentrate on.

1. Take care of your money.

Everything ultimately boils down to money. You can’t keep your business afloat if you don’t have it.

Create an emergency fund. Just as you (ideally) have money set aside for a rainy day, your company should have something for the unplanned and unexpected. Therefore, maintain at least three months’ cash reserves to cover everything from operational expenditures to staff payments. As a result, when the economy begins to collapse, quick and straightforward access to capital is critical.

Obtain capital. Please go into the coming recession knowing what you have access to, whether via investors, lines of credit, grants, or credit cards. This groundwork enables you to plan ahead of time rather than hurry to catch up.

Examine your spending patterns up close and personal. Is it possible to minimize expenses without losing quality? Do you have the ability to renegotiate contracts with vendors and suppliers? Determine the difference between strategic and non-strategic expenditure. Where can you cut expenditures carefully to increase the return on operational expenses?

Pay off your debts — sound advice, recession or not. If you have the means, pay off those high-interest loans or credit cards so you don’t have to make monthly payments.

2. Pursue new business markets.

When a company’s finances are tight, the first item that gets cut is its advertising budget. It’s challenging to invest time, energy, and money in something that doesn’t necessarily provide an instant return. However, even if the economy is a downturn, you must maintain your market competitiveness.

Consumers are spending less, and they are significantly more intelligent and demanding when they do buy. If you don’t get your name out there, you have less chance that your company will be the one people choose to support.

That is why you want astute, strategic marketing. Therefore, show them why your company is worthy of the award. Help them realize why your service or product is a good investment and how it may give some stability during a difficult period.

3. Increase existing customer loyalty.

Don’t forget about your existing consumers. When all else fails, a devoted client base may be the only thing that keeps the lights on and the doors open. However, it’s a wise business decision to seek out new customers, but it’s just as critical (if not more so) to maintain the ones you currently have.

Most people say that acquiring a new client costs more than retaining an existing one. If you’re continuously bringing in new customers but losing your regulars, you’re moving one stride ahead and two steps back. You don’t want to be performing that dance.

Provide outstanding client service. Therefore, concentrate on fostering loyalty. Don’t save your discounts and gifts only for new consumers.

Continue to examine and determine their requirements and how you might meet them. Remind them of the benefits of sticking with you versus your competitors.

Takeaway: Don’t wait for a recession to prepare for one.

Begin preparing to give yourself a little added protection to help you live through the inevitable. The unavoidable may not occur today. Perhaps not tomorrow. Perhaps…well, you get the point.

This is not investment, tax, or financial advice. For counsel on your specific circumstances, you should seek the opinion of a qualified expert.

The post Three Recession Risk-Mitigation Strategies appeared first on SmallBizTechnology.

The continuing Covid-19 pandemic will shape and affect business and tech trends for the third calendar year. How companies and organizations adapt to pandemic disruption might have defined 2020 and 2021. This year, enterprises are reacting to the Covid-19 fog with a cautious business attitude and a frantic drive toward digital operations.

However, in the near term, corporations will shift their attention from uncertainty to agility, seeking to capitalize on emerging trends and shifting conditions. After all, you’re not a Russian billionaire!

This year, companies will have to understand the unpredictable nature of global pandemic patterns. For clarity, firms should employ data and analytics, not the cloud of doubt. With a proactive perspective, firms may go from being reactive to proactive.

A greater focus on data and analytics will reshape operations in many ways, but four small business tech trends stand out.

1. Subscription-based models.

It’s no wonder that firms are adapting their subscription trends models to meet customers’ changing demands in the on-demand economy. -Converting one-time buyers into subscribers ensures a steady income stream rather than irregular purchases.

During the early phases of Covid-19, the subscription model held strong. According to Deloitte, 4/5 subscription-based firms have kept or gained customers since the epidemic began.

While the pandemic boosted many subscription-based businesses, churn is now a concern as customers reassess the value and volume of their paid memberships.

Companies may use data to create a more customized experience, from communications and marketing to the goods and services included in the subscription. Therefore, delivering a personalized experience means clients get value for money and are motivated to connect with the business.

2. Changing supply chain strategy.

Supply chain disruption stories dominated this year’s Christmas shopping season, and they will continue in 2022.

Businesses will increasingly depend on data and supply chain analytics. Leaders depend on the data to understand better how to service their consumers from multiple smaller, localized fulfillment centers.

The Ever Given incident and tech scores of cargo ships trapped off the California coast defined 2021. In 2022, expect firms to adapt to more agile supply chains.

You’re not alone in thinking that the supply chain will become a hot subject as we move forward. Companies are scrambling to discover technologies that will help them weather the storm in 2022, yet data-driven supply chain management tools — including AI and GIS — are still in their infancy.

3. B2B tech sales tools.

As data practices evolve, we should expect to see more data-driven technologies used by B2B salespeople.

Therefore, major fundraising rounds like Apollo.io’s $32 million Series B show the rising interest in sophisticated trends sales enablement systems.

Some company executives attempt to use new technologies for sales and marketing. However, we expect to see increasing technology cooperation across formerly walled business groups.

So work to enhance goal-oriented processes as prospects progress into the funnel and throughout the customer journey.

Business executives and data trends professionals are increasingly working together to uncover new possibilities. As a result, data-driven B2B sales enablement may boost campaign effectiveness and efficiency.

4. Optimization of digital technology.

The trend toward personalization unifies all of the themes on this list. Consequently, consumers have more options than ever, allowing them to influence company success.

Companies may succeed in this climate by focusing on consumer data, analytics, and targeted communications. In 2022, successful organizations will rely on tech touch and accuracy rather than volume.

Above all, sending the proper customized greeting isn’t always easy. The collapse of third-party data and revisions to iOS privacy settings have made this a difficult task.

However, to compensate, businesses must use their first-party data, collecting, organizing, and analyzing their precious resources.

Moving Toward Clarity in the Coming Year

Europe and Asia have alternated between normality and increased lockdowns over the last two months. Many states in the U.S. are urging individuals to obtain a second dose of the Covid-19 vaccine. All the while less developed technology nations recommend populations to be vaccinated.

However, these contrasting scenarios show that this year will be a year of uncertainty, with implications for global rivalry, demand, and logistics.

