Business Services

Seven Financial Concepts for Business Owners

ADavis — Wed, 17 Apr 2024 23:12:46 +0000

Seven Financial Concepts for Business Owners ADavis Wed, 04/17/2024 - 19:12

Seven Financial Concepts for Business Owners

Strengthening your knowledge of financial terminology can help inform your decisions in several areas of your business, from budgeting and cash flow management to building credit and hiring employees.

In a nod to April's Financial Literacy Month, here's a quick refresher on seven financial concepts that are relevant to small business owners and entrepreneurs.

Balance Sheet

A balance sheet is a type of financial statement that reports on a business's performance and profitability.

Listing your assets, liabilities, and equity, a balance sheet showcases a business's financial position at a particular point in time.

Income Statement

Another type of financial statement is the income statement, also known as the profit and loss statement.

This statement contains information about your company's ability to generate profit by increasing revenue, decreasing losses, or a combination of both.

Cash Flow Statement

As the name suggests, this type of financial statement outlines how cash flows in and out of your business during a specific time period, typically 12 months.

A QuickBooks blog emphasizes the importance of understanding each type of financial statement.

"Small business owners should know what these financial reports mean and how to use them to support data-based decision-making," writes Ken Boyd, co-founder of AccountingEd.com and owns St. Louis Test Preparation.

Business Equity

Equity is the difference between your business's assets and liabilities and is often used to determine the "true value" of a business.

"Equity is often included on a company's balance sheet, and analysts often use it to evaluate a business's financial health," explains a post by the U.S. Chamber of Commerce on its website.

Liquid Assets

The term "liquid assets" refers to cash or assets that can quickly and easily be turned into cash. Typically, the more "liquid" you are, the more financial flexibility you have.

Liquid assets are pivotal for every company, according to a post by Guidant Financial, which specializes in helping entrepreneurs secure funding to start, buy, or grow a business.

"Liquidity ensures that companies have enough cash to cover their expenses, but it can also provide a competitive advantage when liquidity across the economy is short."

Invoice Factoring

Also known as invoice financing, invoice factoring is an option for businesses with a significant number of outstanding open invoices. Invoice factoring companies work to get your open invoices paid by purchasing the invoices at a discount.

"By raising capital this way, there is no debt, and the factoring company assumes the financial responsibility for collecting the invoice debts," explains a Fundera blog by Nerdwallet.

Customer Acquisition Cost (CAC)

CAC refers to how much a business spends on acquiring a new customer. Your CAC could include expenses related to sales and marketing dedicated to acquiring that customer, i.e., targeted advertising campaigns, capital spent on property or equipment needed to make the sale and convert the customer, and the cost of your sales and marketing staff.

There is a lot to think about when it comes to customer acquisition costs, says Neil Patel, co-founder of NP Digital, on his website. "Businesses also need to consider things like additional customer service resources or implementing new technologies to support new customers," he says.

To measure CAC, basically, you divide the sum of all acquisition-related costs by the number of new customers gained within a specific period.

"The lower your CAC, the more profitable your business can be," writes Mary Kate Miller in an article for Fundr magazine.

Business Services

Small Towns and The Labor Crunch

ADavis — Mon, 15 Apr 2024 22:03:56 +0000

Small Towns and The Labor Crunch ADavis Mon, 04/15/2024 - 18:03

Small Towns and The Labor Crunch

For businesses in smaller cities and towns, the shortage of qualified workers is more acute than for businesses in metro areas.

But a rural location doesn't have to be a detriment to finding more staff if you're a great company, says Rikka Brandon, CEO of BuildingGurus.com and founder of RecruitRetainRock.com.

She advises business owners in rural areas to lean on their strengths and leverage their place in the community. "Showcase your opportunities to build awareness and start building your talent funnel," she writes in a post for LBM Journal.

More than half of small businesses in the U.S. plan to add staff in the next 12 months, but many also acknowledge the difficulty of finding qualified candidates.

The Hiring Landscape

The Wall Street Journal/Vistage Small Business CEO Confidence Index for March reports that 54 percent of businesses surveyed said they plan to hire employees in the next year. That's slightly higher than the 51 percent who said that in the February survey.

"Small employers have incrementally upped hiring plans since the start of the year because of steady demand," notes the index.

A survey by the National Federation of Small Business survey reports a similar trend of hiring plans for the next 12 months. However, 37 percent (seasonally adjusted) of all owners told NFIB's monthly poll that they had job openings they could not fill.

