How Can You Improve a Small Business Website Effectively?

Sneha Hull | December 15, 2021 | 10 views

Improving a Small Business Website
Having a small business website is a vital component in today's competitive business world. Likewise, a small company website is equally critical to surviving in the competitive business climate. However, simply having a company website is insufficient. You must ensure that your website is successful for potential clients to contact you.

Around 71% of small businesses have a website (Fit Small Business).

Small companies are sometimes ignorant of the advantages of having a website. So let us take a look at the benefits of having a company website.
  • A larger audience reach
  • Low-cost website building
  • A simple online promotion
  • Gaining insight into customers through user behavior tracking
  • Increasing brand presence and recognition

Several website builders  for small companies  create websites with greater customization. For example, Wix, Squarespace, GoDaddy, Zyro, and Weebly are popular among others.

"If your business is not on the internet, then your business will be out of business."

- Bill Gates, Founder of Microsoft

38% of people will stop interacting with a poorly designed site (Fit Small Business).

By following these simple guidelines, you may differentiate your website from the rest of the leading websites and develop an ideal promotional small business website.

Tips For Building Effective Small Business Website


Select Your Domain Name Carefully


Small companies usually struggle  to decide on a domain name for their websites. However, your domain name is the internet address for your website,  so you should give it proper attention. So, to create a unique domain name for your website, follow these tips.
  • Keep your domain name unique, memorable, and short
  • Choose one or more keywords that represent your site
  • Keep  an  accessible domain name

Register Your Domain


Purchasing a domain name is an excellent way to strengthen your online brand and is critical for small businesses. First, create a small business website and register your domain name to ensure that potential clients can easily locate you.

Having a domain name is critical for a company for the following reasons:
  • Enhances your business's professional credibility
  • Establishes your firm as technologically knowledgeable and forward-thinking
  • Improves your search engine ranking
  • Expands your brand's marketability globally
  • Increases your brand's visibility

Establish An Internet Store


Create an online store for your business by developing an eCommerce website.  It can increase your earnings. Individuals may make purchases regardless of their location or time of day. The online retailer expands its consumer base by reaching out to people  worldwide. Each click on an online store provides significant insight into the purchase process and paves the way for marketing opportunities.

According to Statista, over 263 million American customers purchase online every year—roughly 80% of the population—and this number is expected to grow to 291.2 million by 2025.

Make Your Navigation Manageable


Maintain a streamlined and straightforward site navigation to prevent your visitors from losing interest in the page. When potential consumers visit your small business website, you want them to remain for an extended period and be able to locate what they're searching for.. Therefore, your navigation should be straightforward.

Often, this is an overlooked part of your website's UI design. But having an orderly and easy-to-follow navigation system is highly advantageous to the entire user experience.

Include a Call to Action


A call to action button on your business website is critical. It serves as a springboard  that converts visitors to leads and then to conversions. An influential call to action on the landing page or every page of your website can prove to be one of the best marketing tips for small businesses. The call to action encourages visitors to take many actions. Which includes clicking on a link, downloading information or a whitepaper, contacting  live chat for further  details on the desired product or service, or booking a free demo.

Ensure your call to action is easy, inviting, and catchy.

Include Social Sharing Button and Social Proof


Any business's reputation and trustworthiness are highly dependent on the contributions of its existing clients. Therefore, it benefits your business since visitors to your website will place a higher premium on the ratings and testimonials of your best customers. This may be accomplished by including textual or video testimonials from your consumers and their presentations on your page. Additionally, you can highlight industry accolades and certifications relevant to your specialization.

Additionally, you may include a social sharing button at the bottom of each web page. This enables visitors to spread the word about the page via their social media platforms. Consequently, your content is liable to go viral on various social media platforms.

Here is one such success story of KeyNest, how an improved and effective website enhances its performance.

KeyNest


KeyNest is a startup business that specializes in vacation rental property management. Squarespace served as the Content Management System (CMS) that aided them in developing a stunning website. The design was simple, allowing readers to concentrate on the site's content and simplify navigation. In addition, the KeyNest website has a live chat feature that links users with the startup's customer support team. This tool aids in resolving any potential concerns.

Above is an excellent example of how an improved website, with the help of some popular website builders, enhances the website performance. This has led to more visibility and growth of that organization.

Conclusion


Improving your business website is an ongoing process around the whole business journey. However, the above tips can help you make your average small business website into the best small business website. It is a cumbersome process, but a well-designed website is the talk of the town for potential customers. Remember that your small business web design is critical to retaining visitors.

FAQ:


What makes a good website?

A good website is one that is well organized, visibly pleasing, easy to navigate, uncluttered, and professional. Visitors should find the content relevant to their search. A good business website should also be technically stable and secure.

How can small businesses improve their website?

There are seven easy steps to improve a small business website. They are:
  • Select your domain name carefully
  • Register your domain
  • Establish an internet store
  • Make your navigation manageable
  • Incorporate a call to action
  • Include social sharing button and social proof
  • Insert keyword-rich headings

What do I need to build a website?

Website building goes through a process.  To name a few:
  • Select a website builder or application, or platform
  • Register a domain
  • Select a domain
  • Register a domain email address
  • Create and edit your website using a design template
  • Purchase website hosting with superior technical assistance

Spotlight

Orion Digital Marketing

We're building a quality service to track every aspect of your business's on and offline customer journey. Integrate data from your web analytics and CRM tools and extract more insightful data out of the tools your company is already utilizing. Give your marketing team a better understanding of the individuals inbound marketing tactics are attracting and use that same information to help Sales target them more effectively.

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SMALL BUSINESS ADVICE

Time to Reinvent the Small Business Insurance

Article | January 17, 2022

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

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SMALL BUSINESS ADVICE

Fintech Lending Trends Transforming the Small Businesses

Article | December 17, 2021

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

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SMALL BUSINESS ADVICE

Time to Embrace Networking Platforms and Build B2B Client Base

Article | January 10, 2022

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

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INDUSTRY OUTLOOK

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

Article | April 12, 2022

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

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Spotlight

Orion Digital Marketing

We're building a quality service to track every aspect of your business's on and offline customer journey. Integrate data from your web analytics and CRM tools and extract more insightful data out of the tools your company is already utilizing. Give your marketing team a better understanding of the individuals inbound marketing tactics are attracting and use that same information to help Sales target them more effectively.

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SMALL BUSINESS ADVICE

Santander Consumer USA Brings Cultivate Small Business Program to Dallas

Satander Consumer USA | June 03, 2022

Santander Consumer USA Holdings Inc. ("Santander Consumer" and "SC") recently announced that Dallas has been chosen as the site for the debut of Cultivate Small Business, a Santander U.S. hallmark initiative that helps food-service entrepreneurs in low-and-moderate-income neighborhoods. Impact Ventures, a nonprofit start-up accelerator based in Dallas, will be a corporate partner in the program with Santander Consumer. Impact Ventures will lead a grassroots effort to identify qualified small businesses to participate in the program and local food-industry experts to serve as mentors to program participants. Impact Ventures will lead a grassroots effort to identify qualified small businesses to participate in the program and local food-industry experts to serve as mentors to program participants. Impact Ventures manages an integrated capital fund focused on empowering talented women and communities of color. Cultivate Small Business, which was founded by Santander Bank N.A. in 2017, provides early-stage food-focused entrepreneurs with the key ingredients they need to succeed in business, such as industry-specific business management skills, technical assistance, capital grants, and access to a local network of established industry experts. Cultivate Small Business' 12-week immersive learning experience combines MBA-level education with mentorship and capital grants to empower entrepreneurs who are committed to working on their business while working in it. According to the United States Census Bureau, minorities owned about 18.7% (1.1 million) of employer firms in 2019, while women owned roughly 20.9% (1.2 million) of all businesses. Many food-industry entrepreneurs have been badly impacted by the COVID-19 pandemic, with numerous companies and restaurants closing their doors since the outbreak began. Entrepreneurs in the food business might benefit from Santander's Cultivate Small Business initiative. The majority of the more than 180 past Cultivate Small Business alumni say the program helped their firms grow: 84% of participants believe that participating in the program will help them achieve their business goals. 92% of participants were satisfied or very satisfied with the program overall. 92% of participants feel that they will be able to translate the learnings derived from the program to their businesses. 88% of participants would recommend the program to another entrepreneur. All but one of the 32 enterprises in Santander's Cultivate Small Business 2020 cohort received expedited capital grant funding from Santander Bank as soon as the shutdown was imposed, and all but one of them finished the year fully operational and in business.