While abrupt changes may impact tech sectors, this does not imply changes will harm all enterprises.

Dedicated data gathering and analysis allow firms to see through the fog and make intelligent choices. Big data enables firms to see patterns in apparently random or chaotic occurrences. Real-time data resources may help companies respond to changing legislation or supply chain interruptions, ensuring sustained success.

A year of personalization, clarity, and dependability for firms that invest wisely in data solutions.

So stop, look, and learn. Rome wasn’t built with sticks and stones but rather with fortitude and determination.

The post 4 Business and Tech Trends to Watch This Year appeared first on SmallBizTechnology.

But wait, aren’t global labor markets off-limits to small and medium-sized companies?

Thankfully, international workers are more accessible than ever due to modern technology and third-party services. So if you’ve never considered looking overseas to solve your local talent issues, here are three reasons why you should.

1. Technology can bring the world to you.

Moving into the global market doesn’t necessarily mean going through the process of opening up a location overseas.

Sometimes thinking internationally is as simple as opening up your hiring pool to remote workers in other countries. And the best part is that technology has come a long way in this endeavor. Hiring individuals from another country no longer requires relocation, visas, or sponsorships. Depending on the position, you can hire and onboard remote contractors and employees online.

Technology is also a huge asset when it comes to finding quality remote workers in the first place.

There is a multitude of specialist companies that can post your job listing in the countries that you choose. After that, your preset filters can forward your best options without overloading your inbox.

The explosion of individuals who work remotely has also brought with it innovation in collaborative software options.

In the past, the notion of having a team of people work together and never be in the same room was outlandish. Nowadays, assigning tasks and sharing workflow materials is as easy as clicking a button or creating templates. Meeting and conferencing software automatically adjusts for individual time zones and can record conversations for future reference.

So if you believe job-specific limitations are preventing you from hiring global workers, you might investigate what software is available. Sure, there’s no getting around certain location-dependent jobs such as package delivery or building construction. However, some job categories previously considered to be solely in-house might be more adaptable than you think.

2. You don’t need international HR expertise.

Some small business owners don’t consider acting on overseas hiring options. One reason is that they assume they’ll need international expertise to do so. And while international workplace differences and labor regulations can genuinely be a pain, there’s good news. All that administrative hassle doesn’t have to be your problem if you outsource it.

If you only want to hire global remote employees — as opposed to setting up shop abroad — you will need an employer of record (EOR). This is actually not a recommendation. It’s a requirement if you do not have a legal presence established in the country of hire.

What does an EOR do?

An EOR works by creating its own legal presence in multiple countries. Once they’ve done that, they offer the service of hiring employees on behalf of companies around the world.

So let’s say you want to hire a remote worker from Brazil. You would engage an EOR to be their employer on paper even though the worker performs services for you.

An added benefit of using an EOR is that the liability for international reporting and regulations is off your shoulders. If you do not file reports correctly or employer taxes are paid late, it is the responsibility of the EOR.

A situation where you might engage an overseas worker and not be forced to use an EOR involves independent contracting.

When you hire an independent contractor rather than an employee, there are no requirements to have a legal presence. This doesn’t mean you have to navigate international regulations on your own, though. In these instances, you can hire a professional employer organization (PEO).

A PEO operates similarly to an EOR in that it can handle administrative setup and payment functions. The major difference between the two is responsibility. If an error is made with reporting or payment, the PEO can help resolve the issue. However, you are ultimately on the hook for fines and penalties.

3. You gain options to fill in your talent gaps.

Competition for quality employees and contractors is stiffer than ever.

Does it seem like your open positions are destined to stay that way due to a lack of qualified candidates? Maybe qualified individuals in your area are in such demand that they are out of your price range.

To solve this problem, you might be tempted to settle for subpar hires. Sometimes these individuals grow into the positions, and everything works out fine in the long run. When it doesn’t work out, however, you’re looking at turnover that is costly from both a monetary and team morale perspective.

Expanding your search radius internationally can be either a long-term or short-term solution.

Let’s say your firm has a series of projects that require engineers, and you have been coming up short locally. In order to fulfill those needs within budget, you could look for engineering contractors in countries such as Iran or Indonesia.

You can use remote contracting either as a stopgap measure or as a trial run for future employees. If you like the work an individual performs on a single project, you can extend an offer of full-time employment. Getting a better understanding of a worker’s performance before onboarding them can save you time and money by preventing unnecessary turnover.

The world is open to businesses of all sizes.

If you’ve been hesitant to investigate options for global solutions to your hiring problems, it’s important to ask yourself why.

Is it because you think it will be too complicated, expensive, or inapplicable to your industry?

If those concerns are holding you back, there are options and third-party companies available to help. Whether it’s temporary support to get you through a busy patch or a long-term strategy, global hiring might be the best solution for you.

The post If You’ve Been Afraid to Hire Globally, 3 Factors Might Change Your Mind appeared first on SmallBizTechnology.

Attracting and keeping fintech staff is a primary goal in the wake of The Great Resignation. Therefore, after health insurance, the second most common perk provided to recruit talent is retirement benefits.

State and local government regulations also increase interest in 401(k) programs. More than a third of small firms that do not already offer 401(k) plans aim to do so within the following year. It’s becoming a social responsibility for small businesses.

A 401(k) retirement plan is also a strategy to protect workers’ financial well-being while simultaneously providing a tax advantage to businesses and employees.

However, traditional 401(k) providers avoid marketing to small enterprises since the market is unprofitable. Despite this, the great majority of businesses have less than 20 workers.

Penelope is a 401(k) platform that provides a cheap and simple solution for small companies to offer retirement benefits. Therefore, it is assisting small firms through The Great Resignation’s obstacles. At the same time, its CEO and creator, Jean Smart, is dealing with her own set of issues.

Meet Jean Smart

Smart is a co-founder of Chief, a private network for powerful women executives. She joined a peer-advisory network of female entrepreneurs and corporate leaders who have similar interests and concerns and collaborate to solve problems. One of Smart’s peers has already attained unicorn status with a billion-dollar value.

Smart has previously worked for Citi, Charles Schwab, TD Ameritrade, and, at the time, UBS. Consequently, she worked on 401(k) programs, employee stock options, and financial wellness for institutional employees. Smart began building her own company plan after being inspired by the female entrepreneurs in her Chief group.

Smart is the daughter of Korean immigrants who operate a grocery business and a restaurant. She saw her parents making sacrifices to support their children and workers but failing to prepare for retirement. They are vulnerable in their latter years since they did not save. With one in every four Americans lacking retirement funds, Smart’s parents represent an all-too-familiar narrative in the United States — equal parts inspiration and cautionary tale.

Smart is a Gen-Xer who has been told her whole life that we would run out of Social Security. For many Americans, Social Security is a critical source of retirement income. However, its funds are running short. Therefore, according to projections, the Social Security Administration will lower retirement payments beginning in 2034.

Smart’s personal and professional history led her to believe she was the best person for the job.

Smart said that she wished to work in the areas of fintech, education, and inclusive capital. She wanted to shatter the myth that there was a fast way to get wealthy.

Investing consistently in a 401(k) was the best method to save for retirement. She groaned. The fact is that communities build money over decades. It does not happen quickly, and it takes individuals 20, 30, 40 years of hard labor before they have enough money to pass on [to loved ones].

She wanted to devise a method for setting it and forgetting it.

Smart believes that enterprises with less than 20 workers, which constitute most small businesses, need assistance. Women, minorities, and immigrants own many of these enterprises. Therefore, fintech expedited procedures, simplified paperwork, and assisted her in cutting expenses. The method was to use a self-service company model, making it feasible for small firms to give retirement benefits to their workers.

However, making things simple is difficult, according to Smart.

There are around 50 to 60 thousand funds to pick from. Chief provides ten. The disadvantage is that there is no personalization.

An inexpensive subscription model called Penelope will automatically scrutinize the investments of employees. Therefore it simplifies red tape and eliminates PEP plans to function as they should.

Penelope is a user-friendly, cloud-based 401(k) program that debuted in January. There is no 30-to-40-page paperwork with a sophisticated language, and the material is concise, to-the-point, and written in clear English.

Finally, because various people have different learning methods, we gain knowledge in the form of text and FinTok videos.

Timing is important.

More and more states and municipalities are requiring firms to give benefits at retirement. Colorado, Oregon, California, Maryland, Illinois, Connecticut, New York City, New Jersey, Virginia, Seattle, and Maine are among the states that have done so.

The rules and laws differ based on where your company operates.

During The Great Resignation, Smart declared, we’re all trying to obtain the best personnel. However, she depends on references and, thankfully, she is well connected.

Her workers could surely earn more money working for bigger corporations than for a startup. Smart, on the other hand, stresses the company’s mission. She finds the notion that we are mission-driven incredibly appealing. It’s hitting home, not only with professionals in their twenties and thirties but also with those in their forties, fifties, and even their eighties.

Penelope was advised by Ted Benna, widely recognized as the “founder of the 401(k).”

According to Benna, providing a 401(k) was out of reach for many individuals because it was too pricey, too complicated, too full of jargon, and too time-consuming. Penelope offers simple solutions to comprehend and make financial sense for small businesses and startups.

Smart’s transition from a well-resourced attitude to a resource-constrained company has been a steep learning curve. You’re starting from scratch, she said. You make a lot of errors. However, you must be open. You must be an adaptable leader, and there are methods to increase your flexibility. It’s exhilarating after you’ve done it.

Consequently, Penelope has secured $2.1 million in pre-seed funding sponsored by Slauson & Co. Amplify LA, Black Jays, and officials from Wells Fargo, Citigroup, and U.S. Bank are among the other investors.

The post Fintech and SMBs Provide 401(k) Plans appeared first on SmallBizTechnology.

Here’s how to make sense of digital transformation (DX) if you’re running a small business. And how to avoid some of the repercussions of the worldwide financial meltdown.

In general, it refers to technology to digitize an organization’s data and processes to improve its efficiency.

On the other hand, DX isn’t just about duplicating an existing process in digital form. It’s all about utilizing digital technologies to improve processes and transform businesses.

While efficiency is a significant benefit, it is not the most important. DX can accelerate time to market, improve customer experience, and boost collaboration and innovation. That is contingent on an organization’s mindset and personnel. As a result, DX necessitates a shift in organizational culture.

Digital transformation is a multibillion-dollar industry.

Everywhere you look, people are flinging ever-increasing amounts of technology solutions to problems in the hopes of boosting revenue and profits. What are the options for a small business?

1. Don’t be alarmed.

Yes, businesses are spending trillions, but they may be squandering a significant portion of that money on large-scale investments that have no business value.

Over half of the companies surveyed (53 percent) said they were not prepared to use new technologies like artificial intelligence (AI) or facial recognition that they planned to acquire, according to a recent survey by PointSource (via Information Week).

Because small businesses have fewer resources, making the most of them is critical.

On the other hand, small businesses accounted for 43.5 percent of US GDP in 2014. Every technology vendor is likely to want to tap into this massive customer base, resulting in increasingly affordable solutions.

2. Recognize the importance of the situation and take the initiative from the top.

At one extreme, people view robots and AI as destroying jobs, while at the other, they tout an AI-fueled utopia.

Of course, the reality is likely to be far more complicated.

Your basic, everyday operations — the things your people do regularly — can yield a lot of gold in the business world. You cannot afford to sit on the sidelines simply because you are a small business, regardless of your specific circumstances.

Because technology will not go away, every small business should recognize the importance of DX.

Because digital business transformation necessitates cultural change, it’s critical to enlist the help of business leaders. Those who are successful with DX initiatives lead from the top.

That is to say, these things small business leaders should do to get out of their comfort zones. Indeed, making time for forward-thinking initiatives, being open to risk-taking, and understanding that they can’t go it alone.

3. Come up with a strategy.

Don’t overlook DX’s “transformation” component.

Transformations don’t happen without a plan. Without a strategy, businesses will likely focus solely on operational issues and specific technologies.

Create a strategy around long-term objectives like customer service and talent acquisition. Take the time to jot down your thoughts. This can help leaders avoid succumbing to the hype and wasting money in the name of staying on the cutting edge.