Broadening Your Search

There are several ways that rural small businesses can broaden their search and find more qualified workers.

Seek out local and national groups that have programs aimed at helping businesses discover more talent, such as the American Works Initiative, created by the U.S. Chamber and the U.S. Chamber Foundation.

Also, small businesses in rural areas can improve their candidate recruitment by better targeting candidates and tailoring messages, advises the executive search firm Battalia Winston.

"For instance, how about advertising at a local fishing competition or placing an ad on a hiking website or in church bulletins?" suggests an article by CEO Dale Winston and President Terence Gallagher in Chief Executive magazine.

Other ideas for finding potential qualified candidates include posting your openings on college and university job boards. These job boards could get the attention of "boomerangs," or candidates who attended college or grew up in your town and may want to move back," they write.

Boast About Your Town

Just like you would talk up your company to a potential candidate, be sure to share great things about your small town.

It may be outdoor activities, abundant green space, or fun community events. In job postings and interviews, inform applicants about all of your town's benefits.

"Does your town have a scenic bicycle path, free Friday night movies at the beach, or the best hot wings in the county? Also, often, a good sports venue or museum is within a short drive. Take a look around and you'll find plenty of benefits to emphasize," says Winston and Gallagher in the Chief Executive article.

Broaden Your Search to Include Different Populations

When recruiting for new hires, it can be helpful to seek out candidates in populations sometimes overlooked by businesses seeking new staff.

Examples include veterans, younger, under-experienced potential candidates, and older workers, who could be drawn to training and education courses to expand their skills if your business offers these benefits.

According to the Center for American Progress's website, older Americans make up or will make up a large percentage of the American workforce.

"Over the next decade, 42% of the growth of the labor force will come from individuals ages 55 and older, with most of this growth coming from women in this age group," the group’s website says. "Yet, older women often find their path to mobility hindered by a lack of access to training, upskilling, or re-skilling."

Business Services

What To Know about Business Advertising

Rachel — Wed, 21 Feb 2024 20:02:20 +0000

What To Know about Business Advertising Rachel Wed, 02/21/2024 - 15:02

What To Know about Business Advertising

Sorting through the multitude of advertising options can get overwhelming for some small business owners as they decide on the best fit for their marketing strategy and budget.

To help guide your assessment, take a look at these advertising trends and a quick review of a few basic principles of advertising.

Traditional types. Marketing experts say small businesses should consider traditional advertising, such as TV, radio, and print ads, including local media and mailers, as a cost-effective means to promote their brand.

More than half of the consumers polled in a survey by MarketingSherpa said they often or always watch traditional TV ads and read printed ads they receive in the mail from companies they are satisfied with.

“Adding traditional, local media to a small business' marketing mix can be an effective way to reach target audiences within a specific geographical area,” writes Erica Sweeney in a Business Insider article.

Paid search. Paid search advertising, also known as PPC or pay-per-click, lets you use keywords to increase the chance of your business being seen in search engine results when consumers search for your type of business, product or service.

With 28 percent market share, Google ranks as the top platform for digital ad revenues, reports Statistica. Facebook is next with 18 percent share and Amazon in third with 7 percent, according to the research data company.

Businesses that use PPC ads, which include search, display and social media campaigns, have the potential to expose their business to a larger, more diverse audience, increasing their brand’s overall reach.

“Functionally, what happens is that you pay for the ad only when users click on it, incentivizing search engines to show it to the most relevant audiences,” writes Kati Terzinski in a post for Pyxl, global digital marketing agency based in Nashville.

Social media. Digital marketing experts say businesses with smaller budgets can benefit from advertising on Facebook, Instagram or LinkedIn.

One of the biggest advantages of social media advertising is the ability to target specific demographics and pinpoint your audience.

Facebook is a powerhouse when it comes to targeted advertising, declares NerdWallet writer Elizabeth Kellogg.

Meta, the parent company of Facebook, Instagram and What’s App, recently announced that some of the more “daunting aspects” of running ads on Facebook, including targeting new customers and retargeting past ones, have been automated.

“If you have a specific audience in mind, you can hone your Facebook ads with extreme precision — based on a narrow set of unique interests or on recent behaviors like whether they’re currently planning a vacation,” writes Kellogg in NerdWallet.

“Even when people don’t make an immediate purchase, they may end up liking and sharing your business. This helps in building a database of potential customers.”

