5 Myths About Starting a New Business

Sneha Hull | March 4, 2022 | 104 views

Media7

“Success is not final; failure is not fatal: it is the courage to continue that counts.”

– Winston Churchill

When starting a new business, small business owners are often surrounded by numerous business myths. As entrepreneurship is growing in the global culture, so are its myths. This may create a notion and discourage you from starting your own business. However, not all the myths about business are necessarily true.

Additionally, the myths of starting a new business can also involve unique challenges and experiences.

Small Business Myths


You Should Have a Unique Idea

Having a unique idea is the most pervasive business fallacy in the corporate world. Entrepreneurs frequently feel they must have a unique and original idea to be successful business entrepreneurs. However, this is not always true, as there are countless examples of the same. Instagram and Twitter set a perfect example as they are similar to Snapchat. However, this does not imply that you can infringe on trademarks, patents, or intellectual property.

For instance, there are countless pizza establishments selling pizza. However, what distinguishes them from their competitors is their use of innovative marketing strategies to broaden their reach and expand their firm. Additionally, having a novel, original, and unique idea, product, or concept does not guarantee that they will be a successful businessman.

When evaluating a business idea, it is critical to examine the problem it is attempting to solve and the success of your competitors in resolving the issue. A marketing plan based on these principles can help you get more of the market.

Need a Perfect Business Plan

The widely accepted assumption is that you must have an impeccable, well-structured business plan. However, having a simple, one-page strategy that lays out your goal and vision is sufficient to guide you.

Indeed, Apple, Microsoft, Facebook (Meta), and Google, among others, have all experienced success before developing a business strategy. Therefore, your business plan should include a data matrix outlining
  • How will you measure success?
  • Your customer’s value proposition
  • The problem your market faces and how you intend to solve it
  • Who is your target market?
  • How do you expect to finance your firm sufficiently?

However, many business owners get overwhelmed by the idea of having to perfect a business plan for starting a new business. Before you begin, you can employ someone to write it and file for a trademark. Avoid becoming paralyzed by business plan analysis paralysis.

You Are Your Own Boss

You being the sole proprietor of your business is a complete fallacy. While you may have more choice over your schedule, you won't have a superior hounding you. You will undoubtedly have stakeholders, such as investors, clients, and workers, who rely on you.

Often, owners think that starting their own firm will alleviate stress. You are accountable for everything that happens, and you may feel significantly more pressure than you did as an employee. You are solely responsible for ensuring the seamless running of your firm.

Most Successful Entrepreneurs Are Young

There is no age limit when it comes to starting a new business. You can be an entrepreneur if you believe you have the business sense, acumen, funds, and resources. People in their forties and fifties are the founders of some of the most successful firms.

For example, Mark Pincus developed Zynga at the age of 41. This is how old Ray Kroc was when he started McDonald's. John Pemberton came up with Coca-Cola at the age of 55. Harland Sanders started KFC at the age of 65.

Contrary to popular belief, older people are more successful in business because they have years of experience.

High-tech Based Business

The world is rapidly becoming more digital and technologically aware. While the world's attention is currently focused on technology enterprises, other industries are equally successful without technology. Not every company or innovation is based on technology. You do not have to focus exclusively on IoT, apps, artificial intelligence, or cryptocurrency to be successful.

Consider Blissim, which works without relying on cutting-edge technology to sustain its operation. Rather, it was chosen and sent out in boxes of beauty products each month, which made $150 million in sales.

Not only do entrepreneurs believe in the myth, but executives and managers often cling to the notion of innovation as new technology as well.

Don't Allow Business Myths to Sabotage Your Plan

Executives sometimes fall into the trap of believing the myths associated with starting a new business. What is the good news? First, it is possible to transform your leadership style and corporate culture.

As a budding entrepreneur the first thing you must invest in is the human capital i.e. people who will be working for you. Considering that, the leader sets the tone for healthy working relationships and a favorable climate for accomplishment. Following that, evaluations of personality, behavioral, and emotional intelligence can help you gain a deeper understanding of yourself and your team. Finally, when times are tough, maintain your modesty and encourage the best in your team, but avoid resorting to past practices.

Conclusion

Now that you know the business myths and their relative insignificance, it's time to evaluate them. Based on these, you can certainly make an informed decision about whether or not to start a business.

FAQ


What is the main obstacle to starting a business?

The main obstacle most small business owners face is the lack of capital required to start a business.

What are the challenges of starting a new business?

Below are the most common challenges to starting a new business:
• Competition
• Hiring suitable employees
• Financial management
• Cyber security
• Winning the trust of customers

What are some common mistakes made when starting a new business?

