Top 7 Small Business Tech Stacks for 2021

Top 7 Small Business Tech Stacks
The start of the COVID-19 pandemic created unprecedented demand for digital marketing irrespective of large businesses or small-medium businesses. Along with it, the pandemic brought the ever-increasing demand for tech stack in business. Business tech trends are important for small business owners in 2021 that play a vital role in the growth and efficiency of their business. Growing business and start-up tech stack issues for small businesses differ from large enterprises.

Tech stack has been in marketing for ages, yet it was the most neglected aspect by small business owners. However, the emergence of the pandemic brought business technologies for small businesses into action. Embracing technology is crucial to enable your company to equip with the right tools to find the solutions for the ever-changing demands and expectations of consumers.
Small business technology trends will be substantial/significant in 2021, and here are the best 7 small business tech stacks to reshape your business.


What is a tech stack?

A Tech stack is a set of technological tools used to build applications for web or mobile, software, and other operational tools. Tech stack is also called a solutions stack, technology infrastructure, or data ecosystem. As more and more businesses have started operating through computers and mobile devices, the tech stack has become a necessity to the app, web, or software development process.

About 89% of companies are going digital; thus, adopting it as their first strategy for business, the demand for technology is also growing. The technology stack is used for various reasons: sales, human resources, finance, digital marketing, operations, and analytics.

Why businesses need tech stacks?

Tech stack helps small business owners leverage capital in more effective and smarter ways. You will benefit from building your tech stack, whether you manage a large company, a start-up, or a solopreneur, and automate some processes. Your tech stack defines how different parts of your business fit together and interact. The right tech stack can streamline all your processes and help your team increase efficiency, improving your bottom line.

Top 7 Small Business Tech Trends for 2021

Artificial intelligence (AI) and machine learning

The rise of artificial intelligence and machine learning is a significant trend and has transformed the way businesses are operating today. Most of the solutions are now implementing AI technology, where small business owners can include them in new and existing processes in 2021. Soon artificial intelligence (AI) will be widely adopted by small businesses in 2021 as it offers more personalized experiences to their customers by automating manual tasks and saving time. AI acts as an automation tech stack in business operations. AI will be implemented into new and existing processes and on a broader scale in 2021, from voice assistance to personalized customer experiences.

AI-based tools offer various benefits, which includes:
• Reducing time spent on tasks
• Increasing results
• Lowering costs
• Reducing risk
• Improving flexibility and responsiveness

Here are a few existing AI solutions that can help your small businesses.


AI-infused CRM

AI-infused CRM is a marketing and sales tech stack for businesses. It helps to improve sales and marketing. Customer-relationship management is nothing but a system designed to collect customer data through communication channels such as phone, emails, and social and thus helps to automate and boost the sales process. It is a significant small business tech stack that helps small business owners to identify and focus on audiences based on the customer feedback received through all those communication channels. Based on this information, you can adjust marketing and lead generation activities through implemented AI-infused CRM. AI-infused CRMs can be utilized to gather marketing and sales-related insights
AI-infused CRM can be the best marketing tech for small businesses.


AI-powered Chatbots

AI-powered Chatbots is one of the effective small business tech trends. It  automates customer communications. Many small businesses do not have strong customer service or sales teams. In such a case, AI-powered Chatbots can ease the pressure by working 24/7 without taking any breaks. Furthermore, AI-powered chatbots handle inquiries, improve customer experience, troubleshoot, and provide immediate support, and so on, all at the same time.


Streamline human resource tasks

The most unexpected arena that AI has made an entry is into human resources. AI tools streamline the hiring and onboarding process and acquire feedback from the new employees about improvisation required in the HR process. It saves time and money from manually interviewing every applicant. According to small business trends, 84% of small businesses still manually manage inventory and record data.


5G Technology

5G is a super-fast new global wireless fifth generation of cellular capability replacing 4G LTE connection. 5G promises faster data transmission speeds, a better and more consistent user experience, and improved network reliability, eliminating delay in data transfer between different devices’ communication. Small businesses can leverage IoT sensors of 5G by optimizing their workflow with automation, operating CCTV cameras, or placing a motion detector in a store during after-hours. According to Statista 2021, there will be more than 1.9 billion 5G subscriptions worldwide by 2024. 5G is a significant innovation for small business tech.

