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 23, 2021
About 4.3 million new business applications were filed in 2020, almost 1 million more than in 2019, with 51% of these owners citing that they started their business out of an economic need, and 33% said they started a business because they lost their jobs. Another reason we are seeing so many post-pandemic businesses? Corporate burnout. For those fortunate enough to have the means to start a business, this idea of reducing stress in their lives was a blessing in disguise. Many felt they were on the way to escaping the pre-pandemic, high-pressure corporate environment to now taking their passion and interests and converting them into a small business.
Article | August 23, 2021
2020 was a year of unprecedented incidents to the world as well as businesses. Now when the year is winding down, it is a time to get back on track with a bang. It is time for reassessment, better preparations, new opportunities, intelligent business strategies, and reshaped small business resolutions for the year 2021 and beyond to fight against new business challenges.
2020 had been the toughest for business owners, and 2021 is more demanding and challenging, especially for small businesses. However, small business owners must consider external and internal factors when planning for the upcoming years with a new set of contemporary small business goals.
You have come a long way despite the setbacks and challenges thrown at you by unforeseeable circumstances, and you have gained a new set of experiences.
Are you ready to return to business with a bang and build a more substantial business in 2021? If so, here are a few small business resolutions for 2021 to help your company thrive in the fiscal year.
Review your business goals and plan
A good business plan acts as a roadmap for business success. Hence, it is vital to review your business plan and goals at the start of every financial year. Then, keep this as your primary fiscal year 2021 budget resolution.
Evaluation of your business plan helps you assess your last year's progress, failures and helps you to focus on the areas that need your attention. With every passing year, small business goals keep changing as per the current situation and try to adapt to the new changing business trends. Therefore, your plan needs to reflect the latest goals that small business owners plan to accomplish.
It is essential to review and update your business plan focusing on the latest financial goals and marketing ideas to grow and taste success in 2021. Reviewing and updating a business plan is one of the first considerations of small business resolutions.
Make online presence
As the world has become more digitalized, the need for a small business to have an online presence has become essential. Having a website proved to be an asset for small business owners during the COVID-19 crisis because it allowed them to connect and stay in touch with their customers. Establishing an online presence makes your business visible, reachable and allows businesses to engage with customers.
Establishing an online presence is one of the most popular and requested small business resolutions. Having an online presence entails developing a website as well as posting and engaging on social media accounts.
Once your small business has an online presence, create content about your products, services, and offerings through your blogs and social media platforms.
Re-evaluate your financial situation
Botched financial management can cost you a big deal; that is why it is necessary to re-evaluate your financial situation every year to plan your business finance according to the current situation. Re-evaluating your finances is one of the intrinsic small business resolutions for the systematic workflow of the business.
Here are few financial resolutions:
• You can identify areas for improvement by reviewing your spending each month.
• Pay down high-interest credit card debt.
• Securing a flexible source of financing that provides you with quick access to the funds you require to grow.
• Invest more money in the future of your company (short-term and long-term goals).
Tune up your customer service
Exceptional customer service is critical for modern and digitalized businesses of the future. According to the report, customers are more likely to become repeat customers due to the company's excellent customer service.
Small businesses may provide excellent customer service, but it is necessary to improve it constantly. Therefore, small business goals must consider 2020 mistakes and attempt to avoid them in the future.
It is predicted that soon, customer service will be more important than price, product, or service in a customer's decision. Therefore, ensure that your customer does not have a negative experience; negative experiences leave a long-term imprint on the customer's memory. As a result, your business may suffer severe consequences.
According to Harvard Business Review, investing in new customers is up to 25 times more expensive than investing in existing ones.
Enhancing your customer service is an essential aspect of small business resolutions for the upcoming year and beyond.
Refresh your marketing strategy
Marketing happened to be the backbone of business strategies, especially for small businesses during the pandemic. However, every year, new marketing trends emerge, and small businesses should be aware of these business trends and adjust their marketing strategies accordingly. Therefore, refreshing your marketing strategy is one of the imperative small business resolutions.
Be inventive in your marketing strategies. Analyze the success and failures of your marketing efforts over the previous year and update your current marketing plan aptly.
However, make sure that your business objectives are specific, measurable, achievable, realistic, and time-bound. Email marketing is considered one of the best marketing tactics for small businesses. Besides, it is the primary channel for lead generation for 89% of marketers. It is consistently ranked as the single most effective tactic for meeting their awareness, acquisition, conversion, and retention goals.
Expand your network
It is vital to invest time to build your networks. Small business owners often ignore this aspect, but it is a pressing priority of 2021. Make connections with other entrepreneurs, meet your competitors, pay visits to your suppliers, and keep a record of everyone you know.
It is propitious to expand your network because it allows you to form relationships with others and encourage them to refer customers to you via viva voce. In addition, networking can lead to the discovery of new clients, opportunities, vendors, collaborators, service providers, and even new friends.
Below are few techniques that can help you to expand your business network:
• Take your current network to the next level.
• Locate networking events.
• Set objectives for the event.
• Maintain symbiotic relationships.
• Look for new faces.
Review your insurance coverage
Even if cash is tight or revenues are down, small businesses should not ignore their insurance needs. Small business insurance is one of the most essential components of safeguarding your livelihood, yourself, employees, and even customers. Hence, small business owners must have comprehensive insurance coverage and regularly review and update their coverage as their circumstances change.
Ascertain that you understand what is and is not covered. Furthermore, as your company grows, you should review your coverage regularly.
Few insurance agents will review your current policy and make recommendations based on your company's specific needs, as well as identify any discounts you may be eligible for.
Besides, once you have determined what type of policy or policies you require, you can compare prices from various insurance companies to find the best value.
Prioritize and upgrade company culture
The hallmark of any successful business lies in making the workplace great and healthy for work. So if your small business relies on the work of employees, focusing on prioritizing and upgrading your company culture as well as nurturing your employees, is an excellent resolution for 2021.
The previous year was stressful for both employees and employers, which can harm workplace productivity.
It is crucial to foster an inclusive and empowering work environment. Take a survey to find out what changes employees would like to see in terms of culture, and then create a company culture that reflects their needs. Employee satisfaction leads to productivity and innovation. In addition, employees are more motivated to take pride in their work and the company they work for when they feel safe, respected, and have a sense of ownership.
How to write resolutions for small businesses?
Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them.
What is a resolution for a business?
In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary.
Why should every business have a resolution?
Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year.
"name": "How to write resolutions for small businesses?",
"text": "Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them."
"name": "What is a resolution for a business?",
"text": "In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary."
"name": "Why should every business have a resolution?",
"text": "Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year."
Article | August 23, 2021
Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties.
It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail.
Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets.
A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage.
A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time.
Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan.
Importance of Marketing Plan
A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales.
Below is a few more importance of marketing plan:
It aids in the effective management and accomplishment of your business objectives
It facilitates cross-departmental collaboration and communication
It contributes to the avoidance of future dangers and uncertainties
It contributes to the success of marketing activities
It contributes to reducing the chance of failure
It enables the efficient and prudent use of resources while taking market opportunities into account
Extensive Market Research
Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market.
For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment.
Marketing research involves certain areas to be given utmost importance:
The dynamics and trends of the market, including seasonality
Vendors in whom you will place your trust
Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions
What is presently available and what competitors are providing
Current industry sales
Robust Market Strategy
The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success.
A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements.
Below are few B2B marketing strategies:
Social media marketing
Search engine optimization
Search engine marketing/PPC (Pay-per-click)
Appropriate Financial Planning
Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow.
For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses.
Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc.
The following points demonstrate why financial planning is essential.
Prudent financial management
Profit and loss measurements
To determine the value of liabilities and assets
Utilization of Marketing Channels
There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels.
Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C.
Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation.
Here are few channels that are utilized:
Retail or Ecommerce
Social media channels
Word of mouth
Pay-per-click (PPC) marketing
Analyses of Competitors
While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services.
Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition.
Competitor analysis enables the following:
Identify market inefficiencies
Identify market trends
Create innovative goods and services
Increase your marketing and sales effectiveness
A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes.
What are the key ingredients in the marketing plan?
Here are the critical ingredients of the marketing plan
Extensive market research
Appropriate financial planning
Robust market strategy
Utilization of marketing channels
Analysis of competitors
Clear marketing objectives
What is a successful marketing plan?
A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm.
"name": "What are the key ingredients in the marketing plan?",
"text": "Here are the critical ingredients of the marketing plan
Extensive market research
Appropriate financial planning
Robust market strategy
Utilization of marketing channels
Analysis of competitors
Clear marketing objectives"
"name": "What is a successful marketing plan?",
"text": "A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm."