A Must-Have and Best Software for Small Businesses in 2022

Sneha Hull | December 14, 2021 | 14 views

Best Software for Small Businesses in 2022
Is your small business compatible with the emerging digital world of technologies and software? If you haven't already, do so immediately! As we all know, small businesses took a significant hit as a result of the pandemic and were forced to devise some efficient methods to keep their operations afloat. During the pandemic era, small enterprises faced some unique obstacles.

To cope with the unprecedented challenges, they integrated the best software for small businesses according to their requirements. There are plenty of small business software solutions that streamline the entire business process and can serve as a one-stop-shop for SMEs.

In 2020 and 2021, automation and software technology reached their pinnacle. To adapt to the new normal, small firms incorporated diverse software into their operations. Here is some of the most essential and best software for small businesses in the year 2022 and beyond.

Statista forecasts that the software market will restart growing in 2021 and reach more than 570 billion US dollars in 2022.

“CIOs and CISOs have such a unique opportunity right now to drive the enterprise forward. Be that through shaping corporate culture or guiding the company through their digital journey, technology leaders have a strong upper hand . . . it’s a great time for the enterprise but it’s also a great time for technology leaders to position themselves for space in the boardroom. This is a career-defining moment.” 

- Hunter Muller, President & CEO, HMG Strategy
 

Importance Of Use of Software for Small Businesses


Software solutions can be utilized to minimize inefficiencies, incorporate processes, and increase overall operational efficiency.

Below are a few more points highlighting the importance of software for small businesses:
  • To automate various business processes that were previously hard and time-consuming.
  • To execute a variety of duties, including word processing, payroll, bookkeeping, and customer relationship management.
  • It reduces workload and aids in the removal of human errors; as a result, effectiveness and consistency are increased.
  • To assist you in tracking your clients and prospects throughout the buyer's journey, resulting in the capture of high-quality leads and opportunities and an increase in sales and revenue.
  • To maintain the organization of your Bookkeepers financial data and provide you with pertinent information whenever you need it.
  • To assist you in staying competitive in the corporate world.

“The advancement of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life.” 

- Bill Gates, Co-founder of Microsoft

Best Software for Small Businesses


Best Accounting Software


As we all know, accurate bookkeeping is a time-consuming task that is necessary for all businesses. We have a number of the best and most simple bookkeeping software for small businesses. Accounting software enables businesses to easily organize their activities and carry out their decision-making processes.

QuickBooks Online: QuickBooks is a simple accounting software designed for small businesses.

According to Hello Leads, significant small firms such as ad hoc, RoofandFloor-Online Housing Solution, Co Hiring & Recruitment Solutions, and Clearly Blue Digital Content Marketing Agency are all heavy users of Quickbooks.

Quickbooks supports approximately 30 million profiles, with small businesses accounting for 80 percent of them.

QuickBooks Online has the following features:
  • Double-entry accounting
  • Align interface with bank accounts and payment systems
  • Accounts payable
  • Convenient and continuous access to your account to assist you in managing taxes, invoices, and sales receipts
  • Inventory management, among others

Best eCommerce Software


Shopify: Shopify has been a popular eCommerce platform for small businesses in recent years, particularly during the pandemic. Shopify is a one-stop-shop for everything you need to get your eCommerce store up and operating, from getting your business online to making it ready to sell.

It is sometimes referred to as a ‘small business sales software’ because it enables clients to easily browse your products, compare them, and ultimately purchase them. Shopify enables you to chat online with customers, track orders, and send invoices. With Shopify's 'Lite Plan,' you can accept payments in-person via the company's point-of-sale application.

Small Business Payroll Software


Gusto: Gusto was ranked among the best software for small businesses as payroll software. It is a full-service payroll solution that also supports human resources at a reasonable price. Gusto is regarded as one of the best payroll software solutions; in addition to its main features, it also supports direct deposit and card payments. Additionally, it sends an onboarding email reminder to each new recruit, allowing them to complete their paperwork prior to reporting to the office.

It has only two disadvantages: restricted health insurance coverage and the absence of a professional payroll specialist. Nonetheless, Gusto is an advantageous payroll software partner due to its intuitive design and effective tools.

There are many simple accounting software for small businesses out there, but Gusto is one of the most popular ones.

CRM Software for Small Businesses


HubSpot: In 2021, HubSpot was a fantastic CRM software for small businesses; it has click-to-call and call recording, allowing you to manage customers more effectively. Its free edition significantly enhances sales processes and client data organization.

HubSpot offers a completely free CRM that is not time-limited and supports an unlimited number of users and up to 1 million contacts. The free CRM from HubSpot has a task dashboard, automatic sales tracking, contact and lead management, and sales pipeline management.

Statista forecasts that the global customer relationship management (CRM) software market will reach 43.5 billion US dollars in 2024.