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SMALL BUSINESS ADVICE

Behavioural research by Xero uncovers barriers to small business technology adoption

Xero | November 16, 2021

Simple changes in habits and process could prove more effective than costly educational campaigns in helping small businesses take advantage of digital technology's benefits, according to behavioural science research conducted by Xero, the global small business platform. The One step study surveyed more than 4,200 small business owners in six countries (Australia, New Zealand, the UK, the United States, Canada, and Singapore). Carried out in partnership with behavioural science consultancy, Decision Design, the report found that small businesses which readily adopt new technology enjoy on average 120 percent higher revenue. They also reported 106 percent higher productivity than those which repeatedly fail to do so and were 27 percent more likely to wake up excited about their work. Yet despite technology adoption's substantial and well-documented benefits, and even after the pandemic drove firms to deploy digital solutions en masse, only one in five small businesses consider themselves as technology adopters – compared to nearly one in three who admit they continually delay investing in new technology. The research revealed that this 'adoption gap' stems from several behavioural barriers – mindsets and perceptions about technology and change – that frequently recurred amongst small businesses all over the world. Small business owners tended to believe that; their current solutions were good enough even if new technology might help them do better; they focus on risks and short-term losses when considering change; and they find themselves freezing up when forced to compare, understand, and choose between numerous technology options "Our research suggests that for small businesses, the greatest hurdles to harnessing technology's benefits aren't a lack of information or choice, but deeper anxiety and concern about how complex and costly the change process might be. Small businesses may know the benefits, but they're not adopting technology because the idea of doing so feels deeply uncomfortable and even threatening." Rachael Powell, Chief Customer Officer, Xero The study also found that sole traders – who made up eight in ten respondents – were more likely to struggle with these behavioural barriers to technology adoption than small businesses with larger teams. Compared to businesses with 20-49 people, sole traders were: 29 percent less likely to agree they needed to change their technology in order to grow; 39 percent more likely to feel confused when comparing technology options; and 27 percent less confident in taking a 'leap of faith' with new technology due to feelings of uncertainty. "Sole traders make up the majority of small businesses but also feel pressures and challenges more keenly than firms with more people to share the load," said Powell. "What we've found is that giving sole traders too many options, or failing to communicate in a way that's directly relevant to them, can hinder rather than help them in adopting new technology. The resulting inertia comes at significant cost to their growth and, given their economic significance, to our society as a whole," Powell added. Based on its results, One step offers several recommendations for how policymakers, advisors, and technology vendors can help small businesses by presenting technology adoption in a more straightforward, less daunting way. These include: Encouraging smaller incremental changes to technology, rather than high-cost, high-risk investments; Celebrating small businesses who've benefited from technology adoption as examples that normalise digital change; Quantifying the true gap between current operations and those enhanced by technology; while also Measuring technology's benefits in a way that's more relatable to small businesses' experiences; and Narrowing and simplifying technology choices to minimise decision paralysis. The report also includes simple handles that small businesses can grasp to help overcome their behavioural barriers including decision matrices, 'pre-mortem' evaluations, cost-benefit analyses, and setting aside time for peer learnings. Each activity helps to clarify the true risks and rewards of technology adoption, allowing small business leaders to overcome confusion and uncertainty to make more rational decisions about the different options they may face. "When we go beyond the surface-level reasons and understand what motivates our decisions, we can then make the right changes to our mindsets and habits for meaningful results," said Powell. "The research we've done suggests that we all – policymakers, vendors, and small business leaders – need to rethink how we approach technology adoption in the small business community. It's also a cause for hope that with a few small, simple adjustments to our practices, we can help our small businesses achieve the full potential that digital technology offers them." About Xero Xero is a cloud-based accounting software platform for small businesses with over 3 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.

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SMALL BUSINESS ADVICE

Small Businesses Hit By Supply Chain Woes Spending More To Overcome Issues

Cargo | October 12, 2021

In the midst of having to navigate waves of COVID-19 and lockdowns, 87% of small to medium-sized businesses (SMBs) have maintained, or spent more, on transportation, logistics, and expediting to overcome shortages -- this according to the "Logistics: Heads Up" study from Cargo, and their research partner Phase 5. The survey of 1,154 small business owners across North America highlighted the fact that COVID is still causing supply chain instability for SMBs. The study also showed that as they seek to find different avenues to secure supply, only 44% of SMBs are getting their shipping and logistic services from a single vendor. This was surprising insofar as past "Heads Up" studies indicated SMBs are very likely to "sole source" services and assets such as financial services and commercial vehicles.Other findings of the logistics study indicate that 30% of SMBs are open to new logistics partners, 62% are confident they have all the information they need to make the right decisions about their logistics and shipping, and 63% of owners seek advice from employees outside of their purchasing staff. Toby Stansell, CEO of Cargo, offers the following tips to help SMBs strengthen their supply chain: Dual/tri-source all critical raw materials, components, and sub-assemblies. Balance purchase order placements and order volumes between two or more competing suppliers. Develop a geo-diverse sourcing model and supply network. Increase your purchasing clout and buying power by joining a Group Purchasing Organization. Prioritize predictable and reliable availability over marginal cost differences. Reengineer products and processes to utilize more readily available components, technology, or labor resources and skillsets. Invest in a simple, cloud-based sales forecasting, demand planning, and inventory replenishment software that can easily interface with your primary suppliers' systems. About Cargo With offices in Greenville, SC and Toronto, Canada, the 65-employee Cargo has been delivering advertising and marketing solutions and services to clients since its founding in 2006. The agency specializes in connecting big brands with small to medium-sized business customers, and services some of the world's largest and best-known companies. Cargo was named one of the nation's fastest-growing private companies by Inc. Magazine in 2020.