Comprehensive HR Technology

The need for comprehensive human resources software and tech by small and medium-sized businesses gained importance in 2020 due to the remote work in practice. By adopting this technology, small businesses can track their employees and their needs. This trend will continue in 2021, too, and can bring change in small business tech.

HR tech comprises the tool that HR managers will need to deliver a better employee experience. HR tech allows to store data, automate daily activities, reduces human errors, and maximizes productivity. A centralized HR system will help your employees to communicate better. Comprehensive HR tech helps to train your employees online and offline and allows you to track your employees regularly.


Tech-assisted Shopping

As a result of the pandemic and lockdowns, the major business shifted to mobile tech, online shopping, and mobile scheduling payments to establish a contactless shopping experience to their customers. However, this trend of making payments and shopping will continue in 2021 as well. Many retailers and small businesses rely heavily on online shopping, delivery, and mobile payments giving rise to popular eCommerce tech trends such as voice-activated payments, omnichannel shopping, augmented reality shopping experience, and mobile tech among the few. Tech-assisted shopping can benefit small business tech trends as it emphasizes convenience.

More Automation for Small Businesses

Automation was a buzzword for small businesses until 2021. Automation for small businesses saves enormous amounts of precious time and money on manually completing the tasks. The largest of the budget of small businesses will be spent on automation in 2021. Automation investments will increase as small businesses include online pricing automation and inventory management systems to conveniently solve their problems. Estimates say that there would be a boom in companies looking out for utilizing automated solutions for small business activities.
Additionally, automation tools improve sales, revenues, communication, create and manage invoices, increase customer experience, and much more. Automation increases the efficiency and productivity of small businesses. It is one of the core aspects of small business tech.


More Influencer Marketing

Influencer marketing is new-age marketing. It is also known as social media influencers, wherein you use the people having a strong influence on a brand’s industry or target audience. Influencer marketing is a dynamic form of the marketing strategy of 2021. Small businesses cannot afford to use a big celebrity or a high-profile influencer in influencer marketing. In such a situation small business can find a blogger, Instagrammer, or YouTuber that most of the audience relate with and join forces with them to recommend or promote their services, products, and brand. Besides, you can personalize the marketing strategy that will help you  effectively connect with your customers, improve marketing campaigns, and create a niche within your industry. Thus, influencer marketing is the best marketing tech for small businesses.


Software Integration

With the modern workplace and innovation of more and more tech solutions, small businesses are also adopting new technology tools, thus giving rise to the need for software integration. Integration platforms allow any software to connect well with any other software. It brings various software together to make one unified software. Companies use various software to connect teams, manage customers, send important documents and store company information, respectively. The small business adds technology tools as they appear, which are necessary to complete the aspects of daily operations. Tech stack includes many components such as CRM, content performance and search, customer experience, social, and digital analytics. All these need to be accessible while working together. In such a situation, integration makes the tech stack streamline all the processes and enable team efficiency.

Technology integrations allow more data, eliminating errors speedily, and is also a low-cost technology. The key aspect of a tech stack is how seamless, and integrated technologies are.

Frequently Asked Questions:

How small business owners use technology to improve the business?

The use of technology enhances small businesses. Small business owners use technology to connect with people, provide better customer services, resort to remote workplace methods, automate tasks to save time, and much more.

What technology do small businesses need?

Small businesses must have some popular technologies such as HR software, Cloud computing, CRM, data and information security technology, mobile applications, etc.

Why do small businesses need technology?

Technology helps to save time and physical space for small businesses. The use of technology brings efficiency to operations. Technology helps small businesses to leverage their capital smartly and more effectively.

What are the 3 tools for small businesses?

The tools that can benefit small businesses are task management tools, email and social marketing tools, and scheduling meeting tools. These tools help small businesses to save time and money for their business to grow.