Project Management Software


GanttPRO: GanttPRO is frequently used in a variety of small enterprises for jobs ranging from intricate software development and construction to more straightforward marketing, retail, and event planning. It is a comprehensive project management software designed to help project teams plan, manage, and execute projects effectively.

Here is a great case study of a business that uses GanttPRO. Supernova is an online retailer established in Singapore that specializes in revolutionary health, beauty, and fitness items. They tried to organize projects via Google Sheets with a large product development team but found it difficult. They conducted an extensive study and determined that GanttPRO was the clear tool of choice for their needs. The software offered capabilities such as automatic resource planning, email reminders, and others. The basis for the selection was that it featured by far the best Gantt chart functionality and was also extremely competitively priced.

Conclusion


There are hundreds of software available for small enterprises. However, the blog above highlights the best software for small businesses to be considered in the upcoming year of 2022. The right software can help you cut costs, streamline operations, or improve the client experience. In other words, it can completely transform your business. So here we are to help you out by selecting the right software solution for your specific needs.

FAQ:


What software would a small business need?


Small businesses will definitely need to incorporate the software mentioned below.
  • Accounting Software
  • CRM software
  • Project management software
  • Email automation software
  • sales software
  • Payroll Software
  • eCommerce Software

Why does a business need software?


By utilizing software to address a business's unique requirements, a business can increase its efficiency and performance and easily beat its competition. Numerous tasks inside a company can be automated, thereby reducing their workload.

What is software used for?


The term "software" refers to the collection of all programs, methods, and routines connected with an operation. Software is a generic term used to refer to applications, scripts, and programs that run on a device. Software is the opposite of hardware.

Spotlight

Engine Digital

Engine Digital is a NYC and Vancouver-based digital consultancy focused on improving the way organizations reach and connect with users. We're a team of user experience strategists, designers, and technologists, driven by a passion for building digital platforms, products, and services that span web, mobile, social, and connected retail channels.

OTHER ARTICLES
TECHNOLOGY

Time to Reinvent the Small Business Insurance

Article | February 1, 2022

Insurers should reconsider the SME market. Small enterprises face the recovery from disruptions with a new set of requirements. In addition, the pandemic pushed customers’ desires for a broader range of coverage, services, and distribution alternatives. As a result of the sensitivity to business insurance-related complications, business owners conduct a comprehensive analysis of the available solutions. There are various business insurance types available: Business Owner’s Insurance (BOI), Product Liability Insurance, Commercial Insurance, Directors and Officers Liability Insurance, and Workers Compensation Insurance. Insurers view disruptions as an opportunity rather than a threat; hence, they are now better prepared to adapt to a shifting market emphasis. Insurers Pay Attention to Changing Small Business Customer Needs The pandemic made small businesses aware of possible gaps in their insurance policies. The devastating impact of the pandemic on companies and the ongoing economic uncertainties present chances for insurers to take immediate and decisive action. Significant small business owners are looking for more coverage and price flexibility, additional risk management services, and new insurance providers. Insurers are strengthening their market position by launching additional commercial coverage and offering discounts in exchange. In addition, insurers are increasingly likely to offer cyber insurance coverage in a world dominated by the digital economy due to escalating concerns about cyber threats. Insurers are offering more adaptable solutions to increase affordability and satisfy the changing demands of consumers. Similarly, establish chances for differentiation by providing tailored, comprehensive risk management options. In light of the ever-evolving threat to small businesses, their insurance policies must reflect the present state of affairs. How are Insurers Enhancing Product Value as a Way Forward? Insurance is no longer only a product or commodity purchased based on price but, instead, a service solution purchased based on perceived value to decrease risk and control loss. By using data analytics and AI in different parts of their business, like underwriting, claims, marketing, and distribution, insurers can make better, more timely decisions about dynamic pricing for consumers. Below are a few more ways that insurers can enhance their product value for a better future: Redesign current plans to give additional flexibility in coverage, premium payments, and payment triggers Expand the stack by including new coverage like cyber, remote employees, climate risk, and cryptocurrencies Bundle more coverage to save time and money while increasing retention Keep automated tools easy to find, navigate, and integrate via applications and an intuitive website Go Robo offers digital solutions to assist small companies to manage their insurance portfolio, submit and follow-up on claims, and enhance risk management How Should Insurers Adjust to Win SME Market Share? Small business insurance covers everything and may be tailored to the needs of specific sectors and enterprises. However, current conditions provide incumbents with the incentive to reinvigorate their legacy companies and let new rivals enter the market and disrupt them. " Insurers must have the capabilities to understand their customers and have technical solutions allowing them to rapidly evolve and adapt solutions as the market changes." -O'Hearn, global insurance leader at PwC Below are a few ways that insurers can adjust to win SME market share: Concentrate On Prospering SME Segments The growth outlook for SMBs varied by segment and industry. Therefore, insurers must identify the businesses and market areas that will drive the next wave of development and then build products and capabilities to service them. Provincial NordWest, for instance, created a new digital attacker to aid micro and small SMEs. This method enabled Provinzial to target new markets. Develop New Products The liability of small businesses has taken on an entirely new form. The requirements of small and medium-sized enterprises (SMEs) have changed considerably; insurers should build solutions that adequately meet the new realities. Axa XL and Marsh launched usage-based, price-per-mile automobile insurance that allows businesses to pay only for their coverage. In addition, thimble permits clients in the United States to suspend their policy and payments for 30 days without termination. These product solutions directly fulfill the needs of SMEs for improved flexibility and a focus on value, while also encouraging trust and transparency. Future of Insurance for Small Businesses The game of insurance for small businesses is becoming digital. As the SME category has been primarily untouched thus far, there is a considerable possibility for profitable expansion through focused investment and a heightened emphasis on the area. The insurance sector is beginning to give the small company market its attention. The fundamental shift in efficiency and scalability brought about by digitalization, and the increased segmentation and analytical capabilities made possible by modern technology have made small business insurance far more effective. In addition, targeting the SME sector is no longer viable but lucrative. According to Fit Small Business, 36% of small businesses prefer to make an insurance claim online. Conclusion The opportunity exists for insurers to renew and update their business models to better serve small companies. For example, they may change their operating model to be more user-centric, agile, and direct. Regardless of the course insurers choose, the current market void represents a great opportunity. FAQ: Why Do You Need Small Business Insurance? Businesses require business insurance because it helps cover the expenses involved with property damage and liability claims. How much does small business insurance cost? Business insurance costs vary depending on the plans purchased and the coverage levels. Other variables include your industry, personnel count, revenue, and location. Which Type of Insurance Do Small Businesses require? Below are the different types of insurance small businesses require: General Liability Insurance Business Income Insurance Workers' Compensation Insurance

