Small Business and Mobile Technology - Survey Shows 66% of Small Business Owners Adopt Mobile Technology

For those wondering if small business owners are actually using mobile technology for their business, the answer is a definitive “Yes,” according to new survey data from Constant Contact (NASDAQ: CTCT). Of those surveyed in March 2013, 66 per cent report currently using a mobile device, including smart phones and tablets, or a solution, like mobile-optimised websites and text message marketing.

 While this majority adoption is promising, it’s important to note that, of the 34 per cent not using any mobile device or solution for their business, a resounding 65 per cent have no plans to do so in the future, mainly citing a lack of customer demand.
Email and social media marketing paving the way
How are small businesses using mobile technology?
The top two ways are email and social media marketing, and they have a considerable lead over other uses:-
73 per cent conduct social media marketing.
71 per cent conduct email marketing.
44 per cent advertise through social platforms.
34 per cent have a mobile-optimized website.
18 per cent run a mobile tablet-based payment point-of-sale.
18 per cent use mobile apps to manage operations, like accounting.
“It’s encouraging that a majority of small businesses recognize that their customers are relying more than ever on their mobile devices to find information, look for deals, and even to make purchases,” said Joel Hughes, senior vice president of strategy and corporate development.
“That said, small business owners are still getting their sea legs, so it’s not surprising that they’re leading with two areas where they have a solid track record of success with customer engagement: social media and email.”
When asked what types of mobile/social advertising they currently employ, 97 per cent of respondents said social media like YouTube, Pinterest, Twitter, Facebook, and Instagram.
Location-based promotions (Foursquare check-in, etc.) came in a distant second at 17 per cent, and text message came in third at 15 per cent.
A deeper look into mobile-optimized websites of small businesses reveals that 70 per cent are social-media optimized. Other findings:
44 per cent contain a menu.
40 per cent contain individual product listings.
39 per cent contain videos.
Apple & Android – the new POS?
In the battle of iOS vs. Android, iOS is the clear winner.
Among small business owners, iPhone users trump Android users 66 per cent to 39 per cent, while iPad users trump Android tablet users 49 per cent to 15 per cent.
iOS popularity among small business owners is not reflected among the general public where, according to a recent comScore MobiLens study that measures the smartphone platforms used by everyone in the USA, Android subscribers account for 52.3 per cent of all subscribers, while iOS subscribers account for 37.8 per cent.
Small businesses are using these devices for point-of-sale functions.
Seventy-one per cent of small businesses using mobile technology accept mobile payments and 52 per cent utilize a mobile-/tablet-based point-of-sale system.
Mobile apps for managing operations
Mobile apps are playing a growing role in how small businesses manage operations.
82 per cent use a calendar/time management app.
74 per cent use a customer communications app.
52 per cent use a GPS and mapping app.
44 per cent use an accounting/invoicing app.
44 per cent use an app for industry news/information consumption.
29 per cent use a travel planning app.
Why aren’t all small businesses mobilising behind mobile?
When Constant Contact asked small business owners not using mobile the all-important question of why, here’s how they responded: -
56 per cent said their customers haven’t expressed demand for mobile communications.
47 per cent said their customers haven’t expressed demand for mobile payment solutions.
36 per cent said they are interested in mobile solutions but don’t know enough about how to best use them.
33 per cent said they’re interested in mobile solutions but haven’t had time to implement any yet.
31 per cent said they don’t have a work-/business-related smartphone.
28 per cent said mobile is not relevant to their industry/business.
“Generally speaking, small business owners have very little spare time on their hands, so learning how to use mobile technology for their business is not necessarily tops on their ‘to do’ list,” said Hughes.
“We received some anecdotal survey responses that said ‘It costs too much’ and ‘I have no idea how this stuff works,’ representing the subset of small businesses that will forgo mobile opportunities until their customers start demanding mobile communications or payment solutions.”
For more details click here : http://www.gomonews.com/66-of-small-business-owners-use-mobile-technology/

Five Essentials for Small Business in 2013

Small businesses must prepare for what appears to be an extremely difficult economic environment. Since the bursting of the 2008 credit bubble, U.S. consumers and financial institutions were dramatically hurt by bad debt and over levering themselves.
 These two vital components of the U.S. economy, that drive individual consumption which is approximately two thirds U.S. GDP, have been a drag on the economy over the last four business years. Although consumers and financial institutions have partially repaired their balance sheets, most of the debt burden was shifted to federal, state, and local governments. The size of government has never weighed so heavily on our economy and potentially runs the risk of crowding out the private sector. The Small Business Authority, on a daily basis will report on the five essential things independent business owners will need to consider to position themselves and have successful enterprises. We will report on these items on a daily basis beginning this Monday, December 10^th.

1 - Managing Obamacare. Under the PPAHCA, small businesses with 50 or more employees are mandated to buy health insurance for their employees or pay a fine, or tax according to Justice Roberts. In addition, many small businesses will be eligible for tax credits under the PPAHCA, as well as taking under consideration managing full-time and part-time staff to meet or beat the 50 employee threshold. Will small business owners hire advisers and consultants to get them through this knothole? Will they try to read and understand the 2000+ page piece of legislation themselves? Healthcare expenditures are approaching 20% of GDP, thus spiraling healthcare costs is a significant concern for small business owners.

2- Small businesses will need to consider how to get business loans for growth or refinance. This struggle moves into its fifth year, post the 2008 credit bubble bursting. Not only is new credit unavailable to support growth for small businesses, many small businesses are having a difficult time getting their local community or major money center banks to roll over existing financing.  Why is this so? Well, with the election over we don’t see the banking regulators stepping up the pace of bank seizures and tightening the capital and compliance on existing under capitalized banks. The continuous process of de-levering and shrinking the balance sheets of the banking industry has made rolling over or refinancing existing debt a big struggle for small businesses. Small businesses must do what they can in this loan starved environment by working with existing banking relationships, pay down debt and continue the global process of de-levering themselves as well as the banking industry.

3 - eCommerce solutions for most small businesses are becoming essential for small- to medium-sized businesses. eCommerce payment processing sales during the last few months grew at 15-20 % year over year, while bricks and mortar sales were down. An eCommerce site is essential, not only to take payments but also to allow a business to be found online. Those without a website are at a significant disadvantage. This includes not just big box retailers or major service providers, but also local small businesses and their competitors. The ability to be found and highlighted through  a local internet search is a necessity these days

4 - Cyber Security for Small Business. Small businesses are going to need to make the leap into the cloud and accept the fact that their businesses are at risk each and every day. They are no longer able to ignore the risks inherent in keeping sensitive data in a tower on their hard drive under their desk. Lawyers and medical professionals cannot ignore the risks of keeping their client’s health and financial data sitting on a server in the closet of their office or unbounded local IT provider. For the following reasons businesses must embrace the cloud:

• It is more cost effective than their current IT configuration.
• It is more secure. Not perfect, but generally more secure than their current IT configuration.
• It is more efficient regarding access to data 24/7 off of a tablet or smartphone and remotely.
• Constant surveillance and security offered by cloud hosts of business applications are better and security guaranties are available and can be offered. In a nut shell and lastly, small businesses need to embrace the cloud in 2013 and should talk to The Small Business Authority to learn how to enhance their business in this fashion.  

5 - Cloud Computing for SMART results. Cloud computing allows all of a small business’s critical transactions, as well as economic, ecommerce and web site traffic data to be accessible at anytime, anywhere – with the proper application. Something like the Newtek Advantage is extremely beneficial to small business owners, allowing them to see their real-time business information from any smartphone or tablet.

Cloud computing is SMART, because it allows for:
S: Sales Increases – less time dealing with administrative matters means more time selling and servicing customers.
M: More Control, Less Surprises – key business stats and metrics are available in real time; small businesses can make more informed decisions faster and never be out of touch with the most important business data.
A: Accelerated Profits – real-time information means better and more profitable decisions.
R: Real-time information means key business management data is only seconds away, whenever and wherever the business operator is.
T: Technology Enhancements — leads to decreased cost and expense of an IT department — everything is in the Cloud.
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An Essential Guide to Small Business Funding

You hear it everywhere: fifty percent of small businesses fail in the first five years. It can get discouraging to hear that statistic quoted so many times while working day and night to get your small business up and running.
According to Michael Ames in Small Business Management, one of the top reasons why small businesses fail is due to insufficient capital. So, to ensure your startup’s success, be sure to acquire sufficient capital and stretch your budget to keep costs down. From the standard small business loan to your great aunt, be sure you’re making the right choices.
Friends and Family
Your friends and family are the first people you’ll approach about funding your new business. Research reported by StartupSmart found that the most frequently used source of startup capital for small businesses was owners’ and relatives’ savings and assets.

