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Who Are the Micro-Influencers and Why They Could Be Useful for Your Business?

The micro-influencer has contacts that could make a difference in your business web marketing. The reason for this statement is simple and is linked to the importance of the niche when you begin to think about inbound marketing. You need to be found by the right people, by those who need you.

This must take place at a certain time, without interruption. This balance is based on the ability to create interesting content for a group of people and to distribute it in the best possible way. Sometimes these dynamics develop through the company blog, but this is not always the solution.

Inbound marketing exploits a broad vision that leverages different tools. One of these is the influencer marketing that exploits the reputation of a character to highlight a brand or an offer.

Or even a certain content. In reality, it is not really so, it is not only worked on the notoriety of the character but on its credibility in a circle of an individual that recognize that name as reliable. And micro-influencers make the most of it. How? Let’s find out in the next paragraphs.

Who are the micro-influencers: definition?

The term micro-influencer means any person, like you and me, who have an important following in specific niches. These are not contacting with exorbitant numbers, there are not enough followers to make their eyes widen. Here we work on a different plan that combines engagement and trust.

The micro-influencer is a character that uses social channels, such as YouTube or Instagram, to communicate their passions. Sometimes his actions are unclear and he doesn’t even know he is a noteworthy character for a marketing strategy. But his very impartiality and lack of ulterior motives lead him to be well seen by his circle. So, it can be used as a tool to reach certain audiences. Does this always apply? Not really, let’s explore the topic.

How to recognize a micro-influencer?

It is difficult to give clear and valid references for each sector, but there are recognizable features. First of all, there is great attention to the community, to the interaction with the public. There are those who ask questions, those who leave opinions and those who perhaps make criticisms. The micro-influencer, as far as possible, always responds. And it feeds an audience that becomes loyal, maybe not very varied but constant. It is the totem of a tribe that will not betray.

Absolute numbers are not high, sometimes you risk losing sight of these names because you don’t immediately recognize them. But there is great attention to the verticalization of the audience and this makes the world of micro-influencers very interesting. Especially if you are thinking about a weighted strategy, based on concrete objectives, and not drunk by the sirens of high-flying numbers. Do you think it’s enough to choose the profiles with the highest numbers to organize a homogeneous influencer marketing campaign? You’re wrong, it doesn’t work that way.

Why choose micro-influencers?

What are the characteristics of these contacts? I have already anticipated them in part, but it is right to give specific references to describe the micro-influencer. So, what is it? In the first place, it is a person who communicates his passion, and he does it with competence and taste. Contacts follow the micro-influencer for his field skills, demonstrated and described through blogs and social media. This is not a reputation descended from above (such as happens with the TV star who lands on social media) but earned day after day.

But why choose micro-influencers for their online business? The answer is found in this graphic which summarizes in three points the real advantages of a strategy based on this solution. Here they are collected in three essential points for your work based on the choice between micro and macro-influencers:

  • Upper engagement.
  • Affordability
  • More conversations

The involvement rates of these campaigns are 60% higher than the norm, 6.7 times more efficient and convenient than the influencers who have wider audiences. Without forgetting that micro-influencers bring more conversations (in weekly terms) than the average user. And here is the scenario that you should choose this reality instead of another. Keep reading.

Micro-influencer marketing strategies

When should you focus on micro-influencers in your marketing strategy? There are no fixed rules, you cannot talk about this topic a priori: you have to decide on the field, data in hand and without delay.

The advantages of micro-influencers according to The Start-up

But there are steps that can be listed and that, in principle, give an idea of how you should articulate your business. Then, the strategic advantages of micro-influencers are different, already defined and linked to clear dynamics. All this can be observed in this list that takes its cue from the image:

  • Trust: people trust more than ordinary people, less than the big overpaid and distant influencers.
  • Relevance: you can find contacts well aligned to your niche, vertical on a topic dear to you.
  • Loyalty: a micro-influencer embraces the cause you propose, binds to the brand and values it.
  • Recommend: work in person to recommend a good or service beyond the agreements made.
  • Influence: the most important aspect, these people manage to influence who you want to reach.
  • Large volumes: in relation, the micro has better results than the macro and mega-influencers.

So, it seems right to reflect on these points. It is not enough to choose the most followed character and hope that someone bites you. it can happen but it is a strategy to follow in certain cases. If you want to work on a specific good or service, and you want to create a stable bond with the base, the path of micro-influencers can be the right one. Besides being a less demanding condition from an economic point of view.

Have you already worked in this direction?

In this article, I want to identify the essential points that give me the opportunity to answer the basic questions: who are (or what they are) the micro-influencers and what relationship they have with a broader digital marketing strategy. But do they agree? It depends on what you have to do: to shoot in the pile it may be enough to have the support of an influencer with a wide and varied audience, but if you want to work continuously on a trusting relationship the micro reality is ideal.

Because the advantages are clear: for the same investment you can reach the right people with a useful message and with the possibility of building a virtuous relationship over time. After all, isn’t this the goal of inbound marketing? I await your opinion in the comments: we reason together about the possibility of applying a micro-influencer activity in your daily strategy.

Author Bio

Wanda Mooree run’s professional SEO authority services firm in Texas. Also spends a lot of his free time educating the minds of thousands of young Texas SEO and top agencies. She is a featured author at various authoritative blogs in the health and fitness industry and currently associated as a blogger with Justseotech.com

Insights

Handling Distractions Effectively at Workplace

Keeping up a good performance at work is a constant struggle. You might give in your best, but there will always be other external reasons challenging you at your workplace.