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TECHNOLOGY

Fintech Lending Trends Transforming the Small Businesses

Article | June 6, 2022

Fintech lending trends are enabling small business owners to access fresh funding through AI, machine learning, and big data. Fintech is a fast-growing section of the financial industry, yet little is known about its performance. For an extended period, borrowing from banks was difficult for startups, small companies, and entrepreneurs; however, the expansion of industry and Fintech solutions has prompted lenders to assist small businesses using the newest AI and data analytics technologies. “Many of the processes associated with running an SMB have traditionally been very paper-based, difficult and slow. But with the advent of new technological solutions, all of these processes will be transformed.” - Karen G. Mills, a senior fellow at Harvard Business School and author of the book Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity. The global financial industry is predicted to reach US$26.5 trillion in 2022, growing at a 6% compound annual growth rate. (The Business Research Company, 2020) From 2021 to 2025, the worldwide Fintech market is expected to increase at a CAGR of 23.58%. (Research and Markets, 2020) Small companies encounter a few significant challenges when it comes to financial management. Let us take a quick look at a few of them. Pain Points for SMEs Bank lending is frequently constrained because it takes more time and knowledge to comprehend small businesses than to grasp more standardized consumer enterprises. Also, due to the smaller loan amount, the typical relationship-based corporate banking model is expensive when dealing with small enterprises. Frequently, small businesses lack the required information, such as a history of audited financial statements, for banks to accurately analyze their cash flow position. In addition, banks are reducing their exposure to small firms due to regulatory requirements. Future of Fintech: B2B Lending By reorienting customer expectations, Fintech lenders have changed the future loan ecology. Fintech loan approval enables businesses to grow their assets, employment, and sales. Financial technology adoption is critical for small business growth and results in a greater return on investment. What’s Changed in B2B Lending Fintech? Offline businesses have historically relied on traditional financing, but online enterprises have always relied on equity. There are several trends that organizations should monitor, including the following: Cross-Border Payments B2B Lending Solutions Conversational Artificial Intelligence Accounts Payable Automation Electronic B2B Payments Smart Contracts BlockChain Emerging Fintech lenders are addressing this issue by doing more sophisticated creditworthiness assessments using real-time analysis of more data inputs. OnDeck is one such fintech lender. In addition, it uses machine learning to determine the creditworthiness of small enterprises. Debt vs. Equity in Financing Your Business Things with a return on investment of less than one year may make sense to finance using debt, as the return will be reasonably soon. On the other hand, it makes sense to fund long-term investments through stocks. Direct debt is a relatively new phenomenon in the world of Fintech firms. However, Fintech firms have various financing options, and depending completely on debt may be a sensible financial decision. How Can Businesses Take Advantage of Fintech Innovations? "In order to achieve the most from Fintech opportunities, companies in financial services need to treat Fintech innovation as a mainstream activity — and incorporate it within and across their entire organization." - Tek Yew Chia, Fintech Leader for KPMG in Singapore. Fintech organizations use AI and machine learning to automate manual processes such as risk modeling and credit decisioning. The adoption of Fintech solutions is having a profound effect on business operations. The following are the top three reasons why small and medium-sized businesses should invest in Fintech services: The scope of its capabilities and features The services are available for 24 hours a day The service's simplicity of installation, configuration, and use According to Weforum research, equity investment in FinTech startups doubled from $4 billion to more than $12 billion between 2013 and 2014. Due to the efficiency and effectiveness of FinTech solutions on a smaller scale, small firms will be one of the primary beneficiaries of FinTech's disruptive impact. Numerous firms benefit from enhanced, innovative Fintech solutions; here are a few highlighted examples. Reduced Costs Through the use of Fintech, the integration of physical and digital payment methods has been consolidated by combining bank account cards and client ids. This strategy enables organizations to operate more efficiently and at a lower total cost. Financial technology makes it possible for companies to send and receive money in different currencies without having to pay a lot in conversion fees. This speeds up the process of Fintech lending. Compliance and Security Many users disagree that Fintech Lending is secure. However, Fintech solutions are far more secure and safe than traditional banks. In addition, Fintech companies frequently invest heavily in their security infrastructure, both online and off. As a consequence, clients have confidence in the security of their data. Regulatory actions assure sound finances, governance, risk management, and compliance capabilities, therefore minimizing threats to the public safety net and potential harm to customers. Fintech firms do adhere to these regulatory requirements. Increased Transparency With the widespread use of Fintech in traditional banking, the phrase "transparency" is no longer a buzzword. Transparency in the payment sector also entails providing better visibility on payment timelines and outlining the path a customer's money will take during the payment journey. International payment solutions are redefining how the worldwide remittance process is seen. Notifying customers at critical points in the payment process, such as when money is received from a client and when it reaches a beneficiary's account. Overview of a Provider Amazon Amazon Lending was formed in 2012 to extend finance to small businesses selling on Amazon. Amazon's internal algorithms choose vendors based on data elements such as merchants' frequency of out-of-stock situations, the popularity of their items, and inventory cycles. Amazon provides retailers with three- to six-month loans ranging from $1,000 to $600,000 to assist with inventory purchases. According to reports, the firm charges up to 13.6% yearly interest rates. Conclusion Fintech has the potential to significantly and sustainably change small business finance, hence stimulating economic development. Furthermore, by integrating into the Fintech ecosystem, small businesses may access a variety of previously unavailable options. Disrupting the closed-door world of traditional financial institutions and mainstreaming alternative, technology-driven solutions creates a new industry while also enabling more entrepreneurs to start and grow their businesses. FAQ How is Fintech impacting the business? Fintech is transforming payment processing, money transferring, funding, accounting, and e-commerce. It helps businesses improve the process and create operational efficiencies. Why is Fintech so popular? Fintech helps businesses gain a share of online and offline markets, increase the customer base and achieve ambitious business goals. Which technologies are utilized in Fintech? There are some critical technologies in the focal point of discussion: Blockchain, Artificial Intelligence (AI), Security, the Internet of Things (IoT), and the cloud.

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TECHNOLOGY,SMALL BUSINESS ADVICE

Time to Embrace Networking Platforms and Build B2B Client Base

Article | June 30, 2022

The objective of any successful business is to convert each individual you encounter into a client. This is possible through effective networking. Therefore, business networking is an investment worth making. Picking the appropriate networking platforms is critical to propelling your organization to new heights. Entrepreneurs can create a healthy business environment through networking events. When it comes to client acquisition, B2B organizations have greater complexity and time constraints than B2C enterprises. Businesses that create alliances might operate exclusively for years, implying that corporate clients can outlive people by a large margin. There are several business-related online networking apps that can help you create a solid customer base. Business networking and entrepreneurship are critical components in increasing ROI. Let us quickly examine how networking and entrepreneurship are inextricably linked. Business Networking and Entrepreneurship Go Hand-In-Hand Often, networking is at the heart of small businesses. Whether you aspire to be a corporate behemoth or choose to keep your business small and manageable, you must develop connections in your industry and expand your contacts to other sectors to sustain and grow. Developing relationships can help you enter new markets or work with other businesses as a business owner. As a result, you can enhance your business's image, improve sales, or even open more branches. The reasons why entrepreneurs are using business networking apps are as follows: Networking aids in the discovery of new business prospects Obtain a return on your investment by establishing beneficial connections Through networking, entrepreneurs develop referral networks Increase brand recognition Broadens your business perspective Networking Can Increase Your Business' Net Worth Your network is your net worth. Eloqua, a platform for marketing automation and intelligence, was acquired by Oracle for $871 million in 2012. The transaction went well because Paul Teshima, co-founder of Eloqua, had built excellent relationships with Oracle executives. Indeed, Eloqua was acquired for more than 200% of its projected public market value, resulting in a net worth rise of more than $400 million for shareholders. Networking will give you a more significant negotiating position with investors. The higher the quality of your relationships, the easier it becomes to convince investors to invest in your firm. The availability of various networking apps for business makes it easier to establish connections with your prospective investors. In addition, networking platforms can help you highlight your USP and distinguish your business traits from those of your competitors. Let's quickly take a look at the top 3 B2B professional networking apps that help build social capital. Top 3 B2B Networking Platforms LinkedIn LinkedIn is one of the best networking apps for generating B2B lead generation. It is a professional networking website that solely focuses on professional networking. Over 750 million professionals use LinkedIn for networking, job growth, and other purposes. The platform uses wide range of methods for increasing your business's return on investment, including sponsored content, sponsored messaging, and text or video ads. The portal serves as a dependable source of information for B2B buyers: (Source: Eventige) 50% of buyers consult LinkedIn before making a purchase LinkedIn connects you to more specialists than any other site When it comes to networking over large groups or millennia, LinkedIn carves a niche for itself with its unique possibilities. Whether you're looking for new supply chain relationships, business talent, or nurturing prospects, you can access all the necessary tools and contact information. This is one of the most popular business networking platforms among entrepreneurs. Bizzabo Through virtual or in-person conferences, town halls, and summits, Bizzabo connects with new individuals and fosters professional partnerships. It is one of the greatest professional networking apps for event organizers looking for a virtual solution. To add to its benefits, this app is also available free on mobile applications. The platform is divided into two sections: one for individuals who attend conferences and the other for event organizers. Bizzabo can facilitate the seamless management of ticketing and registration, create an event website, create a plan, and access rich statistics to calculate the return on investment for your event. In addition, attendees may network using the app's capabilities, such as one-on-one messaging. Facebook With the caveat that it is not focused on professional networking as Linkedln, Facebook is an incredible tool for connecting with others. In fact, Facebook is most well-known for its ability to foster personal relationships. In addition, it provides advertising opportunities with the ability to target and optimize specific audiences. According to cazoomi, Facebook is the second-best ad platform for return on investment after Google. You may share ideas, ask questions, and receive comments from like-minded individuals directly through your Facebook profile. As a result, you can build numerous business relationships on Facebook, albeit more personally, than on specialist business networking apps. Conclusion: Choosing the appropriate networking platforms helps you derive quantifiable and definable outcomes from the actions conducted on the media. Leveraging networking entails utilizing it to your advantage to maximize your return on investment. Tracking social media ROI is critical for a dynamic, successful, entrepreneurial firm. FAQ: What are the different kinds of business networking? Casual contact networks Community service clubs Professional associations Online social media networks Which platform is used for professional networking? LinkedIn is the world's most popular online professional networking platform. It is used by millions of people in over 200 countries. Which is the most popular social media platform? With roughly 2.5 billion monthly users, Facebook is the most popular social networking platform.

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INDUSTRY OUTLOOK

How to Calculate the Growth of a Company and Improve It?