Sponsored content. This is when you’re paying an influencer to post content that speaks positively about your business, products or services.

It’s become so popular that Instagram created a Branded Content Tool for influencers to use. It has a line below the influencer’s name and “Paid partnership with [insert your brand].”

Small businesses may not be able to afford big celebrity-sponsored content but can use micro-influencers in their industry to promote their brand. While they may have smaller followings they are still influential in certain areas, notes Kellogg in the NerdWallet post.

Also, micro-influencers might post about your company in exchange for free products and offer lower prices than bigger name influencers.

Some Basics

Even while technology has led to increasing avenues for advertising, the marketing basics still apply, says Allen Adamson, adjunct professor at New York University’s Stern School of Business in a Business News Daily post.

“The basic principles of how you market and build a brand haven’t changed — despite what everyone says — in the past 10 or 15 years,” says Adamson in the article by Bennett Conlin. “What technology has done overall is magnified what was always true.”

For example, the best place for your small business to show up remains in places where your audience, i.e., current and potential customers, will see it. Also from the basics book is the need to create ads that are relevant and eye-catching.

Business Services

Advice for Food and Beverage Retailers

Rachel — Wed, 21 Feb 2024 19:39:36 +0000

Advice for Food and Beverage Retailers Rachel Wed, 02/21/2024 - 14:39

Advice for Food and Beverage Retailers

Business owners in the food and beverage industry understand the importance of standing out from your competitors in this wide-ranging sector, where U.S. sales are estimated to reach more than $1.3 trillion last year.

A report in June by eMarketer, which predicted sales last year to reach $1.378 trillion, forecast sales in the food and beverage industry will surpass $1.578 trillion in 2026.

If you’re an entrepreneur looking at starting a small business in this dynamic industry or already running one, take a look at this advice for doing so successfully.

Stay up on trends and respond. For example, grocery and other food store businesses that are paying attention to the customer demand for convenience and “value” are responding by increasing their stock of prepared food items to attract new and repeat customers.

A recent article by Grocery Dive reports, “As shoppers fret about their finances, grocers have found that their foodservice offerings, from hot bars to packaged meals, are bright spots that provide key advantages in competing with restaurants.”

The business owners who are offering these types of items are making sure to market the value of these options, says the post by the industry news media site.

“The industry is also seeing grocers sharpen their retail media approaches, with many grocers now exploring in-store advertising opportunities.”

Be informed about competitors. While applicable for all businesses, this is paramount for those competing in the food and beverage industry.

Staying informed about what your competitors are doing, what they offer, etc., will help give you insight into how to differentiate your business.

For example, pay attention to your “assortment” as compared to other businesses, says Intelligence Insider analyst Suzy Davidkhanian, citing the way Amazon and Walmart have used the competitive information to differentiate themselves.

Walmart skews its grocery business toward fresh foods while Amazon leans toward pantry goods, she explains in a post by Intelligence Insider..

“That means that even though the two companies compete on a macro level, they may not be competing for the same consumer at the same time,” Davidkhanian adds. “It also means strategically expanding assortment could be a powerful way to take market share.”

Create customer experiences. The customer demand for experiences, including enhanced shopping experiences, continues in this sector.

They crave more touchpoints and experiential opportunities to connect with brands in person, says Bolt PR vice president Laura Murphy in a post by Modern Restaurant Management (MRM).

Businesses wanting to satisfy this demand could hold in-store events, such as culinary workshops, classes and tasting sessions, and offer personalized product and shopping suggestions. Loyalty programs and subscription models can also enhance the shopping experience and foster deeper brand-customer relationships.

In a study by Forrester Consulting, 50 percent of consumers say personalization based on their interests and past purchases have influenced their decision to purchase from a brand over the last year, reports Shopify, which commissioned the survey.

“Studies show that our emotions drive decisions and retention through our core senses, so being able to visually taste, touch, and experience a brand on the spot provides restaurant owners with incredible ways to build brand recognition and connect with their customers,” Murphy says in the MRM article.

Keep learning about your customers. Understand their buying habits, how they shop, what they’re buying, etc., as this information will be key to building customer loyalty and business growth.

This type of information can be discovered through direct engagement with customers, such as email and surveys, social media and various other intentional means, and by analyzing data collected by POS and CRM software.

POS software, which requires reliable high-speed business internet for fast and seamless transactions, collects data when a transaction is processed at your store.

While specific features vary, POS systems can sort data in categories such as inventory, sales, product, customer and staff, providing relevant information in several areas.

“Sales data gives you both macro- and micro-level insights,” writes Sebastien Rankin in a blog for Shopify, which offers POS software.

Having access to this type of information, such as times of sales and peak sales periods, can help you run a more profitable business, the blog adds.

Business Services

Outside-the-Box Ideas To Boost Valentine's Day Sales

Rachel — Thu, 08 Feb 2024 01:34:10 +0000

Outside-the-Box Ideas To Boost Valentine's Day Sales Rachel Wed, 02/07/2024 - 20:34

Outside-the-Box Ideas To Boost Valentine's Day Sales

Outside-the-Box Ideas to Boost Valentine’s Day Sales

Increased sales during Valentine’s Day could be just the pick-me-up for small business owners experiencing a lull of sorts following the busy holiday season.

Even if your business doesn't carry the customary jewelry or chocolate, there are still ways to promote your products, services, and brand for Valentine’s Day sales this month.

Consumers are looking to buy — Valentine’s Day ranks up there with Father’s Day in terms of sales by occasion. Last year, shoppers spent an estimated $25.9 billion for Valentine’s Day, with each person spending close to $193 on purchases, according to the National Retail Federation and Prosper Insights and Analytics’ annual survey.

Here are a few outside-the-box ideas to help your small business boost sales for Valentine’s Day.

Look beyond romance

Valentine’s Day is all about celebrating love, but it’s no longer considered a romance-only occasion.

The good news for businesses? That evolution has led to an increased variety of gift-giving for Valentine’s Day, opening up opportunities for more businesses to get in on sales.

Because more shoppers are looking for a variety of recipients, you have the chance to market your product or service as a unique gift or party favor for different types of gatherings, such as

Galentine’s Day.

Or, depending on your offerings, you could promote ideas for parents or grandparents shopping for their children or for kid parties, i.e., toys, arts and crafts, or a gift card for an item you sell, such as ice cream, cupcakes, or other kid-favorite treat.

“Don’t restrict your thinking – Valentine’s Day gifts come in all shapes and sizes,” writes Catherine Erdly, founder of The Resilient Retail Club, in a post on her company’s website.

“What matters most is your messaging. Small businesses have so much to offer Valentine’s shoppers – you must let them know!”

Involve social media

No surprise here — social media posts should be an automatic for small businesses wanting to promote their business for potential Valentine’s Day customers.

Join in the fun on social media and draw attention to your business by using hashtags and language that celebrate love and friendship.

If you want to get even more creative, marketing experts say, come up with Valentine’s Day-themed hashtags that incorporate your brand or even a specific product that fits the occasion.

Remember Galentine’s Day

Started by a fictional TV show character more than a decade ago, Galentine’s Day has become a real thing (as in a gift-buying, party-worthy occasion).

Gatherings start as early as Feb. 1, but Galentine’s Day is “officially” Feb. 13, as designated by “Parks and Rec” character Leslie Knope in a 2010 episode as a time to celebrate and appreciate her women friends. (The timing also means single and committed friends can come together without jeopardizing any V-Day plans.).

For your business, though, it means more opportunities to draw attention to your products and services as fun gifts, party favors, or venue ideas for Galentine’s Day.

Broaden your thinking

The more you broaden your thinking around the Valentine’s Day concept beyond couple-centric romance, the more options you’ll have to market your business, products, and services for increased sales opportunities.

One demographic to consider is single people. They could easily be attracted to the idea of buying something for themselves. For example, you could catch their attention with a “treat yourself” promotion if you have products or services that fit the self-care or celebration-at-home category.

Consider last-minute shoppers

Targeting the last-minute Valentine’s Day gift-buyer could be another way to generate sales for your business this month.

Procrastinators all over the world will appreciate any offers that will make their shopping easier and available on time for their Valentine's Day.

For example, if you’re an online business, offer overnight or even same-day shipping for customers who spend over a certain amount. Or you could frame your products/services in a Top 5 list of “perfect last-minute gift ideas” to help attract the “oh-no” shoppers who need your help.