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SMALL BUSINESS ADVICE

Santander Consumer USA Brings Cultivate Small Business Program to Dallas

Satander Consumer USA | June 03, 2022

Santander Consumer USA Holdings Inc. ("Santander Consumer" and "SC") recently announced that Dallas has been chosen as the site for the debut of Cultivate Small Business, a Santander U.S. hallmark initiative that helps food-service entrepreneurs in low-and-moderate-income neighborhoods. Impact Ventures, a nonprofit start-up accelerator based in Dallas, will be a corporate partner in the program with Santander Consumer. Impact Ventures will lead a grassroots effort to identify qualified small businesses to participate in the program and local food-industry experts to serve as mentors to program participants. Impact Ventures will lead a grassroots effort to identify qualified small businesses to participate in the program and local food-industry experts to serve as mentors to program participants. Impact Ventures manages an integrated capital fund focused on empowering talented women and communities of color. Cultivate Small Business, which was founded by Santander Bank N.A. in 2017, provides early-stage food-focused entrepreneurs with the key ingredients they need to succeed in business, such as industry-specific business management skills, technical assistance, capital grants, and access to a local network of established industry experts. Cultivate Small Business' 12-week immersive learning experience combines MBA-level education with mentorship and capital grants to empower entrepreneurs who are committed to working on their business while working in it. According to the United States Census Bureau, minorities owned about 18.7% (1.1 million) of employer firms in 2019, while women owned roughly 20.9% (1.2 million) of all businesses. Many food-industry entrepreneurs have been badly impacted by the COVID-19 pandemic, with numerous companies and restaurants closing their doors since the outbreak began. Entrepreneurs in the food business might benefit from Santander's Cultivate Small Business initiative. The majority of the more than 180 past Cultivate Small Business alumni say the program helped their firms grow: 84% of participants believe that participating in the program will help them achieve their business goals. 92% of participants were satisfied or very satisfied with the program overall. 92% of participants feel that they will be able to translate the learnings derived from the program to their businesses. 88% of participants would recommend the program to another entrepreneur. All but one of the 32 enterprises in Santander's Cultivate Small Business 2020 cohort received expedited capital grant funding from Santander Bank as soon as the shutdown was imposed, and all but one of them finished the year fully operational and in business.

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SMALL BUSINESS ADVICE

Behavioural research by Xero uncovers barriers to small business technology adoption