According to Hubspot’s Ebook, How to Manage Workplace Distractions, “Workplace interruptions cost U.S. businesses an average of $650 billion dollars a year.”

This seems to be unbelievable. Like how can an innocent water cooler conversation possibly mean the loss for the business? That’s preposterous!

Well, we thought so too. Until we decided to get to the bottom of this and find how what exactly was happening here. Get ready for having your myths busted and your ignorance lifted.

Discussed below are three sources of distractions that have been identified by Hubspot to be eating up a good chunk of time of the employees at the workplace.

Email and Instant Message Alerts – Smartphones

Yes, Technology has made our lives easier. It has brought us virtually closer to each other, and it made communications – long distance, international, or even with people sitting right in front of us – extremely quick. So much so that what often happens is that we tend to make our virtual messages a priority over our real-time commitments.

Let’s look at some statistics for this. Again, going by the Hubspot numbers 71% of people are known to answer an IM notification within 2 seconds of receiving it. And as Emails are concerned, be prepared to be shocked, more than 41% of people agree that they have a habit to respond to emails that are just 15 seconds old.

Well, we will leave you to be the judge of how many of these emails or instant messages that employees are responding to with such enthusiasm at their workplace are actually work-related and how many of them aren’t.

Replying promptly, which though is responsible behavior as ethics dictate, it is also the road that leads to the Forgetville. Point being that once you respond to an email, assuming that the person on the receiving end is also an employee in his/her workplace like yourself, a constant to and fro of messages, will initiate conversations that actually don’t end until either one of you is busted by a colleague or worse, the manager.

While not all of you might be into chatting away the working hours, responding to personal texts during working hours is a sure distraction that you need to fight to maintain a high level of productivity.

Now that we know what the problem is, let’s talk about what can be done about it. Listed below are some pointers that we have put together to help you fight the temptation to reply promptly to messages that are clearly not urgent.

Limit the number of devices or applications that you are receiving messages on.

If you are receiving a text message on your phone, and then you are receiving a notification on your laptop regarding the message you have received on your phone, well you know what to do with it. Most applications allow you to select how you would like to receive your notifications. Manage those settings in a way that during your working hours you are not shown irrelevant messages.

If it doesn’t pop up on your screen, it cannot tempt you to respond.

Yes, we know what you are thinking. But what if it doesn’t show me a mail or a text that is urgent or requires my attention right not and I miss out on it? Well, the system is smart. It can, for instance, sort and prioritize standard email deliveries.

Or if you are not comfortable with blocking out notifications for long stretches of time, what you can do is, fix a time, like you will check and respond to your emails every hour. But not in between. This will reduce the time you spend clearing out your unread messages and will make you more productive at work.

Loud Colleagues

We understand how difficult it is to keep working your entire shift without talking in between. It might be you asking a colleague for some advice regarding a report you are making or two colleagues in the cube discussing how they are going to present theirs. Or it might be a friendly colleague stopping by to ask how your weekend was, or other colleagues discussing the news or the last night’s sports match or the weather. Whatever it is, it is viable. All of us need these little idle chit chats to blow off some steam and get back to work doubly energized.

But the problem with such idle chit chat is that it might not be well timed. Imagine you have been struggling with your presentation for an hour. And just when you have a breakthrough, there comes a colleague wanting to talk about how they couldn’t catch last night’s Game of Thrones episode and how they are afraid of getting spoilers from one place or the other. And by the time they have finished talking about how Jamie’s character has really come around, you no longer remember the ecstatic idea you had regarding your presentation.

Fun fact – 63% of employees feel that noisy colleagues are the biggest distraction at the workplace.

So, what do you do now?

While you might want to share with your colleague what you really think about this conversation that you are having, we strongly suggest you don’t. Honesty might not be the best policy in this case.

Try politely giving them hints that they are overstaying their welcome. Let them know that you have work that needs to be done immediately. Most importantly, be polite. Working is an exhausting task for most of us, and some casual conversation really makes it easier. Don’t take it away from them. Try telling them that you will find them later as soon as you finish the task at hand. If you have a cabin, try keeping your door shut when you are power working. But don’t make it look like your colleagues can’t approach you if they have a question regarding work.

Extreme Multitasking

We cannot emphasize enough the fact that not only will Multitasking not have the effect you want it to have on your to-do lists, but it is also actually going to take more time, not finish enough tasks on time as well as exhaust you. Even though the prospect of working on multiple projects simultaneously might sound appealing to you, it is not worth it if it means compromising the quality of the tasks you perform or taking a toll on your mental or physical health.

According to research by a team of Scientists at the University of Texas at Austin, there is only 10 percent of the population that can be classified as ‘decent multitaskers’. So, until you are sure you are one of the chosen ones, we would recommend you to take on one task at a time and move on to the next one, only after completing the first task.

Now let’s move on to the part where we talk about how to deal with the distraction of multitasking.

The one thing that you need to do right away is – Create a better routine. There are a number of online and offline tools available that can help you keep a track of all the tasks that need to be done, as well as how you can manage them efficiently, so that you can accomplish all those tasks on time, without fail and of course without compromising on the quality of your work.

