43% of Small Businesses Spend 6+ Hours Per Week in Social Media

PAMELA VAUGHAN | December 13, 2019

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If you're a small business owner, I'm sure you can easily relate: Your head is likely adorned by quite a few different hats on any given day. So when it comes to social media, it's no wonder so many small business owners have been slow to incorporate this newish channel into their overall marketing strategy. Let's face it: Social media can be quite the time suck!

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Top 7 Small Business Tech Stacks for 2021

Article | June 23, 2021

The start of the COVID-19 pandemic created unprecedented demand for digital marketing irrespective of large businesses or small-medium businesses. Along with it, the pandemic brought the ever-increasing demand for tech stack in business. Business tech trends are important for small business owners in 2021 that play a vital role in the growth and efficiency of their business. Growing business and start-up tech stack issues for small businesses differ from large enterprises. Tech stack has been in marketing for ages, yet it was the most neglected aspect by small business owners. However, the emergence of the pandemic brought business technologies for small businesses into action. Embracing technology is crucial to enable your company to equip with the right tools to find the solutions for the ever-changing demands and expectations of consumers. Small business technology trends will be substantial/significant in 2021, and here are the best 7 small business tech stacks to reshape your business. What is a tech stack? A Tech stack is a set of technological tools used to build applications for web or mobile, software, and other operational tools. Tech stack is also called a solutions stack, technology infrastructure, or data ecosystem. As more and more businesses have started operating through computers and mobile devices, the tech stack has become a necessity to the app, web, or software development process. About 89% of companies are going digital; thus, adopting it as their first strategy for business, the demand for technology is also growing. The technology stack is used for various reasons: sales, human resources, finance, digital marketing, operations, and analytics. Why businesses need tech stacks? Tech stack helps small business owners leverage capital in more effective and smarter ways. You will benefit from building your tech stack, whether you manage a large company, a start-up, or a solopreneur, and automate some processes. Your tech stack defines how different parts of your business fit together and interact. The right tech stack can streamline all your processes and help your team increase efficiency, improving your bottom line. Top 7 Small Business Tech Trends for 2021 Artificial intelligence (AI) and machine learning The rise of artificial intelligence and machine learning is a significant trend and has transformed the way businesses are operating today. Most of the solutions are now implementing AI technology, where small business owners can include them in new and existing processes in 2021. Soon artificial intelligence (AI) will be widely adopted by small businesses in 2021 as it offers more personalized experiences to their customers by automating manual tasks and saving time. AI acts as an automation tech stack in business operations. AI will be implemented into new and existing processes and on a broader scale in 2021, from voice assistance to personalized customer experiences. AI-based tools offer various benefits, which includes: • Reducing time spent on tasks • Increasing results • Lowering costs • Reducing risk • Improving flexibility and responsiveness Here are a few existing AI solutions that can help your small businesses. AI-infused CRM AI-infused CRM is a marketing and sales tech stack for businesses. It helps to improve sales and marketing. Customer-relationship management is nothing but a system designed to collect customer data through communication channels such as phone, emails, and social and thus helps to automate and boost the sales process. It is a significant small business tech stack that helps small business owners to identify and focus on audiences based on the customer feedback received through all those communication channels. Based on this information, you can adjust marketing and lead generation activities through implemented AI-infused CRM. AI-infused CRMs can be utilized to gather marketing and sales-related insights AI-infused CRM can be the best marketing tech for small businesses. AI-powered Chatbots AI-powered Chatbots is one of the effective small business tech trends. It automates customer communications. Many small businesses do not have strong customer service or sales teams. In such a case, AI-powered Chatbots can ease the pressure by working 24/7 without taking any breaks. Furthermore, AI-powered chatbots handle inquiries, improve customer experience, troubleshoot, and provide immediate support, and so on, all at the same time. Streamline human resource tasks The most unexpected arena that AI has made an entry is into human resources. AI tools streamline the hiring and onboarding process and acquire feedback from the new employees about improvisation required in the HR process. It saves time and money from manually interviewing every applicant. According to small business trends, 84% of small businesses still manually manage inventory and record data. 5G Technology 5G is a super-fast new global wireless fifth generation of cellular capability replacing 4G LTE connection. 5G promises faster data transmission speeds, a better and more consistent user experience, and improved network reliability, eliminating delay in data transfer between different devices’ communication. Small businesses can leverage IoT sensors of 5G by optimizing their workflow with automation, operating CCTV cameras, or placing a motion detector in a store during after-hours. According to Statista 2021, there will be more than 1.9 billion 5G subscriptions worldwide by 2024. 5G is a significant innovation for small business tech. Comprehensive HR Technology The need for comprehensive human resources software and tech by small and medium-sized businesses gained importance in 2020 due to the remote work in practice. By adopting this technology, small businesses can track their employees and their needs. This trend will continue in 2021, too, and can bring change in small business tech. HR tech comprises the tool that HR managers will need to deliver a better employee experience. HR tech allows to store data, automate daily activities, reduces human errors, and maximizes productivity. A centralized HR system will help your employees to communicate better. Comprehensive HR tech helps to train your employees online and offline and allows you to track your employees regularly. Tech-assisted Shopping As a result of the pandemic and lockdowns, the major business shifted to mobile tech, online shopping, and mobile scheduling payments to establish a contactless shopping experience to their customers. However, this trend of making payments and shopping will continue in 2021 as well. Many retailers and small businesses rely heavily on online shopping, delivery, and mobile payments giving rise to popular eCommerce tech trends such as voice-activated payments, omnichannel shopping, augmented reality shopping experience, and mobile tech among the few. Tech-assisted shopping can benefit small business tech trends as it emphasizes convenience. More Automation for Small Businesses Automation was a buzzword for small businesses until 2021. Automation for small businesses saves enormous amounts of precious time and money on manually completing the tasks. The largest of the budget of small businesses will be spent on automation in 2021. Automation investments will increase as small businesses include online pricing automation and inventory management systems to conveniently solve their problems. Estimates say that there would be a boom in companies looking out for utilizing automated solutions for small business activities. Additionally, automation tools improve sales, revenues, communication, create and manage invoices, increase customer experience, and much more. Automation increases the efficiency and productivity of small businesses. It is one of the core aspects of small business tech. More Influencer Marketing Influencer marketing is new-age marketing. It is also known as social media influencers, wherein you use the people having a strong influence on a brand’s industry or target audience. Influencer marketing is a dynamic form of the marketing strategy of 2021. Small businesses cannot afford to use a big celebrity or a high-profile influencer in influencer marketing. In such a situation small business can find a blogger, Instagrammer, or YouTuber that most of the audience relate with and join forces with them to recommend or promote their services, products, and brand. Besides, you can personalize the marketing strategy that will help you effectively connect with your customers, improve marketing campaigns, and create a niche within your industry. Thus, influencer marketing is the best marketing tech for small businesses. Software Integration With the modern workplace and innovation of more and more tech solutions, small businesses are also adopting new technology tools, thus giving rise to the need for software integration. Integration platforms allow any software to connect well with any other software. It brings various software together to make one unified software. Companies use various software to connect teams, manage customers, send important documents and store company information, respectively. The small business adds technology tools as they appear, which are necessary to complete the aspects of daily operations. Tech stack includes many components such as CRM, content performance and search, customer experience, social, and digital analytics. All these need to be accessible while working together. In such a situation, integration makes the tech stack streamline all the processes and enable team efficiency. Technology integrations allow more data, eliminating errors speedily, and is also a low-cost technology. The key aspect of a tech stack is how seamless, and integrated technologies are. Frequently Asked Questions: How small business owners use technology to improve the business? The use of technology enhances small businesses. Small business owners use technology to connect with people, provide better customer services, resort to remote workplace methods, automate tasks to save time, and much more. What technology do small businesses need? Small businesses must have some popular technologies such as HR software, Cloud computing, CRM, data and information security technology, mobile applications, etc. Why do small businesses need technology? Technology helps to save time and physical space for small businesses. The use of technology brings efficiency to operations. Technology helps small businesses to leverage their capital smartly and more effectively. What are the 3 tools for small businesses? The tools that can benefit small businesses are task management tools, email and social marketing tools, and scheduling meeting tools. These tools help small businesses to save time and money for their business to grow. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How small business owners use technology to improve the business?", "acceptedAnswer": { "@type": "Answer", "text": "The use of technology enhances small businesses. 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Employee Retention Strategies That Work for Small Businesses