Article | April 12, 2022

“Growth is never by mere chance; it is the result of forces working together.” - James Cash Penney, founder, JC Penney Is the growth of your company healthy? If you are looking for an answer to this, you must measure its growth. Small business growth can be measured by using different types of metrics. However, effective business management demands meticulous planning and strategic judgments based on your organization's past performance. Assessing your company’s growth rate gives you an understanding of the current state of your organization. It also allows you to plan for the future and effectively allocate limited resources to your small business. In this article, we will discuss how to calculate the growth of a company and the ways to improve it. What Is Company Growth Rate and Why Is There a Need to Measure It? A company’s growth rate measures how a particular variable has changed over a specified period. Growth rates are frequently used to refer to the compounded annualized rate of growth of company revenue (CAGR), earnings, dividends, and even macroeconomic variables such as gross domestic product (GDP) and retail sales. The primary objective of a company's growth rate is to illustrate the company's current state and influence future planning. Rapid growth rates help you keep your success going, whereas slow growth rates highlight areas for improvement. The growth rate can be calculated on a weekly, monthly, or yearly basis, depending on the industry and the development stage of the business. It may be computed at any business growth stage, provided the firm or investor has the necessary data. It is important to calculate the company’s growth rate to evaluate how profitable and sustainable it can be. Key Factors for Calculating Growth of a Company Calculating the growth rate enables you to have a better understanding of your company's current situation and plan more effectively for the future. The true challenge, however, is how to determine the growth rate of a business. For instance, if you want to compare overall sales growth from Q3 last year to Q3 this year, you'll need the relevant revenue figures for both the quarters. The company growth rate formula is: Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100 Define Your Business Goals and Gather Data Based on the Goals The first step in measuring your business's progress is setting your objectives. Companies can focus on various growth metrics, including revenue, increased sales, profitability, and an increased client base. Having a realistic approach will help you succeed. Data must be collected to achieve the goals after the organization has determined it. Collecting more data can help track business growth more accurately. Additional data can also assist in identifying and resolving possible business difficulties. Evaluate Sales and Earning As a small business owner, the first things that you will consider are sales and revenue generation. Therefore, a steady increase in money earned from commercial activities is an important indicator to keep an eye on. The focus should be on boosting earnings after determining the core sales figure. Various factors impact earnings, such as operational costs, financing, assets, and liabilities. Analysts frequently want a continued rise in earnings per share (EPS). A company with a high EPS is considered more profitable — a regular review of sales and profits assists in forecasting the growth rates of the business. Compute Revenue Growth Revenue growth is one of the easiest ways to track a business's progress over time. The compounded annual growth rate (CAGR) is used to calculate growth. This computation helps quantify growth over extended periods, such as five, ten, or twenty years. Let’s have a glance at the formula used to calculate the compound annual growth rate. The formula for CARG is: FV / PV)1/t – 1 = CARG However, you need to follow certain steps while calculating the compound annual growth rate: Divide the investment's ultimate value by its original value Increase the results by one divided by the number of years in the investment term Subtract one from the preceding result Use the trailing twelve-month figure to obtain the most up-to-date results. Benchmark Your Company Against Competitors While growth is critical within your organization, comparing growth to your competitors’ helps determine success in your domain. If you build your reputation in the market, you will get more clients and expand your business. You can obtain competitors’ data through various digital channels such as websites and social media platforms and compare it to your own. In addition, you can get more information from