When you are working on the routine, make sure you create it in a way that allows you to put in all your efforts into one task at a time. This will not just help you improve your concentration power, but will also mean that you can finish this one task quickly and then move on to the next. Instead of being stuck in a web of entangled threads, you can actually take up one thread at a time and follow it to its source before starting on with the next. In short, be organized and focused.

How can Management handle Workplace distractions?

In the report, Managing Distracted Employees, Marty Martin suggests two ways in which the Management can ensure that the team is being productive without being carried away by the tide of distractions that a workplace tempts with.

  • Redesign the workplace from the distractibility point of view.

It might so happen that the best of employees find it hard to focus on their work and it is not even their fault. The chairs might be too squeaky, the lights too harsh or the fan too loud. Make sure that your workplace is free from any visual or auditory distractions. To do this, you will need to design the workplace and the job in a way that is conducive to work. A work environment that hinders performance is of no use to anybody.

  • Create a distraction elimination plan.

This is pretty much like when in school your teacher used to give you a time out and tell you to go sit in the corner and think about what you have done. Well, a manager’s distraction elimination plan should be quite similar to that. For instance, they could move the desks of hard-working employees away from those who are distracted easily. To give an example, if you make an employee who is too easily distracted sit and work somewhere close to you, they might be less distracted. Micromanagement can be the answer to some problems here, but make sure that the employees do not feel like they are being given detention or something. Sit with them, and discuss your concerns with them before deciding on a Distraction Elimination plan for them.

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Have an Idea? Things You Can Do to Start an Online Business

Going global has taken a whole new meaning in the commercial world. It is no more a question of physical presence. All that matters is how active your business is in the digital world.

Online businesses do not have to face traditional hurdles. There are no expensive overheads, and you can protect yourself from slow scalability rates. This is why the virtual market continues to grow. An eMarketer forecast predicts that retail e-commerce sales will reach up to $4.058 trillion in 2020.

Source

Despite the increasing numbers, it is a fact that not every online business will morph into a huge success with instant exponential growth. According to many sources, over 90% of all Internet business startups fail in the first 120 days.

The question is, how does the rest 10% survive through this period? What leads them to success?

Every individual or a group entering into the realms of digital world proceed with an idea. It is the realization of an opportunity, exploration of resources and the marketing strategies that allow them to grow.

Amidst the dense crowd of digital entities, ending up as a failure is always an option. However, you can enhance the possibilities of success if you know how to commence and upgrade your venture.

Here are some things you can do to start an online business

Find the customer needs

It is possible that the product you want to launch already exists in the market. You do not have a chance to establish your name unless you offer a unique incentive to the public. The trick is to find the loopholes in existing products and then fulfill the customer needs accordingly.

You can visit online forums and analyze the problems that people face with current products of similar nature. Or, you can conduct keyword research to find the words that most people are searching for but do not get sufficient results. Next, you can visit the websites of potential customers. There you can take notes of what they are doing to fulfill the market needs and how you can do better than them.

Multiple marketing approaches

You must sort out your web assets with sophistication. Everything ranging from your website to your social media profiles and hosting accounts must be in order.

Remember, the key is to stand out among hundreds of other businesses. And for that, you do not have to publicize using all media channels. Use only those that hold the potential to maximize the benefits. For instance, you can link Facebook posts with the site blog where you educate, inform, and entertain people.

All relevant web assets should optimize the brand. The content shared on each forum must have relevant keywords. They should fall into an integrated market plan. Along with this, each media avenue should have updated and latest information about your company.

Keep customer records safe

Every business has a legal obligation to protect customer information. However, at times the owners fail to keep their customer records safe. This results in security breaches and data theft that brings bad reputation.

There are different data software and applications that you can use to keep the information safe. You should also store information on other devices and create secure backups. When you are working as an online entity, it is inevitable that customers will enter their details in your database. This asks for top-grade security.

You should update your system regularly and implement certain controls.  The access to all such info should be restricted to specific employees.

Establish a positive reputation

Running an online business is all about reputation. One mistake can tarnish your brand image causing an overall decline. The key is to monitor online reviews. You can launch a Google Alerts notification for your brand name. This will allow you to inspect every mention of your company on online portals.

You must design a set of social media guidelines. Every person who talks about your brand online should follow them. Also, start to give away free expert content. This can contain videos or articles that people will find useful. You can include a sharing option below the content so that the audience can help others with this valuable information.

Stay online 24/7

Without a stable internet connection, you can lose out the orders and miss customer queries. When the visitors face silence for a long duration, they eventually turn to other companies of similar nature.

Source

The auto industry is a great example of increasing global competition. There are portals like we buy cars that are operative day and night. They provide services like free car valuation to the visitors of every region. This helps to enhance the confidence levels of the customers.

Another element of staying online means that you should try to be active in relevant industry forums. Be present on the social networking websites where your target market usually discusses their queries and reviews.

Be persistent

The chance of any business to become successful overnight is very low. There will be moments when you lack motivation. And constant failure might kill your passion.

Even though it is not easy but if you change your game, you can get hold of a fair market share. So stay persistent and focus on your goals. Modifying strategies is a part of the game, and you should be ready to do that when circumstances ask for them.

Running an online business comes with its attached risks. It is not easy to establish your name in the market and secure a reputation. Growth in this realm asks for struggle, sacrifice, and constant upgrading. Basics like marketing, customer relations, and unique propositions are the tools that serve the purpose.

Play the right cards in each area and watch your business grow leaps and bounds!