4. Pay attention to the customer’s experience.

If you genuinely want to transform your company, focus on improving customer experience rather than a specific technology.

Small businesses’ most significant differentiator has always been personalized service. It’s even more critical in the digital world.

According to PricewaterhouseCoopers, a positive customer experience is an important factor in their purchasing decisions for 73 percent of those polled. Consumers are willing to pay up to 16% more for products and services that include a positive customer experience.

Small businesses can use DX to interact with customers in various ways. That is to say, including digital marketing via email and SEO, building customer relationships via social media. Consequently, deploying chatbots for better customer service.

You can also automate processes. Moreover, you’ll want your small business to provide a consistent experience to customers at any time (and from any location).

5. Take the first steps as quickly as possible.

Implementing the strategy will take time. However, there are several things that small businesses can do right now.

Marketing automation software, for example, is now available to all businesses through a variety of cloud-based vendors. Many companies provide plans and tiers for businesses of all sizes.

A small business can use these services to analyze customer behavior. Indeed, as well, preferences, and demographics to create a customer profile and provide personalized experiences.

The most important thing is to act quickly. Start small and choose a daily activity that is relatively simple, repetitive, and frequent. Consequently you will achieve a quick win as soon as possible.

6. Be prepared for change.

It’s still a rare skill to visualize and articulate how digital technologies translate into positive business outcomes. Furthermore, experts say that the rate of business change is constantly increasing.

As a result, don’t be surprised if things shift. You can prepare the company by cultivating a culture that values change and refuses to accept the status quo.

“Well, that’s how we’ve always done it” should be a thing of the past in the workplace.

Employees will, without a doubt, require time and resources to reorient themselves and their activities to the new digital strategies. Commit your company to improve employee skills where they are needed.

Conclusion

Digital transformation isn’t going away anytime soon.

Despite having fewer resources than large corporations, more innovative small businesses can reap significant benefits. Focus on the customer experience, start at the top, and expect things to change.

Whatever else you do, don’t overlook the value of moving quickly…or the dangers of waiting too long.

The post Digital Transformation (DX) Is Over-Hyped appeared first on SmallBizTechnology.

Let’s talk about lighting’s influence on small businesses and how you can choose the right technology for your company.

Light as a Functional Business Tool

Proper lighting assists with two essential business functions: employee productivity and energy efficiency.

LED lights work best because they consume less energy and have longer lives than other light bulbs, making them more efficient and cost-effective.

As a general rule, LED light sources with cool temperatures that shine softly over the office space will bode better for employees than bright, hot, overbearing fluorescent lights.

However, the recommended lighting “temperature” to maximize productivity varies by task.

We measure light temperature through Kelvin (K), which is the standard symbol for thermodynamics. Use this guide as a reference:

• 3,000K or less: Warm lights with red to yellow tones.
• 3,100 to 4,600K: Medium lights with pale yellow to white tones.
• 4,600K or more: Cool lights with blue-white tones, also known as “daylight colors.”

Warm lights create a relaxing atmosphere, which benefits break rooms and other intimate social settings.

The middle range isn’t quite as relaxing, but it has a welcoming mood and promotes alertness. This combination works best in conference rooms, lobbies, and other open areas.

The coldest lights lower melatonin and thus boost productivity, which makes them the best options for employees’ individual workspaces.

Fixtures and Bulbs: An Investment in Your Employees

Small businesses should incorporate all light varieties and fixtures into rooms throughout the office to get the most out of each setting.

This widespread change won’t be easy and will cost more than a standard lighting setup, but the long-term return on investment will pay off.

You can also offset LEDs’ high buying price with a free light source that businesses often forget about: natural light.

Natural lighting falls into the cool category. Natural light boosts serotonin, which gives you more energy and keeps you focused. Moderate exposure also has numerous benefits to your physical health. It’s a perfect solution for your business’s main workspace.

Open up your windows and let the sunlight shine through. Angle the office furniture to get sufficient exposure.

If possible, you could also renovate your building to have wider, longer windows and mix in a few skylights. Any way to maximize natural light in your workspace is a worthwhile endeavor.

Lighting as a Design Tool for Small Businesses

An LED-sunlight combination won’t just benefit your day-to-day business operations. It will also improve your office’s design, make your building more aesthetically pleasing and improve the client/customer experience. Proper lighting positively influences their behavior and helps make your interactions with them more productive.

When visitors enter your building, they should feel welcomed and get an immediate sense of the office’s ambiance. To establish the ambiance, you must layer your lighting effectively. There are four types of layering you can integrate:

• Diffused: Subtle lights that allow people to move around the space without restriction.
  • This function creates a sense of comfort and well-being that guests will appreciate.
• Perimeter: Lights that shine vertically make the room appear more spacious and make occupants feel more aware of the scope of their surroundings.
• Task: These lights shine on a specific area, but they’re most effective when working in unison with diffused lighting to illuminate workspaces.
• Accent: Small fixtures that highlight shapes, textures, and colors throughout the building.
  • Their dispersion is more concentrated and intense, cutting through the other layers to create visual contrast.

The feelings these layers create — comfort, awareness, and intensity — clash with each other. Still, this complexity establishes ambiance in a building. Employees and guests will notice the different layers and feel more immersed in the office setting.

To pull off all four layering techniques, install various light fixtures — lamps, pendants, recessed lighting, etc. — to add new dimensions to rooms. Use the different types of LED bulbs to illuminate your building with multiple sources of light dispersion. Highlight product samples, signs, artwork, and other design details throughout the building.

Make Your Small Business Shine With a Range of Technologies

Effective lighting is both a functional and aesthetic tool. It’s scientifically proven to boost employee productivity and improve the customer experience.

A greater reliance on LED and natural lighting will also take a significant chunk out of your energy bill. However, you must incorporate a variety of temperatures and design elements to make it work. Test all of the details we discussed to find the perfect lighting and make your small business shine!

The post Small Business Lighting Technology: Your Subtle Productivity Tool appeared first on SmallBizTechnology.

Small businesses may benefit from technological advancements to expand their customer bases. This will be needed as the cost of doing business escalates. For example, where are gas prices going?

Small company owners may free up room on their already-overflowing to-do lists by employing marketing strategies to attract new clients and retain existing ones.

