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| February 13, 2018

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Klik Denver

When creating a website, you need a team that understands design and business. A truly great website not only looks good and is intuitive to use but also creates real results within your company. Enter Klik, the award-winning premier web agency in Denver web design. At Klik we build our business around you. With a wide range of client diversity, we're equipped to custom tailor and tackle the issues you're facing to better build your practice. Whether it’s name recognition or custom website design, we’re on it.

OTHER ARTICLES

The ratio that can fix your small business finances

Article | February 26, 2020

You have a lot of responsibility as a small business owner, whether you’re managing numerous people or are a self-employed army of one. You have to worry about expenses, numerous financial statements, tax season and more, all while trying to build your net worth. One of the biggest obligations that looms over the head of nearly every business owner is the thought of debt. Debt can greatly impact the growth capacity of a business, and even worse, it can cause a business to go under completely. Fortunately, there’s a great tool that can help you determine how much debt you can handle and help you understand your company’s general financial health. That tool? The solvency ratio.

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Small Business Trends & Forecasts for 2021/2022

Article | February 26, 2020

The year 2020 saw the impact of a sudden outbreak of COVID-19 that had a significant impact on all facets of life: education, shopping, environment, health, jobs, and many more. But the effect that it had on businesses was prominent and was the most challenging years in the history of small businesses across the globe. However, 2021 came up with a few small business trends & forecasts that gave some relief to small business owners and allowed taking advantage of these trends to survive small businesses. With everything turning digital, customer's behaviors changed, their preferences and values changed, markets turned volatile, and so did their expectations evolve. Hence, small businesses had to renew their focus on changed customers. Even though the coronavirus outbreak has not yet ended, small businesses are optimistic and ready to be resilient, adapting their business model to changing conditions. This blog provides crucial small business trends that can smoothen the way you run your business. Current Business Outlook National Federation of Independent Businesses (NIFB) says small businesses in the United States are going through a rough patch ever in their business history. COVID-19 affected different industries differently. The most common small business challenges faced during COVID-19 are: Loss of revenue Budget cuts Reduce salaries Temporary closure Temporary pivot Government restrictions are gradually easing with the increase in vaccine rollout taking place in full swing across the US in 2021. As everyone adjusts to the new normal, small businesses will be at the forefront of the economic recovery. According to the Small Business Trends survey, 23% of respondents reported revenue loss during the pandemic, while 6% reported increased revenue. In addition, 11% of small business owners polled said they had cut their budgets, and another 11% said they had temporarily closed their doors. As more small business owners become optimistic about 2021, there is no doubt that this optimism should go with proper planning and preparation. Find out few small business trends which are likely to dominate in 2021 and beyond and how to take advantage of the trends for your business growth: Faster adaptability and flexibility to any crisis With the change in consumer behavior resulting from the pandemic, the business operation also changed and adapted to the new normal of doing business. To stay afloat, many business owners spontaneously adapted and were able to identify innovative approaches to change how they operate. In addition, with the need to reduce in-person transactions, an increasing number of businesses emphasize the use of technology. Few small businesses have achieved record sales even during the pandemic by implementing a new and renewed business model that allows them to operate even with few in-person transactions. How are businesses innovating to survive the pandemic? Because of the pandemic, 43% of small businesses began to rethink how they do business. 32% of small businesses discovered new ways to deliver existing service offerings. 22% of small businesses encouraged their employees to reinvent themselves to adapt to new business changes. Rise in continuous remote work For many companies and professions such as teachers, creatives, trainers, and more, where remote work culture was just a possibility, it became a reality because of the pandemic. As a result, COVID-19 played as a game-changer and proved to be the perfect time for businesses to create their online presence. Remote work had existed even before the pandemic started, but COVID-19 accelerated this and turned into compulsive adoption. Remote work is here to stay even after the pandemic ends and might become a preferred way of working. Many businesses will transition to a distributed working model by 2021 and beyond. It makes perfect sense for small businesses to jump on board with this trend and go remote. The 2021 State of Small Business Trends Report has been released by the Small Business Expo, America's most prominent business networking and educational event for business owners, start-ups, and entrepreneurs. According to the report, three in ten respondents said they intend to keep their employees working from home after COVID-19, one in ten will return to the office, and six in ten said the Work from home policy did not apply to their business. Implementation of contactless payment options Cash-free or contactless payment was very helpful during the pandemic and has become a new norm. This pattern is expected to continue through 2021 and beyond. Small businesses have immensely benefited from electronic payments such as digital wallet payments, touchless debit cards, and credit card payments. These payment modes are easier to manage, more secure, ensure transparency, and saves time. When it comes to payment options, small businesses should consider being extremely flexible. As a result, selecting the right payment gateway platform is the first step in dealing with this trend. This is among one of the very encouraging small business trends for growth. E-commerce Dominance and Social Commerce Growth E-commerce was already flourishing before the pandemic, but its emergence just accelerated the e-commerce growth. According to the report, e-commerce will be the dominant force in 2021 and beyond. Thus, small businesses can capitalize on this boom by providing a seamless e-commerce experience for their customers by making their website mobile-friendly. Improved emphasis on employee happiness and well-being The pandemic followed by worldwide