The common mistakes that every business owner should avoid when starting a new business are:
• Lack of a business plan
• Missing out on online marketing
• Failure to keep track of progress
• Insufficient financial planning
• Failure to acquire knowledge

Spotlight

NowSecure

NowSecure Inc., based in Oak Park, Illinois, was formed in 2009 with a mission to advance mobile security worldwide.

OTHER ARTICLES
BUSINESS STRATEGY

Emergence of 5G Presents a World of Opportunity to Small Businesses

Article | March 30, 2022

Together with 'artificial intelligence' (AI) and 'machine learning,' 5G has emerged as a hot topic in the tech industry over the last couple of years. There's a lot of buzz about the next generation mobile network's technological capabilities, and for good reason: faster, more consistent, and higher bandwidth mobile connectivity can open up new levels of productivity, versatility, and opportunity for small businesses. Benefits Motivating Small Businesses to Invest in 5G The world may be in for a devastating recession as a result of the war's impact and the emergence of new waves of coronavirus pandemic. This is encouraging enterprises to prioritize digital transformation. Digital innovation helps to develop tools and strategies that businesses can use to overcome challenges and solve complex problems. Improved hardware and smarter software enable data collection and analysis for scalability.With its promising strength of connectivity, exceptional frequency of data transfers, and high-speed, 5G technology can foster digital innovation, especially among small and medium-sized businesses (SMBs), allowing a wide range of highly skilled workers to work from any location or workplace. Here are some major benefits, encouraging SMBs to invest in 5G, as follows: Provide businesses with increased operational flexibility. Increasing the sales channel's productivity. Creates an intuitive supply chain. Facilitate access to cutting-edge technologies such as augmented and virtual reality (AR and VR). Improves workforce functionality and safety by lowering latency. Enhances the customer experience. A Plethora of Opportunities for Small Businesses With a projected annual growth rate of around 97 percent and 40 percent of the population around the world using internet of things (IoT) apps on a 5G network, the new digital technology has the potential to create an incremental opportunity of around $251 trillion by 2025. A large number of businesses, irrespective of size or industry, are considering preparing themselves for the deployment of advanced 5G technology to benefit them and their customers. In addition, the deepening trend of digital transformation and the incorporation of cloud technologies are presenting a wide range of opportunities for businesses to scale up their connectivity, reach, and productivity.

Read More
BUSINESS STRATEGY

Cyberattacks: Surfacing Threat to Small Businesses

Article | March 16, 2022

The internet has transformed into a modern-day silk road that supports almost all aspects of modern life. Growing penetration of the internet has made it possible for businesses of all sizes to reach all parts of the sector and access previously inaccessible areas, increasing productivity via the use of digital tools. Any business strategy that involves using computers online, even if only for an email and a website, needs to include cybersecurity measures. The theft of data and digital information is now more common than other types of theft and is becoming one of the most commonly reported types of fraud. Impact of Cyberattacks on Small and Medium-Sized Businesses Cybersecurity is emerging as one of the most serious economic and security challenges for businesses all around the world. It is not just a threat to big businesses, multinational corporations, and governments, but they are a major problem for small businesses too. According to a recent study, nearly 22% of small businesses have been the targets of cyberattacks. Also, around 46% of the security breaches were reported across small and midsize businesses in 2021. A cyberattack can have a devastating impact on enterprises, especially on small businesses. In fact, about 60 percent of small enterprises that are attacked and experience a breach shut their business within six months. Not just this, there are more detrimental repercussions that businesses can encounter, including the following: Financial losses due to business disruption Financial losses brought on by the theft of financial data High costs to remove threats from the network Reputational harm following disclosure of data breach to customers Demand for Cybersecurity Making SMBs Hotspot for Investment The need for effective cybersecurity measures increases in lockstep with the increasing number of organizations expanding their operations online. In addition, the rising incidence of security breaches, data theft, and others in small and medium-sized businesses (SMBs) is mandating these enterprises to adopt security solutions such as data backup solutions, encryption software, and password-security software, making them the center point for investment. Attributed to this, the prominent providers of cybersecurity solutions are focusing on coming up with advanced security software specially designed for SMBs.