DevelopmentMartechProductsSaaS

What Mobile App Security Will Look Like in 2019

With the recent security lapses at both Facebook and Google, it has never been more apparent that app security is crucial to the smartphone app user. The theft of pertinent information can lead to massive financial and identification loss as well as the cost of litigation and recovery.

Mobile apps have many of the same threats that you would find on a desktop app. They both use a network, go through a server and have an operating system with smartphones using either Android or iOS. 

Businesses nowadays need to partner with a solid app development company that is on top of security breach data, staying one step ahead of the digital thieves who never rest in their attacks. A company like Guarana Technologies has years of experience and will bring a number of added security features to any app they design. According to their security experts, mobile apps may be susceptible to:

Keylogging: A common attack method by hackers is keylogging, where keystrokes such as logins and passwords are stolen and recorded.

Screenshots: App screenshots can sometimes be used to access personal, sensitive information that is then extracted and used for possible ID theft.

Android only Overlay attacks: A digital attacker can use an overlay window to cover a legitimate app on the smartphone. When the app is used, the information is instead sent to the hacker rather than the intended destination and data is stolen. 

This, of course, begs the question: what tools are available to combat attacks on mobile apps?
A competent app development company will utilize tools to create a more secure product, partnering with the client to create a safe, secure app for their customers or employees. Here are some of the ways mobile app security has evolved to block the actions of nefarious data thieves. 

  • Version management: the continuous monitoring and updating of the app version that is installed
  • Authorized user controls: the ability to allow only authorized user access to the app
  • Time frame use: disabling the app after a certain time frame, such as a date or span of time (30 days for example)
  • Communication stop: Only allowing the app to run when it is able to connect to the server provided by the app developer
  • Data wipe: Certain criteria must be met in order for the app to work correctly. Data can be wiped if these are not met
  • Geolocation parameters: Location parameters can be set geographically so the app will not work outside those areas. The app will not work or will simply shut down or wipe the data outside of the parameters.
  • Unique PIN codes: Authorized users will have their own predesignated PIN codes to access the app which can be reset and authenticated through email.

Business apps in this day and age must have a solid partner when it comes to app development — a partner who recognizes the threats that are emerging on a daily basis. The recent security lapses at both Facebook and Google are a sign that now, more than ever, app security is an ongoing problem. Be sure your developer understands these threats and can provide security solutions you can trust.

You can check gameive for more android security related posts to make sure your android security is never compromised.

InsightsProducts

A/B Testing: Why Is it Not Working for You?

Most companies nowadays rely on A/B testing in order to achieve growth. But what is A/B testing, really?

According to Wikipedia, “A/B testing is a way to compare two versions of a single variable, typically by testing a subject’s response to variant A against variant B, and determining which of the two variants is more effective”.

So, when it comes to growth, A/B testing is the most reliable way to determine exactly what will work for a business, using correct data.

Of course, A/B testing-much like any validation tool-needs to be used correctly, otherwise it won’t really work. So, if you’ve tried using it and you’ve reached an impasse, then perhaps you did something wrong.

You tried to test too many items in one go

Let’s assume that you wanted to optimize a landing page. You went ahead and changed your copy, your CTAs, the pictures on the page, all that just to save some precious time. Well, that was not a very good move.

Seeing as the objective of A/B testing is to make decisions based on data in order to achieve growth, you have set yourself up, as you cannot determine which change is responsible for the results you got.

That’s why more and more SaaS tools like Elementor’s WordPress theme builder, Unbounce Landing Page Builder, as well as email marketing software platforms like Moosend and Mailchimp integrate A/B testing within their products.

Your sample was too small

It doesn’t take an expert to understand that, while 95% is a strong percentage, the bigger the sample, the more valid the results.

There is a huge difference between 90% of ten people and 90% of 1000 people, even if we’re still talking about a percentage of 90%.

If your website doesn’t gather the desired traffic or doesn’t score enough sales, chances are that A/B testing won’t work for you yet, seeing as the best option may seem to be the best, but your data won’t exactly be valid.

You didn’t get to know your target-audience first

Too many businesses rush to get into the A/B testing game and forget one key aspect: research on their target audience.

What is their behavior? What do they like? What makes them tick?

Make sure that you are specific when it comes to your prospects.

For example, not all travelers have the same traveling style.

Two mothers will, in theory, search for the same travel hacks, but what happens when one is the mother of a toddler and the other one is the mother of a moody sixteen-year-old?

Since the decisions need to be data-driven, the first thing to do is to get the right data, then design tests and extract the correct data from those tests.

So, next time consider running a survey first and an A/B test later. You’ll get far more accurate data that way.

You run the test for all the wrong reasons

This may sound crazy, but it really is not.

There is a high chance that you just didn’t have the correct hypothesis-or maybe that you didn’t have a hypothesis at all.

Let’s take the traveling example a bit further and assume that your A/B testing had to do with a promotional email on some holiday offers.  

Make sure that you asked yourself the following questions and monitor the following KPIs:

  • How many people actually opened your email?
  • How many people made use of your website?
  • What would you change, based on your analytics’ data?

Your hypothesis-and, of course, the A/B testing of said hypothesis-will give you insight on what to change.

Maybe you needed better content, maybe you packed your email with CTAs, maybe your cold email was a bit too cold or maybe your subject line didn’t work as well as you would’ve wanted.

