A guide to starting a small manufacturing business

PHILIP P. | January 17, 2019

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People might have a notion that the manufacturing industry is dwindling in the United Kingdom. However, manufacturing still makes up sixth of the country's economy. Though it may be true that cheaper operating costs have damaged some opportunities in the United Kingdom, it remains a significant hub for innovative ideas, which creates plenty of room for success in the United Kingdom's manufacturing industry. For those who are innovative by nature and have product ideas, as well as the financial support to get it going, launching a small manufacturing venture is something to consider. If that's the case, what should one know and where should they start? What is manufacturing for a small business?

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Thriving as an AAPI Business Owner: Common Challenges and Solutions

Article | May 31, 2021

May is Asian American and Pacific Islander Heritage Month. With the challenges currently facing the AAPI community, there isn’t a better period to reflect on the many positive contributions that AAPI community members contribute to society, culture, and the economy. While AAPIs have the highest rate of business ownership of all minorities, and those businesses account for half of all minority business employment in the United States, AAPI business owners continue to face a unique set of challenges.

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Compelling Benefits of Cloud Computing for Small Businesses

Article | July 15, 2021

Last year was challenging for marketers as well as all business owners due to the global pandemic. As a result, it gave rise to every organization's digitalization, and recognized the extensive benefits of cloud computing technology. Any sized organization can take advantage of the effectiveness of cloud computing, and in the case of small businesses, it can be overwhelming. Henceforth, business owners acknowledge the comprehensive and extensive benefits of cloud computing for small businesses to drive tremendous business growth. Integrating cloud computing technology is a new norm of today’s digital world and is not just a catchphrase anymore. The market for cloud computing is vast. In 2020, the global cloud computing market valued at $371.4 billion, and estimates stated that by 2025 it would rise to a staggering $832.1 billion. According to Statista, Amazon Web Services has a 32% market share in cloud computing. This blog will elaborate on the benefits of cloud computing for small businesses. But, before we cover up the core aspect of this blog, let us know what exactly cloud computing is and why it is ideal for small businesses. What is cloud computing? Cloud computing has been around us for two decades, and we have been using it in day-to-day activities without our knowledge but has gained popularity in just over the past five years. The popularity is basically due to the increased reliance on handling and storing big data. What exactly is cloud computing? Cloud computing provides end-users (or business owners) to access their data, programs, and applications stored on a remote server anywhere, at any time, on any mobile device via the internet. There are three different ways to deploy cloud services: on a public cloud, private cloud, or hybrid cloud. In addition, cloud computing provides various cloud services such as cloud storage, cloud backup, and cloud hosting. Cloud computing services classified into four types: Infrastructure as a service (IaaS): It is the most basic cloud computing service. You can rent IT infrastructure servers and virtual machines (VMs), networks, storage, and operating systems from a cloud provider on a pay-as-you-go basis using IaaS. Platform as a service (PaaS): It provides an environment for developing, testing, delivering, and managing software applications on demand. Serverless computing: Serverless computing, which overlaps with PaaS, focuses on developing app functionality without constantly managing the servers and infrastructure required to do so. Software as a service (SaaS): Software as a service (SaaS) delivers software applications over the Internet on demand and typically through a subscription. Cloud providers host and manage the software application and underlying infrastructure and any maintenance in the case of SaaS. Why is cloud computing ideal for small businesses? Cloud computing has made doing business much easier for all businesses, especially for small businesses. As a business owner, you can gain tremendously by incorporating cloud-based computing into your workflow. The popularity and importance of cloud computing applications for small companies is very clear. It enables increased efficiency, cost-effectiveness, reduces operational costs, access anywhere, reduced risk during the crisis, and improved cash flow helps solve many business challenges. Cloud technology makes mobile access to data easy for small businesses, thus aids them to be more competitive on a global scale. Companies can reduce IT costs by utilizing innovative products that provide storage, software, and infrastructure via the cloud. Furthermore, cloud service providers' monthly or yearly billing rates can help you avoid unexpected costs such as emergency server repairs. Cloud computing application has a few setbacks to be considered as well. Drawbacks of cloud computing are: • For starters, implementing any new technology necessitates personal training and a practical troubleshooting system both before and after the launch. • Another issue to consider is security. In general, no business is immune to cyberattacks. The trick is to find a reliable cloud service provider, understand its backup plans in the event of a security breach, and take your security precautions. Now let us know the distinctive benefits of cloud computing for small businesses in precise. Benefits of cloud computing for small businesses More flexibility and scalability The most significant benefits of cloud computing for small businesses are increased flexibility and scalability in the workplace. Companies with on-premises systems used to and have to purchase server and workstation upgrades to accommodate new users. The importance of cloud computing stems from the fact that it allows you to work from any location and at any time. In addition, employees have more flexibility in and out of the workplace, thanks to cloud computing. Because data is stored in the cloud and web-based applications, you can run your business in the cloud and give your employees access to it at any time and from any location. Cloud computing applications can be scaled up and down quickly and cheaply. Everything from bandwidth to processing power can be scaled in the cloud. When peak demand has passed, you can reduce your service plan to save money. Easy data recovery Data loss can be devastating to any business, especially a small business. Data loss results in wasted money, loss of time, and lost productivity; besides, downtime is never good for business. According to CloudRadar, network downtime costs more than $10,000 per hour. In-house data backup system setup is out of reach for most small businesses, but cloud computing makes backups and disaster recovery simple for SMBs. The scale and expertise of cloud-based services make data recovery quick and even remotely extracting data from a lost laptop possible. Easy backups are one of the most significant benefits of cloud computing for small businesses. Improved data security When a cloud solution is integrated into a business, data is maintained in a centralized location, making it far more convenient to secure centralized data from cyber-attacks than stored on various devices. In the wake of COVID-19, cybersecurity threats have increased phenomenally. Therefore, data security with cloud computing is highly beneficial for small businesses. Another advantage of cloud computing for data protection is that even if a single device is lost, the data will be safe from unauthorized access. Cloud computing can be used for data protection in authentication and identity, access control, encryption, secure deletion, integrity checking, and data masking. Therefore, it is exceptionally advantageous to rely on cloud computing for data protection for small businesses. Cost-effectiveness The cost of cloud computing varies greatly depending on the type of cloud service you choose. Cloud computing for small businesses, on the other hand, is highly recommended because it requires far less maintenance. You will not need any other physical IT resources, software, in-house computer equipment, or anything else, which means you will save a lot of money. One of the most significant benefits of cloud computing for small businesses is reducing IT operational costs. Since cloud-based services are significantly less expensive to use, small and medium-sized businesses recognize the benefits of cloud computing applications appropriate for their limited budget. If small business owners are interested in the efficiency and cost-effectiveness of cloud computing, they must incorporate it into their business workflow. Remote access One of the primary benefits of cloud computing is easy remote access, which can be seen clearly in the pandemic. The most basic example of cloud computing is your email account, which can be accessed from any computer using only your login credentials and an internet connection. Cloud-based services are now available on mobile apps, so you are no longer limited to devices. Cost efficiency of cloud computing is essential for small businesses, and cloud-based applications can result in cost savings. The benefits of cloud computing for small businesses are endless, but remote access has an edge. Frequently Asked Question: How do small businesses use cloud computing? Small businesses use cloud computing services via broadband internet and smart mobile technology. Cloud computing enables small business owners to store and back up their expanded company data. In addition, this technology is used by small businesses for accessible operations and applications. What is the best cloud computing solution for a small business? Popular cloud computing solutions for a small business include Microsoft Azure, IDrive, Microsoft365, Google Drive, Dropbox, Shopify, Mailchimp, and SpiderOak. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How do small businesses use cloud computing?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses use cloud computing services via broadband internet and smart mobile technology. Cloud computing enables small business owners to store and back up their expanded company data. In addition, this technology is used by small businesses for accessible operations and applications." } },{ "@type": "Question", "name": "What is the best cloud computing solution for a small business?", "acceptedAnswer": { "@type": "Answer", "text": "Popular cloud computing solutions for a small business include Microsoft Azure, IDrive, Microsoft365, Google Drive, Dropbox, Shopify, Mailchimp, and SpiderOak." } }] }

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What are Marketing Strategies for Small Businesses?

Article | June 9, 2021

December 2019 was just the start of something sudden and drastic change a world was about to witness and changed the pattern and working of business completely. Covid 19 has been a major economic shock for both large businesses as well as small businesses. Marketing their business became difficult and was even more difficult and challenging for small business owners. The impact of COVID-19 was enormous on small businesses. Pandemic was a time to come up with new marketing strategies for small businesses. Here are few promising marketing strategies for small businesses during COVID-19. Effects of the pandemic on small business Small business was the hardest hit due to the onset of the pandemic and effects of the pandemic on small business has been severe. The unprecedented nature of COVID-19 brought up widespread closing of businesses, factories, and stores around the world. Temporary closure of businesses due to pandemic reflected income losses to business owners due to inactive months. As per a recent study, 34% of U.S. small businesses are still closed. COVID-19 continues to be challenging for small businesses forcing them to shut down their business permanently. As per the recent survey, about 22% of U.S. small businesses have closed in February. Effects of the pandemic on a small business stay the longest. Customers being reluctant to rush to stores for their purchases considering their safety has reduced the business for small business owners. As per the survey conducted by McKinsey, almost 47% of small business owners are concerned about their sustainability in the market, and about 57% of the owners are concerned about the lack of customers. What are the challenges faced by small business during the pandemic? COVID-19 magnified the pre-existing challenges of small businesses along with the addition of more challenges. The new challenges faced by small businesses during the pandemic are money management, work-life balance and fatigue, government regulations, client dependency, and going for an online platform. However, the Small Business Administration (SBA) of the federal government came forward to help businesses. The federal government enforced the Paycheck Protection Program Act (PPP), by the CARES Act, aided the small business loans with the fund. Switching to digital is a new need of an hour to ameliorate the involvement of new and existing customers and having social media presence. Sharing the best marketing strategies for small businesses to overcome the challenges during the COVID-19 pandemic. Best Marketing Strategies for Small Business Get Website for Online Presence Do you need a website for small businesses? The answer is yes. Websites are like a business card to reach out to the customers; with the absence of a website, you will be missing out on the major chunk of the market. Simply by making your online presence you will create the most important asset for your small business. It is a channel where you will exhibit the information about your brand, who you are, where are you, what can you offer, and how potential customers can reach out to you. You can grab traffic information from your website through a search engine. The data and analytics provided such as how many people visited your website, time duration spent by people on your webpage, demographic details of your visitors, and many more enables the success of your website. Google My Business Listing Google My Business is an effective part of digital marketing strategies for small businesses. It is cost-effective for small businesses and gives your business visibility on Google and beneficial for targeting local customers. Google My Business provides you with a free set of tools increasing your reach with higher online visibility. Google My Business is affordable for both small and large businesses. With good reviews from the customers or if you rank in the top 3 of Google My Business listings you can pull many leads, and gain credibility and trust for your business. Email Marketing Email marketing strategy is an important and critical part of marketing strategies for small businesses and works best during the COVID-19 pandemic. Email is the highest converting channel that helps in nurturing leads. Email marketing for small businesses is cost-effective and involves showcasing new products, important business updates, special offers, prompting your recipients to click through your website. Other benefits that email marketing for small businesses offers are easy to automate, immediate communication, easy to track and optimize, and easy to set up and run. Content Marketing Content marketing during COVID-19 for small businesses has been at the center of business marketing strategy. Content marketing is creating and publishing high-quality content including, articles, emails, online courses, podcasts, and videos to reach out to the target audience. Content marketing is a must for small businesses because it is highly result-oriented. Content marketing helps small businesses to create trust and long-term relationships with customers and potential prospects and gives better exposure to your products or services. Blogging Blogging has proved to be one of the successful marketing strategies for small businesses during the COVID-19 pandemic. Starting up a blog will help you generate organic traffic and increase awareness for your