Read More
BUSINESS STRATEGY

HR Trends in Small Businesses 2022: Embracing the New Normal

Article | December 9, 2021

The global workforce is coping with the new normal that includes — remote or hybrid work, new laws and regulations regarding the COVID-19 pandemic, and increased interest in employee health and wellness programs. The HR departments of small businesses are adapting to these changes. So, let us take a quick look at what to expect in 2022: Priority: Diversity and Inclusion Small business HR departments will prioritize diversity and inclusion in the workplace for talent acquisition, employee engagement, and retention Advancement: Automated HR Processes HR will use technology to streamline onboarding and recruiting processes in 2022 Environment: Remote Work The possibility of long-term remote work with technology and new policies is on the horizon Interaction: Virtual Employee Engagement SMBs must work towards engaging their employees through virtual meetings, employee surveys, and clear communication Support: Employee Health and Wellbeing Small business leaders should step-up to support their employees’ well-being through a healthy and flexible work environment Enhancement: Improved Employee Benefits The focus will be on increasing healthcare benefits, flexible work arrangements, and health wellness programs New Leave Policies: Paid Sick Leave Small business HRs need to be aware of new paid sick leave policies and accommodations to help employees cope with the pandemic Health Advisory: COVID-19 Vaccination for Employees Small businesses need to take proper precautions if mandating a compulsory COVID-19 vaccination policy Compliance: Burdened HR Departments Modified employee labor laws will require HR departments to modify their HR strategies frequently Drug-testing Laws: Impact on Drug-free Work Policies Medical marijuana usage policies differ across states, so HR departments will need to remain up-to-speed with them A Productive 2022 for Small Businesses Small businesses’ HR departments are working to retain, engage, and safeguard employees to lead their companies towards a productive 2022. However, they need to be diligently compliant and offer lucrative benefits to employees to sustain and grow their business.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

Reasons Why Small Businesses Need CRM?

Article | June 30, 2022

CRMs, as highly customizable software, can be tailored to any small business. From an e-commerce business to an educational service to a logistics firm, every industry benefits from CRM integration to manage, organize, automate, and grow revenue and operations. The CRM industry has grown by 600% since 2010. It is expected to generate $80 billion in revenue by 2025. 6 Reasons Every Small Business Needs CRM It aids in the collection and organization of customer data:CRM solutions enable cleaner customer data. Data mining and enrichment are automated and standardized to ensure that nothing is overlooked. Data duplication is impossible with advanced duplicate prevention features. Advanced Database Segmentation Enables Personalized Communication with Leads:Personalization is expected by 63 % as a standard of service, and they believe they are recognized as individuals when they receive special offers. A CRM solution enables you to effectively personalize your communication with leads. Most small business CRM systems include advanced segmentation filters and tags that allow you to divide your audience into smaller groups based on a variety of criteria. Beneficial to run well-managed email campaigns: Email marketing can generate a 44.4 % ROI, generating $44 in revenue for every $1 spent. According to Hubspot, 93 % of B2B marketers use email to share content, and 59% say email is their top ROI driver. Email marketing is extremely cost-effective and scalable and generates considerably higher quality leads for your small business. Enables you to keep track of the sales process: The CRM system visualizes your sales process, highlighting the points where leads frequently abandon ship. This allows you to quickly identify threats and opportunities, as well as weaknesses and strengths. Avoids missed lead opportunities:CRM systems make sure that small businesses never miss a lead. Even if the sales rep goes on a different route, the lead will still get recorded with efficiency. Increases Sales Performance: Businesses that have integrated CRM into their operations report a 34% increase in sales productivity. CRM automatically populates customer profiles with data, schedules mailouts, and relieves you of the responsibility of monitoring your inbox. It keeps track of your agenda and keeps an eye on your calendar. In a nutshell, CRM frees up your time for more important tasks such as understanding your customers' needs or selling. For effective expansion of business and increasing sales, small businesses-integrating CRM software will serve with endless benefits.

Read More

Spotlight

NowSecure

NowSecure Inc., based in Oak Park, Illinois, was formed in 2009 with a mission to advance mobile security worldwide.

Related News

SMALL BUSINESS ADVICE, BUSINESS STRATEGY

The Era of Expensive Parcel Delivery is Over in Canada as Sendle Brings Affordable, 100% Carbon-Neutral Shipping to Small Businesses