• Always be open about your expectations from them, and have them do the same. Keeping open communication is integral to making this work.
• To protect your relationships, create a written loan agreement that states the amount of the loan, your plan for paying it back, the risks involved, and the role that the lender will play in your business. This will help everyone keep the business relationship separate from the personal relationship.

Beyond Friends and Family
The newest trend in financing startups – especially creative or innovative businesses with popular appeal – is crowdsourcing. Crowdsourcing entails using the viral power of the internet to request funds from a large number of people who don’t know you but want to see your business succeed.

• The most important aspect of your crowdsourcing campaign is the plea. Don’t just give the bare essentials. You need to tell your business’s story – its origin, plans, and goals for success – in an interesting way that will connect with strangers and convince them to invest in you.

Small Business Loans
Loans, credit cards, and lines of credit are often sourced as a strategic means for small businesses acquire funding – in their early years, up to three-quarters of their funding comes from these sources.

• Your business may need to be up and running for several years before a bank will provide you with a business loan. Expedite this process by creating a relationship with your bank early in the process. Open a business checking account, apply for a business credit card, and apply for a DUNS number to establish a business credit history (obtaining a DUNS number is free in Australia and is respected worldwide).
• Small business loans are frequently backed by the Australian Government or by private banks; these loans vary depending on which state or territory your business is located in. Government grants are also available.

Stretching Your Budget
In addition to borrowing capital from friends, family, and banks, you can help your business get off the ground by reducing up-front costs. The less money you need to produce up-front, the more likely you’ll be able to get your business started on an even footing.

• Reconsider making large up-front purchases for business necessities like office space, furniture, and equipment. Renting or leasing these items puts less of a strain on your startup funding while still enabling you to get the items your business needs in order to run.
• You can spread out other business costs in the same way: consider cloud-based Software as a Service applications rather than traditional business software. Much like renting, SaaS spreads out the cost of your software over the course of the year, rather than purchasing it all up front.

Having enough money is integral to both starting a business and keeping it running through economic ups and downs. With various types of loans, crowdsourcing, and cost-cutting, you can help your new business become a long-term success.
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Management challenges you can't afford to ignore in 2013

Do you trust the cloud for confidential data? Are you trading feedback with your employees? Are you making contract workers feel like they’re part of the team?
These are just a few of the issues that companies big and small are grappling with this year.
And while big organizations with human resources departments are hard at work on these issues, small and medium-sized companies without dedicated HR staff may not be giving them much thought. Fortunately, trends in technology are making it easier to follow the lead of big employers, experts say.
Here are hot-button issues that entrepreneurs and managers need to be aware of:

Getting comfortable on the cloud

The price of online human resources services has dropped to the point where they are economical for small businesses. And while entrepreneurs might feel reluctant to put personnel information on the cloud, in fact, cloud-based services can provide much higher security than the traditional paper forms kept in file cabinets, says Joanne Royce, a leadership trainer and principal of human resources consultancy Royce & Associates in Oakville, Ont.
Other HR functions that have become more convenient online are recruiting, orientation and training, she says.
Skype is especially useful in recruiting, Ms. Royce suggests. “It can be difficult to set up a mutual time for an interview and many people don’t even have a home number any more,” but Skype enables remote face-to-face meetings.

Using crowd-sourced advice

Online groups are handy, free ways for entrepreneurs to ask questions and seek advice about challenges they face, including human resources ones, as well as to meet other professionals, says Danielle Restivo, manager of corporate communications at LinkedIn Canada. Discussion groups on social media make it possible to tap into the experiences of fellow entrepreneurs for best practices and solutions to vexing issues.
For instance, startups and small business has become a dedicated discussion topic on LinkedIn.  An international small-business network there has more than 25,000 members worldwide.
Big brands in Canada and other countries are getting into the conversation by starting groups targeted at small business owners. Examples include Get Growing for Business, created by the Bank of Nova Scotia, and Canadian Business Community, started by Toronto-Dominion Bank.

Tracking performance on social media

Large organizations are using social media applications to provide ongoing feedback and manage performance thanks to inexpensive online apps, says Fiorella Callocchia, a human capital specialist for consultancy Deloitte & Touche LLP in Burlington, Ont.
“It can be as simple as asking a few basic questions to assess strengths, set goals and review where employees could improve and what you can do to help them,” she says. From there, the apps can track progress toward goals.
It’s part of a trend toward replacing annual performance reviews with more immediate tracking of goals and progress, Ms. Callocchia says. This technology is affordable particularly for small businesses, which may not have any performance management systems in place.