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Technology

Small Business Grants: Get Free Funding

Article | July 17, 2023

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

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Small Business Trends

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | May 29, 2023

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

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TECHNOLOGY, BUSINESS STRATEGY

How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | July 11, 2023

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

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Small Business Advice

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

Article | September 23, 2022

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

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MARKETING AND NETWORKING, SMALL BUSINESS TRENDS

MyTradeZone.com Joins Certified Trade Mission to Hong Kong to Explore Business Expansion Opportunities in Asia

MyTradeZone | November 28, 2023

MyTradeZone.com, a trade and Social Networking for businesses, is pleased to announce its upcoming visit to Hong Kong from December 4th to 8th, 2023. Bachir Kassir, founder of MyTradeZone, will join a delegation of American companies to Hong Kong as part of a U.S. Department of Commerce Certified Trade Mission organized by IBS Global Consulting with the support of the Hong Kong Trade Development Council and the U.S. Commercial Service. The delegation, comprising a diverse group of American companies, aims to foster cross-border partnerships, explore export opportunities, and deepen economic ties between the United States and Hong Kong. The visit to Hong Kong presents an exciting opportunity for MyTradeZone.com to expand its global reach, tap into new markets, and establish key connections with Hong Kong's dynamic business community and trade associations. With Hong Kong's strategic location as a gateway to the Asia-Pacific region, robust financial services sector, and reputation as a major international trade hub, this visit holds immense promise for American enterprises looking to navigate the Asian market. Led by Tonya McNeal-Weary, Managing Director at IBS Global Consulting, the delegation will engage in a series of high-level meetings, networking events, and industry-specific forums during the five-day visit. These activities are designed to facilitate mutually beneficial partnerships between U.S. and Hong Kong businesses across various sectors. [MyTradeZone.com] is a disruptive business networking platform, and is like an always open trade show: • Businesses: Add company profile page. Showcase products & services. Network locally and around the world • Event Organizers, Trade Associations, & Networking Groups: Provide value-added offering to members & sponsors in a public or private setting • Creators & Group owners: Monetize your creations via peer-to-peer payment enablement • Advertisers and Marketers: MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers • Business Professionals: Grow your professional network, chat, connect, follow, takes notes, share and collaborate As an official member of the delegation, MyTradeZone will have the opportunity to gain firsthand insights into Hong Kong's business landscape, explore regulatory frameworks, exchange best practices, and forge lasting relationships with key stakeholders. Additionally, the itinerary includes tailored site visits to cutting-edge facilities and industrial parks, showcasing Hong Kong's commitment to innovation and entrepreneurship. The visit to Hong Kong aims to enhance trade cooperation and seeks to highlight the enduring friendship between the United States and Hong Kong. As both economies continue to recover from the challenges posed by the global pandemic, this visit becomes even more crucial in reinvigorating trade ties and promoting long-term economic growth. About MyTradeZone.com MyTradeZone is a social networking platform for businesses. We are working on the next thing to disrupt business networking. MyTradeZone is a forward-thinking B2B media technology company reshaping how businesses connect and network. MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers. MyTradeZone is also a perfect companion offering to trade show organizers and networking groups offering value added benefits to both members and sponsors.

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TECHNOLOGY

Trellix Achieves AWS Small and Medium Business Competency

Business Wire | January 29, 2024

Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced it has achieved the Amazon Web Services (AWS) Small and Medium Business Competency, recognizing the company as an AWS Partner with a unique focus on small and medium-sized businesses (SMBs). Achieving the AWS Small and Medium Business Competency differentiates Trellix as an AWS Partner, demonstrating proficiency and proven success in helping SMBs solve their business and technical problems. Trellix is equipped to handle these challenges with solutions designed around customers’ unique needs in mind, including consideration for SMB’s typical deployment models, level of IT capabilities and financing preferences, and local and industry requirements. “Trellix is proud to achieve the AWS Small and Medium Business Competency,” said Jason Andrew, Chief Revenue Officer, Trellix. “Our team is dedicated to helping businesses of all sizes achieve their goals, and our combined offerings with AWS empower SMBs with the agility, support, and innovation needed to do so.” AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises. To support the seamless integration and deployment of these solutions, the AWS Competency Program helps customers identify AWS Partners with deep industry experience and expertise. Along with an extensive partner ecosystem, Trellix accelerates technology innovation through machine learning and automation to empower businesses to build cyber resilience and stay ahead of the evolving threat landscape. The AI-powered Trellix XDR Platform’s open architecture and broad set of native security controls integrates with over 500 third-party tools to create multi-vector, multi-vendor event correlation and context, enabling faster detection, investigation, and remediation of threats. “We partnered with Trellix to explore new ways to automate investigations,” says Chuck Lerch, CXO Head of Cybersecurity, Cyberuptive. “In this groundbreaking work, we combined the Trellix XDR Platform’s rich data and investigative playbooks with large language models (LLMs) running on AWS to make comprehensive assessments of alerts. The results provide useful insights, demonstrating the value of focusing on security research instead of how to run an LLM at scale.” About Trellix Trellix is a global company redefining the future of cybersecurity and soulful work. The company’s open and native extended detection and response (XDR) platform helps organizations confronted by today’s most advanced threats gain confidence in the protection and resilience of their operations. Trellix, along with an extensive partner ecosystem, accelerates technology innovation through machine learning and automation to empower over 40,000 business and government customers with living security.