Article | April 15, 2020

Whether you are the boss of one or many, each employee is important to your small business. Would you rather work on retention, or retraining? According to statistics, more than 3 million people quit their jobs every month, with one-third of those quitting during the first month of employment. Millennials, Generation X, Baby Boomer – they all cite the same reasons for leaving a job. What’s the main reason? If you guessed money, you’d be right, but only partly right. “Money can’t buy happiness,” is an often-used quote, but it’s not the actual quote. It was “Money can buy material things, but real happiness must be truly earned,” which appeared in the William & Mary College quarterly publication in 1792.

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The Four Most Conventional Small Business Legal Issues Confronted

Article | September 1, 2021

While small business owners are typically preoccupied with the day-to-day operations of their businesses, they frequently ignore the small business legal issues and obstacles that they are likely to encounter in the future. Thus, it is a pressing need of an hour, majorly after the COVID-19, to identify their legal challenges and be well prepared for them. The neglected or untimely addressing of the legal issues could cost you a big deal and prove disastrous, and might even be challenging to recover. This article will describe legal issues affecting businesses and how to avoid them tactfully. There are myriad essential aspects of the business to be considered, such as overhead costs, marketing, employee management, business & marketing budget, etc. Among all these, legal aspects of business also hold a similar level of importance but are usually underestimated issues for business. Legal counsel from a reputable legal firm can guide you in identifying prospective issues and preparing for the future. Spend time ensuring that your firm is legally solid. Here are the most common small business legal issues encountered, and you should be cautious about. Establishing the Wrong Business Structure Establishing the wrong business structure stands first in the list of legal issues and is also critical. The business entity is classified into sole proprietorship, partnership, LLC, S-Corp, or C-Corp, and each has its own set of tax structure and legal obligations. However, registering under the wrong ones has a severe repercussion. Business law issues are not limited to tax laws; state and federal legislation changes may also impact a company's risk profile. Contracts are another significant legal issue raised by COVID-19. Unfortunately, once the courts begin to normalize their work environment, precedence will be given to criminal and family law proceedings. Thus, resulting in delays in contract disputes, which will have to wait years to be resolved. Inadequate Protection of Intellectual Property Businesses are constantly developing new and distinctive ideas, technologies, products, and marketing strategies. However, many small business owners believe that intellectual property issues are not their responsibility and only large corporations deal with them. This is the reason often these legal aspects of business are a common issue among small businesses. It is advisable to do in-depth research before naming your business or launching any new products or services to avoid using and enforcing identical trademarks, which will count as infringement. The consequences of infringement are atrocious. The owner will have to alter their name and suffer legal consequences, including damages and attorney's costs. Without trademark registration, ventures risk losing the right to their branding, wiping out years of effort and investment. Securing a trademark registration precludes the occurrence of any of these issues and inconveniences. It is needful to protect intellectual property and law for small businesses. So, consult an expert attorney or business adviser to identify what should be secured by copyright, patent, or trademark. Improper Licensing Every business must have a valid license to operate. However, it may be perplexing and challenging for novice business owners. Before you may lawfully trade, you must obtain a license. Improper licensing leads to business law issues and is one of the most common small business legal issues. Government licensing requirements vary according to the kind, size, and location of the firm. Additionally, the business license is contingent upon the goods or services provided by the business. Therefore, licensing costs vary according to location. Obtaining a license for your particular business demonstrates that you are knowledgeable about your industry and are capable of operating the appropriate equipment. If you are discovered conducting business without the proper license, you may face severe fines or possibly have your business activities halted. An experienced small business lawyer will help you through the paperwork and ensure that your business is properly licensed. Not Hiring or Firing Employees the Right Way Among many legal concerns, one of the most frequent business legal issues for small businesses are improper employment or termination of workers. Unfortunately, numerous small business owners make the error of employing or terminating staff without proper paperwork or agreement. Inadequately executed agreements or employee contracts expose your small business to litigation. Having a written contract is necessary and differs as per the employees whether they are full-time, part-time, and casual. The written contract includes information about the employee and employment details such as: Stipulate payment Rights and responsibilities of the employees Benefits Termination clauses Date the contract was signed Potential reasons for termination The employment contract needs to clarify the terms of employment, conduct, grounds of termination, expected behavior from employees, etc. Employees are asked to abide by this contract. In case of violation, within your legal rights, you can terminate their employment and safeguard every small business's needs. If you have employees or contractors, you must adhere to small businesses' federal and state employment laws. Conclusion Dealing with the legal aspects of business is not a pleasant task, but you cannot ignore it, and if you do, you may have to pay the price. Small business legal issues are critical business law issues that impact a large number of small business owners. Few small business owners are familiar with the legal elements of a business. It is crucial to engage a legal team to assist you in navigating it smoothly and avoiding the danger of destroying the future of your business. Frequently Asked Questions: What are the primary legal issues that small businesses face? Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination How can a business overcome legal issues? Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the primary legal issues that small businesses face?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination" } },{ "@type": "Question", "name": "How can a business overcome legal issues?", "acceptedAnswer": { "@type": "Answer", "text": "Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance" } }] }

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How to Run a Small Business Successfully

Article | March 5, 2020

Running a business is all about staying on top of the most crucial matters while simultaneously giving every aspect the focus and attention it deserves. It means learning how to take advantage of your company’s strengths while ensuring your business gets the exposure it needs to weather the storm. Things can get even trickier when you are running a startup company or a small business, as the slightest mistake could have far-reaching consequences. Fortunately, even inexperienced business owners have a chance to manage a small business without necessarily having to resort to trial and error. There are plenty of successful companies out there to imitate, and there are many ways to achieve success. Here are just a few tips for running a small business successfully!

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BountyJobs helps employers and recruitment agencies work better, together. Our solutions help HR teams find and engage direct-hire agencies, manage the recruitment process with clarity and control, and optimize the entire agency channel. The result — better hires, faster.

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