brand, in return will improve your website’s rankings on the search engines. Blogging is a part of content marketing offering information about relevant topics to customers, in your case, it will be about your business. Starting a blog is important for small businesses because it helps you think in new ways, it is great for marketing, it allows you to share your expertise, and it creates a 2-way conversation. Google AdWords More than 40,000 search inquiries are made on Google every second, so you can imagine the reach of audience your business can gain. Advertising on Google is of great worth for small businesses. Google AdWords is considered a more expensive and competitive form of marketing tactics; they are paid ads but are also one of the most powerful marketing strategies. In Google AdWords, Google assigns a quality score to your Ad depending on your Click Through Rate (CTR), relevance, and landing page your ad sends traffic to. Google AdWords gives you immediate results and ranges up as per your budget. Using Social Media Platform Using social media marketing is relevant and non-negotiable for small businesses because it helps to build wide awareness for their brand. Today’s world is social media savvy. Social media platforms have no more remained just a fun platform to socialize or connect with but have turned into a powerful tool for business reach by engaging with potential customers. Presence on social media can help small businesses to build up a rapport with customers, gain an opportunity to promote their products or services to larger audiences. Facebook, Instagram, Twitter, Pinterest, and LinkedIn are a few of the social media platforms that are highly active, hence proves to be one of the easy marketing strategies for small businesses. Use the Power of SEO Business slowed down in the pandemic and businesses are reluctant to commit. Once an impressive website is developed, search engine optimization (SEO) is one of the impactful marketing strategies for small businesses. SEO is a time taking strategy to show the results but in the long run, SEO marketing strategy surely brings you the desired success. SEO is to optimize your website and content for google search engines so that your business ranks higher on searches. Higher the rank on google search higher the chances of traffic drive to your website and higher the chance of your website being clicked. With the practice of the above-mentioned strategies for small businesses during COVID-19, you will bring a boost to your business. FAQs What are the marketing strategies in COVID-19? The world has heavily relied on technology as in the age of COVID-19. New marketing strategies have been brought fore-front to leverage the business growth and reach. Email marketing, content marketing, blogging, SEO, are marketing strategies to name which are emerging as powerful promotional tools. Is Email Marketing effective for small business? Email marketing has been the biggest benefit for small businesses during the pandemic due to its cost-effectiveness and use of time. Email marketing is the most impactful marketing channel during this time because it allows business owners to build relationships with new customers, past customers, and leads. How Content Marketing helps small business? Content marketing is a key strategy to introduce your business to a new audience and increase brand awareness, reach, and domain authority. Content marketing during COVID-19 for small business is becoming important for small businesses majorly for generating leads and sales. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the marketing strategies in COVID-19?", "acceptedAnswer": { "@type": "Answer", "text": "The world has heavily relied on technology as in the age of COVID-19. New marketing strategies have been brought fore-front to leverage the business growth and reach. Email marketing, content marketing, blogging, SEO, are marketing strategies to name which are emerging as powerful promotional tools." } },{ "@type": "Question", "name": "Is Email Marketing effective for small business?", "acceptedAnswer": { "@type": "Answer", "text": "Email marketing has been the biggest benefit for small businesses during the pandemic due to its cost-effectiveness and use of time. Email marketing is the most impactful marketing channel during this time because it allows business owners to build relationships with new customers, past customers, and leads." } },{ "@type": "Question", "name": "How Content Marketing helps small business?", "acceptedAnswer": { "@type": "Answer", "text": "Content marketing is a key strategy to introduce your business to a new audience and increase brand awareness, reach, and domain authority. Content marketing during COVID-19 for small business is becoming important for small businesses majorly for generating leads and sales." } }] }

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7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | February 11, 2020

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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ThoughtSpot is disrupting the BI industry with search-driven analytics for the enterprise. ThoughtSpot's Relational Search technology lets business people analyze company data in seconds and helps BI & Analytics teams cut their reporting backlogs by over 90%.

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