Business Services

How to Start Livestream Shopping for Business: And build a better brand and bottom line

Rachel — Fri, 02 Feb 2024 17:16:48 +0000

How to Start Livestream Shopping for Business: And build a better brand and bottom line Rachel Fri, 02/02/2024 - 12:16

How to Start Livestream Shopping for Business

Is your business looking for new ways to make inroads with online customers and prospects? A major benefit of Livestream shopping is it’s ability to give your brand presence payoff of increased sales and growth.

According to the Restream blog, What is Live Shopping, customers find live stream shopping more convenient than TV home shopping networks because it’s interactive, accessible and viewers can engage from any device. The practice is gaining traction in the U.S. and other western countries after getting its start in Asia several years ago. So, maybe it’s time your business gets on board. Let’s consider how to start livestream shopping for your business.

Direct Brand Engagement

One of the main benefits of livestream shopping is that it allows brands to engage directly with their customers. By interacting with viewers in real-time, your business can build a sense of community and foster a deeper connection with its audience—which can be particularly effective for building brand loyalty and trust.

Livestream shopping can also be a useful tool for product launches and promotions. By showcasing a new product or offering a limited-time promotion through a livestream, your business can generate excitement around it. And this can create a sense of urgency among viewers that compels them to make a purchase.

Moreover, livestream shopping can provide valuable insights into consumer behavior. Businesses can track metrics like viewer engagement, conversion rates, and customer feedback to better understand their audience and make data-driven decisions.

Best Practices for First-Time Livestreamers

By leveraging the power of video content and real-time engagement, brands can create a memorable and engaging shopping experience for their customers.

Here are some best practices for businesses looking to use livestream shopping to heighten brand awareness and drive sales:

Fortify Your Wi-Fi

Because livestreaming requires frequent file uploads and downloads, ensuring your business Wi-Fi can handle the high demand is important. Hargray provides a range of Business ��Ƶ options fit for livestream shopping.

Plan Ahead

Before you go live, create a plan for what you want to showcase during the livestream. This includes the products you want to feature, the talking points you want to cover, and the goals you want to achieve.

Use Quality Equipment

Invest in a good camera, microphone, and lighting to ensure that your livestream is professional-looking and easy to hear.

Engage

Interact with your audience during the livestream by asking them questions, responding to their comments, and encouraging them to share their thoughts and feedback.

Be Mindful of Viewers’ Time

Attention spans are short, so keep your livestreams to a reasonable length. Consider breaking up longer livestreams into shorter segments to keep your audience engaged.

Promote

Use social media and other channels to promote your livestream in advance to build anticipation and drive viewership.

Discount and Deal

Offer exclusive discounts or specials to viewers who make a purchase during the livestream. This creates a sense of urgency and encourages viewers to act.

Be Thankful

After the livestream, follow up with viewers to thank them for tuning in and offer additional support or assistance if needed.

Avoid the Livestream Risks

While livestream shopping has many potential benefits for businesses, there are also some risks associated with this approach. Here are just some to consider:

Tech Issues

Technical issues such as poor internet connectivity, low-quality video or audio, or glitches during the livestream can affect the viewer experience and damage your brand's reputation. Of course, this can be prevented with fast, reliable business internet from Sparklight.

Security

Livestream shopping requires customers to share personal and financial information to complete transactions, which can make them vulnerable to online fraud and other security risks like identity theft.

No Customer Interaction

Unlike in-person shopping experiences, livestream shopping lacks personal interaction with sales staff, which can make it difficult to address customer questions or concerns.

Limited Product Visibility

Livestream shopping may not allow customers to view products in detail, making it difficult to assess their quality or suitability.

Misrepresentation

In an effort to make sales, some businesses may be tempted to exaggerate the benefits of their products or misrepresent their features during a livestream, leading to customer dissatisfaction and negative reviews.

Unfamiliarity

Livestream shopping is still a relatively new concept, and some potential customers may not be aware of or interested in this type of shopping experience.

By considering and navigating these risks before going live, your business can minimize the potential downsides of livestream shopping and create positive and effective shopping experiences for its customers.

Business Services

Experiential Marketing: How Events Can Transform Your Marketing

Rachel — Thu, 01 Feb 2024 21:22:41 +0000

Experiential Marketing: How Events Can Transform Your Marketing Rachel Thu, 02/01/2024 - 16:22

Experiential Marketing: How Events Can Transform Your Marketing

Have you ever ended a story by telling the listener, “You just had to be there.” This is the idea behind experiential marketing—the act of creating an event so compelling that those who attend find it hard to explain, and those who didn’t attend wish they had.

Sometimes you have to do more to generate sales than to simply run ads or send out emails. Sometimes to succeed, you have to create an experience to transform your marketing! If you’re new to experiential marketing, here’s how to get started:

5 Ways Events Can Transform Your Marketing

Think Like an Event Planner

Approach the challenge as if you were planning an event around your business and brand. Consider what you could do to leverage what’s unique about your products.

If you raise grass-fed beef, might you invite prospects to a dinner where local chefs show off their skills using your products? If you specialize in Grand Canyon tourist flights, would you consider a memorable ‘barnstorming’ party to get prospects together in a fun and exciting environment near the beautiful places you’d bring passengers.

It’s up to you to decide what type of event would best tap into the interests and desires of your target market.

Create Buzz Before, During and After

Devote time to developing a strategy that gets—and keeps—people engaged. It’s all about creating anticipation, delivering on a promise, and making sure it’s not forgotten. Email customers and prospects prior to the event to encourage them to attend. Create a contest or giveaway that will bring them in. For ideas, check here.

Once the event is over, follow up with attendees by email and thank them. Consider an offer to emphasize the point and to create more interaction and a possible sale.

Create the Right Atmosphere

Put some effort and budget into creating an atmosphere and make your event an experience for attendees. For inspiration, check out these event booths created by Skyline a leading experiential marketing firm.

The more you put into developing a theme around your event, the more interesting consumers will find it. You want to engage as many senses as you can.

Don’t Forget the Human Touch

Even the sexiest best-planned event can’t succeed unless you staff it with people who are passionate about your product and willing to spread the word. These would be your best, most charismatic employees—those who are energized by the prospect of meeting potential customers and representing your company.

IMPORTANT: Nothing is more detrimental to your company’s image than an event staffed by employees who don’t want to be there. Consider hiring professional staffers, if your people aren’t cut out for this. It’s worth the investment.

Leverage Industry Events

If you don’t want to create an event on your own, consider participating in a trade show or seminar. Whether your business is selling grass-fed beef or flying tourists over the Grand Canyon, there’s a one tailored to your target market.

When your business makes a trade show appearance, it’s staking a claim and announcing to attendees that it’s a player—especially if it makes a memorable impression. And by ‘piggybacking’ on a larger event, you can enjoy greater exposure than you might flying solo. The key to a successful event is to make it uniquely your own, and to create one that’s so memorable, attendees will spread the word.

No matter what type of business you’re in, you can raise your profile—and potential profits—with experiential marketing. Just follow the tips shared here to create ‘you just had to be there’ moments.

Business Services

What is VPN? Firewall? Both? We've Got Answers to Your Questions

Rachel — Thu, 01 Feb 2024 20:52:21 +0000

What is VPN? Firewall? Both? We've Got Answers to Your Questions Rachel Thu, 02/01/2024 - 15:52

What is VPN? Firewall? Both? We've Got Answers to Your Questions

Your business is only as secure as the digital shields you put up to thwart hackers, phishing artists, and cyber thieves. But keeping your network, data, and email communication safe requires more than a single tool.

In the quest to find the right solutions, business owners often need clarification about firewalls, Virtual Private Networks, or VPNs and their roles in network security.

In this post, we look at the details so you can make informed decisions.

Role of Firewall, VPN

A firewall is a network security device that monitors and controls incoming and outgoing network traffic based on predefined security rules. It acts as a barrier between a trusted internal network and an untrusted external network (typically the internet) to prevent unauthorized access and protect against various threats.

A VPN creates a secure, encrypted connection between a user's device and a private network over the internet. It's primarily used to establish secure remote access to a company's internal network or to protect data during email transmission.

Security Roles

A firewall protects against external threats like unauthorized access, malware, and network attacks. It filters incoming and outgoing data packets and examines their source and destination addresses, port numbers, and protocols.

The primary purpose of a VPN is to provide secure communication over an unsecured network, such as the ��Ƶ. It encrypts the data transmitted between the user's device and the private network, ensuring confidentiality and preventing unauthorized interception or eavesdropping.

Connectivity and Access

While a firewall can provide limited remote access capabilities, its primary focus is on securing the network by controlling traffic flow and ensuring only authorized connections are allowed.

A VPN enables remote users or branch offices to securely connect to a company's internal network over the ��Ƶ. It allows employees to access resources, applications, and files as if they were directly connected to the local network, regardless of their physical location.