Sendle | September 17, 2022

Sendle has arrived in Canada to bring more choice and competition to the Canadian shipping industry so that small businesses can compete with big eCommerce companies. Sendle’s debut in Canada is timely, following on the heels of yet another Canada Post parcel delivery price increase.Sendle is Canada’s first 100% carbon-neutral, national shipping carrier and a Certified B Corporation. The company is making parcel delivery more affordable for Canadian small businesses – and ultimately for consumers – by unlocking the power of big business delivery and providing low flat-fee shipping rates that are up to 88% lower than Canada Post. Sendle offers free pickups with no hidden fees, subscriptions, or minimums required. As a company that prides itself on its exceptional customer service, Sendle also ensures customers have direct access to its world class support team. Canadian small businesses can sign up online today to get 10 free shipments.Small business champion Lauren Helstab, who formerly led business development partnerships at Shopify UK, has returned to Canada to take on the role of Sendle country manager. Lauren will be responsible for leading all aspects of the company’s growth strategy in the Canadian market. “After two-and-half hard years through the pandemic and now record-high inflation, small businesses in Canada are frustrated with how unfair Canadian shipping rates are and why the Canadian industry is not supporting them,. “Small businesses can’t afford to have 65% of customers abandoning their shopping carts at checkout because of high shipping costs. Plus, small businesses can’t compete with big retailers without fair rates. More than ever, independent businesses need more choice in their shipping options in Canada and they deserve a solution like Sendle that is built for them and offers rates that finally make sense.” Lauren Helstab, Sendle’s country manager for Canada Leger survey highlights consumer frustration with Canadian courier services eCommerce has rapidly grown and evolved in Canada, with over 27 million Canadians embracing eCommerce in 2022. Yet three-quarters (71%) of Canadians say they are frustrated with courier services in Canada, the backbone of eCommerce, according to findings from a recent survey of 1,506 Canadians conducted by Leger on behalf of Sendle. Shipping costs rank as the leading frustration (42%) for Canadians, followed by lack of reliability (26%), poor customer service (24%), and having the parcel shipped to a different location than their door (21%). The survey also finds: One-third (30%) are shopping online less this year because of the cost of shipping. Almost two-thirds (64%) of consumers who have shopped online in the past year feel that the cost of shipping for online purchases has risen since pre-pandemic times. Three-in-five (57%) are shopping less, in general, because of inflation, with one-in-ten (11%) shopping less online, specifically. Two-thirds (66%) of Canadians have been shocked by the high cost of shipping once they reach the checkout page for an online purchase. Nearly two-thirds (65%) of Canadian consumers have abandoned their shopping carts because of the shipping costs. Four-in-ten (39%) are more likely to purchase from an online retailer that provides a “green” shipping option such as carbon neutral shipping. An even greater share of younger shoppers (45% of those under 35 years old) say they’ll do the same. Carbon-neutral delivery cuts shipping costs for Canadian small businesses Sendle reduces the environmental impact of shipping by tapping existing shipping providers and filling their vehicles to ensure every trip is as efficient as possible. With this model, Sendle helps its shipping partners make their routes more efficient and profitable, and in turn, passes that savings along to Sendle customers. For example, a small business using Sendle can ship a three-kilogram package from Toronto to Vancouver for $13 – 42% less than if they used Canada Post or they can ship a one-kilogram parcel within Toronto for 30% less than Canada Post. To account for the remaining carbon emissions, Sendle purchases carbon offsets to address the impact of every Sendle parcel sent. Through its partner South Pole, Sendle invests in highly credible environmental projects around the world – including Darkwoods Forest Conservation in British Columbia – that account for carbon by protecting and managing forests and other vital ecosystems. Each year, customers select the project they want Sendle to support on their behalf. No trip to the Post Office requiredSendle handles the end-to-end journey of every parcel shipped, offering dedicated customer service by real people, as well as a powerful online dashboard where customers can track their deliveries, reschedule deliveries, and more. Using Sendle, Canadian small businesses can send a parcel in three easy steps: Sign up for free online (takes less than 30 seconds) Purchase a label and request that Sendle pick up from their front door Track their parcel’s progress from their Sendle Dashboard Small businesses in Canada are long overdue for a parcel delivery option designed for them – one that helps them to serve rising customer expectations in the age of eCommerce. At a time when inflation is high and costs are rising, Sendle’s entry into the Canadian market puts an end to what’s largely been a monopoly in shipping with a solution that’s more affordable, reliable, and more flexible to suit the needs of small businesses in Canada,” says James Chin Moody, CEO and co-founder of Sendle. “We have also been 100% carbon neutral since the day we launched in Australia in late 2014. To date, Sendle has offset the impact of 34 billion kilometres of parcel delivery. We are not only bringing Canadians a 100% carbon neutral way to ship at no extra cost, we are also putting pressure on the Canadian shipping industry to do better on this front, too. About the Survey An online survey of 1509 Canadians was completed between August 26-28, 2022 using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1509 respondents would have a margin of error of ±2.5%, 19 times out of 20. About Sendle Sendle is the first shipping carrier specifically designed to serve the needs of small eCommerce businesses. Sendle levels the playing field for small businesses by offering affordable, flat-rate shipping, with no hidden fees, subscriptions, or warehousing required. Merchants simply purchase a label and schedule a pickup from Sendle, and their package is picked up from their front door. Sendle is the first 100% carbon neutral shipping carrier in Australia, the US, and Canada, and a Certified B Corporation. The company was launched in Australia in 2014 and has headquarters in Sydney, Australia, Seattle, Washington, and Toronto, Canada.

