Article | February 18, 2020
For small businesses, every dollar counts. That's why it is important to make sure you aren't overspending in areas you can't afford to. Starting up a new business is rarely an easy endeavor and keeping it growing and thriving for years to come will always require work and attention. Industries change and consumer spending habits can shift from year to year. How a business manages its finances to adapt to these changes is often a determining factor in its survival. The best way to ensure that entrepreneurs don't steer their new business ventures off a cliff is by planning ahead to avoid potential money mistakes. Hidden overspending pitfalls could be one of the more dangerous issues small businesses face.
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.
Article | August 23, 2021
The use of smartphone/mobile technology has become the new standard, permeating every area of life. As a result, it gave rise to mobile technology opportunities for businesses.
According to Statista, there are currently 3.8 billion smartphone users worldwide, which equates to 48.20% of the world's population owning a smartphone. India, China, and the United States have the most outstanding smartphone penetration rates. Between 2016 and 2020, the global smartphone user base rose by 40%.
WARC asserts, by 2025, 72% of all internet users will access the web only through their smartphones.
With the primary data and projections, it is abundantly evident that mobile technology represents the future of the corporate world and commercial innovations. On average, in the United States, four hours of each day are spent on mobile devices, which account for more than half of all online traffic.
COVID-19 created obstacles for many areas of society; many company owners encountered several difficulties operating their businesses because of the limitations imposed, especially small businesses. But, on the other hand, the pandemic provided an unprecedented boost to mobile technology opportunities in every facet of life.
Mobile is gaining traction not just in marketing and retail but also in healthcare and education for convenience and safety reasons, and gradually gaining popularity.
Patients could not visit their doctors during the pandemic but could communicate through text, virtual meetings, or phone calls. Similarly, the education sector saw a dramatic shift in its teaching framework when everything went online. With the increased use of mobile to link teachers and students, mobile technology became an unavoidable factor in the education sector.
Save Time, Save Money
The potential of mobile technology is evident when it saves company owner’s time and money. For example, apps replace paper forms, cloud solutions replace resource-intensive local filing, and scanning and image functionalities assist field-based customer or supply chain personnel.
From mobile applications to the operating systems of mobile devices, there are various ways that mobile technology helps businesses save time and money.
Here are few benefits of mobile technology how they reduce business expenses and time.
Online mobile apps have reduced offline paperwork.
Mobile communication does not include any additional expenses, such as those associated with setting up a landline connection.
Even without being on-site, you may place or confirm business orders over the phone.
You may use mobile banking applications to send and receive paychecks or any other type of payment without visiting clients or banks.
Mobile technology is vital in business, from texting to phoning, sending voicemails, or recording them using VoIP.
Cashless Payment Options
Mobile technology opportunities opened a door for cashless payments. All these years, opting for this mode of payment had been just an option, but it became vital during coronavirus to avoid spreading the virus.
Both online and contactless payment methods gained popularity among both company owners and consumers. With social distancing norms in place, more individuals in established and emerging nations began to embrace contactless payments as a safer method to handle their money
According to Finaria.it, the worldwide digital payments sector is anticipated to reach a value of $6.6 trillion in 2021, a 40% growth in two years. Furthermore, by 2025, mobile payments are expected to nearly double in size and reach a value of $4.6 trillion.
Numerous payment methods exist, including mobile wallets, peer-to-peer mobile payments, real-time payments, and cryptocurrencies. Contactless payments are significantly faster than conventional modes of payment.
Mobile payments generate extra data on a user's habits and interests, which might benefit your marketing team.
Remodel Shopping Experience
The pandemic devastated in-person retail business, and they had to re-establish themselves in the market. Many consumers are comfortable getting access to a personalized in-store experience via mobile devices.
In 2016, 209.6 million Americans shopped online at least once, according to Statista. The number of online shoppers is anticipated to reach 230.5 million by the end of 2021, making the US one of the most developed e-commerce industry-friendly countries.
Looking at the above statistics and the customers' needs, entrepreneurs must meet consumers' demands and help them research, find, and compare items. However, as rising mobile components alter retail, it is critical for businesses to maintain their privacy.
Mobile technology potential is vast and can offer several benefits to consumers. In addition, entrepreneurs can incorporate it into their businesses in an inventive way.
Maintain Orderly Physical Spaces
QR codes date back to 1994, but they never acquired widespread acceptance or were widely used. However, the pandemic's onset altered the entire situation. Because the COVID-19 standards for maintaining distance, avoiding physical contact, and exchanging anything were deemed hazardous, consumers began to prefer digital connections over physical ones. That is when QR code-based payments became the most convenient payment method, requiring only the use of a mobile device.
The pandemic has created unprecedented opportunities for touchless technologies (QR Code being the leading player).
According to a recent poll by Statista, an estimated 11 million homes in the United States alone were predicted to have scanned a QR Code in 2020. This shows an increase from the projected 9.76 million scans performed in 2018.
QR codes are used to make payments as well as place orders. Elimination of physical touchpoints from your business provides a more seamless experience for your consumers.
While the utilization of mobile phones or smartphones is not new, the manner they are used has evolved considerably over the previous five years, particularly during the pandemic. Indeed, the mobile phone has evolved into the most helpful tool/asset for information, communication, purchasing goods, and scheduling.
Rapid advancements in cloud technology increase corporate use of mobile devices by enabling more flexible working habits and remote access to services.
What is the future of mobile technology for business?
The business has a bright future with mobile technologies. Everything is becoming virtual, including the corporate sector, where mobile technology plays a critical role. In addition, mobile technology has aided in the communication of businesses.
What are the effects of mobile technology on entrepreneurs?
Numerous mobile technologies, such as smartphones, mobile applications, and GPS devices, link everyone and enable company owners to stay connected with their consumers. As a result, mobile marketing is gaining traction and assists small businesses in reaching clients, and contributes to increased sales.
"name": "What is the future of mobile technology for business?",
"text": "The business has a bright future with mobile technologies. Everything is becoming virtual, including the corporate sector, where mobile technology plays a critical role. In addition, mobile technology has aided in the communication of businesses."
"name": "What are the effects of mobile technology on entrepreneurs?",
"text": "Numerous mobile technologies, such as smartphones, mobile applications, and GPS devices, link everyone and enable company owners to stay connected with their consumers. As a result, mobile marketing is gaining traction and assists small businesses in reaching clients, and contributes to increased sales."
Article | August 30, 2021
Human resources are a subjective term to each individual and a business entity. Many small firms overlook human resource departments, believing them to be time-consuming, so they do not engage human resource specialists to assist with business operations. Instead, they attempt to manage the tasks either directly or by delegation to current workers. However, human resources benefit both the business and future workers. This blog gives information on small business human resources in detail.
According to connecteam, 54% of small firms manage employment and other human resource activities on their own to save money; nevertheless, this type of management presents several challenges and frequently blows up in their faces.
According to the Bureau of Labor Statistics, human resource management professionals will see a 10% increase in employment between 2016 and 2026.
HR is crucial in a small business from recruiting and retention through payroll and benefits. The shortcomings in any of these things result in:
Penalties for non-compliance
Inefficiencies that cause your manufacturing cycle to slow down
Above mentioned points define that you cannot underestimate the importance of HR support for small businesses.
Employees are one of a corporate organization's most valuable assets. So, it is needful to protect them. Therefore, human resources requirements for small businesses are essential.
Let us Know What Human Resource Management is
The Small Business Association (SBA) defines human resources as:
"The people who work for a company or organization"
"The department of a company that is responsible for managing those resources."
Human resource management (HRM) is concerned with your workers, whether they are hired, managed, or require other types of direction and support. Human resource management involve significant duties; some basic human resources requirements for small businesses should be considered and fulfilled. They are those who establish the tone for how employees interact,resolve conflicts, and collaborate.