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TECHNOLOGY

Alibaba.com Introduces New AI-Powered Feature at CES to Boost Efficiency and Growth for SMEs and Entrepreneurs in 2024

PR Newswire | January 10, 2024

Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group (AIDC), will launch its latest Smart Assistant features powered by artificial intelligence (AI) at CES in Las Vegas, NV from January 9-12, 2024. The Smart Assistant, an AI-powered global sourcing tool, caters to both newcomers and seasoned entrepreneurs in the dynamic world of global commerce. As a one-stop B2B sourcing platform, Alibaba.com remains committed to delivering innovative solutions to help buyers and suppliers streamline operations to more efficiently reach their goals and continue to grow. The Smart Assistant updates unveiled at CES will help business owners adeptly enhance their supply chain and solve complex sourcing needs and challenges as they seek to stand out in today's competitive marketplace. "Today's small businesses face a variety of headwinds, but with the right technology and support, they can feel confident that they will overcome obstacles and help their business thrive, which is why we're expanding the features of our new Smart Assistant tool to better serve today's entrepreneurs," said Chris Lu, General Manager at Alibaba.com North America. "With advances in AI, we are ushering in the next generation of sourcing and empowering small businesses to succeed with our Smart Assistant at their side." The Smart Assistant: Shaping the Future of Sourcing Alibaba.com developed the Smart Assistant as an AI-powered, intuitive personal guide to sourcing that helps small business owners discover new opportunities, stay up-to-date on trends, seamlessly track orders and more in a single, efficient touchpoint. First announced at CES and coming soon to the Alibaba.com Smart Assistant is the Instant Help feature, which leverages an AI-powered chatbot to answer basic inquiries and offer real-time insights and resources, regardless of time zones or language barriers. The Instant Help feature provides buyers with essential knowledge and industry insights about a variety of verticals and product types, as well as offer tips to elevate their communications with suppliers. It will help ensure small businesses can increase efficiency, purchase smart and keep up with trends by leveraging AI to increase competitive advantages. Since their launch in September 2023, the first two features of the Smart Assistant – Upgraded Image Search and Smart Request for Quotation (RFQ) – have already provided significant benefit to entrepreneurs using the Alibaba.com desktop platform. Based on Alibaba.com's internal study since September 2023, buyers using the Upgraded Image Search have seen a 28% higher deal closing rate than those only using traditional text search. Buyers who used the Smart RFQ tool saw 29% more quotes from suppliers, while suppliers saw a 21% increase in buyer responses to quotes as compared to the original RFQ process. "Developed from buyer-supplier feedback and embedded with profound industry knowledge, we are excited to demonstrate how the Smart Assistant rapidly and accurately produces product requests and images aligning with buyer needs," Lu said. "Smart Assistant helps buyers embrace their creativity, improve the efficiency of matching buyers and sellers, while making sourcing more accessible for all." Alibaba.com will provide a showcase of Smart Assistant features at their booth on Wednesday, January 10, 2024 at 11:00 AM PT, hosted by smart sourcing expert Stella Shenshen. The Alibaba.com booth is located at the Las Vegas Convention Center's Tech East in the AI and Robotics section in North Hall's Grand Lobby on level 1, Booth 9017. Visitors to the booth will also have the opportunity to network and connect with 20 top-rated suppliers in-person, personally experiencing the ways Alibaba.com offers buyers advanced sourcing solutions and AI-powered tools to take their business to the next level. Tech and AI Power the Future of Businesses, E-commerce and Sourcing In addition to announcing new Smart Assistant features at CES, Alibaba.com leadership will discuss the evolution of e-commerce and sourcing, as well as how sourcing has been influenced and improved by AI and other technological innovations. Going "Entreprenuts" to Support Small Business Innovation To complement its presence at CES, Alibaba.com is also debuting a new campaign celebrating entrepreneurial spirit and innovation. The Entreprenuts campaign highlights how entrepreneurs are willing to bet big, as well as maintain persistence and boundless creativity, against daunting odds. In other words, they can go a little "entreprenuts" to achieve their dreams and create new products – just like the products showcased each year at CES. Throughout the Entreprenuts campaign, which will run from January 8 through February 8, 2024, Alibaba.com will encourage buyers to share stories of their craziest entrepreneurial moments, utilizing the most "nuts'' stories in a video highlight to showcase what it means to be an Entreprenut. Buyers can also earn their Entreprenut badge and profile by answering a questionnaire that will determine their unique Entreprenut characteristic. At the end of each quiz, buyers will be provided with exclusive tools and services to help them achieve their goals as they kickstart 2024. "This campaign demonstrates Alibaba.com's continued support of small and medium-sized businesses in the United States and helping them realize their entrepreneurial dreams and push beyond what others might believe possible," said Rah Mahtani, Head of Marketing for North America at Alibaba.com. "As buyers share their experiences, Alibaba.com will offer innovative new resources and products to help these 'Entreprenuts' succeed on their journey." The campaign debuts at a key crossroads for small business owners. The US has seen a surge in the number of newly registered businesses, which hit record highs in both 2021 (5.4 million) and 2022 (5.1 million). Sadly, 20% of these new businesses face failure within the first two years, and a staggering 45% of startups do not surpass the five-year mark due to challenges such as market volatility, supply chain disruption, shifting consumer demands, and inventory management. This makes the tools and capabilities Alibaba.com offers, which are designed to help entrepreneurs level up their sourcing and supply chain operations in the increasingly competitive small business arena, more valuable than ever. About Alibaba.com Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering all aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.