Small company owners must develop an omnichannel marketing plan that includes a solid social media presence to remain competitive in today’s market. According to the Pew Research Center, at least 85 percent of Americans now own a smartphone, up from 35 percent in 2011.

Businesses now have the opportunity to contact clients wherever they are in the world, thanks to the abundance of information at their fingertips.

A recent study by Hootsuite found that people on social media spend an average of two hours and 25 minutes each day. Of that 2 hours and 25 minutes, 98.8 percent of users access social media on a mobile device. They are making it a vital tool for small companies to enhance brand exposure.

Following the newest social media trends and creating a positive return on investment may be complex tasks. It is a process to develop intriguing content to engage prospective consumers.

Moreover, choosing the best channel to reach your target audience requires both time and expertise. However, although many small company owners recognize the importance of social media, many find it difficult to quantify the return on their investment in their efforts.

Marketing Suggestions for the Future of Technology

Is maintaining your social media presence is becoming a full-time job? Therefore, make use of technological advancements to attract new clients quickly and easily.

Three new marketing tactics that any business owner should consider are listed below. Similarly, use them in their advertising campaign to save time. That is to say, generating a significant return on investment can be realized by using them.

• Providing excellent customer service.

Every small company owner understands the need to deliver excellent customer service to attract repeat business.

However, labor constraints make it more challenging to deliver high-quality customer service. Indeed, there are methods to reduce your responsibilities to ease some of the hassles you may be experiencing.

Giving signing incentives and increasing beginning salary are essential measures during this challenging season.

Customer management software may be quite beneficial. A customer relationship management system (CRM) may help you engage with customers. That is to say, it will increase profits by offering a comprehensive picture of your clients in a single place.

Customer management software often tracks customers’ activities. This may be a valuable tool in focusing your social media marketing efforts.

CRM software also enables firms to deliver customized messages to clients. Customer software may engage them and persuade them to do business with them again.

• Voice search is another option.

Speech-activated devices such as Amazon’s Alexa are gaining popularity. Moreover, it is becoming more crucial for companies to optimize their websites for voice search.

Likewise, consumers often use voice search to locate restaurants, supermarkets, and clothes shops, among other things. According to Statista’s forecasts, one hundred thirty-two million virtual assistant users will exist in the United States by 2022.

List your company on Google My Business and include a FAQ page on your website. Listing will guarantee that your website does not fall short of expectations.

Therefore, as you may see, using long-form keywords in your content might be advantageous. However, just having a question and answer page on your website can accomplish the same goal.

• Postcards sent by direct mail.

Direct mail postcards are becoming more popular among busy company owners because of advancements in tracking technology.

Operators may monitor the return on their investment by scanning the direct mail postcard at the point of sale. That is to say, with their cellphones while in the field.

Companies may utilize direct mail marketing campaigns to target specific client demographics. Indeed, also blanket a whole neighborhood with their message by using Census data, sorted by age, income, and household size, among other factors.

Therefore, maintain a laser-like focus on technology that saves you time and provides a great return on investment. This focus may help you enhance your bottom line while alleviating the stress of managing your marketing initiatives.

Customers and Marketing

The small business owner must never forget that customers exist only because of marketing.

And marketing exists only to serve customers. To find them, caress them, reel them in, and keep them coming back for more. Keep its importance top of mind.

The post Business and Technology Expand Customer Base appeared first on SmallBizTechnology.

Time is money, as we all know, and nowhere is this more true than in a small business. Implementing technology solutions that take over and simplify some of the chores on your to-do list is one of the easiest methods to boost your business’s efficiency.

Of course, technology solutions may be expensive. You may not want to spend when you’re just starting. That is to say, trying to get as much done as possible for the least amount of money.

However, some small-business technology is free. Many are pretty reasonable. When it comes to automating busywork, the investment might save you more money than it costs.

You’ll need technology also to regulate your supply chain. Everything from wheat to widgets can become scarce at any moment.

Here are a few digital solutions that may help you get more done in less time and with less effort.

Keeping Digital Records of Tasks

There are just a few chores that you can complete in one sitting. Multiple phases, teamwork, and frequent check-ins with personnel, partners, and customers characterize most work. Keeping track of all of that might clog up your inbox and take up a significant portion of your day.

Technology can do a lot of that labor for you.

Software and internet platforms that monitor tasks, calendars, and workflow are available. They aggregate information. In other words, it’s about allocated personnel, steps, progress, document modifications, and deadlines.

Consequently, it is a dedicated location that everyone on your team can access. Moreover, try bringing the task dialogue into a dedicated space that everyone on your team can access.

Digital task tracking technology allows for increased efficiency and real-time team communication, and it almost removes the need for a frequent phone or email check-ins.

By looking at the workflow, you can precisely see whom and what’s remaining.

Communication and Group Training

Off-site employees and contractors are becoming more common in the small business setting.

Although the trend might save you money on overhead, it can also cost you time and money in terms of training and group work.

• Travel is costly, and keeping distant employees informed about today’s office meeting might take hours of summarizing, presenting, and assuring understanding.
• You may streamline that procedure via web conferencing technology, online group training, and group messaging.
• Specialized chats, group meetings, and education provide seamless, real-time cooperation.

They may also assist with integrating off-site people into the team, which will improve collaboration and morale.

Marketing on the Internet

Email newsletters and social media presences are no longer optional for most organizations; they’re already conventional marketing methods.

If you do them “by hand,” they’re also quite time-consuming. Enter technology!

With social media and email management software, you can drastically cut the amount of time you spend on social media marketing.

They have a wide range of features and may easily be tailored to your company’s requirements, automating chores such as customer emails and social media posting.

The following are some of many technology product’s features:

• real-time and cross-platform viewing of content and user analytics;
• setting tweets and posts to go out at specified periods in the future;
• synchronizing social media posts across many platforms; and
• sending out newsletters to customers as well as social media sites at specific periods.

Storage in the Cloud

Cloud technology is taking control when it comes to data storage. Consequently, the cloud keeps your data on off-site servers and has several advantages.

Therefore, one of the most important is security. Cloud technology relieves you of the burden of securing your data from unauthorized access and loss.

But it also allows for efficiency and mobility. If you and your employees are often on the road for business, cloud storage technology may help you save time and money.