Managing contract workers

More businesses are hiring contract workers. A survey of 1,900 human resource managers by the Human Resources Professionals Association found that 90 per cent manage contract workers, up from 75 per cent when a similar survey was done in 2010. The figure was just 60 per cent in 2002.
While 80 per cent of the HR managers said they had policies to handle legal issues, such as contracts and integrating temps into their work forces, the rest had nothing in writing, says Kristina Hidas, vice-president of HR research and development for the Toronto-based HRPA. The majority of those without a policy are small and medium-sized businesses.
Policies should cover start and end dates and such specifics as when contract workers can participate in company meetings and events. “It’s important for motivation to have a consistent policy for all employees,” she says.
It’s also increasingly likely that contract workers will be ongoing members of the team, she says. “Another growing trend is that people are brought in on sequential contracts, so there is a possibility the contract workers will be working with the same people again.”

Planning for growth

The business outlook this year is more optimistic than it has been in years, and now is the time to expand the business and your customer reach, says Hubert Kelly, president of the Toronto-based small business advisory company Murphy Business Canada.
This may mean it’s the right time to hire for some companies.
“Most companies went through years of getting costs in line and preparing for a downturn based on what they were observing in the U.S. In general, everyone came through it relatively unscathed and better off because they were managing costs more tightly. Now, margins are better and the balance sheets are healthy to start the year,” he says.

Challenges for 2013

Here are three HR areas where small and medium-sized businesses face hurdles:

Engagement: 42 per cent of employees believe their job does not make good use of their skills and abilities. They value meaningful work over retention initiatives.

Turnover: Employees with less than two years on the job and millennials (those 31 and younger) were much more likely than others to say they were interested in jumping to a new employer.

Leadership: Those who said they planned to stay with their current organization consistently reported high levels of trust in the corporate leaders.
Source: Forbes Insights survey of 560 employees done for Deloitte & Touche LLP

Facts and figures

• 26 per cent of small and medium-sized businesses plan to hire, up from 21 per cent in 2012.
• 15 per cent plan to take out new lines of credit to finance expansion.
• 60 per cent of all employers report they are in better financial position than a year ago.
• 40 per cent report sales have increased in the past six months.

Source: Harris Interactive poll of 2,600 hiring managers for CareerBuilder.com
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Mastering business management studies online

Keeping pace with the global trend of MOOC’s (Mass Open Online Courses) offered by the Harvards and Standfords, myBskool.com is offering a 100 day 100 hours free online mini MBA programme.

The content for the programme has been co-created in partnership with IIM Ranchi and has been hosted on myBskool.com’s Social Learning Platform and is already being used by students at IIM Ranchi, IMT – Ghaziabad  other B-Schools.

It is estimated that India will require close to 20 million managers over the next 10 years with basic knowledge in business fundamentals & concepts. It is a well known fact that there is already an acute shortage for managers at the entry and middle levels where the demand is only expected to grow exponentially in the years to come. The mission at MMA is to provide quality management education to the masses.

The free online mini MBA is a condensed version of a full fledged MBA & is aimed at providing a solid foundation in current business theory and practices.

Online video lectures and case studies by top management faculty will cover subjects like Fundamentals of Accounting, Principles of Marketing, Managing Human Resource, Essentials of Business Communication and Business Strategy.

Similar products like Coursera and Edx have just developed abroad a year back which is basically the future of education. Corporates now have the best option of putting their employees to this free online mini MBA to upgrade their skill, one that can be accessed anywhere as opposed to employees given a fully paid 2 year off to enroll for a course to learn the same skills.

Working professionals, executives, small business owners and students interested in improving their business knowledge and managerial skills without a formal qualification in management will find this course apt and useful.

Gaining popularity

“Online education is becoming more popular both among students and employers due to its flexibility and affordability. It may be noted that initiatives like Coursera of the Standford have attracted millions of learners for their online courses across the globe. Many more renowned Universities worldwide are moving into the era of internet based education.” said Prof MJ Xavier, IIM Ranchi. “The myBskool course content has been designed keeping in mind India’s relevant context & globally relevant content.” he added.

