Could Businesses Charge for Apps? Maybe, Survey Says

MICHAEL GUTA | August 8, 2019 | 118 views

Some of the most popular applications are free. Whether it is YouTube, Facebook or Google Maps, this model has made these companies billions of dollars. But a new study from McGuffin asks an interesting question. How much value do consumers assign to these apps, and how much would they be willing to pay for them? This question also comes at a time when these companies are under scrutiny from regulators. And if things keep going in this direction, there is a chance they will be asking for a fee to use their services. In fact, Small Business Trends asked this very question back in 2012. This time around McGuffin is asking this question to determine how value is created and perceived in the digital age. And to achieve that it surveyed 2,004 consumers from June 14 to 15, 2019 through a paid online market research platform.

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VoucherCodes, part of RetailMeNot, is a leading savings destination for consumers, helping connect millions of smart shoppers with more than 5,000 restaurant, retail and leisure brands across the UK. We’re a truly omnichannel business partner, providing strategic support to help promote major players online and on the high street to our database of more than 8 million engaged customers.

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MANAGEMENT,BUSINESS STRATEGY

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

Article | July 5, 2022

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

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TECHNOLOGY,SMALL BUSINESS ADVICE

Cyberattacks: Surfacing Threat to Small Businesses

Article | July 20, 2022

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

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SMALL BUSINESS ADVICE,INDUSTRY OUTLOOK

HR Trends in Small Businesses 2022: Embracing the New Normal

Article | July 29, 2022

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

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TECHNOLOGY,SMALL BUSINESS ADVICE

Reasons Why Small Businesses Need CRM?

Article | June 30, 2022

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

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Spotlight

VoucherCodes

VoucherCodes, part of RetailMeNot, is a leading savings destination for consumers, helping connect millions of smart shoppers with more than 5,000 restaurant, retail and leisure brands across the UK. We’re a truly omnichannel business partner, providing strategic support to help promote major players online and on the high street to our database of more than 8 million engaged customers.

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DDEC to Disburse About $1 Million for Small Business Recovery

theweeklyjournal | August 12, 2019

Today begins the disbursement of Capitalization Funds from the Labor Development Program of the Department of Economic Development and Commerce (DDEC by its Spanish acronym), to meet the needs of small businesses, whose companies were affected by the passages of hurricanes Irma and María in 2017, announced DDEC Secretary Manuel A. Laboy Rivera. “Some 206 small businesses will receive money to meet various business needs. For this reason, the DDEC Labor Development Program has approximately $926,500 committed, out of a total of $2.5 million allocated to boost the recovery of these businesses,” said Laboy, who added that these funds were allocated by the National Dislocated Workers Grant of the U.S. Department of Labor.

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Small business confidence drops to a low as U.S.China trade war rattles Main Street

cnbc | August 12, 2019

Small business confidence has dropped to a level not seen since 2017, matching the all-time low since CNBC and SurveyMonkey began taking the pulse of Main Street in a quarterly survey three years ago. Business confidence is now lower than it was amid the major stock market sell-off of late 2018 and equals the way entrepreneurs felt in late 2017, when the tax cuts package and its provisions for small business owners were in doubt. Small business owners are undoubtedly better off now than they were the last time the confidence index was this low. Over half of business owners in the CNBC SurveyMonkey Small Business Survey for the third quarter of 2019 say that business conditions are good. That number was 13 percentage points lower (55% vs. 44%) at the time of the 2017 low. Fifty-eight percent say they expect revenue to increase in the next 12 months, and Trump’s net approval rating is holding strong, at 57%.

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80% of Rural Entrepreneurs Say They Are Better Off Than Urban Counterparts

smallbiztrends | August 11, 2019

Ask any entrepreneur why they went into business, and improving their quality of life will almost always rank in the top three answers. And more often than not, the location of the business and where they live will also play an important role. According to research from SCORE, rural entrepreneurs are reporting a better quality of life compared to their urban counterparts. This is despite the fact they face more challenges when it comes to the workforce, access to digital technology, and funding. But overall, they seem to be more content. For small business owners, rural or urban, the challenges are an accepted part of being an entrepreneur. And even with these challenges, their entrepreneurial spirit is exemplified by the more than 30+ million small businesses in the U.S. When it comes to quality of life and cost of living, 80% of rural small business owners believe they are better off than business owners in urban or suburban areas.

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DDEC to Disburse About $1 Million for Small Business Recovery

theweeklyjournal | August 12, 2019

Today begins the disbursement of Capitalization Funds from the Labor Development Program of the Department of Economic Development and Commerce (DDEC by its Spanish acronym), to meet the needs of small businesses, whose companies were affected by the passages of hurricanes Irma and María in 2017, announced DDEC Secretary Manuel A. Laboy Rivera. “Some 206 small businesses will receive money to meet various business needs. For this reason, the DDEC Labor Development Program has approximately $926,500 committed, out of a total of $2.5 million allocated to boost the recovery of these businesses,” said Laboy, who added that these funds were allocated by the National Dislocated Workers Grant of the U.S. Department of Labor.

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Small business confidence drops to a low as U.S.China trade war rattles Main Street

cnbc | August 12, 2019

Small business confidence has dropped to a level not seen since 2017, matching the all-time low since CNBC and SurveyMonkey began taking the pulse of Main Street in a quarterly survey three years ago. Business confidence is now lower than it was amid the major stock market sell-off of late 2018 and equals the way entrepreneurs felt in late 2017, when the tax cuts package and its provisions for small business owners were in doubt. Small business owners are undoubtedly better off now than they were the last time the confidence index was this low. Over half of business owners in the CNBC SurveyMonkey Small Business Survey for the third quarter of 2019 say that business conditions are good. That number was 13 percentage points lower (55% vs. 44%) at the time of the 2017 low. Fifty-eight percent say they expect revenue to increase in the next 12 months, and Trump’s net approval rating is holding strong, at 57%.

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smallbiztrends | August 11, 2019

Ask any entrepreneur why they went into business, and improving their quality of life will almost always rank in the top three answers. And more often than not, the location of the business and where they live will also play an important role. According to research from SCORE, rural entrepreneurs are reporting a better quality of life compared to their urban counterparts. This is despite the fact they face more challenges when it comes to the workforce, access to digital technology, and funding. But overall, they seem to be more content. For small business owners, rural or urban, the challenges are an accepted part of being an entrepreneur. And even with these challenges, their entrepreneurial spirit is exemplified by the more than 30+ million small businesses in the U.S. When it comes to quality of life and cost of living, 80% of rural small business owners believe they are better off than business owners in urban or suburban areas.

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