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MARKETING AND NETWORKING, SMALL BUSINESS TRENDS

MyTradeZone.com Joins Certified Trade Mission to Hong Kong to Explore Business Expansion Opportunities in Asia

MyTradeZone | November 28, 2023

MyTradeZone.com, a trade and Social Networking for businesses, is pleased to announce its upcoming visit to Hong Kong from December 4th to 8th, 2023. Bachir Kassir, founder of MyTradeZone, will join a delegation of American companies to Hong Kong as part of a U.S. Department of Commerce Certified Trade Mission organized by IBS Global Consulting with the support of the Hong Kong Trade Development Council and the U.S. Commercial Service. The delegation, comprising a diverse group of American companies, aims to foster cross-border partnerships, explore export opportunities, and deepen economic ties between the United States and Hong Kong. The visit to Hong Kong presents an exciting opportunity for MyTradeZone.com to expand its global reach, tap into new markets, and establish key connections with Hong Kong's dynamic business community and trade associations. With Hong Kong's strategic location as a gateway to the Asia-Pacific region, robust financial services sector, and reputation as a major international trade hub, this visit holds immense promise for American enterprises looking to navigate the Asian market. Led by Tonya McNeal-Weary, Managing Director at IBS Global Consulting, the delegation will engage in a series of high-level meetings, networking events, and industry-specific forums during the five-day visit. These activities are designed to facilitate mutually beneficial partnerships between U.S. and Hong Kong businesses across various sectors. [MyTradeZone.com] is a disruptive business networking platform, and is like an always open trade show: • Businesses: Add company profile page. Showcase products & services. Network locally and around the world • Event Organizers, Trade Associations, & Networking Groups: Provide value-added offering to members & sponsors in a public or private setting • Creators & Group owners: Monetize your creations via peer-to-peer payment enablement • Advertisers and Marketers: MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers • Business Professionals: Grow your professional network, chat, connect, follow, takes notes, share and collaborate As an official member of the delegation, MyTradeZone will have the opportunity to gain firsthand insights into Hong Kong's business landscape, explore regulatory frameworks, exchange best practices, and forge lasting relationships with key stakeholders. Additionally, the itinerary includes tailored site visits to cutting-edge facilities and industrial parks, showcasing Hong Kong's commitment to innovation and entrepreneurship. The visit to Hong Kong aims to enhance trade cooperation and seeks to highlight the enduring friendship between the United States and Hong Kong. As both economies continue to recover from the challenges posed by the global pandemic, this visit becomes even more crucial in reinvigorating trade ties and promoting long-term economic growth. About MyTradeZone.com MyTradeZone is a social networking platform for businesses. We are working on the next thing to disrupt business networking. MyTradeZone is a forward-thinking B2B media technology company reshaping how businesses connect and network. MyTradeZone's B2B search engine offers highly targeted and cost-effective advertisements to both buyers and sellers. MyTradeZone is also a perfect companion offering to trade show organizers and networking groups offering value added benefits to both members and sponsors.

