Small Business Adaptations Are Here to Last Longer – Post-Covid

Sneha Hull | November 26, 2021 | 7 views

Small Business Adaptations
Small businesses are a critical component of the US commercial sector, employing about half of the US workforce. However, pandemic has struck the world devastating small enterprises. Due to the pandemic's rapid indignation, many small companies were forced to close their doors.

"The small businesses continue to be big contributors to the US economy, while their contribution has grown at a slower rate than that of large businesses, small businesses continue to be at the forefront of driving innovation, jobs and economic growth." 

- Acting Chief Counsel for Advocacy Major L. Clark

The coronavirus altered the way businesses work and presented several challenges to small business owners. As a result, they had to shut down their businesses owing to the downturn. However, few stood firm and continued their business operation, adapting to a new norm of business culture.

The pandemic compelled businesses to embrace digital transformation and digital technologies; everything moved digital, from commerce to education, from medical consultation to work. Covid paved the path for new business trends and operating methodologies that were previously unavailable to small firms. Small enterprises must adapt to new modes of operation and build adaptable business models.

The pandemic is here to stay, and we should be prepared to live alongside it while maintaining a regular existence. Thus, a few adaptations are here to stay, and small businesses must be prepared to coexist with them.

Adaptations To Last Post-Covid


Embracing The Digital Transformation


Throughout COVID-19, numerous small company owners smoothly accepted and implemented digital transformation in their operations. They moved their whole operation online, from promotion to sales. They prioritized data security, offered their products through eCommerce platforms, accepted digital and encrypted payments, incorporated innovative technology into their operations and decision-making, and launched AI-based customer care tools.

The idea of turning digital was challenging for small businesses, but the coronavirus compelled them to accept and act intelligently. Embracing technology was critical to small businesses surviving and remaining anchored during the pandemic crisis. Adapted digital shifts enable small businesses to grow digitally and strengthen themselves while also expanding their reach. As a result, businesses that are digitally driven are sure to endure longer.

Kevin Johnson, CEO of Starbucks, added 1900 outlets and had a 7% unit increase in a single year. The business achieved the objective by utilizing Deep Brew, an artificial intelligence-based application. The AI analyzed statistics such as population, traffic, income levels, and the presence of rivals, among other things. The gathering of such data aided the business in forecasting sales, earnings, and other economic performance indicators.

Collaborative And Partnership


The collaboration proved to be a gift in disguise for small firms in the aftermath of the pandemic. Small companies gained access to a much larger audience through partnership, which was critical for survival during the crisis.

The pandemic taught small company owners the value of teamwork and partnership in ensuring the business's stability and survival. Collaboration with influential organizations expands the market and provides exposure to prospective clients. In addition, it contributes to brand reach while enhancing brand credibility.

Collaboration solves financial problems, helps you save money, enables network growth, higher profits.

Hybrid Business Models


Many organizations have transitioned from traditional or linear business models to hybrid business models due to disruptive Fintech players, technological advancements, and changing customer behavior. A hybrid business model combines classic and non-traditional product sales tactics. Additionally, the hybrid business model is referred to as "multichannel commerce," "bricks-and-clicks," or "clicks-and-mortar."

A hybrid company model represents a novel path to success. This model uses software, cloud, artificial intelligence and machine learning, hardware, and a combination of conventional and non-traditional services to operate the business. Extensive preparation and analysis are required to iron out the wrinkles of large-scale implementation of the hybrid business model.

A hybrid business model brings in several advantages such as:
  • Generates leads
  • Increases ROI
  • New sources of revenue
  • New means of communication and collaboration

It contributes to meeting customer requirements and propelling us forward into the digital future. The hybrid company model is optimal since it enables you to make the best of everything and produces the highest quality product.

eCommerce's New Trends


During the pandemic, the eCommerce business was highly active. Everyone went to the internet to provide their services; everything from food to personal necessities was available online. As a result, the already-crowded eCommerce industry expanded by up to 44%.

Several eCommerce trends garnered prominence during the pandemic, including omnichannel strategy, voice search, voice shopping, mobile commerce, green consumerism, drone delivery, leveraging augmented reality to build virtual changing rooms, and artificial intelligence. Additionally, these patterns will persist post-pandemic, owing to the popularity of eCommerce among both consumers and company owners.

eCommerce is one such slow progression that exploded in popularity after the financial crisis and is here to stay.

Frequently Asked Questions:


How has the pandemic affected small businesses?


The pandemic had a profound effect on business, and as a result, many small firms were forced to close their doors permanently. In addition, small company owners were forced to respond to the economic upheaval caused by COVID-19 by adopting new business practices.

How has technology helped small businesses grow?


Technology was critical in helping small businesses weather the recession. Small company entrepreneurs may now communicate with their clients using digital channels such as email, blogs, and social media. The emergence of the internet world and new technology has aided in the growth of several small enterprises.

Spotlight

Goodhood

Started in 2007 Goodhood is an award winning multi brand retailer selling over 200 brands across menswear, womenswear, lifestyle and cosmetics. Our aim is to cultivate our unique vision of effortless life style and redefine the idea of luxury living. Our curational buying ensures every product has a story and relevance to our ethos.

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SMALL BUSINESS TRENDS

Time to Reinvent the Small Business Insurance

Article | February 10, 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 TRENDS

Fintech Lending Trends Transforming the Small Businesses

Article | March 2, 2022

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

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SMALL BUSINESS TRENDS

Time to Embrace Networking Platforms and Build B2B Client Base

Article | June 15, 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

Goodhood

Started in 2007 Goodhood is an award winning multi brand retailer selling over 200 brands across menswear, womenswear, lifestyle and cosmetics. Our aim is to cultivate our unique vision of effortless life style and redefine the idea of luxury living. Our curational buying ensures every product has a story and relevance to our ethos.

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SMALL BUSINESS TRENDS

Intuit Announced Small Business Hero Day to Celebrate Heroic Efforts

Intuit QuickBooks | April 26, 2022

Intuit declares May as Small Business Success Month for the second consecutive year. The month will feature various activities, including a Town Hall with the United States Small Business Administration and the launch of a new celebration day on May 31: Small Business Hero Day. Alex Chriss, EVP and GM, Small Business & Self Employed Group at Intuit, said, “Every day, millions of small businesses across the U.S. serve their customers, strengthen their communities and play a critical role in powering our economy. Through Small Business Success Month, we are excited to celebrate the incredible impact small businesses have in our communities and continue to support them on their journey with the resources they need and the recognition they deserve.” Small Business Hero Day Contest Nominations for the Intuit QuickBooks and Mailchimp Small Business Hero Day Contest are now available through 11:59 p.m. PT on Friday, May 6. Any resident of the United States of America aged 18 or older may nominate a small business in the United States for a chance to receive $20,000 for heroic actions that benefit an individual or community. Small Business Success Month Activities Along with Small Business Hero Day, Intuit QuickBooks and Mailchimp will give additional tools to the small business community and celebrate the success of all small companies throughout May. Among the supporting programs are the following: Town Hall with the Small Business Administration Educational Ask the Expert Scrapbook of Success

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SMALL BUSINESS TRENDS

Sustainable Earth Launches the Small Business Sustainability Awards

Sustainable Earth | April 23, 2022

Sustainable Earth, a collaboration between Arizona State University (ASU) and Wells Fargo, has announced the launch of the Sustainable Earth Small Business Awards (SESBA) to celebrate the innovative solutions small businesses throughout the US are developing to support their communities and the planet. The program will award more than $50,000 in prize money, with individual award amounts up to $5,000, to 15 US small businesses making strides toward a more sustainable future. The award program, which is seeking nominations now through July 1, 2022, is open to any US-based small business and its employees who demonstrate innovation in sustainability. This can include, but is not limited to, the use of renewable energy, water conservation, waste reduction, creating closed-loop systems, increasing equity and accessibility, etc. Solutions may be in development or currently in practice. “The collective efforts and innovative solutions by small businesses and individuals within those organizations are making a profound impact on the future of our earth and communities. Our goal with the Sustainable Earth Small Business Awards is to celebrate those taking action in big and small ways and share their stories so that it may trigger ideas for other businesses and leaders.” Sustainable Earth Program Manager Katelyn Armbruster, M.Ed. Businesses with fewer than 500 employees are invited to share their sustainability stories via video or podcast. Nominations must include a description of the challenge, what solutions were tested and implemented, and what worked, what didn’t, and the outcomes. “Small businesses have long been the backbone of our economy and they have become integral to moving the needle on sustainability,” said Alicia Marseille, Interim Deputy Director, Rob and Melani Walton Sustainability Solutions Service. “This award program honors their hard work and dedication, and perhaps more importantly, will also serve as inspiration for other small businesses wanting to implement sustainability, but may not know where or how to start.” About Sustainable Earth Sustainable Earth, powered by ASU, is a sustainability-, knowledge- and idea-sharing website created to empower individuals, businesses and educators to contribute to a more sustainable tomorrow. The platform provides sustainability information, news and education presented in an approachable format, and includes sustainable-focused micro-courses, educational tools and learning activities, and new research coming out of ASU and other institutions. Sustainable Earth is a collaborative effort, funded by Wells Fargo and developed by Arizona State University (ASU). For more information, visit sustainable-earth.org. About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S.

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SMALL BUSINESS TRENDS

H&R Block Launches Free Online Small Business Course for Aspiring Entrepreneurs

HRB Tax Group, Inc. | October 14, 2021

H&R Block today announced the launch of a free, new online business course for aspiring entrepreneurs and small business owners, as part of Kauffman FastTrac®. Taught by Block Advisors small business tax professionals, up to 60 initial participants will learn information, tips, exercises, and tools to help think about their business idea before it is brought to life. The four free online entrepreneurship course offerings will run Nov. 1, 2021 through Jan. 3, 2022 and are available to anyone nationwide, with registration now open at the Block Advisors FastTrac course page. Each virtual course seats up to 15 small business owners, and registration will end on Friday, October 29. “Helping aspiring entrepreneurs with the information and resources they need to be successful is another step towards our vision of strengthening the spirit of entrepreneurship everywhere. The virtual offering helps to remove any financial or travel barriers so more people, regardless of their backgrounds or locations, can benefit from this curriculum.” Jamil Khan, H&R Block's chief strategy and small business officer Block Advisors FastTrac participants will learn how to evaluate their ideas, position their businesses around target customers, refine their companies based on personal and professional goals, and ultimately, launch their businesses. Visit the Block Advisors curriculum page for more information on the free online business course for entrepreneurs and the Kauffman FastTrac program. Holistic, Year-Round Support for Small Business Owners In addition to helping businesses owners through Block Advisors small business certified tax pros, H&R Block works to strengthen the spirit of entrepreneurship through several programs: A pilot program with the Urban League of Greater Kansas City and Block Advisors is providing free, personalized coaching to help historically underrepresented business owners improve their financial management and gain access to capital. A $2 million investment in KCRise Fund II to help fund early-stage technology companies in Greater Kansas City. H&R Block worked with Brit + Co to co-sponsor the third cohort of “Selfmade,” a 10-week virtual business course for women. Through the partnership, Block Advisors enabled 400 women to attend the course for free, focusing on women of color, women from underserved and underrepresented communities, and women in need of support to help them trailblaze. About H&R Block H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation, financial products, and small-business solutions. The company blends digital innovation with the human expertise and care of its associates and franchisees as it helps people get the best outcome at tax time and better manage and access their money year-round. Through Block Advisors and Wave, the company helps small-business owners thrive with innovative products like Wave Money, a small-business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. About Kauffman FastTrac Kauffman FastTrac® aims to lower the barriers to entrepreneurship by providing practical learning materials, delivered online and via teaching partners, to entrepreneurs. In doing so, FastTrac encourages and equips more people to start businesses, contributing to increased startup activity nationwide. About the Kauffman Foundation The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation based in Kansas City, Mo., that seeks to build inclusive prosperity through a prepared workforce and entrepreneur-focused economic development. The Foundation uses its $3 billion in assets to change conditions, address root causes, and break down systemic barriers so that all people – regardless of race, gender, or geography – have the opportunity to achieve economic stability, mobility, and prosperity.

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SMALL BUSINESS TRENDS

Intuit Announced Small Business Hero Day to Celebrate Heroic Efforts

Intuit QuickBooks | April 26, 2022

Intuit declares May as Small Business Success Month for the second consecutive year. The month will feature various activities, including a Town Hall with the United States Small Business Administration and the launch of a new celebration day on May 31: Small Business Hero Day. Alex Chriss, EVP and GM, Small Business & Self Employed Group at Intuit, said, “Every day, millions of small businesses across the U.S. serve their customers, strengthen their communities and play a critical role in powering our economy. Through Small Business Success Month, we are excited to celebrate the incredible impact small businesses have in our communities and continue to support them on their journey with the resources they need and the recognition they deserve.” Small Business Hero Day Contest Nominations for the Intuit QuickBooks and Mailchimp Small Business Hero Day Contest are now available through 11:59 p.m. PT on Friday, May 6. Any resident of the United States of America aged 18 or older may nominate a small business in the United States for a chance to receive $20,000 for heroic actions that benefit an individual or community. Small Business Success Month Activities Along with Small Business Hero Day, Intuit QuickBooks and Mailchimp will give additional tools to the small business community and celebrate the success of all small companies throughout May. Among the supporting programs are the following: Town Hall with the Small Business Administration Educational Ask the Expert Scrapbook of Success

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SMALL BUSINESS TRENDS

Sustainable Earth Launches the Small Business Sustainability Awards

Sustainable Earth | April 23, 2022

Sustainable Earth, a collaboration between Arizona State University (ASU) and Wells Fargo, has announced the launch of the Sustainable Earth Small Business Awards (SESBA) to celebrate the innovative solutions small businesses throughout the US are developing to support their communities and the planet. The program will award more than $50,000 in prize money, with individual award amounts up to $5,000, to 15 US small businesses making strides toward a more sustainable future. The award program, which is seeking nominations now through July 1, 2022, is open to any US-based small business and its employees who demonstrate innovation in sustainability. This can include, but is not limited to, the use of renewable energy, water conservation, waste reduction, creating closed-loop systems, increasing equity and accessibility, etc. Solutions may be in development or currently in practice. “The collective efforts and innovative solutions by small businesses and individuals within those organizations are making a profound impact on the future of our earth and communities. Our goal with the Sustainable Earth Small Business Awards is to celebrate those taking action in big and small ways and share their stories so that it may trigger ideas for other businesses and leaders.” Sustainable Earth Program Manager Katelyn Armbruster, M.Ed. Businesses with fewer than 500 employees are invited to share their sustainability stories via video or podcast. Nominations must include a description of the challenge, what solutions were tested and implemented, and what worked, what didn’t, and the outcomes. “Small businesses have long been the backbone of our economy and they have become integral to moving the needle on sustainability,” said Alicia Marseille, Interim Deputy Director, Rob and Melani Walton Sustainability Solutions Service. “This award program honors their hard work and dedication, and perhaps more importantly, will also serve as inspiration for other small businesses wanting to implement sustainability, but may not know where or how to start.” About Sustainable Earth Sustainable Earth, powered by ASU, is a sustainability-, knowledge- and idea-sharing website created to empower individuals, businesses and educators to contribute to a more sustainable tomorrow. The platform provides sustainability information, news and education presented in an approachable format, and includes sustainable-focused micro-courses, educational tools and learning activities, and new research coming out of ASU and other institutions. Sustainable Earth is a collaborative effort, funded by Wells Fargo and developed by Arizona State University (ASU). For more information, visit sustainable-earth.org. About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S.

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SMALL BUSINESS TRENDS

H&R Block Launches Free Online Small Business Course for Aspiring Entrepreneurs

HRB Tax Group, Inc. | October 14, 2021

H&R Block today announced the launch of a free, new online business course for aspiring entrepreneurs and small business owners, as part of Kauffman FastTrac®. Taught by Block Advisors small business tax professionals, up to 60 initial participants will learn information, tips, exercises, and tools to help think about their business idea before it is brought to life. The four free online entrepreneurship course offerings will run Nov. 1, 2021 through Jan. 3, 2022 and are available to anyone nationwide, with registration now open at the Block Advisors FastTrac course page. Each virtual course seats up to 15 small business owners, and registration will end on Friday, October 29. “Helping aspiring entrepreneurs with the information and resources they need to be successful is another step towards our vision of strengthening the spirit of entrepreneurship everywhere. The virtual offering helps to remove any financial or travel barriers so more people, regardless of their backgrounds or locations, can benefit from this curriculum.” Jamil Khan, H&R Block's chief strategy and small business officer Block Advisors FastTrac participants will learn how to evaluate their ideas, position their businesses around target customers, refine their companies based on personal and professional goals, and ultimately, launch their businesses. Visit the Block Advisors curriculum page for more information on the free online business course for entrepreneurs and the Kauffman FastTrac program. Holistic, Year-Round Support for Small Business Owners In addition to helping businesses owners through Block Advisors small business certified tax pros, H&R Block works to strengthen the spirit of entrepreneurship through several programs: A pilot program with the Urban League of Greater Kansas City and Block Advisors is providing free, personalized coaching to help historically underrepresented business owners improve their financial management and gain access to capital. A $2 million investment in KCRise Fund II to help fund early-stage technology companies in Greater Kansas City. H&R Block worked with Brit + Co to co-sponsor the third cohort of “Selfmade,” a 10-week virtual business course for women. Through the partnership, Block Advisors enabled 400 women to attend the course for free, focusing on women of color, women from underserved and underrepresented communities, and women in need of support to help them trailblaze. About H&R Block H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation, financial products, and small-business solutions. The company blends digital innovation with the human expertise and care of its associates and franchisees as it helps people get the best outcome at tax time and better manage and access their money year-round. Through Block Advisors and Wave, the company helps small-business owners thrive with innovative products like Wave Money, a small-business banking and bookkeeping solution, and the only business bank account to manage bookkeeping automatically. About Kauffman FastTrac Kauffman FastTrac® aims to lower the barriers to entrepreneurship by providing practical learning materials, delivered online and via teaching partners, to entrepreneurs. In doing so, FastTrac encourages and equips more people to start businesses, contributing to increased startup activity nationwide. About the Kauffman Foundation The Ewing Marion Kauffman Foundation is a private, nonpartisan foundation based in Kansas City, Mo., that seeks to build inclusive prosperity through a prepared workforce and entrepreneur-focused economic development. The Foundation uses its $3 billion in assets to change conditions, address root causes, and break down systemic barriers so that all people – regardless of race, gender, or geography – have the opportunity to achieve economic stability, mobility, and prosperity.

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