news stories, trade journals, or media coverage of your competition. It gives you valuable insight into your industry's competition and helps you expand your market share. How to Improve Business Growth? The growth of a company is the top priority for small businesses. After all, growth and expansion create additional revenue prospects. Enterprises expand as a result of continuously refining and adjusting procedures throughout their operations. The following are a few ways to make your small business more efficient, which leads to a faster growth rate for your business. Improve your conversion rate: You can increase revenue by improving your conversion rate. Only a small percentage of people who are introduced to your product or service end up buying it. Create a sales funnel: After creating a classifieds-based sales funnel, you'll be able to identify and target the stages during which the majority of clients decide not to move elsewhere. In addition, by establishing a proper channel, your clients will be able to observe how they are now engaging with your organization, which will make transactions less risky and time-consuming. Improve customer retention: Having a loyal consumer base helps you expand your business. A retention rate is the percentage of customers that continue to use your product over time and make repeat purchases. A CRM framework can aid you in maintaining control over client relationships. Conclusion It is important to measure the growth of a company regularly. Regular calculations help company owners maintain records that provide valuable insight into their business's performance, development, and expansion. Additionally, it ensures they expand at a rate, consistent with their established goals. FAQ: How do you calculate company growth? You can calculate company growth by: Defining the settings and collecting your data Subtract the revenue from the previous period from the income for the current period Divide the difference by the revenue for the preceding quarter How do you calculate the future growth rate of a company? Calculating the growth rate can be achieved by dividing the difference between the end and start value under consideration by the start value. Growth rates give insight into a firm's success and may be used to forecast future performance. What is the formula to calculate growth? Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100

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Spotlight

Engine Digital

Engine Digital is a NYC and Vancouver-based digital consultancy focused on improving the way organizations reach and connect with users. We're a team of user experience strategists, designers, and technologists, driven by a passion for building digital platforms, products, and services that span web, mobile, social, and connected retail channels.

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MANAGEMENT,TECHNOLOGY

Intuit QuickBooks Launches a Campaign to Reach Latino-Owned Small Businesses and Support Their Growth

Intuit | June 30, 2022

On July 5, Intuit QuickBooks will launch a new campaign to encourage Latino business owners to think like a "negocito" — a small business — and instead focus on the tools that will help them become a "negociote," with a big business mindset. Intuit, the global technology platform that produces QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp, will feature soccer legend Javier "Chicharito" Hernández in a new commercial. The commercial and campaign aim to reach both English- and Spanish-speaking Latino-owned small businesses, who are the fastest-growing group of entrepreneurs in the United States, having grown by 34% in the last decade. Chicharito has become a cultural icon in many Latino communities due to his achievements on the soccer field. Chicharito embodies what it means to work hard and achieve great things. Access to private funding is one of the most significant barriers that Latino small businesses face. Businesses can use QuickBooks to automate and streamline their financial processes, pay employees, get paid quickly, and gain access to capital. Almost 60% of QuickBooks Capital customers would not have qualified for a loan anywhere else. Furthermore, entrepreneurs who applied through QuickBooks Capital saw a threefold increase in approval rates. “The rapid growth of Latino-owned small businesses has accelerated our efforts to drive more awareness of our financial tools, Knowing the many challenges that they are facing on a daily basis, we believe that it’s a critical time for QuickBooks to be a partner to Latino entrepreneurs and help them prosper.” -Dan McCarthy, senior vice president and chief business officer at Intuit