There is a new trend in human resource outsourcing, and some small businesses are deciding to outsource a significant component of their human resources.
Responsibilities of Small Business Human Resource Management
Recruitment and selection
Education and development
Compensation and benefits
Retention of employees
Creating an atmosphere that is safe, healthy, and productive
Benefits of a Human Resources Department
Ensure a safe and healthy work environment
Attract and retain high-caliber individuals
Access Human Resources Anytime, Anywhere
Access to Employee Benefits at Large Corporations
Contribute to Time and Energy Savings
Fundamental Component of Human Resources
For small businesses, employing dedicated people in meaningful work can enhance performance, loyalty, and retention. Thus, in combination with the human resources manual for small businesses, the human resources department supports them in achieving their goals. This is accomplished, however, by increasing workplace happiness, making judicious use of existing resources, and developing an efficient expenditure model.
by boosting workplace satisfaction, judiciously utilizing available resources, and establishing an effective expenditure model.
With the clearly defined human resource policies and best practices for small businesses, you can assist workers in their growth and in contributing their expertise and knowledge for the growth of the firm.
Whether a small or a large business, the success of a corporation is highly dependent on its ability to manage both internal and external stakeholders successfully. The HR department very well accomplishes this.
Below Are Some Human Resources Requirements for Small Businesses.
Maintaining employee records is an essential aspect of the human resources manual for small businesses. Having it done guarantees that your business complies with labor rules and is protected in the event of a future issue.
Regardless of your business's size, it is requisite to gather and maintain these three papers for each employee to protect yourself and your company.
I-9 File: The US Government utilizes this form to determine and verify the eligibility of your personnel to work in the United States.
Personnel General File: This section covers the paperwork and certificates obtained from workers throughout the employment process. This includes resumes, verification of training, W-4 forms, payroll information, and disciplinary actions.
Medical Records of Employees: This file may contain doctor's notes, information on a disability, or information about a medical check-up. The information contained inside is confidential and must be kept secure against unauthorized access.
Employee's guidebook is a vital aspect of small business human resources element. The handbook includes an idea of expectations, best practices, and requirements.
It also includes:
The organization's vision, objectives, and values
The code of conduct
The anti-discrimination rules
The safety and security regulations
The non-disclosure agreement
Work schedules (covering how to monitor time, take leaves, and notify management of leaves)
Other general information not required by law
Posters That Are Required
The nation's or state's laws in which your business operates may require you to publish information at your place of business or in an easily accessible location. Additionally, the Department of Labor (DOL) requires posting certain labor law posters in the workplace.
While many business owners believe that small business human resources costs are redundant, a human resource department may have a significant influence on your workers' well-being and the success of your firm. Unfortunately, many employees quit their employment due to poor or non-existent human resource management.
Frequently asked questions:
Does a small business need human resources?
Every business, regardless of size, must have a human resources department or at least one person dedicated to HR duties. HR simplifies many duties for business owners, allowing them to focus on other critical elements of operating the firm. In addition, human resources can do a variety of tasks that other employees are unable to.
What are the essential human resources requirements for small businesses?
Human resources are the bedrock to your organization because it is responsible for hiring skilled workers who appreciate your corporate culture. The most critical human resources requirements for small businesses to succeed are:
Employee development and training
"name": "Does a small business need human resources?",
"text": "Every business, regardless of size, must have a human resources department or at least one person dedicated to HR duties. HR simplifies many duties for business owners, allowing them to focus on other critical elements of operating the firm. In addition, human resources can do a variety of tasks that other employees are unable to."
"name": "What are the essential human resources requirements for small businesses?",
"text": "Human resources are the bedrock to your organization because it is responsible for hiring skilled workers who appreciate your corporate culture. The most critical human resources requirements for small businesses to succeed are:
Employee development and training