Read More

FINANCE, BUSINESS STRATEGY

UK Export Finance Leverages Informatica Cloud Platform to Help Businesses Scale Globally

Informatica | September 21, 2022

Informatica , an enterprise cloud data management leader, today announced that UK Export Finance is modernizing to the cloud with Informatica’s Intelligent Data Management Cloud (IDMC), freeing up team resources to better serve UK businesses of all sizes and sectors. UK Export Finance is the world’s first and oldest export credit agency, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer. In the last year it supported 545 companies supporting exports in 61 countries. The small but nimble department is undertaking a digital transformation journey and selected Informatica to modernize its data architecture on a single cloud platform. Informatica’s IDMC enables enterprises to manage, own and derive insights from their data in the Cloud. UK Export Finance kicked off its digital transformation with a focus on connectivity and fast data ingestion. The IDMC enabled seamless integration with Azure DevOps and Power BI and allows UK Export Finance to manage all data pipelines from a single, browser-based tool and usage-based pricing has lowered the total cost of ownership. With a legacy integration stack, the UK Export Finance technology team was spending more and more time on maintenance and manual hand-coding to rebuild connectors to meet the specs of modern data architectures, taking time away from important projects. This, along with evolving international standards and regulatory requirements, made it the right time to modernize to the cloud. After an intensive decision-making progress, UK Export Finance chose Informatica’s cloud-native IDMC for its best-in-class capabilities, wide array of codeless connectors, and ease of implementation. With AI-powered automation and re-usable templates, IDMC has reduced data loading and build times by 40%, allowing the UK Export Finance technology team to focus on more strategic initiatives. Developers and data scientists are no longer tied down with maintenance and instead applying their expertise in building reports that unearth insights and value from the data for the UK exporters the department serves. With a mission to better serve British businesses to enter new markets, maximize growth potential and increase the volume of export sales, our team looks to data to unearth insights and uncover new strategies,” said Daniel Cozens, Senior Technical Lead, UK Export Finance. “Informatica’s Intelligent Data Management Cloud has helped alleviate the maintenance and build burden, allowing our team to work on more interesting, strategic initiatives and deliver data-driven recommendations for the UK Exporters we support. “How businesses manage and innovate with data can be the decider on whether they become an industry disruptor or get left behind. With the IDMC, UK Export Finance can improve operational efficiency, eliminating inefficient hand coding and democratise data across the department to allow faster time to value and timely insights,We’re pleased to be working with UK Export Finance to unleash the power of its data to help UK businesses and industries thrive.” Jason Tooley, VP Informatica About Informatica Informatica (NYSE:INFA), an Enterprise Cloud Data Management leader, empowers businesses to realize the transformative power of data. We have pioneered a new category of software, the Informatica Intelligent Data Management Cloud™(IDMC), powered by AI and a cloud-first, cloud-native, end-to-end data management platform that connects, manages, and unifies data across any multi-cloud, hybrid system, empowering enterprises to modernize and advance their data strategies. Over 5,000 customers in more than 100 countries and 85 of the Fortune 100 rely on Informatica to drive data-led digital transformation.