Instead of downloading and setting up VPN access to access encrypted data, you connect to the internet and download it from the cloud.

Shortcuts in Technology

You may also use technology to automate or simplify the following tasks:

• Scheduling Meetings. Finding a convenient time for all parties involved may need a 10-message email chain. When you use digital scheduling, you transmit a link to your schedule to the recipient, choosing an available period. Done.
• Getting Signatures. Post the documentation online instead of sending contracts and hunting down unsigned customers or employees. You may provide a link to the paperwork and have the recipient sign it electronically using digital signature technology. However, systems will also notify you when it is complete and offer reminders to folks who haven’t completed it promptly.
• Dictation and Transcription. Technology can do it for you rather than writing everything down or otherwise transcribing digital recordings. Audio recording and transcribing, especially while traveling, may save you a lot of time. It can protect you from losing an excellent idea.

There is a plethora of other small-business IT options available. Therefore, which one is ideal for you is determined by various criteria.

Standards include the nature of your product/service and your work style. However, whichever technology you use will not only save you time but may also save you money. Money saved particularly in areas like social marketing and task monitoring.

Using these technologies in your company may help you. You can attain the lean, efficient operations necessary for success and development.

The post Small Business Benefits from Technology appeared first on SmallBizTechnology.

Technology can help small business owners automate tasks traditionally required hiring a designated employee or overloading an employee with multiple roles.

For example, many companies that previously had an Appointment Scheduler position were able to replace that role with calendar platforms or applications. These apps allow an individual to see availability for appointments and select the date and time that works best for them, rather than communicating back and forth to determine a mutually agreeable time. This process saves time. It also saves the money that would have gone toward the salary of an Appointment Scheduler.

Automated appointment scheduling is just one example, but there are several other technologies that can be beneficial to small businesses.

Learning Management System (LMS)

It can be challenging for small business owners to ensure that their employees are properly trained.

This is especially true if they must rely on people within the company to train new employees.

Businesses use technology, such as courses within a Learning Management System, to onboard and train new employees. As a result, it frees up current employees to focus on their own jobs.

This is significant within a small business environment that may have limited resources.

Cloud Document Storage

Document storage has evolved over time to become more efficient than ever.

Small businesses can use cloud document storage technology to store files rather than using limited physical space.

Software as a Service (SaaS)

These web-based apps use cloud storage that allows employees to create collaborative documents in real-time.

Employees can collaborate even when they are not physically together. As a result, this creates the opportunity for a flexible work environment that includes remote or hybrid work options.

Businesses also use web-based apps for project management, communication, and time tracking.

Website

It is essential for small businesses to have an online presence. In addition, having a website is a form of communication with potential and current customers.

Within a website, small business owners can provide details about the services they offer, their products, and the business itself.

Live Chat or Chatbots

A website can also include a way for customers to easily communicate with a small business via live chat or an after-hours chatbot.

If customers have questions about a service or product, typing them in a chat box is easier than calling or even emailing the business, as chat features are typically instantaneous.

Live chats can also be easier to manage than an email inbox.

Social Media

Having a social media presence is also an advantage for small businesses, as it can serve a variety of purposes.

Small businesses use social media technology for marketing and growing their customer base. It also can be used to build the company brand, connect with customers, and receive feedback through customer reviews.

Customers typically set up their devices to receive notifications from social media apps. Therefore, if customers are following a company on social media, then updates, such as promotions and sales, can be communicated to them instantly, as opposed to waiting for customers to access the company’s website.

Customer Relationship Management (CRM)

Small businesses can use CRM technology to analyze data about customers, individually or as a group.

For instance, CRM can provide small business owners with insight about which products a specific client buys most or which products are most popular with customers in general.

CRM provides business owners with data to help make decisions and most importantly, to build relationships with customers.

If CRM detects that a customer has left items in an online shopping cart, it can be triggered to send the customer an email reminding them of the products they left behind or even offer them 5% off the items in their cart.

CRM has many tools built-in to help small businesses build and maintain their customer base.

Small businesses have many technology options to choose from that can increase their sales and expand their growth. It also can make managing a small business easier for owners.

When small business owners take the time to learn about technology tools that are available, they will see exponential benefits for their business and their employees.

The post How Can Small Businesses Use Technology? appeared first on SmallBizTechnology.

Small business technology is seldom the first to adopt new trends. Large, established corporations tend to lead corporate shifts. Consider Amazon’s drone delivery innovation. Or Mexican tycoon Carlos Slim, who was campaigning for four-day weekends. Or Karl Waggoner, who wants to abolish Daylight Savings Time.

This makes sense. After all, small company entrepreneurs lack the time and resources to test new technologies. But failing to integrate new tools and methods once they’ve been proved successful is a mistake. One mistake can put you at a competitive disadvantage.

If you go through all the top small business publications and gather all the technology trends, some stand out more than others. Listed below are seven significant business technology trends affecting small and medium-sized organizations. Understanding them can help you position your firm for future success.

1. Feature-Rich CRM Apps

Customer relationship management (CRM) applications are nothing new. For decades, businesses have used them to monitor sales, client information, and more.

However, in recent years, an increasing number of solutions targeting small enterprises have joined the already congested CRM industry. Affordability and feature richness abound with these tools. However, the best thing is that they interface with practically every aspect of a company’s current IT stack, saving employees work hours every day.

Compare small company CRM software and find a system that matches your specific needs.

2. Artificial Intelligence

Terms like “artificial intelligence” and “machine learning” frighten some people. Therefore, while the underlying principles of these new technologies are complicated, small firms may nevertheless benefit from them.

Owners of businesses may use AI to automate customer-facing and internal processes. That is to say, improve customer journeys, personnel management procedures, data synchronization across platforms, etc.

Many AI-as-a-service applications are also available as independent solutions or as part of a more prominent feature kit.

3. Bot Technology

Chatbots are part of a more extensive corporate use of artificial intelligence.

However, chatbots are computer programs that can converse with humans using messaging applications like Facebook and WhatsApp. They help firms assist, process purchases, and alert consumers of critical changes.

Convenience is another benefit of chatbots. Small company owners must use chatbots with more consumers making transactions through messaging applications. Also, thanks to user-friendly chatbot systems, coding skills aren’t required.

4. Analytics Tools

Data overload is a common problem for small company owners and managers.

That is to say, particularly in manufacturing, where IoT sensors and supply chain data signals may overwhelm owners and managers. Hiring a professional data scientist is rare, and outsourcing is pricey.

So, how can small firms use data to make better decisions?

Analytics programs derive meaningful, actionable conclusions from enormous swaths of data. Not simply reporting options that give you your total conversion rate and website traffic.

These services analyze massive volumes of data to give actionable insights into your customer experience, employee activities, and company ecosystem.

Whatever your goal, today’s most valued analytics software technology packages make it easier for non-technical people to succeed. Therefore, they use data-driven management practices.

5. Robotics

Employees of small businesses often spend hours each week on vital but straightforward chores. These may entail data input, appointment scheduling, and customer service.

Recent technological advancements have enabled small organizations to adopt automation solutions without in-house expertise.

These easy-to-use tools can help you develop a fully integrated tech stack that can perform routine chores without your or your workers’ involvement.

One such startup is Zapier, which has developed rapidly in recent years. Therefore, it’s a simple option for syncing applications and automating tasks when native software integrations aren’t available.

6. Remote Work Technology

The COVID-19 pandemic has accelerated an increasing tendency towards remote work.

However, companies that allow workers to work from home also have reported cheaper office expenditures, more productivity, and happier staff.

If practicable, consider allowing employees to work remotely for a few days a week. Furthermore, small enterprises should have a robust software architecture that allows workers to interact remotely.

Companies must consider how they will position themselves in the business technology job market to attract the most OK people as flexible working options become more popular.

7. Influencer Marketing

Online material is replacing more conventional media like television. Moreover, sponsored advertising has a declining return on investment, and ad blockers are gaining ground.

But emerging strategies, such as influencer marketing, are becoming successful in terms of reach and cost. Therefore, small enterprises should develop plans to seize these new possibilities as soon as possible.

Conclusion

Change is both challenging and exciting. This is especially true with technology.

Small firms that efficiently use modern technology may gain several benefits. These include more efficient procedures, better customer experiences, and happier staff.

Moreover, user-friendly and cost-effective applications enable small enterprises to apply innovations without specialized help. So now there’s no excuse!

The post 7 Small Business Technology Trends appeared first on SmallBizTechnology.

The first step has always been to grow and establish your brand as a household name when launching your business. Unfortunately, that doesn’t happen overnight. It’s safe to assume that we are all searching for new ways to improve our business and brands.

Mapping Out a Strategy That Works for You

There’s no particular strategy, plan, or secret that will help you get immediate success. (Sorry to burst your bubble!) However, if you apply these small business tips, you could eventually reach that success bracket and increase your brand awareness.

1. Be specific in your goals and objectives.

Start by breaking your big goals down into smaller ones.

For instance, you can have a 10-year plan, 3-year plan, and a one-year plan. When it comes to small businesses, having specific goals could mean that you have the right direction in your company.

Don’t start by focusing on your 20-year plan yet you haven’t completed your quarterly objectives. That only means you might not even finish the first year.

2. Build a network.

No business succeeds as a standalone.

Truth be told, being a business owner is an isolating experience, especially if you are a solo business owner. But don’t let that deter you from connecting with other businesses.

In fact, staying connected with the larger community could catapult your business to the next level.

3. Create your vision.

Every employee you hire, product you develop, and marketing campaign you unleash should spring from the vision in your business.

Create a deep sense of what this business is about, then make sure every decision you make aligns with the idea.

Typically, it’s tempting to say “yes” to every opportunity that comes your way, but if it’s not in line with your vision, you’ll lose valuable time, money, and effort.

4. Be patient.

One of the significant challenges any small business owner will face is impatience.

Focus on the foundation and a steady improvement to your systems. Then and only then will your business start to witness growth.

5. Hire the right people.

Your team will either build or break your business.

You will need a solid staff to help you achieve your goals, but that doesn’t mean any Tom, Dick, and Harry can work in your company. By hiring the absolute best people, you can ensure steady and fast growth in your business.

If there’s one thing you should take seriously in all these business tips, hire the right people.

6. Trust your team.

You’ve established that your team is the best you could hire. Now it’s time to understand that there’s no room for ego in management.

You’ve hired them to help you grow your business. So…let them! There’s nothing worse than a small business owner who doesn’t believe he could make a mistake.

Trust your team and their unique capabilities.

7. Minimize your risks.

Unfortunately, taking risks is part and parcel of business, especially if you want your business to grow.

More importantly, it’s virtually impossible to control everything. However, there’s a limit to how much risk your business can handle externally and internally.

An excellent way to manage your risks is to talk to an insurance company provider. Such companies could potentially help your business grow without taking all the risks.

8. Be adaptable.

These small business tips wouldn’t be complete without pointing out that your business should be adaptable.

Successful startups always have one thing in common. It’s the ability to switch directions almost instantaneously to respond to changes in the market.

By changing and adapting, you are able to compare different approaches and identify which one works best for your company.

9. Invest in marketing.

Marketing is the heart of every successful business. How else will your business grow?

As a small business, I’m sure your budget is fixed. But that shouldn’t stop you from marketing your company.

Take advantage of budget-friendly marketing strategies, such as social media marketing and SEO.

10. Find a mentor.

Last but not least, find a mentor.

In addition to networking, you will need someone within your reach who can help you navigate the ups and downs of starting a business. And who better else to do that with than a mentor!

Mentors often have more experience in specific areas, and they can share a lesson or two to help foster your business growth.

Wrapping Up

These small business tips will ensure you are always at your best.

Be passionate about everything in your business. It will show and will also reflect positively towards the success of your business.

The post 10 Small Business Tips to Help Owners Succeed appeared first on SmallBizTechnology.

Building catchy, distinctive business brands is critical for every company. Customers can better grasp who you are, what you do, and why you do it if you have a strong brand identity.

However, many entrepreneurs conflate their company’s brand with their personal brand. While combining them may work for a select few, it isn’t the best method for most people. And it can affect worker numbers as well.