You were impatient

How long did you test your hypothesis for? As we’ve already mentioned, your results are only as good as your data.

If you run your tests for only a week, then you are not really done testing. Percentages differ not just day-to-day, they can change any minute.

Therefore, you’ll need more than a couple of Monday-to-Friday percentages to ensure the validity of your data.

But we’re not done here. Did you take into account the time period you tested for?

Let’s use the holiday offer email again. This email will reach an all-time high during pre-high seasons like April or November when everyone is trying to book their summer or Christmas holidays respectively.

What do you think would happen if you decided to run tests during the first week of October?

Wouldn’t the test results be a lot more accurate if you decided to take your time and test your hypothesis during the last couple of weeks of October and the first couple of weeks of November?

Conclusion

Of course, these are not the only factors that may make your A/B testing fail.

Maybe your timing was not exactly the best or maybe you ran one too many tests, maybe your growth marketing strategy was a wee bit off in general.

But this is nothing to worry about.

What mistakes did you make when you first started?

What insight did your A/B testing data give you?

Let us know in the comments!

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An Extensive Guide to Personal Loans and Money Lending options for Entrepreneurs

Being an entrepreneur is a risky task, and you need some courage to stand out for your talents. There might be many things that can de-motivate you and either it is your friends, relatives, parents and even your society that doesn’t respect your talent and make you feel low. You don’t need to stop and if you are wondering about how your expertise can stand out and how you can plan a successful start-up plan then here is everything that you need to know about financing your startup.

There are many ways in which you can do that, and if you go out in the market, then you will get to know about a lot of schemes that let people start up a business with their idea. Many things do matter when it comes to choosing up a personal loan and even the debts that you will get into with it. You need to plan up each and everything before you apply for some money lending procedures. Anyways, in this guide, you will get to know about everything related to money lending. So, let us get started –

Lenders to Choose to Finance Your Business

There are many of them out in the market and as an entrepreneur; you need to choose up the most convenient and the most reliable that work just perfect for your work. There are many things that you need to know and being a business owner, and you need to be smart enough to know almost all about the market and the money lenders. Here are some of the most convenient ways to get the much-needed money for your business. So, let us get to it –

1. Traditional Lenders

These are the banks and all other professional and more time taking lenders. Well, you can get money on the low cost of interest, and there are so many other things that are related to the traditional lenders. You can get the loan quickly, but still, there is a lot of struggle that you need to go through. This is all that you need to know, and these traditional lenders can help you if you apply with a little more approachable. You need some time to get the money, and this is one of the popular ways to get easy money on easy installments.

2. Government Lenders

The Govt lenders are just like the traditional one but they are a little more understandable, and it is only for the entrepreneurs that are out there looking for a new business. These lenders contain the Small Business Administration (SBA). This type includes fewer risks, and it is a more convenient way for an entrepreneur to get the much-needed money for the startup.

You need to keep up with your research and all other things that are related to the new programs giving out loans and easy money for required startups. You need to come up with a strong business idea, and you will see no one that will stop you getting the loan, and there will always be easy money in the market for you with a firm plan.

3. Loans

This is one of the best investments that are worth applying for as you will get 85% of the repayment guarantee. This is the best loan for entrepreneurs as there is no problem with the collateral. You are not forced to give real collateral, and all you need to come up with is the idea for the startup. It is all that you need to have, and this is hard to get the loan, so you have to lower your expectations for the loan. Get a loan today at zero interest from https://www.libertylending.com/

4. Venture Capitalist

Just like any other agency and the innovators in the business world, the venture capitalist is one of the most famous innovators that are out there helping so many entrepreneurs to stand their start up quickly. They are looking for some entrepreneurs for funding them, and this is so far the best thing that you can get as an entrepreneur.

There are so many companies that are collaborating with venture capitalist and giving out scholarships for entrepreneurs. Not only the money, but they will also give you proper knowledge of the market, and this thing will surely help you out in the best way possible for your business.

What are the risks associated with small businesses?

Risks are everywhere, and the life of entrepreneurs is full of dangers. You need to get over these risks and this doesn’t mean you can stop the risks but this will make you prepared to cope up with the risk, and that thing can help you to get over the risk or if you are lucky enough then you will get over the risk easily. Here are some of the risks that are associated with small business ideas of entrepreneurs.

1. Financial Risk

The financial risk is one of the biggest fears of an entrepreneur mainly. You need to have a backup plan for that, and if you are already on loan, then you need to get a continent way which can help you in the bad times.

2. Legal Risks

These are the most unnecessary risks that can be involved with your business. There are many things that people can do to your startup idea, and for that, you need to get business insurance. It is better to stay away from the business risks and getting insurance is the best thing for you.

3. Staffing Risks

Well, it can be risky for you when you start acting bossy all the time. As an entrepreneur, you need to understand the way you should handle your team, or you will end up losing your staff. This means no work in your company and your startup can get to an end if you continue doing such things. Never infringed your employee’s rights or you can get into a state of high risks.

Bonus tip:

Check this guide if you want a better understanding of small business loans.
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How Can Small Businesses Improve Their Financial Performance

Nowadays, one of the biggest issues small businesses oftentimes struggle with is finances. Ensuring financial health for your small business while trying to compete on an overcrowded market may seem next to impossible.

Aside from that, financial pitfalls are quite common in the business world and numerous small business owners oftentimes make a financial mistake even though they were trying to avoid them, in the first place. However, ensuring good financial performance for your small business doesn’t have to be that much difficult.