lockdown was complex for everyone, and one thing it made us realize was the significance of our physical health and, more importantly, mental health. Lockdown and remote work was mentally draining to most employees. For every organization employee, health and wellness became an utmost priority. Hence they had to come up with something to keep their employees engaged and happy during working hours. You have the advantage of smaller teams as a small business, and you can foster close relationships among your co-workers. Even if you work from home, you can always plan a fun evening together via video call. Small gestures can go a long way toward bringing your team together and increasing employee morale. You must go above and beyond by identifying ways to increase employee happiness. Embark on Influencer marketing Influencer marketing is like celebrity endorsement, which is common in the age of mass media. Social media has grabbed a large chunk of marketing in today’s world and stays in contact with the world. Influencer marketing is a subtle form of marketing that has emerged as a viable strategy for various brands. Because of their low cost and broad market reach, influencers are used by 25% of small businesses for social media marketing. The influencer marketing industry is the fastest-growing online customer-acquisition method and expected to expand further in the coming years to become the biggest future small business trends 2020/2021. Leveraging Digital Technologies Small businesses adopted technologies before the pandemic, which improved their bottom lines. Small business owners discovered that leveraging digital technologies and the internet enabled them to operate smoothly in the face of the COVID-19 crisis and restrictions while also ensuring the safety of their employees and customers. It allowed them to identify new revenue streams and reinvent their business models. 5G network and AI have become a big part of digital technologies for small businesses. Small business owners should invest in digital technologies and systems that will allow them to provide personalized customer service. In addition, using digital technologies can automate business processes and manage employees who work remotely. Digital tools have the potential to boost productivity and efficiency. They make you more agile. According to the survey, 77 percent of US small-business owners use technology for personal reasons, such as online shopping or media consumption. The 5G Network and Artificial Intelligence (AI) 5G network rollout and Artificial Intelligence (AI) are a big part of the business plan. The 5G network is a larger and better version of our 4G LTE network. The 5G network provides lightning-fast internet speeds, which expands the possibilities for using AI across industries. As a result, this combination opens new possibilities for IoT. Experts predict that by 2024, 5G networks will have a global penetration of 40%, handling 25% of all mobile data. In addition, 5G networks provide a much simpler setup process. AI can assist small businesses that are typically short on staff in automating processes and improving efficiency. AI can learn from data sets, analyze new information from various sources, and adapt as needed. This decision can help small businesses compete with larger competitors and prove the best small business trends and forecasts for 2021 and beyond. The Gig Economy As small businesses embrace the gig economy, owners and managers can hire freelancers to complete specific tasks within specific timeframes. When you allot a short-term project to your contracted worker, it eases the stress, and your staff workload brings flexibility and agility to your budgeting. You can hire as per your need of the time. By phasing out some employment setups for your small business, you can save resources and time by outsourcing expertise and equipment. Starting a side gig can help you create a business without losing an essential source of income from your current job. The gig economy in the United States grew to around 77 million people in 2020 and is expected to grow even more in 2021. In the United States, 57.3 million people work for themselves. Furthermore, freelancers account for approximately 36% of the total workforce. Thus, the gig economy is only going to get bigger. As a result, you must stay current on marketing trends affecting small businesses. Millennial Small Business Owners Millennials, or those born between 1981 and 1996, account for a quarter of the American population. This generation is most likely the most researched. Millennials are the first generation to grow up surrounded by technology, from computers to smartphones and tablets. With all this knowledge, this generation is transforming the world of small businesses. They adapt to the changing technology fast. This generation has altered the way we conduct business, from pressuring companies to improve their business practices to simply responding quickly to customers via digital channels. In addition, they are more aware of the current social climate because they are collective movers and shakers. As a result, millennial Small Business Owners are in favor of small business trends for 2021 and beyond. FAQs What trends do you foresee in small businesses? The trends in small business that will continue in 2021 and beyond are remote work will be the new standard, contactless payment options, 5G and AI technology, digitization will accelerate, businesses will continue prioritizing e-commerce. How new technology helps small business to grow? Technology allows small business owners and employees to work in the office, on the road, from home, on the road, or even across the country. As a result, technology can assist businesses in gaining a competitive advantage in the global marketplace. Why should small businesses adopt new technologies? The impact of new technology on business operations is significant. It enhances business communication while also optimizing production, inventory management, and financial record-keeping. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What trends do you foresee in small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "The trends in small business that will continue in 2021 and beyond are remote work will be the new standard, contactless payment options, 5G and AI technology, digitization will accelerate, businesses will continue prioritizing e-commerce." } },{ "@type": "Question", "name": "How new technology helps small business to grow?", "acceptedAnswer": { "@type": "Answer", "text": "Technology allows small business owners and employees to work in the office, on the road, from home, on the road, or even across the country. As a result, technology can assist businesses in gaining a competitive advantage in the global marketplace." } },{ "@type": "Question", "name": "Why should small businesses adopt new technologies?", "acceptedAnswer": { "@type": "Answer", "text": "The impact of new technology on business operations is significant. It enhances business communication while also optimizing production, inventory management, and financial record-keeping." } }] }

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Inventory Management for Small Business and Effective Ways to Do It

Article | February 26, 2020

How do you know that your business is on the right track to success? Inventory management for small businesses is a critical component of their organization. Inventory management is a part of supply chain management that encompasses managing inventories, from raw materials to finished goods. It entails the ordering, storage, use, and sale of a business's inventory. Inventory management is fundamentally concerned with having the right products in the right quantities at the correct times. Inventory management is significant for organizations of all sizes because it identifies what quantities to acquire or create when to replenish inventory, what price to pay, and when and at what price to sell. As a result, effective inventory management minimizes the expense of carrying extra inventory while increasing sales and enables real-time inventory tracking to simplify processes. Inventory management is accomplished in two ways: through just-in-time (JIT) ordering and through material requirement planning (MRP). However, inventory management techniques are industry-specific. Here are the most common challenges faced by inventory management for small businesses: Tracking that is inconsistent Inaccurate information Manual documentation Unsatisfactory stock The complexity of the supply chain Access to current stock levels Inadequate management of time and resources According to the wasp barcode survey, 43% of small businesses either do not track their inventory or do it manually. "Strapped by tight credit and plummeting sales, businesses have overhauled how they manage supply chains, inventory, production practices, and staffing" American Economist, Janet Yellen This blog highlights few basics of inventory management for small businesses and how effectively you can do it with best practices. Different Types of Inventory Management How Is Inventory Management Software for Small Business Advantageous? Inventory management software is a computer-based system that keeps track of stock levels, orders, sales, and delivery. It is the solutions that design the entire journey of your products. From order placement with your vendor through delivery to your customers, the program takes care of everything. According to softwarepath, inventory management software is used by just 18% of small businesses. The following are some of the advantages of having good inventory management software for small businesses: Maintain real-time inventory tracking Prevent shortages of products and manufacturing Permit simple inventory analysis on any device Cost savings, improved cash flow, and an increase in your business's bottom line Assist you in forecasting demand Prevent overstocking and an abundance of raw materials Provide rapid and easy bar code scanning to expedite the intake process Inventory Management Techniques and Practices Use the FIFO (First in, first-out) or LIFO (last in, first out) Approach Business owners should use a FIFO strategy and sell items in chronological order, starting with the oldest products acquired or manufactured first. Applying this strategy reduces the chances of losing money, which is especially critical for perishable items. LIFO stands for last in, first out; this method prioritizes the sale of newer goods or products. LIFO assists in preventing inventory from spoiling. Numerous firms headquartered in the United States have shifted to FIFO and phased out LIFO (last in, first out). Due to economic changes and the possibility that the cost of producing items would increase over time, firms that use FIFO are believed to be more lucrative. FIFO is required to sell perishable commodities, whereas LIFO is the typical method for non-perishable goods. This method is a highly beneficial technique of inventory management for small businesses Optimize Your Forecasts Among the inventory management strategies available, forecasting is critical. Forecasting accurately is critical, but it is easier said than done. Inventory forecasting is a technique for projecting future inventory levels required to fulfill demand.This is achieved by integrating historical data with future demand cycles and sales trends for individual stock-keeping units (SKU). Your anticipated sales statistics should be based on a variety of criteria, including past sales figures, historical purchase data, market trends, predicted economic growthpromotions, marketing activities, and marketing campaigns, among others. Learn Your ABC Analysis ABC assigns a value to each item based on demand, risk, and cost data and then groups them according to those values. This approach assists small business owners in determining which items or services are most critical to the organization's financial performance and which inventories to prioritize. ABC analysis is based on Pareto's 80/20 principle; it finds the 20% of items that provide about 80% of value. The most significant stock-keeping units (SKUs), either in terms of sales volume or profitability, are "Class A" products, followed by "Class B" and "Class C" items. Below is the description of this distribution applied to inventory: A: Items with a high monetary worth (70%) and a limited quantity (10%) B: Items of intermediate worth (20%) and mediocre quantity (20%) C: Items with a low monetary worth (less than 10%) yet a significant quantity (70%) Utilize Cloud-Based Inventory Management Software While cloud inventory management software is a relatively new product, it quickly establishes itself as the best option for organizations. Utilize cloud-based technologies to centrally manage a complex network of interconnected operating parts while minimizing human effort. Automating a portion or the entirety of the supply chain provides many potential benefits, including increased efficiency and accuracy. Keep an eye out for software that includes real-time sales metrics. The software communicates directly with your point of sale, ensuring that your stock levels are immediately updated after each transaction. In addition, receive daily stock alert emails to inform you of which goods are running low or out of stock, allowing you to buy replacements in time. Track Your Inventory Level Inventory tracking entails keeping track of the SKUs you hold, their storage locations, and the quantities accessible at each site. Sales tracking is critical for every business operation, especially for small businesses. Effective small business inventory tracking systems enable organizations to track inventory items in real-time, anticipating how many pieces of specific product lines are in stock and ready for client orders. Inventory tracking software helps you save time and money by automating most of the manual work. Regular small business inventory tracking benefits the owners in several ways: Reduced number of missed sales More precise reports Cash that is better invested Early notice of problems Reordering with efficiency Cost savings in the warehouse Inventory and year-end efficiency Bottom Line A well-managed inventory system ensures that you always have an accurate view of your products. In addition, a well-managed inventory helps you to minimize money waste and earn money. Whether you're looking to learn the foundation of inventory management for small businesses or reinvigorate an existing system, this article will offer you efficient methods for streamlining your operations and repositioning your inventory management system. Frequently Asked Questions: Why is inventory management important for small businesses? Inventory management offers information about your inventory and enables you to make informed decisions. It gives real-time data, allowing you to determine what is working and what is not. What is the best way to manage inventory for small businesses? The best way to manage inventory for small businesses is through various inventory management techniques.Below is the list of best practices for small business inventory management: Use the FIFO approach Optimize your forecasts Learn your ABC analysis Track your inventory level Utilize cloud-based inventory management software Audit you stock Receive Inventory Orders Accurately Economic order quantity { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is inventory management important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Inventory management offers information about your inventory and enables you to make informed decisions. It gives real-time data, allowing you to determine what is working and what is not." } },{ "@type": "Question", "name": "What is the best way to manage inventory for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "The best way to manage inventory for small businesses is through various inventory management techniques. Below is the list of best practices for small business inventory management: Use the FIFO approach Optimize your forecasts Learn your ABC analysis Track your inventory level Utilize cloud-based inventory management software Audit you stock Receive Inventory Orders Accurately Economic order quantity" }

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7 Surprising Ways to Save Your Small Business Money

Article | February 26, 2020

Most small businesses operate on tight budgets. They’ve got razor-thin margins, and with fluctuating markets and the need to reinvest money back into the business so that it can scale, it’s not surprising that most are constantly on the lookout for ways to save money. Unfortunately, too many businesses end up cutting “mission-critical” expenses that come back to bite them all too quickly. They aren’t sure where to save, and as a result, end up trying to reduce spending in crucial departments like marketing or customer service, which aren’t seen as important as sales or management. Fortunately, there are ways that you can save your small business money without taking a hit, but it all comes down to setting your team up for success and investing your existing budget into the right places. In this post, we’ll show you how to do exactly that by going over 7 surprising ways to save your small business money.

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Spotlight

Klik Denver

When creating a website, you need a team that understands design and business. A truly great website not only looks good and is intuitive to use but also creates real results within your company. Enter Klik, the award-winning premier web agency in Denver web design. At Klik we build our business around you. With a wide range of client diversity, we're equipped to custom tailor and tackle the issues you're facing to better build your practice. Whether it’s name recognition or custom website design, we’re on it.

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