Xero | November 16, 2021

Simple changes in habits and process could prove more effective than costly educational campaigns in helping small businesses take advantage of digital technology's benefits, according to behavioural science research conducted by Xero, the global small business platform. The One step study surveyed more than 4,200 small business owners in six countries (Australia, New Zealand, the UK, the United States, Canada, and Singapore). Carried out in partnership with behavioural science consultancy, Decision Design, the report found that small businesses which readily adopt new technology enjoy on average 120 percent higher revenue. They also reported 106 percent higher productivity than those which repeatedly fail to do so and were 27 percent more likely to wake up excited about their work. Yet despite technology adoption's substantial and well-documented benefits, and even after the pandemic drove firms to deploy digital solutions en masse, only one in five small businesses consider themselves as technology adopters – compared to nearly one in three who admit they continually delay investing in new technology. The research revealed that this 'adoption gap' stems from several behavioural barriers – mindsets and perceptions about technology and change – that frequently recurred amongst small businesses all over the world. Small business owners tended to believe that; their current solutions were good enough even if new technology might help them do better; they focus on risks and short-term losses when considering change; and they find themselves freezing up when forced to compare, understand, and choose between numerous technology options "Our research suggests that for small businesses, the greatest hurdles to harnessing technology's benefits aren't a lack of information or choice, but deeper anxiety and concern about how complex and costly the change process might be. Small businesses may know the benefits, but they're not adopting technology because the idea of doing so feels deeply uncomfortable and even threatening." Rachael Powell, Chief Customer Officer, Xero The study also found that sole traders – who made up eight in ten respondents – were more likely to struggle with these behavioural barriers to technology adoption than small businesses with larger teams. Compared to businesses with 20-49 people, sole traders were: 29 percent less likely to agree they needed to change their technology in order to grow; 39 percent more likely to feel confused when comparing technology options; and 27 percent less confident in taking a 'leap of faith' with new technology due to feelings of uncertainty. "Sole traders make up the majority of small businesses but also feel pressures and challenges more keenly than firms with more people to share the load," said Powell. "What we've found is that giving sole traders too many options, or failing to communicate in a way that's directly relevant to them, can hinder rather than help them in adopting new technology. The resulting inertia comes at significant cost to their growth and, given their economic significance, to our society as a whole," Powell added. Based on its results, One step offers several recommendations for how policymakers, advisors, and technology vendors can help small businesses by presenting technology adoption in a more straightforward, less daunting way. These include: Encouraging smaller incremental changes to technology, rather than high-cost, high-risk investments; Celebrating small businesses who've benefited from technology adoption as examples that normalise digital change; Quantifying the true gap between current operations and those enhanced by technology; while also Measuring technology's benefits in a way that's more relatable to small businesses' experiences; and Narrowing and simplifying technology choices to minimise decision paralysis. The report also includes simple handles that small businesses can grasp to help overcome their behavioural barriers including decision matrices, 'pre-mortem' evaluations, cost-benefit analyses, and setting aside time for peer learnings. Each activity helps to clarify the true risks and rewards of technology adoption, allowing small business leaders to overcome confusion and uncertainty to make more rational decisions about the different options they may face. "When we go beyond the surface-level reasons and understand what motivates our decisions, we can then make the right changes to our mindsets and habits for meaningful results," said Powell. "The research we've done suggests that we all – policymakers, vendors, and small business leaders – need to rethink how we approach technology adoption in the small business community. It's also a cause for hope that with a few small, simple adjustments to our practices, we can help our small businesses achieve the full potential that digital technology offers them." About Xero Xero is a cloud-based accounting software platform for small businesses with over 3 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data any time, anywhere and on any device. Xero offers an ecosystem of over 1,000 third-party apps and 300 plus connections to banks and other financial partners. In 2020 and 2021, Xero was included in the Bloomberg Gender-Equality Index and in 2020, Xero was recognised by IDC MarketScape as a leader in its worldwide SaaS and cloud-enabled small business finance and accounting applications vendor assessment.

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SMALL BUSINESS ADVICE

Small Businesses Hit By Supply Chain Woes Spending More To Overcome Issues

Cargo | October 12, 2021

In the midst of having to navigate waves of COVID-19 and lockdowns, 87% of small to medium-sized businesses (SMBs) have maintained, or spent more, on transportation, logistics, and expediting to overcome shortages -- this according to the "Logistics: Heads Up" study from Cargo, and their research partner Phase 5. The survey of 1,154 small business owners across North America highlighted the fact that COVID is still causing supply chain instability for SMBs. The study also showed that as they seek to find different avenues to secure supply, only 44% of SMBs are getting their shipping and logistic services from a single vendor. This was surprising insofar as past "Heads Up" studies indicated SMBs are very likely to "sole source" services and assets such as financial services and commercial vehicles.Other findings of the logistics study indicate that 30% of SMBs are open to new logistics partners, 62% are confident they have all the information they need to make the right decisions about their logistics and shipping, and 63% of owners seek advice from employees outside of their purchasing staff. Toby Stansell, CEO of Cargo, offers the following tips to help SMBs strengthen their supply chain: Dual/tri-source all critical raw materials, components, and sub-assemblies. Balance purchase order placements and order volumes between two or more competing suppliers. Develop a geo-diverse sourcing model and supply network. Increase your purchasing clout and buying power by joining a Group Purchasing Organization. Prioritize predictable and reliable availability over marginal cost differences. Reengineer products and processes to utilize more readily available components, technology, or labor resources and skillsets. Invest in a simple, cloud-based sales forecasting, demand planning, and inventory replenishment software that can easily interface with your primary suppliers' systems. About Cargo With offices in Greenville, SC and Toronto, Canada, the 65-employee Cargo has been delivering advertising and marketing solutions and services to clients since its founding in 2006. The agency specializes in connecting big brands with small to medium-sized business customers, and services some of the world's largest and best-known companies. Cargo was named one of the nation's fastest-growing private companies by Inc. Magazine in 2020.

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