While myBskool.com brings state-of-the-art technology and world class content in the form of video lectures co-created with IIM Ranchi, experts from the industry will be part of the Live Virtual Classes conducted as a part of this 100 day free program.

myBskool.com has developed a platform that is fully functional and hosts close to 6000+ audio lessons/podcasts and over 2500 video lectures, numerous case study discussions and skill builders.  All these are delivered by eminent faculty from premier institutions in India and practicing managers who are otherwise not accessible by all. Using superior technology, the videos are made available with almost zero buffering for live streaming.

Their latest offering on a 3 Screen platform (PC-Tablet-Smart Phone) is the most advanced solution to offer world class management education beyond the barriers of time and distance at affordable price, making the concept of portable class room a reality.

“The pedagogy involves pre-recorded video learning modules with fully interactive and collaborative features like the discussion forums, online chats, quizzes and live virtual classrooms. The entire course content will be made available on an anytime, anywhere learning mode using the “portable classroom” model.

As working professionals would need to take a break in career to be physically present for classes, it is a challenge for most of them to pursue higher education. myBskool.com is offering this mini MBA in online mode to break the barriers of time and distance,” says Swaminathan K, CEO, myBskool.com.
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Social Media Tips For Small Businesses

Many small business owners have resolved to get serious about social media in 2013. But some social media strategies are more effective than others at delivering customers to your doorstep.
Social media can be an effective and cost-efficient way to promote your business online. With a solid social media plan, it's possible to attract new customers and recruit influential brand advocates who will sing your company's praises to hundreds or even thousands of online followers.

Social media has the added benefit of being free. Unlike other marketing strategies, most social media sites allow you to create a profile and interact with followers at no cost. But the ease and simplicity of social media can be deceiving -- without an informed and carefully executed strategy, it's unlikely that your business will see any real results from your social marketing efforts.
With many entrepreneurs targeting social media initiatives in 2013, the small business networking provider oGoing offers several tips to help small business owners achieve social media success.

• Set goals. Like any other initiative, social media strategies need to be attached to specific, achievable goals like more qualified leads, higher revenues, brand enhancement or better online reviews. If you're just starting out in social media, consider identifying one or two goals rather than trying to accomplish everything at once.
• Focus on one or two sites. It's a mistake to try to maintain high quality profiles on multiple sites. A better approach is to pick one or two appropriate social media platforms (e.g. Twitter or Facebook) and create exceptional, active profiles. Plan to spend at least 4 to 6 hours per week on each profile you create.
• Share useful information. Customers and prospects are looking for useful information related to your company, brand or industry. If you're only interested in using your social media presence to promote your products, your social media strategy is doomed from the start. To be successful, you'll need to provide content that is interesting, inspiring and truly valuable to customers.
• Remember to listen. Social media is as much about listening as it is about communicating messages to your customer base. By listening to your customers' comments and feedback, you can gain important insights about their needs and buying preferences.

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Leader or Manager, What Does Your Small Business Need?

The debate continues, is leadership and management the same thing?  Colleges across the country offer degrees in Management, each with required courses in leadership, so doesn’t that imply that to manage you need to know how to lead?  And what are you, a leader or a manager, because we can’t be both right?
I am not sure there is a compelling reason for a clear distinction but what I do know is that your business has different needs at different times.  When I work with struggling small businesses I offer a simple distinction:

Leadership is managing change. Management is leading stability.

 

Where is your business right now?  If stability is the answer then shame on you.  When your firm stops growing you stop being an entrepreneur and your company’s future gets shaky at best.  If you find yourself “managing” a stable company in a stable market look for an exit strategy – sell to someone looking for change because the market is changing every day and change is where opportunity lives.
So – if change describes your environment then your firm is desperate for leadership; here are a few quick reminders that will help you lead effectively.

Employees crave clear direction.  They may grumble and act like they disagree sometimes but direction is comfortable.  Many of your employees are following because they choose to – leadership is uncomfortable for them, but ambiguity is just as uncomfortable.

Don’t sugar coat.  Be clear, particularly with today’ young work force, tell them what they can do to improve and then be sure to recognize them when they do it.  Everyone knows there is something they can do better, telling a young employee how to develop is a gift – but be sure to recognize improvement.

Trust.  Delegate responsibility, give very clear expectations and then trust that your employees will get it done.  Nothing motivates like ownership. But  when the task gets done reward them, publicly.   Watch what the rest of your employees do the next time you delegate to them.
Be a leader – provide clear instructions and don’t sugar coat, trust me.
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