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TECHNOLOGY

OneDirectory Enters SMB Market With New Pricing Offer for Small Businesses

OneDirectory | June 29, 2022

OneDirectory, a leading software-as-a-service provider of modern employee directory software, announced the launch of its new employee directory pricing offer for small businesses. Since 2010, OneDirectory has helped over 500 businesses implement employee directory solutions to better connect their people and offices.Traditionally, OneDirectory has served larger businesses but with recent shifts to remote and hybrid work, even the smallest of businesses are needing a tool to bring their employees together. "Over the past year we've had an increase in smaller businesses reaching out and trialing our product,These are businesses with 100 employees or less that have wanted our product but our pricing plans have remained a roadblock." -Lawrence Cawood, CEO at OneDirectory To solve this OneDirectory created a new pricing plan to help smaller businesses gain the benefits of an enterprise employee directory solution. The new small business plan is $79 per month for businesses up to 100 employees, which is a saving of 68% on the previous lowest plan. OneDirectory's other pricing plans range from $249 to $2,000+ per month. "When tackling the SMB market many software providers reduce features and options for their smaller customers, So we've decided not to remove any product features from our new plan for small businesses." -Greg Bennett, Head of Marketing at OneDirectory When it comes to employee directories many small businesses have the same requirements as larger businesses, so OneDirectory made sure that their small business plan included all the following features: employee profiles, people search, office directory, skills directory, and org chart. We're excited to bring our software to smaller businesses and see the impact it will have on employee collaboration and engagement, says Cawood. Businesses of all sizes are struggling to connect their employees, especially as hybrid and remote work is becoming the norm. At OneDirectory, we remain focused on solving this problem with our modern employee directory platform. OneDirectory has six pricing plans tailored for different-sized businesses. The new plans are currently in effect as of 20th June 2022. The new pricing plans can be found here: https://www.onedirectory.com/pricing. About OneDirectory OneDirectory is a leading software-as-a-service provider of modern employee directory software that helps companies improve the efficiency of their digital workplaces. 500+ organizations rely on OneDirectory's employee directory platform to better connect their employees and offices.

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TECHNOLOGY

The Role of Technology as Lenders Embrace Change, According to Wolters Kluwer Compliance Solutions Leader

Wolters Kluwer | June 28, 2022

Given that many financial institutions' transformation lists to adopt new technologies have grown in recent years, having a clear understanding of the ultimate purpose of that technology is critical to getting it right and embracing significant change. According to the CEO of Wolters Kluwer Compliance Solutions, in a recently published interview, the mindset required for technology teams to successfully develop—and implement—those same technologies to meet the complex challenges of financial services customers. “They’re not just creating code… (or) different architectures. It’s linking it all the way to the actual impact that it has for our end customers, in a Mortgage Professional America feature, Tech Must be Purpose-Built. It sounds like simple work, but I’ve seen a lot of organizations where you ask somebody what they’re working on and how that impacts their own community, and someone would say ‘I don’t really know.’ That’s been a major initiative for us—to further engage our entire technology organization to not only create great technology, but to know how it benefits others.” -Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions He notes that purpose-built technology has led the way in many financial services arenas, from Wolters Kluwer assisting lenders in quickly accessing critical small business funding during the pandemic crisis to the development of digital assets "in all lending areas, including mortgage" that are fundamentally changing the lending industry for the better. Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to insurance companies, banks and credit unions, and securities firms in the United States. The company, which is part of Wolters Kluwer's Governance, Risk & Compliance (GRC) division, assists financial institutions in efficiently managing risk and regulatory compliance obligations, as well as gaining the insights required to focus on better serving their customers and growing their business.