Read More

TECHNOLOGY

Trellix Achieves AWS Small and Medium Business Competency

Business Wire | January 29, 2024

Trellix, the cybersecurity company delivering the future of extended detection and response (XDR), today announced it has achieved the Amazon Web Services (AWS) Small and Medium Business Competency, recognizing the company as an AWS Partner with a unique focus on small and medium-sized businesses (SMBs). Achieving the AWS Small and Medium Business Competency differentiates Trellix as an AWS Partner, demonstrating proficiency and proven success in helping SMBs solve their business and technical problems. Trellix is equipped to handle these challenges with solutions designed around customers’ unique needs in mind, including consideration for SMB’s typical deployment models, level of IT capabilities and financing preferences, and local and industry requirements. “Trellix is proud to achieve the AWS Small and Medium Business Competency,” said Jason Andrew, Chief Revenue Officer, Trellix. “Our team is dedicated to helping businesses of all sizes achieve their goals, and our combined offerings with AWS empower SMBs with the agility, support, and innovation needed to do so.” AWS is enabling scalable, flexible, and cost-effective solutions from startups to global enterprises. To support the seamless integration and deployment of these solutions, the AWS Competency Program helps customers identify AWS Partners with deep industry experience and expertise. Along with an extensive partner ecosystem, Trellix accelerates technology innovation through machine learning and automation to empower businesses to build cyber resilience and stay ahead of the evolving threat landscape. The AI-powered Trellix XDR Platform’s open architecture and broad set of native security controls integrates with over 500 third-party tools to create multi-vector, multi-vendor event correlation and context, enabling faster detection, investigation, and remediation of threats. “We partnered with Trellix to explore new ways to automate investigations,” says Chuck Lerch, CXO Head of Cybersecurity, Cyberuptive. “In this groundbreaking work, we combined the Trellix XDR Platform’s rich data and investigative playbooks with large language models (LLMs) running on AWS to make comprehensive assessments of alerts. The results provide useful insights, demonstrating the value of focusing on security research instead of how to run an LLM at scale.” About Trellix Trellix is a global company redefining the future of cybersecurity and soulful work. The company’s open and native extended detection and response (XDR) platform helps organizations confronted by today’s most advanced threats gain confidence in the protection and resilience of their operations. Trellix, along with an extensive partner ecosystem, accelerates technology innovation through machine learning and automation to empower over 40,000 business and government customers with living security.

Read More

TECHNOLOGY

Alibaba.com Introduces New AI-Powered Feature at CES to Boost Efficiency and Growth for SMEs and Entrepreneurs in 2024

