Article | February 11, 2020
Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.
Article | February 11, 2020
The use of smartphone/mobile technology has become the new standard, permeating every area of life. As a result, it gave rise to mobile technology opportunities for businesses.
According to Statista, there are currently 3.8 billion smartphone users worldwide, which equates to 48.20% of the world's population owning a smartphone. India, China, and the United States have the most outstanding smartphone penetration rates. Between 2016 and 2020, the global smartphone user base rose by 40%.
WARC asserts, by 2025, 72% of all internet users will access the web only through their smartphones.
With the primary data and projections, it is abundantly evident that mobile technology represents the future of the corporate world and commercial innovations. On average, in the United States, four hours of each day are spent on mobile devices, which account for more than half of all online traffic.
COVID-19 created obstacles for many areas of society; many company owners encountered several difficulties operating their businesses because of the limitations imposed, especially small businesses. But, on the other hand, the pandemic provided an unprecedented boost to mobile technology opportunities in every facet of life.
Mobile is gaining traction not just in marketing and retail but also in healthcare and education for convenience and safety reasons, and gradually gaining popularity.
Patients could not visit their doctors during the pandemic but could communicate through text, virtual meetings, or phone calls. Similarly, the education sector saw a dramatic shift in its teaching framework when everything went online. With the increased use of mobile to link teachers and students, mobile technology became an unavoidable factor in the education sector.
Save Time, Save Money
The potential of mobile technology is evident when it saves company owner’s time and money. For example, apps replace paper forms, cloud solutions replace resource-intensive local filing, and scanning and image functionalities assist field-based customer or supply chain personnel.
From mobile applications to the operating systems of mobile devices, there are various ways that mobile technology helps businesses save time and money.
Here are few benefits of mobile technology how they reduce business expenses and time.
Online mobile apps have reduced offline paperwork.
Mobile communication does not include any additional expenses, such as those associated with setting up a landline connection.
Even without being on-site, you may place or confirm business orders over the phone.
You may use mobile banking applications to send and receive paychecks or any other type of payment without visiting clients or banks.
Mobile technology is vital in business, from texting to phoning, sending voicemails, or recording them using VoIP.
Cashless Payment Options
Mobile technology opportunities opened a door for cashless payments. All these years, opting for this mode of payment had been just an option, but it became vital during coronavirus to avoid spreading the virus.
Both online and contactless payment methods gained popularity among both company owners and consumers. With social distancing norms in place, more individuals in established and emerging nations began to embrace contactless payments as a safer method to handle their money
According to Finaria.it, the worldwide digital payments sector is anticipated to reach a value of $6.6 trillion in 2021, a 40% growth in two years. Furthermore, by 2025, mobile payments are expected to nearly double in size and reach a value of $4.6 trillion.
Numerous payment methods exist, including mobile wallets, peer-to-peer mobile payments, real-time payments, and cryptocurrencies. Contactless payments are significantly faster than conventional modes of payment.
Mobile payments generate extra data on a user's habits and interests, which might benefit your marketing team.
Remodel Shopping Experience
The pandemic devastated in-person retail business, and they had to re-establish themselves in the market. Many consumers are comfortable getting access to a personalized in-store experience via mobile devices.
In 2016, 209.6 million Americans shopped online at least once, according to Statista. The number of online shoppers is anticipated to reach 230.5 million by the end of 2021, making the US one of the most developed e-commerce industry-friendly countries.
Looking at the above statistics and the customers' needs, entrepreneurs must meet consumers' demands and help them research, find, and compare items. However, as rising mobile components alter retail, it is critical for businesses to maintain their privacy.
Mobile technology potential is vast and can offer several benefits to consumers. In addition, entrepreneurs can incorporate it into their businesses in an inventive way.
Maintain Orderly Physical Spaces
QR codes date back to 1994, but they never acquired widespread acceptance or were widely used. However, the pandemic's onset altered the entire situation. Because the COVID-19 standards for maintaining distance, avoiding physical contact, and exchanging anything were deemed hazardous, consumers began to prefer digital connections over physical ones. That is when QR code-based payments became the most convenient payment method, requiring only the use of a mobile device.
The pandemic has created unprecedented opportunities for touchless technologies (QR Code being the leading player).
According to a recent poll by Statista, an estimated 11 million homes in the United States alone were predicted to have scanned a QR Code in 2020. This shows an increase from the projected 9.76 million scans performed in 2018.
QR codes are used to make payments as well as place orders. Elimination of physical touchpoints from your business provides a more seamless experience for your consumers.
While the utilization of mobile phones or smartphones is not new, the manner they are used has evolved considerably over the previous five years, particularly during the pandemic. Indeed, the mobile phone has evolved into the most helpful tool/asset for information, communication, purchasing goods, and scheduling.
Rapid advancements in cloud technology increase corporate use of mobile devices by enabling more flexible working habits and remote access to services.
What is the future of mobile technology for business?
The business has a bright future with mobile technologies. Everything is becoming virtual, including the corporate sector, where mobile technology plays a critical role. In addition, mobile technology has aided in the communication of businesses.
What are the effects of mobile technology on entrepreneurs?
Numerous mobile technologies, such as smartphones, mobile applications, and GPS devices, link everyone and enable company owners to stay connected with their consumers. As a result, mobile marketing is gaining traction and assists small businesses in reaching clients, and contributes to increased sales.
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"name": "What are the effects of mobile technology on entrepreneurs?",
"text": "Numerous mobile technologies, such as smartphones, mobile applications, and GPS devices, link everyone and enable company owners to stay connected with their consumers. As a result, mobile marketing is gaining traction and assists small businesses in reaching clients, and contributes to increased sales."
Article | February 11, 2020
Finance: Make sure you are on top of bookkeeping from the beginning. Good bookkeeping and accounting are the foundation of a healthy and thriving financial future for your business. I would highly recommend meeting with some of the Start Small Think Big experts to hone these skills earlier than later. Lastly, be super clear about your business plan and how you look to make money from your business and make passive income, along with how to scale. Preparation is truly the key to success for thriving businesses.
Marketing: You must do the work to discover your why. Building this foundation helps to develop your brand voice and messaging. Without this core, your business can crumble because it lacks the firm foundation on which it needs to stand. You will attract the right customers and team if you stand firm in your authenticity and why. Secondly, I would advise getting to know your customer to understand how to speak to that particular group. You want it to feel natural and not like you are selling to them. The more you truly learn about their passions and wishes, the more you will best be able to fulfill their needs.
Legal: Protect your intellectual property as soon as you have the financial backing to do so. I would also highly recommend becoming a legal business entity of any sort. Doing so helps separate you from your business in any legal ramifications because becoming an LLC has made me feel protected and legitimized.
Article | February 11, 2020
The main US COVID-19 website outlines the American Government’s response to the coronavirus. Currently, the primary source of business information is US Centers for Disease Control and Prevention (CDC), which has a guide to the outbreak. Key sections include: