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Fun Team Building Activities to Strengthen Communication at Workplace

Fun Team Building

“As a leader, it’s your job to get everyone to share what they know.”

– Jane Ripley, Author

When you notice some droopy shoulders around your office, you know it’s time to think of some team-building activities. It becomes quite difficult for small business owners to function when the team is not communicating well. A competent and supportive team may significantly help your business grow.

Digital technology has highlighted collaboration as a result of the way today's workforce communicates across geographical borders. As a result, businesses of all sizes are taking the help of team-building activities to fortify their relationships, whether they are distributed across many locations or contained within a single office.

Worldwide, 2500% more organizations are investing in virtual team building in response to COVID-19. (Team Building)

Additionally, team building ideas for work help alleviate arguments, low productivity, lack of communication skills, reduce isolation between co-workers and combine their most vital skills for better performance. Moreover, team building for small businesses is necessary to ensure that the company is running smoothly.

Why Should You Do Team building Activities for Work?

According to a Gallup survey, the sense of isolation can result in a 21% decrease in employee productivity. (Totem Team)

One of the most significant advantages of team building activities is what makes your team more connected, productive, and boost morale in your workplace. When your team members work towards common objectives, they are more cohesive. In addition, it can break down barriers among employees and create an environment that is nice to work in.

People of different backgrounds, ambitions, needs, and personalities make up teams to bond and build trust.

According to a 2020 post by Training Industry, individuals who work in cohesive teams have a stronger sense of self-worth and a higher sense of team spirit.

Having a close-knit workforce has several advantages for your business. Such as:
  • Identifies leaders within the workforce
  • Improved communication skills
  • Improves productivity

In addition to traditional outdoor team-building activities, numerous organizations provide innovative indoor activities aimed to enhance collaboration while learning important skills. Here are the best US team-building firms.
  • Adventure associates
  • Chelsea piers
  • Mastermind escape games
  • Atlanta challenge
  • Best corporate events

Fun Team building Activities

Here is a list of joyful workplace games that will help you improve your communication skills and bond with the team. You can use them to jumpstart a new group or to assist an existing team in resolving difficulties that may be impeding progress.

Truth and Lie

This is a popular game at home parties, but it works wonders for integrating staff who are unfamiliar with one another. You can arrange the group in a circle and assign each person on the floor to introduce them. Once everyone has completed their introduction, they recite their facts and falsehoods aloud in random order. The remaining participants must decide which of the four claims is a fabricated one and why. However, these must be credible fabrications, and the setting must be professional.

Answer Trivia Questions

Answering office trivia questions is a quick team-building activity to break the ice and get people involved. To play, all you need are a few trivia questions and to divide employees into teams. Remote workers can also participate in the workplace trivia game. It is the most effective method of bringing large teams together and testing their brains in areas that are not directly related to their daily jobs. However, if you are inventive in your approach to the game, your employees will have a blast.

Virtual Escape Rooms

Post pandemic, physical escape rooms have become impossible, and virtual escape rooms have become widely popular. It is conducted via Zoom and other platforms. There are a variety of methods for fostering teamwork and communication among remote employees. A virtual escape room enables business teams to work more collaboratively. People have realized that the ability to execute various activities remotely can bring real benefits, even after the social distancing rules become less stringent.

The best online escape rooms widely used for team building ideas at work are Black Noir, The Escape Game, Treasure Hunter, Hogwarts Digital Escape Room, and many more.

Scavenger Hunt

Scavenger hunt ideas are great company team-building activities. The scavenger hunt can be conducted indoors or outdoors. Divided into four to five teams, hide the things within or outside the workplace, provide a series of clues or riddles, and assign groups a time restriction to complete the hunt. After some enjoyable tasks, a scavenger hunt will leave your team members feeling good and energized.

Host a Dinner Party

Hosting a dinner party is one of the most fruitful small business team building ideas. It is an efficient method that allows employees to unwind and socialize. Therefore, taking team members out for lunch or dinner can make them feel warm and welcome, which will eventually prove beneficial for your small business.

Until you take your staff out for a team lunch, you will never know their true awesomeness. Company lunches and dinners are an excellent way to recognize employees for their efforts. When a team performs well, treating them to a complimentary lunch shows your appreciation and increases employee engagement.

Implementing Team Building in Your Company - Brings Fun to The Workplace!

Typically, as a small business owner, you and your employees are more focused on your daily obligations. Their days are planned according to their objectives and activities. However, a few team building activities occasionally allow employees to unplug from their daily stress and bond better. . A strong and supportive staff is critical to the success of a small business.

As we move into a future where many companies embrace hybrid working, team-building activities will be essential to bring the employees together and bridge gaps. You need to make sure your teams stay connected no matter where they are located. Team building for small businesses can help you build a positive company culture and the behaviors that make businesses thrive. Furthermore, team building ideas for work have additional benefits like connecting remote teams, increasing motivation, encouraging creativity, and positive reinforcement.

According to workplace collaboration statistics, virtually all employees agree virtual team-building games and activities have improved peer connections. 98% of employees agreed. (Totem Team)

Conclusion

Thus, here you are with a plethora of ideas for team-building for small businesses that will reintroduce fun to the workplace. You can use the team building activities to elicit the best performance from your team by establishing a solid foundation of trust and enhancing communication for increased team productivity.

Introduce some of the team-building activities described above to help strengthen bonds and create a safe environment for effective team communication.

FAQ:


What are the benefits of team building activities?

The following are some of the benefits that team building exercises can provide:
  • Increase motivation
  • Increased collaboration
  • Improve productivity

What is a team building activity?

Team building is a bonding activity between members of a group to accomplish group goals more efficiently. Team building activities can be as informal and casual as a shared lunch or as planned and formal as a workshop led by a facilitator.

How can you make employees have fun at work?

Below are a few ways you can make employees have fun at work:
  • Encourage public recognition
  • Conduct team building activities
  • Office “Shark Tank”

Spotlight

Teachers Pay Teachers

TpT was founded by Paul Edelman, a New York City public school teacher who saw incredible, untapped potential in the work that teachers create for every lesson, every day. When he arrived at his Brooklyn middle school classroom after graduate school, he quickly realized that his students did the best when he incorporated ideas from other educators. At the time, he only had access to the teachers in his school. He created Teachers Pay Teachers to provide a solution. Now, TpT has become an enormous and global staff room: a place where any educator can find essential resources, collaboration, and inspiration.

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Marketing and Networking

Small Business Grants: Get Free Funding

Article | December 8, 2021

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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Marketing and Networking

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | May 20, 2022

Introduction With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable. In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data. The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry. Small Business Accounting Software: Emerging Financial Needs in the Industry Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others. None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth. Automate Invoicing and Billing Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses. Expense Tracking A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent. Efficient Inventory Management Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t. Bank Reconciliation Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period. The Final Thought Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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Marketing and Networking

How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | December 16, 2021

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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Marketing and Networking

Imperative Tips for Content Marketing for Small Businesses

Article | December 8, 2021

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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Marketing and Networking

Virtual Promotion – A New Way of Marketing for SMBs

Article | May 20, 2022

Introduction With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable. In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data. The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry. Small Business Accounting Software: Emerging Financial Needs in the Industry Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others. None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth. Automate Invoicing and Billing Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses. Expense Tracking A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent. Efficient Inventory Management Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t. Bank Reconciliation Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period. The Final Thought Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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Marketing and Networking

Most Prominent Digital Marketing Tools for Small Businesses

Article | December 16, 2021

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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Spotlight

Teachers Pay Teachers

TpT was founded by Paul Edelman, a New York City public school teacher who saw incredible, untapped potential in the work that teachers create for every lesson, every day. When he arrived at his Brooklyn middle school classroom after graduate school, he quickly realized that his students did the best when he incorporated ideas from other educators. At the time, he only had access to the teachers in his school. He created Teachers Pay Teachers to provide a solution. Now, TpT has become an enormous and global staff room: a place where any educator can find essential resources, collaboration, and inspiration.

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BUSINESS STRATEGY

Synchrony Launches New Learning Center to Support Small Businesses

Synchrony | November 08, 2023

Synchrony introduces the Small Business Learning Center, aiding small businesses with credit and financing knowledge. The Learning Center offers flexible courses, expert content, and user-friendly features for effective learning. Synchrony is committed to helping small businesses and has already benefited hundreds of thousands of businesses. Synchrony, a prominent consumer financing company, has recently introduced the Synchrony Small Business Learning Center—a new digital learning platform designed to empower Synchrony's small business partners in optimizing their operations and fostering more efficient and effective growth. This platform will assist Synchrony's small merchants, dealers, and wellness providers in comprehending the intricacies of credit and financing, integrating these concepts into their business models, harnessing their potential to elevate customer experiences, and ultimately driving increased sales. The Small Business Learning Center features an array of offerings: A diverse range of industry-specific courses encompassing videos, games, interactive experiences, and various contemporary learning modalities, facilitating small business owners and their teams to acquire knowledge at their preferred pace and in their preferred style. Topics encompassing sales techniques, compliance, employee motivation, cash flow management, vendor management, and customer service. The content is thoughtfully crafted by Synchrony's learning experts, drawing upon the insights of Synchrony's professionals and leaders. The platform consistently introduces fresh content, courses, and tools to keep the learning experience engaging and captivating. Synchrony regularly collaborates with leading learning technology companies to ensure that Synchrony's small businesses have access to the latest learning resources. The user-friendly dashboard highlights essential content and provides curated content recommendations. A new countdown clock feature has been integrated, designed specifically for merchants and dealers, to serve as a visual reminder of impending deadlines for priority or mandatory courses. Simple links to a comprehensive content library, enabling learners to explore all available courses and select their preferred topics and pace for completion. Furthermore, small merchants and dealers can conveniently access the Learning Center through Business Center, Synchrony's robust online business platform. By consolidating all Synchrony partner financing activities, from application processing to sales transactions, into a single location, this enhancement streamlines operations and saves merchants valuable time. Synchrony's health and wellness partners will continue to access the Learning Center via the Provider Center. Synchrony's Learning Center represents an expansion of the company's extensive portfolio of innovative, turnkey business tools, which have already empowered hundreds of thousands of small businesses in managing, marketing, and expanding their operations, including: Synchrony Business Solutions Synchrony's Pillars Project Synchrony Connect Business Schooled Roadmap to Diversity Toolkit Financing programs Digital tools Advertising Center Across the United States, small businesses are already experiencing the benefits of Synchrony's offerings. For instance, Day's Jewelers, an employee-owned company with locations in Maine and New Hampshire, has successfully leveraged the Learning Center. Synchrony has been a trusted provider of financing options to retailers for over 90 years. With a network of more than 460,000 merchant and provider locations and 70 million active accounts, Synchrony's innovative shopping and payment solutions enable businesses to boost sales, foster customer loyalty and offer secure, convenient, and personalized shopping experiences.

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FINANCE, BUSINESS STRATEGY

Small Retailers Boost Profits with Sustainable Return Strategies

Software Advice | November 07, 2023

Small and midsize retail businesses (SMBs) are grappling with a challenging confluence of factors: a rise in product returns and escalating consumer demands for eco-friendly practices. Establishing a sustainable returns process has become paramount for recouping expenses and retaining customers. According to Software Advice's 2023 Retail Returns and Sustainability Strategies Survey, a remarkable 93% of SMB retailers place sustainability at the forefront of their approach to managing customer returns, with 58% identifying inventory cost optimization as a tangible advantage of their existing returns procedures. To enhance their returns strategies, SMBs have adopted a diverse set of tactics, including logistics and packaging: A noteworthy 59% of SMB retailers are now utilizing environmentally friendly logistics, up from 43% in the previous year. The percentage of SMB retailers collaborating with third-party specialists to handle product returns has surged to 49%, a substantial increase from the 31% reported in 2022. Right-sized packaging is embraced by 63% of these businesses, and 55% opt for recyclable or reusable shipping containers. Smaller retailers are increasingly acknowledging the potential of returned products, if properly assessed, can be resold or recycled, thus reducing waste and recuperating some of the lost sales. In fact, recycling is deemed a top action in managing returned items by 51% of retail SMBs, followed closely by repackaging and refurbishing. Thanks to these measures, 35% state that they can recover over half of the cost of a returned product. In addition to cost recovery, an efficient and eco-conscious returns process can boost a retailer's market standing. This year, 41% of retail SMBs report that their current returns process has heightened their competitiveness in the marketplace. An impressive 64% note a substantial increase in customer satisfaction stemming from their current returns process, a significant uptick from the 35% reported in 2022. However, while sustainability endeavors are closely linked to customer satisfaction, 63% of SMB retailers concede that their company's actions do not align with their public messaging—a notable increase from the 46% recorded in 2022. To avert the disparity between actual efforts and messaging, it is crucial to effectively monitor the reverse logistics process. Leveraging technology such as point-of-sale systems, inventory management software, and business intelligence tools can furnish the transparency necessary to ensure alignment. About Software Advice Software Advice, established in 2005, simplifies the software procurement process by providing personalized guidance and industry-specific insights to help buyers identify the most suitable software solutions in as little as 15 minutes, all at no cost. The company has assisted over 950,000 businesses in finding the right software to meet their unique needs. With a repository of over 2 million verified user reviews, Software Advice empowers individuals to make confident technology decisions.

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BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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BUSINESS STRATEGY