If you’re well organized and if you monitor your finances regularly, you can eventually identify the mistakes you’re making and fix your financial problems. Even if you do, in fact, make a mistake, you can mitigate and minimize the damage with the right approach in place. With that in mind, here are a few ways small businesses can improve their financial performance.

Reduce operational costs

Operational costs are the most important business expenses that eventually yield a return on investment (ROI). In other words, operational costs are investment expenses required for your business to become profitable.

Reducing these costs, without sacrificing product or service quality, can be quite challenging. However, if you manage to do so, you will vastly improve your company’s business performance. Operational costs include manufacturing, labor, marketing, and other similar expenses. That being said, here are a few ways you can reduce operational costs for your business.

  • Outsource business operations.
  • Hire freelancers or part-time workers whenever you can.
  • Negotiate better deals with suppliers.
  • Opt for efficient technology.
  • Get rid of inefficient systems.

The more operational costs you manage to reduce the better your financial performance will be. Just don’t overdo it to the point where your products and services start to lack their original quality. The main reason is that your customers will undoubtedly notice and you’ll face a consumer outrage.

Keep your cash flow positive

Positive cash flow is one of the most important factors in your company’s financial performance. The main reason is that cash is your most liquid and thus your most important business asset. Without cash, your company can easily go bankrupt even though your company is generating profits and good revenue. Here’s an example.

Imagine you get paid via invoices and your invoices are due in 120 days. That means your company has generated both revenue and profits but you won’t have the cash for the next 120 days. During that time period, you still have expenses to cover, such as bills, utility taxes, employee salaries and so on. If you don’t have the cash to cover those expenses, you’ll have to look for external funding.

For instance, affordable payday loans could cover employee salaries and a bank loan could cover the rest. On the other hand, if you don’t secure external funds, the only thing left to do is declare bankruptcy. That’s why it’s very important to always have a positive cash flow, otherwise, your financial performance may not be so good.

Cut down your overhead spending

Overhead costs are similar to operational costs. They are also important for your small business operations yet they don’t yield any ROI. In other words, they are a necessary money drain that can be reduced in order to improve your company’s financial performance.

Overhead costs include bills, legal fees, taxes, utilities, maintenance, rent, travel expenses and so on. They are the expenses that are more or less necessary for smooth operation of your small business but that doesn’t mean you have to overspend on these costs. Fortunately, cutting down overhead expenses is much easier than reducing operational costs.

For instance, get rid of a land line if you’re not using it regularly. Also, you can move to a smaller office with cheaper rent or get rid of an office altogether if your employees can work from home. Another thing you should consider is going paperless. In a digital world, spending money on paper documents and paper waste is simply a waste of resources.

Improve your accounting

Most financial mistakes originate from the willingness of small business owners to manage their company’s accounting themselves, without having the proper knowledge or skills to do so.

Yes, you may save a few bucks by avoiding hiring or outsourcing an accountant or a bookkeeper, but the financial mistakes you might make in the process can cost you a lot more than what you would have spent on accounting services. There are firms with proper payment solutions for accountants that you can opt for, and that provide convenience to both parties.

Having an accountant to manage your finances is crucial for your company’s financial performance, so don’t think that by avoiding paying one’s services you’ll be able to save money in the long run. Furthermore, an accountant doesn’t just manage your books or your taxes. As a matter of fact, an accountant is also a financial advisor who can give you valuable advice on how to improve the financial performance of your company.

Managing the financial performance of a small business can be quite challenging. Your company’s profitability pretty much determines its overall success. With that in mind, having the right strategy in place and planning ahead can greatly help you out, not just managing your business finances, but also improving the financial performance of your company.

Development

How Chatbots Can Help your eCommerce Store?

The way e-commerce has developed over the years is truly amazing. From the earlier, simpler way of displaying products in the retail shop, the companies have progressed a lot by adopting artificial intelligence to provide a better user experience to their customers.

Nowadays, most e-commerce stores use chatbots to help the customer make up his or her mind while selecting different products. Chatbot acts like a virtual assistant that will answer different queries of the viewer and give them the right answer every time (it does not matter how many times you ask questions and if the answer is programmed into it).

If you already have an e-commerce store or planning to start e-commerce business (e-commerce website development or e-commerce app development or both) then you must consider chatbot in your specification now or for the future.

In this article, we will explain to you some of the advantages that you will get by using chatbot on your e-commerce website or e-commerce app and how this amazing technology is changing the way business is done online.

 1. A highly personalized shopping experience

One of the amazing functionality of a chatbot is that it provides a highly personalized shopping experience to the viewer. When a customer logs into your e-commerce store, then he/she can see a lot of products and to make up his/her mind, he/she needs to get information about each product that will allow him/her to compare them and then make a final choice of which one to choose. The chatbot uses machine learning to gather information regarding different products and then provide it to the viewer in an easy to read format.

2. A virtual assistant

Chatbot can act as a virtual assistant by giving you suggestions about different products that match your query. For example, if you ask for shoes and you are not quite sure what kind of shoe you want, the chatbot can suggest to you sneakers, sports shoes, leather shoes, shoes with laces and without laces and so on. The chatbot can also suggest different colors of shoes as well as different price ranges. This is a great help for those who do not have an idea about what they are looking for when they visit an e-retail store.