PR Newswire | January 10, 2024

Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group (AIDC), will launch its latest Smart Assistant features powered by artificial intelligence (AI) at CES in Las Vegas, NV from January 9-12, 2024. The Smart Assistant, an AI-powered global sourcing tool, caters to both newcomers and seasoned entrepreneurs in the dynamic world of global commerce. As a one-stop B2B sourcing platform, Alibaba.com remains committed to delivering innovative solutions to help buyers and suppliers streamline operations to more efficiently reach their goals and continue to grow. The Smart Assistant updates unveiled at CES will help business owners adeptly enhance their supply chain and solve complex sourcing needs and challenges as they seek to stand out in today's competitive marketplace. "Today's small businesses face a variety of headwinds, but with the right technology and support, they can feel confident that they will overcome obstacles and help their business thrive, which is why we're expanding the features of our new Smart Assistant tool to better serve today's entrepreneurs," said Chris Lu, General Manager at Alibaba.com North America. "With advances in AI, we are ushering in the next generation of sourcing and empowering small businesses to succeed with our Smart Assistant at their side." The Smart Assistant: Shaping the Future of Sourcing Alibaba.com developed the Smart Assistant as an AI-powered, intuitive personal guide to sourcing that helps small business owners discover new opportunities, stay up-to-date on trends, seamlessly track orders and more in a single, efficient touchpoint. First announced at CES and coming soon to the Alibaba.com Smart Assistant is the Instant Help feature, which leverages an AI-powered chatbot to answer basic inquiries and offer real-time insights and resources, regardless of time zones or language barriers. The Instant Help feature provides buyers with essential knowledge and industry insights about a variety of verticals and product types, as well as offer tips to elevate their communications with suppliers. It will help ensure small businesses can increase efficiency, purchase smart and keep up with trends by leveraging AI to increase competitive advantages. Since their launch in September 2023, the first two features of the Smart Assistant – Upgraded Image Search and Smart Request for Quotation (RFQ) – have already provided significant benefit to entrepreneurs using the Alibaba.com desktop platform. Based on Alibaba.com's internal study since September 2023, buyers using the Upgraded Image Search have seen a 28% higher deal closing rate than those only using traditional text search. Buyers who used the Smart RFQ tool saw 29% more quotes from suppliers, while suppliers saw a 21% increase in buyer responses to quotes as compared to the original RFQ process. "Developed from buyer-supplier feedback and embedded with profound industry knowledge, we are excited to demonstrate how the Smart Assistant rapidly and accurately produces product requests and images aligning with buyer needs," Lu said. "Smart Assistant helps buyers embrace their creativity, improve the efficiency of matching buyers and sellers, while making sourcing more accessible for all." Alibaba.com will provide a showcase of Smart Assistant features at their booth on Wednesday, January 10, 2024 at 11:00 AM PT, hosted by smart sourcing expert Stella Shenshen. The Alibaba.com booth is located at the Las Vegas Convention Center's Tech East in the AI and Robotics section in North Hall's Grand Lobby on level 1, Booth 9017. Visitors to the booth will also have the opportunity to network and connect with 20 top-rated suppliers in-person, personally experiencing the ways Alibaba.com offers buyers advanced sourcing solutions and AI-powered tools to take their business to the next level. Tech and AI Power the Future of Businesses, E-commerce and Sourcing In addition to announcing new Smart Assistant features at CES, Alibaba.com leadership will discuss the evolution of e-commerce and sourcing, as well as how sourcing has been influenced and improved by AI and other technological innovations. Going "Entreprenuts" to Support Small Business Innovation To complement its presence at CES, Alibaba.com is also debuting a new campaign celebrating entrepreneurial spirit and innovation. The Entreprenuts campaign highlights how entrepreneurs are willing to bet big, as well as maintain persistence and boundless creativity, against daunting odds. In other words, they can go a little "entreprenuts" to achieve their dreams and create new products – just like the products showcased each year at CES. Throughout the Entreprenuts campaign, which will run from January 8 through February 8, 2024, Alibaba.com will encourage buyers to share stories of their craziest entrepreneurial moments, utilizing the most "nuts'' stories in a video highlight to showcase what it means to be an Entreprenut. Buyers can also earn their Entreprenut badge and profile by answering a questionnaire that will determine their unique Entreprenut characteristic. At the end of each quiz, buyers will be provided with exclusive tools and services to help them achieve their goals as they kickstart 2024. "This campaign demonstrates Alibaba.com's continued support of small and medium-sized businesses in the United States and helping them realize their entrepreneurial dreams and push beyond what others might believe possible," said Rah Mahtani, Head of Marketing for North America at Alibaba.com. "As buyers share their experiences, Alibaba.com will offer innovative new resources and products to help these 'Entreprenuts' succeed on their journey." The campaign debuts at a key crossroads for small business owners. The US has seen a surge in the number of newly registered businesses, which hit record highs in both 2021 (5.4 million) and 2022 (5.1 million). Sadly, 20% of these new businesses face failure within the first two years, and a staggering 45% of startups do not surpass the five-year mark due to challenges such as market volatility, supply chain disruption, shifting consumer demands, and inventory management. This makes the tools and capabilities Alibaba.com offers, which are designed to help entrepreneurs level up their sourcing and supply chain operations in the increasingly competitive small business arena, more valuable than ever. About Alibaba.com Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering all aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.

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Events