Separating your brand from your company enhances your business while also allowing for individual liberty and professional progress. This advice is from experts with experience as a creative brand strategists and coaches for small companies and startups.

If you have a public persona of any kind, experts strongly advocate developing a distinct business brand. Likewise, sharing insights into personal life via a “personal, professional” brand platform.

This is why.

You’ll be able to expand your horizons outside your business.

Many entrepreneurs write a book, become public speakers, or start a new business initiative. Your professional brand is an ideal venue for sharing and promoting this work while keeping the company running smoothly.

You may improve your company’s brand by doing one thing. Separating your professional interests from the core goal of your firm boosts the brand of your organization by making it more focused and deliberate.

You’ll improve your brand’s development potential because you want the company brand to exist on its own, without you, even if you feel like you are your business at first.

Therefore, if you have ambitions of building a team or even being purchased, you want the business brand to stand on its own without you.

However, your professional success should not be contingent on the success of your company.

You are more than a business.

Employers, customers, and partners all want to have a better sense of who you are on a deeper level.

• What are the issues that you support?
• Do you belong to other professional organizations?
• What other creative pursuits or hobbies do you have that help you be who you are?

Convinced? Great. Here’s how to go about it.

Develop your professional identity.

Think of enlarging your professional brand as a Linkedin profile. It’s a professional internet persona that extends beyond your organization or corporation.

People sometimes mistake this with a personal brand. Nevertheless, it’s essential to differentiate them.

Some people have trouble deciding what to keep private and share with the world.

Ask yourself, “How much of myself do I need to be genuine without feeling like the rest of the world knows everything I’m up to?” (The “personal branding” approach to social media that many people take.)

One answer has been to create a “personal professional brand.”

Do you publish causes you believe in? Do you promote initiatives you’re involved in? Are snippets of your daily life on your website and social media?

For instance, images from a recent vacation or a snapshot of the family. This personal, professional brand would assist conveying a more extensive narrative of who I am if I were applying for any form of employment, collaboration, or client transaction.

Are there any exceptions to this rule?

Yes, of course! Having a single brand makes sense if your personal, professional brand is also your business brand — as many writers, lecturers, trainers, and thought leaders do.

Otherwise, keep them apart but point them in the same direction.

Here’s how it might go.

Create a professional personal website.

As a home for your own professional identity, one can suggest obtaining the domain name yourname.com (or something similar). You don’t want to manage a website like this in addition to your company’s website…do you?

Show up on social media, but just where you want people to see you.

As a small business owner (particularly one who reads this site), you’re probably aware of the value of social media.

You’re probably also worried about keeping track of your company and personal accounts on several platforms.

A little remark about LinkedIn while we’re on the subject of social networking.

Many individuals choose “Owner of Company” as their default title. Yet, adding a few more adjectives about who you are and what you excel at is essential.

If someone is looking for an expert or speaker and comes across your profile, they will better know who you are outside of your company.

Develop your thought leadership skills.

Find ways to offer your knowledge. Things like publishing articles or presenting on podcasts are a beautiful approach. It will boost your company’s and personal professional brand’s awareness.

You may and should mention your firm when these possibilities arise. However, you should also discuss your principles and what you stand for as a professional outside of your present position.

There was a recent interview on a podcast where people discussed their brand philosophy. It was said, yes, they do that every day at work.

But it’s also good advice to counsel other businesses or serve on advisory boards. Outside of your business, it’s a part of who you are.

Don’t be afraid to show off your personality.

What makes you a little bit eccentric? Is it simple for others to connect with you, both for companies and individuals?

So, while you build your unique professional brand, don’t be hesitant to show off such qualities!

Do you like ice skating? Do you have a massive Star Wars miniatures collection? Those enjoyable pastimes may not be able to take center stage in your company’s branding.

Still, they will provide a layer of appeal, curiosity, and connection to your professional brand. After all, they’re what distinguishes you from the competition — and that’s what branding is all about.

The post SMBs Make Personal and Business Brands Work appeared first on SmallBizTechnology.

The 12 Federal Reserve Banks’ Small Business Credit Survey 2022 Report on Employer Firms show what economists suspect. Many small businesses have not returned to pre-pandemic levels, with the pandemic affecting smaller enterprises, notably those run by persons of color.

The Small Business Credit Survey (SBCS) gathers data on small business performance, financing requirements and options, and borrowing experiences.

Responses illuminate the dynamics of aggregate loan trends and special small business categories. Therefore, the study contains data from over 11,000 businesses in all 50 states and the District of Columbia using the latest technology.

The Fed Small Business Credit Survey

Emergency financial assistance programs were commonly utilized in 2020 and 2021, although use fell in the year before the study.

Notably, the pandemic-prone companies were less likely to get the required funding.

During COVID, the U.S. government offered small business pandemic aid, mostly through the Fed SBCS.

The SBCS uncovered…quite a lot.

The pandemic still has an impact, with 77% of enterprises reporting negative technology consequences.

In 2020, 87 percent of employer enterprises got pandemic-related financial support. 59 percent of enterprises reported being in good or bad financial positions.

A percentage was unchanged from 2020. The most financially distressed enterprises were those of color, smaller firms, and leisure and hospitality.

The biggest operational concerns for small businesses are finding competent employees and managing supplier technology chains. The proportion of applicants that received all of the typical financings requested declined from 51% in 2019 to 36% in 2020 and 30% in 2021. However, Hispanics got 19% of what was requested, while non-Hispanic Whites received 34%.

In 2019, non-Hispanic Blacks (26%) earned the least desired, followed by Hispanics (32%), non-Hispanic Asians (34%), and non-Hispanic whites (34%).

Revenue and employment have recovered since 2020, but performance remains below pre-pandemic levels.

Eighty-five percent of employers faced financial issues, up to four points from 2020 and roughly 20 points from 2019. Therefore, revenue fell for 48% of businesses, while it rose 38%. 63 percent of enterprises have fewer revenues than pre-pandemic, and 43 percent have decreased employment.

The pandemic significantly impacted half of leisure and hospitality companies, but just 26% of industrial enterprises.

Revenue and employment growth expectations have increased since 2020 but remain below pre-pandemic levels. Recruiting and keeping talented employees were cited as top operational concerns by 60% of organizations.