3. A more effective customer engagement

When you are selling thousands up products to a large number of people in your mortar and brick shop, then it becomes very difficult to give individual attention to each and every customer. However, in that digital medium, this is easily possible through chatbots. Chatbots use deep learning and machine language to make a profile of an individual who is a regular visitor to their site. Thus, whenever he or she visits the site again, the chatbot knows what their preferences are. Based on this information, they can make product suggestions which the customer has selected in the past. This not only improves the customer’s buying experience but also improves the conversion rate.

4. Great customer support

Many times a customer may face some problem while shopping on an online store and as these sites are open 24X7, it becomes difficult to make a human assistant available all the time to answer their queries. However, a chatbot can do this job without any problem for as long as required. Therefore, the customers get a place where they cannot only put forth their questions but also gets precise answers or suggestions regarding their issues.

5. Push notification

Chatbots can be used effectively in the marketing strategy of your e-commerce store. While earlier, it was normal to flood the inbox of all your listed customers with emails about different products and services that are offered through your e-commerce website or mobile app. However, this has changed greatly by using chatbots. Nowadays, a chatbot looks through the buying pattern of different customers and in case a new offer is made will start automatically sending emails to those customers only who are more likely to be interested in that product. This has a great impact on converting the lead. This is also very helpful to not irritate those customers by sending emails about those products and services in which they are not interested in.

6. Chatbots are excellent as your personal assistants

Arranging meetings of your office colleagues can be a very laborious process in which you have to ask for the time of different people and then select a place for the meeting. However, the chatbots can do this thing for you in a jiffy as it browse through the timings of different people when they are free (this is possible if all of them share the same calendar and upload their appointment details) and then select a date in which all the people are free so that they can attend the meeting without any problem.

7. Chatbots can reduce your operational costs

Chatbots are an excellent way to keep your operational cost down. You do not have to spend any money on your sales assistants or a big marketing team to send emails to the intended audience. This saves in salary will allow you to cut your operational costs drastically, leading to higher profit.

These are some of the advantages of the chatbots that will give you an idea of how effective they are and what kind of impact they are creating in the eCommerce business. That is why it is of great strategic importance that you invest in chatbot development to give better user experience to your customers and also capitalize on its efficiency to earn more profit. If you want to create a chatbot for your start-up or existing online store then contact Guru Technolabs, they are expert in giving a new profitable direction to your e-commerce store.

DevelopmentInsightsProducts

Focus on Credit Score Improvement for Better Finance and Debt Management

When you want to manage your debts well in order to keep your finance on the right track, you will not only need to take out the right type of debt but also make sure that you take it out at the lowest interest rate. This is especially required when you want to take on a debt consolidation loan which ideally is the best way to get rid of your multiple debts, especially credit card debts.

Typically, a debt consolidation loan simplifies your monthly billpaying but it has to be done correctly. You will have to consider several factors such as:

  • The debts you want to consolidate
  • The rates each debt carries
  • Your financial condition so that you do not default down the line and most importantly
  • Your credit score as that will determine the loan amount as well as the rate of interest it will come with.

In general, the problem is in the interest rates on debt consolidation loans because it may vary wildly. Depending on the type of loan you wish to take out this rate of interest can be anything from a low 5% to an incredibly high 36%. On average it is found that consumers using a debt consolidation loan to pay off their multiple credit card debts typically pay about 20% in interest on those specific cards.

Therefore, the bottom line is that no matter whichever method you choose to consolidate your debts you will need to find a loan with an interest rate that will eventually be half or less than the combined rate of interest of all your existing debts. A rate of interest in single digit will help you to pay off your debt faster.

So how do you get that? Simple, improve your credit score! This will give you a lot of confidence when you visit a bank or https://www.nationaldebtreliefprograms.com/ or its likes for that matter.

Need to improve your credit score

Before you move on to the ‘steps to improve your credit score’ you must first know what the need to improve your credit score is.

  • There are lots of benefits of improving your credit score but the most significant of all benefits is that it will make you eligible for any type of loans.
  • You will get easy approval and instant ones at it if you apply for a loan even online.
  • Whether it is a zero-percent interest balance transfer credit card or home equity, you will be better off in getting such a loan.
  • A good credit score will also enable you to get a loan at a much lower interest rate and more favorable terms.

Generally, you will need to maintain a credit score well and above 700 to qualify for a loan. Therefore, make sure that you keep a check on your credit score by taking out a copy of it from time to time from one of the three major credit reporting bureaus namely Equifax, Experian, and TransUnion.

Steps to improve credit score

There are a few specific steps to follow to improve your credit score and make sure that it is 740 or higher and nothing below 660.

The first thing to know is that you will need to maintain a highly disciplined and strategic way to keep your credit score high and manageable. For that, you will need to make sure that you:

  • Pay all your monthly bills on time
  • Pay off the balance every month when possible and if not at least make the minimum payment
  • Set up automatic alerts and payments to know when your payments are due and you do not miss out on one
  • While using your credit card, make sure that the balances on the credit cards are less than 30% of the credit limit of each
  • Do not sign up for any new credit cards when you are in excessive debt and
  • Look out for mistakes you made in your spending and make rectifications as soon as possible

Also, make sure that you get the free copy of your credit report as that will help you to know whether or not there are any disputes in it and make formal complaints about it to the relevant authority for immediate rectification.

However, these things are easier said than done but if you can do it effectively and diligently, it will surely raise your credit score which in turn will lower the interest rate you have to pay on a consolidation loan you wish to take out.

Get more options

When you have a healthy credit score you will get more options to choose from to conquer your debts as well as manage your household finance in a better and more productive way. There are ideally four major methods to consolidate debt and each one has pros and cons associated with it. Therefore, examine each of them closely to know about it as well as the penalties or fees for things such as late payments, early payoffs, and balance transfers.

  • Bank Loan – This is comparatively the simplest way to consolidate your debts. The bank will lend you enough money at a lower interest rate to pay off all your debts. You will now have to deal with only one creditor, the bank.
  • 0% Interest Credit Card Balance Transfer – This is the best way to pay off credit card debts only. However, you will have to pay off the balance with the introductory period or face incredibly high interest henceforth.
  • Debt Management Program – This is a service provided by a nonprofit credit counseling agency working with your creditors to reduce the interest rate and the monthly payments. You pay the agency once in a month for 3 to 5 years and they distribute it among all your creditors. However, consistency is the key here.
  • Personal Loan– You can even borrow money from your friends and family with or without interest but make sure that you do not take advantage of the situation but treat it like a business transaction.

However, in all these cases your credit score and your spending habits will play an important role.

DevelopmentInsightsMartech

Guide For a Procrastinator to Manage Debt and Finances

The fact that most of the debtors find them in the vicious cycle of debt is primarily because they fall prey to their own devices. One such bad habit is procrastination from time to time. Most people think that they will repay a loan easily and on time and take on a loan but seldom find things happening in their favor or as they wanted to.

This is because most loans, especially the credit card debts carry on huge rate of interest that is accrued on the principal balance. The most worrying part and the most overlooked one as well is that this interest gets accrued at a compound rate that eventually results in a debt amount as high as the sky.

This is when people look for alternative options to repay their debt and get rid of those annoying and often embarrassing collection calls. In such situations they find that there are two most favorable options available:

  • One is to consolidate their debts with a bigger loan at a lower rate of interest and longer terms and
  • The other is to settle the debt for a reduced amount and pay it off one time or in installments is the creditors allow doing so.

Now, given the fact that the outstanding loan amount will be significantly reduced, most people opt for debt settlement without even knowing much about it or going through the debt settlement reviews to look at the bigger picture and its consequences. This is another mistake that is often committed by the debtors who love to delay debt payments.

Therefore, when it comes to managing your finances you must make sure that you avoid delaying so that things do not quickly become too expensive for you to handle.

Give up procrastination

This is basic. Since your life is busy you will find less time to deal with your debt given the fact that there are lots of things such as the due amount and due date to remember. However, there is no denial of the fact that you will have to pay the price for your delay or forgetting to pay your bills on time by having to pay enormously in the end.

Irrespective of whatever is the reason behind your procrastination, it will lead to a financial mess eventually. Make sure you move it to the forefront of the to-do list. Even if you are a habitual procrastinator, you must make sure that this is a doable thing by espousing a few small changes in your habits to achieve far bigger results down the line.

Better automate things

If you are predisposed to procrastination it is best to automate things as much as possible. This will keep your payments on top of all things and save you from feeling overwhelmed. This is the best approach to take especially if you have multiple creditors to pay every month.

Automating your payments will also help you to avoid late fees and charges. Therefore make sure that you:

  • Set up text or email alerts to know when the payments are due
  • To know when there are any changes in the minimum payment amount.

You can set up such automatic payments with the lender directly or through the bill pay tool of your bank. All you have to do for this is to make sure that you have enough money in your account so that there are no deficits of funds to cover the amount you owe.

Consolidate your debts

This is one best way for the habitual procrastinators to pay off their multiple bills. This approach will have several benefits to offer such as:

  • Your multiple bills will be reduced to only one
  • You will have lower payment to make to one single creditor only and
  • You will avoid miss outs and therefore accrued interests and fines.

This will make life as well as your finance management much easier offering you a lot of mental peace and lots of sleep at nights.

Credit card management

Most people have multiple credit cards and use all of them in a month and find them in huge debt in the end. As a prudent person, if you are using credit cards for your purchases, make sure that you keep only two credit cards active at any given time.

  • One of this should be of lower interest rate so that you can use it for bigger purchases and get a scope to revolve a balance and
  • The other credit card to use for anything else including earning rewards.

Make sure that you pay off the balance in full well within the interest-free period.

Assuming that you have multiple high-interest credit card balances, check out whether or not you qualify for a 0% balance transfer. Though most credit card balance transfer will charge you a 3% fee added to your transferred amount, such an approach often makes financial sense, especially if you are prone to procrastination.

Just make sure you create a proper and effective repayment plan to reduce the balance as much as you can within the no-interest period. This will direct all your payments towards the principal till the time the 0% offer is not expired.

Turn to technology

Technology does not only make your work easier and faster but it may also change your behavior as well. This is very helpful for a procrastinator as they find it very difficult relying on their willpower. If you turn to websites and apps it will help you to change your unhealthy behaviors and transform your bad habits into good ones.

There are even a few apps that will aggregate information regarding multiple accounts. These apps will help you to see the amount due and outstanding on a weekly or a monthly basis. Based on the information you can plan your moves accordingly. Just make sure that you set proper reminders so that you can log in regularly.

Remember, dealing with procrastination is difficult but not impossible. All you need to do is break things down into small, simpler and doable tasks to see big improvements in your finances.