Deployment and Scope

Firewalls are network security devices deployed at the network perimeter or within the internal network infrastructure. They protect the entire network by filtering and controlling traffic flow at the network level.

VPNs are typically deployed per-user and are commonly used for remote access scenarios. They create secure tunnels between individual devices and the network they are connecting to.

Hierarchy and Priority

In a typical network setup, the firewall comes first, followed by the VPN. This is because the firewall is responsible for securing the network perimeter and enforcing security policies at the network level. It helps protect against external threats and unauthorized access attempts.

Once the firewall is in place, a VPN can provide secure remote access to the internal network or establish secure connections between different networks. The VPN traffic passes through the firewall, which allows or blocks the VPN traffic based on its configured rules.

VPN Architecture and Equipment

A VPN (Virtual Private Network) can be set up on different devices depending on your requirements and preferences.

Router

Setting up a VPN on your router allows all devices connected to the network to use the VPN automatically. This is particularly useful if you want to secure the entire network and protect all devices, including computers, smartphones, and smart home devices. However, not all routers support VPN configurations, so you need to check if your router has this capability.

Computer

You can also install a VPN client on your computer. This option provides flexibility, as you can choose when to use the VPN and when not to. It is suitable to secure only your computer's internet connection.

Mobile Devices

Similar to computers, you can install VPN client apps on your smartphones or tablets. These apps work similarly to computer clients and allow you to secure your mobile internet connection.

It's worth mentioning that some VPN providers may offer additional options, such as browser extensions or dedicated apps for specific devices or platforms, which can simplify the setup process.

Business Services

7 CRM Platforms that Could Fit Your Small Business Needs

Rachel — Wed, 03 Jan 2024 15:19:37 +0000

7 CRM Platforms that Could Fit Your Small Business Needs Rachel Wed, 01/03/2024 - 10:19

7 CRM Platforms that Could Fit Your Small Business Needs

If we're not yet living in the golden age of customer relationship management software platforms for businesses, we may be close. After all, countless options are available to small business owners who wish to get a leg up on the competition.

Perhaps that's why it can be harder than ever to choose, especially if you're considering getting on board. Not to worry, we've outlined several here for your convenience.

But First, Some Perspective and Groundwork

Successful customer relationship management can't be performed by digital platforms alone. It requires that you're committed to doing your part in the real world, which means laying the groundwork so the platform can shine as intended.

Simple tactics such as creating a positive environment and atmosphere with caring, competent employees must already be in place, or any platform will fail. If this isn't the case, your first step is getting up to speed on this front.

And Now, The Best of the Best

Forbes.com recently rated these CRM programs among the best for small businesses. We take a peek at the highlights here:

Zoho CRM

Boasting monthly plans that start as low as $20 per month, Zoho lets small business owners customize workflows and reporting as they see fit. The platform also complements apps that integrate functions such as marketing, human resources, customer support, and inventory management. All of this can be captured in a dashboard that contextualizes activity, so you can see where you're succeeding and falling short.

Monday.com

Best for teams, this collaboration tool breaks customer relationship management down into tasks that help users visualize and track work. A free two-week trial gives users ample time to get their feet wet with the program, and monthly plans range from $0 for basic to $60 for three users. Annual subscribers receive an 18% discount.

Salesforce

Salesforce excels at managing and cultivating leads, contacts, and existing customers. It boasts an interactive dashboard that gives users real-time alerts so they can respond quickly. The unlimited plan carries a hefty monthly fee of $300. However, pricing starts at $25 per month when paid annually. A two-week free trial allows you to test the platform before committing to it.

Zendesk Sell

With its customer support focus, this platform is a favorite of business owners who prefer to manage activity from a single dashboard. Not only does it allow for lead tracking that logs communication history, but it also facilitates the coordination of tasks while providing real-time updates on inquiries. A two-week free trial and pricing range from $19 to $99 per user per month gives users options on costs.

Pipedrive

Pipedrive is a streamlined CRM tool that's become a favorite of small business owners who prefer simplicity over more sophisticated platforms. It incorporates leads, contacts, and pending deals in a visually appealing and intuitive user experience. Among the least expensive options available, Pipedrive carries a monthly cost of $14.90 when paid annually. A free two-week trial provides ample opportunity to get familiar with the platform.

Insightly

If you like Gantt charts and have multiple sales pipeline projects to manage, Insightly may be the right platform for your business. It distills progress into charts that are easy to interpret and act on, allowing you to track time and expenses. Pricing ranges from $29 to $99 per user per month when paid annually. Like most competitors, Insightly offers a two-week free trial period.

Freshsales

Freshsales' unprecedented three-week free trial period stands out in a field where two weeks is the norm. From here, plans range from $0 per month (basic) to $83 per month, depending on features. These include deal management, business process workflows, advanced analytics and reporting, multicurrency support, and holiday routing.

The Choice is Yours

Choosing the right CRM platform for your business can be a challenging process. Free trials allow you to test the waters before investing, yet making the proper decision the first time will save you precious time and money.

To help you decide, Business News Daily provides these insights in a recent blog post. We hope it enables you to make the right decision for your business!

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4 Reasons Why Every Small Business Owner Should Have a Mentor

Rachel — Wed, 03 Jan 2024 14:56:05 +0000

4 Reasons Why Every Small Business Owner Should Have a Mentor Rachel Wed, 01/03/2024 - 09:56

4 Reasons Why Every Small Business Owner Should Have a Mentor

There’s no better time to celebrate your business mentor than when January is National Mentoring Month.

If you have a mentor, you know how important that person has been or is to you and your business - so be sure to acknowledge that sometime this month with a call or note of your appreciation.

What about if you’re an entrepreneur or small business owner who’s never had a mentor? In that case, you may be missing out big time.

“One of the most important relationships a fledgling entrepreneur can have is with a mentor,” says Jared Weitz, CEO of United Capital Source Inc., in a Forbes Council post. “A mentor is a trusted advisor who helps you grow professionally and personally by offering advanced knowledge and experience. Mentors often help you set goals, maintain accountability, and offer encouragement.”

Here are four reasons why every entrepreneur and small business owner should have a business mentor.

Revenue & Business Growth

According to research by SCORE, the largest network of volunteer business mentors, small business clients who get three or more hours of mentoring report higher revenues and increased business growth.

The nonprofit organization also reports that it is five times more likely for aspiring mentors who work with a mentor to open a business than those who do not have a mentor.

A study by Kabbage, a global financial services, technology and data platform, said 92 percent of the small businesses surveyed agreed that mentors directly impact growth and the survival of their business.

“The early years of any business is a crucial make-or-break period and most small businesses agree mentors are vital to success,” says a post on the company’s website.

SCORE data shows mentorship increases the likelihood of a business opening and staying open. An extensive survey in 2018 showed 87 percent of businesses launched by clients who used mentors remained in operation after a year, as opposed to 75 percent of those without a mentor.

Fewer Mistakes

Because mentors share their experiences and lessons learned, they can help you make more informed decisions and avoid missteps.

The more mentoring a business receives, the greater the likelihood that a business can shake off struggles and focus on improvements and expansion, according to SCORE’s Megaphone of Main Street data report. The organization surveyed more than 20,000 business owners at all points of the business lifecycle: pre-start, startup, in-business, and transitioning.

“Mentors help you avoid unnecessary mistakes and set you up to succeed, faster,” said author, craftsman, and entrepreneur Eddie Thomason in a blog posted by the U.S. Chamber of Commerce.

“I value mentorship so much that I travel to high schools and colleges around the country to share my story with youth to inspire them to overcome their circumstances and win in life,” he says in the CO blog. “My goal is to help youth shed self-limiting beliefs and pursue a life they are passionate about living.”

Critical Guidance

When you’re starting a business, turning to family and friends for support and even advice is expected, but don’t expect to find the right mentor in this group.

Martin Zwilling, founder and CEO of Startup Professionals, says entrepreneurs need a mentor who doesn’t always support their ideas to succeed.

“For some reason, aspiring entrepreneurs seem to like to surround themselves with friends and family who are quick to tell you what you want to hear,” he writes in a blog for Inc. magazine. “You need critical guidance, tempered with experience and a positive outlook, to overcome obstacles and tune your strategy for the real world.”

Happier Workers

Having a mentor isn’t just good for you personally and your business - it can also make for a happier and more loyal staff.

Sian Lenegan, a small businesses growth specialist who owns Work With Sian, suggests offering coaches or mentors in the workplace to help attract and retain talent.

“There’s a trend to provide employees with coaching or mentoring, and that’s far more valuable to a person’s development than a pingpong table,” she says in a Forbes Expert Panel post.

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