Synchrony Launches New Learning Center to Support Small Businesses

Synchrony | November 08, 2023

Synchrony introduces the Small Business Learning Center, aiding small businesses with credit and financing knowledge. The Learning Center offers flexible courses, expert content, and user-friendly features for effective learning. Synchrony is committed to helping small businesses and has already benefited hundreds of thousands of businesses. Synchrony, a prominent consumer financing company, has recently introduced the Synchrony Small Business Learning Center—a new digital learning platform designed to empower Synchrony's small business partners in optimizing their operations and fostering more efficient and effective growth. This platform will assist Synchrony's small merchants, dealers, and wellness providers in comprehending the intricacies of credit and financing, integrating these concepts into their business models, harnessing their potential to elevate customer experiences, and ultimately driving increased sales. The Small Business Learning Center features an array of offerings: A diverse range of industry-specific courses encompassing videos, games, interactive experiences, and various contemporary learning modalities, facilitating small business owners and their teams to acquire knowledge at their preferred pace and in their preferred style. Topics encompassing sales techniques, compliance, employee motivation, cash flow management, vendor management, and customer service. The content is thoughtfully crafted by Synchrony's learning experts, drawing upon the insights of Synchrony's professionals and leaders. The platform consistently introduces fresh content, courses, and tools to keep the learning experience engaging and captivating. Synchrony regularly collaborates with leading learning technology companies to ensure that Synchrony's small businesses have access to the latest learning resources. The user-friendly dashboard highlights essential content and provides curated content recommendations. A new countdown clock feature has been integrated, designed specifically for merchants and dealers, to serve as a visual reminder of impending deadlines for priority or mandatory courses. Simple links to a comprehensive content library, enabling learners to explore all available courses and select their preferred topics and pace for completion. Furthermore, small merchants and dealers can conveniently access the Learning Center through Business Center, Synchrony's robust online business platform. By consolidating all Synchrony partner financing activities, from application processing to sales transactions, into a single location, this enhancement streamlines operations and saves merchants valuable time. Synchrony's health and wellness partners will continue to access the Learning Center via the Provider Center. Synchrony's Learning Center represents an expansion of the company's extensive portfolio of innovative, turnkey business tools, which have already empowered hundreds of thousands of small businesses in managing, marketing, and expanding their operations, including: Synchrony Business Solutions Synchrony's Pillars Project Synchrony Connect Business Schooled Roadmap to Diversity Toolkit Financing programs Digital tools Advertising Center Across the United States, small businesses are already experiencing the benefits of Synchrony's offerings. For instance, Day's Jewelers, an employee-owned company with locations in Maine and New Hampshire, has successfully leveraged the Learning Center. Synchrony has been a trusted provider of financing options to retailers for over 90 years. With a network of more than 460,000 merchant and provider locations and 70 million active accounts, Synchrony's innovative shopping and payment solutions enable businesses to boost sales, foster customer loyalty and offer secure, convenient, and personalized shopping experiences.

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FINANCE, BUSINESS STRATEGY

Small Retailers Boost Profits with Sustainable Return Strategies

Software Advice | November 07, 2023

Small and midsize retail businesses (SMBs) are grappling with a challenging confluence of factors: a rise in product returns and escalating consumer demands for eco-friendly practices. Establishing a sustainable returns process has become paramount for recouping expenses and retaining customers. According to Software Advice's 2023 Retail Returns and Sustainability Strategies Survey, a remarkable 93% of SMB retailers place sustainability at the forefront of their approach to managing customer returns, with 58% identifying inventory cost optimization as a tangible advantage of their existing returns procedures. To enhance their returns strategies, SMBs have adopted a diverse set of tactics, including logistics and packaging: A noteworthy 59% of SMB retailers are now utilizing environmentally friendly logistics, up from 43% in the previous year. The percentage of SMB retailers collaborating with third-party specialists to handle product returns has surged to 49%, a substantial increase from the 31% reported in 2022. Right-sized packaging is embraced by 63% of these businesses, and 55% opt for recyclable or reusable shipping containers. Smaller retailers are increasingly acknowledging the potential of returned products, if properly assessed, can be resold or recycled, thus reducing waste and recuperating some of the lost sales. In fact, recycling is deemed a top action in managing returned items by 51% of retail SMBs, followed closely by repackaging and refurbishing. Thanks to these measures, 35% state that they can recover over half of the cost of a returned product. In addition to cost recovery, an efficient and eco-conscious returns process can boost a retailer's market standing. This year, 41% of retail SMBs report that their current returns process has heightened their competitiveness in the marketplace. An impressive 64% note a substantial increase in customer satisfaction stemming from their current returns process, a significant uptick from the 35% reported in 2022. However, while sustainability endeavors are closely linked to customer satisfaction, 63% of SMB retailers concede that their company's actions do not align with their public messaging—a notable increase from the 46% recorded in 2022. To avert the disparity between actual efforts and messaging, it is crucial to effectively monitor the reverse logistics process. Leveraging technology such as point-of-sale systems, inventory management software, and business intelligence tools can furnish the transparency necessary to ensure alignment. About Software Advice Software Advice, established in 2005, simplifies the software procurement process by providing personalized guidance and industry-specific insights to help buyers identify the most suitable software solutions in as little as 15 minutes, all at no cost. The company has assisted over 950,000 businesses in finding the right software to meet their unique needs. With a repository of over 2 million verified user reviews, Software Advice empowers individuals to make confident technology decisions.

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BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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