Read More

SMALL BUSINESS ADVICE

Equitable Launches New Turnkey 401(k) Program for Small Businesses

Equitable | September 26, 2022

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced the launch of a new 401(k) program for small businesses, including those with startup plans and plans with account values up to $500kThe new program, Retirement Gateway for Small Business, will serve a growing need in the underserved micro 401(k) market to create a simplified onboarding and administrative experience for plan sponsors and financial advisors from initial consultation to implementation. We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro 401(k) market over time,” said Keith Namiot, Chief Operating Officer of Group Retirement at Equitable. “We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans a hurdle that has historically deterred many small businesses from offering them. Retirement Gateway for Small Business is poised to capitalize on other proposed provisions of SECURE 2.0, like the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans is also driving the demand for this type of program. All new Equitable 401(k) clients with plan account values of up to $500k have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. They include: 3(16) Administrative Fiduciary: Significantly relieves the fiduciary burdens of running a 401(k) for plan administrators. 3(38) Investment Fiduciary: Provides professional assistance with investment management tasks. Automatic Enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates. Stadion Managed Accounts as the QDIA: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio. 360 Payroll Integration: Reduces the amount of time and effort spent managing census and payroll files. “Small business owners are focused on operating their organizations. That’s why it’s important to take the guess work out of choosing the right retirement plan design that can help them achieve the best participant outcomes,Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs, and streamline the overall onboarding process.” Jay Zickerman, head of Product Innovation and Implementation for Equitable’s Group Retirement business Another goal of the program is to help cut the time spent on getting plans up and running by quickly connecting advisors to a third-party administrator (TPA), who can assist with plan design, implementation and ongoing administration. Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as the plan’s TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program. Equitable’s Group Retirement business offers tax-deferred investment and retirement solutions for employer-sponsored plans and consists of small-to-medium size businesses, educators and other public sector employees. The business serves more than 1 million clients with $45 billion in account value and assets under administration as of 6/30/2022. About Equitable Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. A Retirement Gateway® annuity contract or any state variation thereof is a group flexible premium combination fixed and variable deferred annuity issued by Equitable Financial Life Insurance Company (Equitable Financial), NY, NY. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. Equitable Financial, Equitable Advisors and Equitable Distributors do not provide legal or tax advice and are not affiliated with Stadion or Compass Retirement Consulting Group, Inc. Guarantees are based on the claims-paying ability of Equitable Financial Life Insurance Company.

Read More

SMALL BUSINESS ADVICE, BUSINESS STRATEGY

The Era of Expensive Parcel Delivery is Over in Canada as Sendle Brings Affordable, 100% Carbon-Neutral Shipping to Small Businesses

Sendle | September 17, 2022

Sendle has arrived in Canada to bring more choice and competition to the Canadian shipping industry so that small businesses can compete with big eCommerce companies. Sendle’s debut in Canada is timely, following on the heels of yet another Canada Post parcel delivery price increase.Sendle is Canada’s first 100% carbon-neutral, national shipping carrier and a Certified B Corporation. The company is making parcel delivery more affordable for Canadian small businesses – and ultimately for consumers – by unlocking the power of big business delivery and providing low flat-fee shipping rates that are up to 88% lower than Canada Post. Sendle offers free pickups with no hidden fees, subscriptions, or minimums required. As a company that prides itself on its exceptional customer service, Sendle also ensures customers have direct access to its world class support team. Canadian small businesses can sign up online today to get 10 free shipments.Small business champion Lauren Helstab, who formerly led business development partnerships at Shopify UK, has returned to Canada to take on the role of Sendle country manager. Lauren will be responsible for leading all aspects of the company’s growth strategy in the Canadian market. “After two-and-half hard years through the pandemic and now record-high inflation, small businesses in Canada are frustrated with how unfair Canadian shipping rates are and why the Canadian industry is not supporting them,. “Small businesses can’t afford to have 65% of customers abandoning their shopping carts at checkout because of high shipping costs. Plus, small businesses can’t compete with big retailers without fair rates. More than ever, independent businesses need more choice in their shipping options in Canada and they deserve a solution like Sendle that is built for them and offers rates that finally make sense.” Lauren Helstab, Sendle’s country manager for Canada Leger survey highlights consumer frustration with Canadian courier services eCommerce has rapidly grown and evolved in Canada, with over 27 million Canadians embracing eCommerce in 2022. Yet three-quarters (71%) of Canadians say they are frustrated with courier services in Canada, the backbone of eCommerce, according to findings from a recent survey of 1,506 Canadians conducted by Leger on behalf of Sendle. Shipping costs rank as the leading frustration (42%) for Canadians, followed by lack of reliability (26%), poor customer service (24%), and having the parcel shipped to a different location than their door (21%). The survey also finds: One-third (30%) are shopping online less this year because of the cost of shipping. Almost two-thirds (64%) of consumers who have shopped online in the past year feel that the cost of shipping for online purchases has risen since pre-pandemic times. Three-in-five (57%) are shopping less, in general, because of inflation, with one-in-ten (11%) shopping less online, specifically. Two-thirds (66%) of Canadians have been shocked by the high cost of shipping once they reach the checkout page for an online purchase. Nearly two-thirds (65%) of Canadian consumers have abandoned their shopping carts because of the shipping costs. Four-in-ten (39%) are more likely to purchase from an online retailer that provides a “green” shipping option such as carbon neutral shipping. An even greater share of younger shoppers (45% of those under 35 years old) say they’ll do the same. Carbon-neutral delivery cuts shipping costs for Canadian small businesses Sendle reduces the environmental impact of shipping by tapping existing shipping providers and filling their vehicles to ensure every trip is as efficient as possible. With this model, Sendle helps its shipping partners make their routes more efficient and profitable, and in turn, passes that savings along to Sendle customers. For example, a small business using Sendle can ship a three-kilogram package from Toronto to Vancouver for $13 – 42% less than if they used Canada Post or they can ship a one-kilogram parcel within Toronto for 30% less than Canada Post. To account for the remaining carbon emissions, Sendle purchases carbon offsets to address the impact of every Sendle parcel sent. Through its partner South Pole, Sendle invests in highly credible environmental projects around the world – including Darkwoods Forest Conservation in British Columbia – that account for carbon by protecting and managing forests and other vital ecosystems. Each year, customers select the project they want Sendle to support on their behalf. No trip to the Post Office requiredSendle handles the end-to-end journey of every parcel shipped, offering dedicated customer service by real people, as well as a powerful online dashboard where customers can track their deliveries, reschedule deliveries, and more. Using Sendle, Canadian small businesses can send a parcel in three easy steps: Sign up for free online (takes less than 30 seconds) Purchase a label and request that Sendle pick up from their front door Track their parcel’s progress from their Sendle Dashboard Small businesses in Canada are long overdue for a parcel delivery option designed for them – one that helps them to serve rising customer expectations in the age of eCommerce. At a time when inflation is high and costs are rising, Sendle’s entry into the Canadian market puts an end to what’s largely been a monopoly in shipping with a solution that’s more affordable, reliable, and more flexible to suit the needs of small businesses in Canada,” says James Chin Moody, CEO and co-founder of Sendle. “We have also been 100% carbon neutral since the day we launched in Australia in late 2014. To date, Sendle has offset the impact of 34 billion kilometres of parcel delivery. We are not only bringing Canadians a 100% carbon neutral way to ship at no extra cost, we are also putting pressure on the Canadian shipping industry to do better on this front, too. About the Survey An online survey of 1509 Canadians was completed between August 26-28, 2022 using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e., a web panel in this case). For comparative purposes, though, a probability sample of 1509 respondents would have a margin of error of ±2.5%, 19 times out of 20. About Sendle Sendle is the first shipping carrier specifically designed to serve the needs of small eCommerce businesses. Sendle levels the playing field for small businesses by offering affordable, flat-rate shipping, with no hidden fees, subscriptions, or warehousing required. Merchants simply purchase a label and schedule a pickup from Sendle, and their package is picked up from their front door. Sendle is the first 100% carbon neutral shipping carrier in Australia, the US, and Canada, and a Certified B Corporation. The company was launched in Australia in 2014 and has headquarters in Sydney, Australia, Seattle, Washington, and Toronto, Canada.

Read More

FINANCE, BUSINESS STRATEGY

UK Export Finance Leverages Informatica Cloud Platform to Help Businesses Scale Globally

Informatica | September 21, 2022

Informatica , an enterprise cloud data management leader, today announced that UK Export Finance is modernizing to the cloud with Informatica’s Intelligent Data Management Cloud (IDMC), freeing up team resources to better serve UK businesses of all sizes and sectors. UK Export Finance is the world’s first and oldest export credit agency, its mission is to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer. In the last year it supported 545 companies supporting exports in 61 countries. The small but nimble department is undertaking a digital transformation journey and selected Informatica to modernize its data architecture on a single cloud platform. Informatica’s IDMC enables enterprises to manage, own and derive insights from their data in the Cloud. UK Export Finance kicked off its digital transformation with a focus on connectivity and fast data ingestion. The IDMC enabled seamless integration with Azure DevOps and Power BI and allows UK Export Finance to manage all data pipelines from a single, browser-based tool and usage-based pricing has lowered the total cost of ownership. With a legacy integration stack, the UK Export Finance technology team was spending more and more time on maintenance and manual hand-coding to rebuild connectors to meet the specs of modern data architectures, taking time away from important projects. This, along with evolving international standards and regulatory requirements, made it the right time to modernize to the cloud. After an intensive decision-making progress, UK Export Finance chose Informatica’s cloud-native IDMC for its best-in-class capabilities, wide array of codeless connectors, and ease of implementation. With AI-powered automation and re-usable templates, IDMC has reduced data loading and build times by 40%, allowing the UK Export Finance technology team to focus on more strategic initiatives. Developers and data scientists are no longer tied down with maintenance and instead applying their expertise in building reports that unearth insights and value from the data for the UK exporters the department serves. With a mission to better serve British businesses to enter new markets, maximize growth potential and increase the volume of export sales, our team looks to data to unearth insights and uncover new strategies,” said Daniel Cozens, Senior Technical Lead, UK Export Finance. “Informatica’s Intelligent Data Management Cloud has helped alleviate the maintenance and build burden, allowing our team to work on more interesting, strategic initiatives and deliver data-driven recommendations for the UK Exporters we support. “How businesses manage and innovate with data can be the decider on whether they become an industry disruptor or get left behind. With the IDMC, UK Export Finance can improve operational efficiency, eliminating inefficient hand coding and democratise data across the department to allow faster time to value and timely insights,We’re pleased to be working with UK Export Finance to unleash the power of its data to help UK businesses and industries thrive.” Jason Tooley, VP Informatica About Informatica Informatica (NYSE:INFA), an Enterprise Cloud Data Management leader, empowers businesses to realize the transformative power of data. We have pioneered a new category of software, the Informatica Intelligent Data Management Cloud™(IDMC), powered by AI and a cloud-first, cloud-native, end-to-end data management platform that connects, manages, and unifies data across any multi-cloud, hybrid system, empowering enterprises to modernize and advance their data strategies. Over 5,000 customers in more than 100 countries and 85 of the Fortune 100 rely on Informatica to drive data-led digital transformation.