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MANAGEMENT,TECHNOLOGY

Intuit QuickBooks Launches a Campaign to Reach Latino-Owned Small Businesses and Support Their Growth

Intuit | June 30, 2022

On July 5, Intuit QuickBooks will launch a new campaign to encourage Latino business owners to think like a "negocito" — a small business — and instead focus on the tools that will help them become a "negociote," with a big business mindset. Intuit, the global technology platform that produces QuickBooks, TurboTax, Mint, Credit Karma, and Mailchimp, will feature soccer legend Javier "Chicharito" Hernández in a new commercial. The commercial and campaign aim to reach both English- and Spanish-speaking Latino-owned small businesses, who are the fastest-growing group of entrepreneurs in the United States, having grown by 34% in the last decade. Chicharito has become a cultural icon in many Latino communities due to his achievements on the soccer field. Chicharito embodies what it means to work hard and achieve great things. Access to private funding is one of the most significant barriers that Latino small businesses face. Businesses can use QuickBooks to automate and streamline their financial processes, pay employees, get paid quickly, and gain access to capital. Almost 60% of QuickBooks Capital customers would not have qualified for a loan anywhere else. Furthermore, entrepreneurs who applied through QuickBooks Capital saw a threefold increase in approval rates. “The rapid growth of Latino-owned small businesses has accelerated our efforts to drive more awareness of our financial tools, Knowing the many challenges that they are facing on a daily basis, we believe that it’s a critical time for QuickBooks to be a partner to Latino entrepreneurs and help them prosper.” -Dan McCarthy, senior vice president and chief business officer at Intuit

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TECHNOLOGY

OneDirectory Enters SMB Market With New Pricing Offer for Small Businesses

OneDirectory | June 29, 2022

OneDirectory, a leading software-as-a-service provider of modern employee directory software, announced the launch of its new employee directory pricing offer for small businesses. Since 2010, OneDirectory has helped over 500 businesses implement employee directory solutions to better connect their people and offices.Traditionally, OneDirectory has served larger businesses but with recent shifts to remote and hybrid work, even the smallest of businesses are needing a tool to bring their employees together. "Over the past year we've had an increase in smaller businesses reaching out and trialing our product,These are businesses with 100 employees or less that have wanted our product but our pricing plans have remained a roadblock." -Lawrence Cawood, CEO at OneDirectory To solve this OneDirectory created a new pricing plan to help smaller businesses gain the benefits of an enterprise employee directory solution. The new small business plan is $79 per month for businesses up to 100 employees, which is a saving of 68% on the previous lowest plan. OneDirectory's other pricing plans range from $249 to $2,000+ per month. "When tackling the SMB market many software providers reduce features and options for their smaller customers, So we've decided not to remove any product features from our new plan for small businesses." -Greg Bennett, Head of Marketing at OneDirectory When it comes to employee directories many small businesses have the same requirements as larger businesses, so OneDirectory made sure that their small business plan included all the following features: employee profiles, people search, office directory, skills directory, and org chart. We're excited to bring our software to smaller businesses and see the impact it will have on employee collaboration and engagement, says Cawood. Businesses of all sizes are struggling to connect their employees, especially as hybrid and remote work is becoming the norm. At OneDirectory, we remain focused on solving this problem with our modern employee directory platform. OneDirectory has six pricing plans tailored for different-sized businesses. The new plans are currently in effect as of 20th June 2022. The new pricing plans can be found here: https://www.onedirectory.com/pricing. About OneDirectory OneDirectory is a leading software-as-a-service provider of modern employee directory software that helps companies improve the efficiency of their digital workplaces. 500+ organizations rely on OneDirectory's employee directory platform to better connect their employees and offices.

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TECHNOLOGY

The Role of Technology as Lenders Embrace Change, According to Wolters Kluwer Compliance Solutions Leader

Wolters Kluwer | June 28, 2022

Given that many financial institutions' transformation lists to adopt new technologies have grown in recent years, having a clear understanding of the ultimate purpose of that technology is critical to getting it right and embracing significant change. According to the CEO of Wolters Kluwer Compliance Solutions, in a recently published interview, the mindset required for technology teams to successfully develop—and implement—those same technologies to meet the complex challenges of financial services customers. “They’re not just creating code… (or) different architectures. It’s linking it all the way to the actual impact that it has for our end customers, in a Mortgage Professional America feature, Tech Must be Purpose-Built. It sounds like simple work, but I’ve seen a lot of organizations where you ask somebody what they’re working on and how that impacts their own community, and someone would say ‘I don’t really know.’ That’s been a major initiative for us—to further engage our entire technology organization to not only create great technology, but to know how it benefits others.” -Steve Meirink, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions He notes that purpose-built technology has led the way in many financial services arenas, from Wolters Kluwer assisting lenders in quickly accessing critical small business funding during the pandemic crisis to the development of digital assets "in all lending areas, including mortgage" that are fundamentally changing the lending industry for the better. Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to insurance companies, banks and credit unions, and securities firms in the United States. The company, which is part of Wolters Kluwer's Governance, Risk & Compliance (GRC) division, assists financial institutions in efficiently managing risk and regulatory compliance obligations, as well as gaining the insights required to focus on better serving their customers and growing their business.

Read More

Events