Read More

SMALL BUSINESS ADVICE

Equitable Launches New Turnkey 401(k) Program for Small Businesses

Equitable | September 26, 2022

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced the launch of a new 401(k) program for small businesses, including those with startup plans and plans with account values up to $500kThe new program, Retirement Gateway for Small Business, will serve a growing need in the underserved micro 401(k) market to create a simplified onboarding and administrative experience for plan sponsors and financial advisors from initial consultation to implementation. We anticipate the enhanced tax credits for small businesses establishing retirement plans included in the SECURE Act 2.0 proposal will help grow the micro 401(k) market over time,” said Keith Namiot, Chief Operating Officer of Group Retirement at Equitable. “We have aligned our new program with where the market is expected to grow, and we are excited to help plan sponsors and advisors overcome the administrative barriers associated with setting up 401(k) plans a hurdle that has historically deterred many small businesses from offering them. Retirement Gateway for Small Business is poised to capitalize on other proposed provisions of SECURE 2.0, like the automatic enrollment requirement for new plans created by businesses with 10 or more employees. The growth of state-mandated retirement plans is also driving the demand for this type of program. All new Equitable 401(k) clients with plan account values of up to $500k have access to Retirement Gateway for Small Business. The program offers packages of services—some of which are made available through partnerships with unaffiliated third-party providers—to help ease demands on plan administrators and improve participant outcomes. They include: 3(16) Administrative Fiduciary: Significantly relieves the fiduciary burdens of running a 401(k) for plan administrators. 3(38) Investment Fiduciary: Provides professional assistance with investment management tasks. Automatic Enrollment: Reduces the amount of time employees spend on the enrollment process, which can lead to greater participation and increased savings rates. Stadion Managed Accounts as the QDIA: Reduces the complexity of selecting investments by automatically investing participants in a personalized portfolio. 360 Payroll Integration: Reduces the amount of time and effort spent managing census and payroll files. “Small business owners are focused on operating their organizations. That’s why it’s important to take the guess work out of choosing the right retirement plan design that can help them achieve the best participant outcomes,Predefined packages help advisors reduce the administrative burden and time spent selecting a plan, point their clients to the right amount of fiduciary coverage based on their specific needs, and streamline the overall onboarding process.” Jay Zickerman, head of Product Innovation and Implementation for Equitable’s Group Retirement business Another goal of the program is to help cut the time spent on getting plans up and running by quickly connecting advisors to a third-party administrator (TPA), who can assist with plan design, implementation and ongoing administration. Compass Retirement Consulting Group, Inc., a retirement plan consulting firm, will serve as the plan’s TPA and 3(16) administrative fiduciary for the Retirement Gateway for Small Business program. Equitable’s Group Retirement business offers tax-deferred investment and retirement solutions for employer-sponsored plans and consists of small-to-medium size businesses, educators and other public sector employees. The business serves more than 1 million clients with $45 billion in account value and assets under administration as of 6/30/2022. About Equitable Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH) has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country. A Retirement Gateway® annuity contract or any state variation thereof is a group flexible premium combination fixed and variable deferred annuity issued by Equitable Financial Life Insurance Company (Equitable Financial), NY, NY. Co-distributed by affiliates Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN) and Equitable Distributors, LLC. Equitable Financial, Equitable Advisors and Equitable Distributors do not provide legal or tax advice and are not affiliated with Stadion or Compass Retirement Consulting Group, Inc. Guarantees are based on the claims-paying ability of Equitable Financial Life Insurance Company.

Read More

Events