The Growing Business Inclinations

Every year enhancement and improvement has become part of every business journey irrespective of whether the revenue or income is on the higher side or the lower side. The hard work put in by an individual person or a company will not be able to gauge the business trend and predict the future economic status in an overall manner. 

Traditional Trend setters for a Growing Business

  • Demand for Data Privacy

A General Data Privacy Regulation led to a wide spread customer interest in regards to business with their data being protected but after a breach on student data being sold, a tightened law came into effect. As a business owner, it is best not to buy consumer data without the consent from the consumers as firstly due to regulations and second, all chances of the data being completely incorrect. 

  • Growth in Loans 

Loans lent by non-banking sectors seem to the presently growing factor and it has shown an instinctive growth in the past year. Banking sectors deny almost 80% of applications submitted by SMEs thus leading them to lookout for financiers to capital their business. The financiers are not only accepted easily nowadays by small time business owners but they have also made the processing and paperwork to be much simpler than the banking sectors when applying for the loan. It is to be noted that peer-to-peer lending has grown massively since the year 2006. 

Lending a Personalised Experience

Giving consumers a personalised experience is preferred by most of the brands nowadays. Personalisation such as rendering offers through coupons, contacting customers through their preferred channel, providing suggestions depending on their search and purchase pattern. Consumers seem to prefer more of SMS or promotions rendered to them through means of social media. 

Significance of Subscriptions and CSR

  • Consumers still prefer Subscriptions

Being a subscription holder is a very old practise but it still has a good hold and growth when it comes to industries such as food, clothing, beauty, lifestyle, etc by remaining popular. It is still believed that subscription based revenue growth is 5.5 times more as consumers tend to purchase more when compared to non-subscribed Members and companies that do not support this trend. 

  • Following Corporate Social Responsibility as a Company

CSR has been gaining popularity for years by becoming a necessity as far as every business is concerned. Approaches such as voluntary involvement from employees, seeking some socially responsible aids from suppliers, aiding grants to develop the surrounding, etc. 

Making the above smart and innovative moves can help in investing in a smarter way and setting growing business inclinations that the time and money spent either by the company or its employers become worthwhile. 

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Hiring The Best Tech Talent Made Easy

Ideal Practices To Find The Best Tech Employees

In an era where talent and skill are in abundance, it is strange to hear companies about the lack of skilled people in the tech industry. If you don’t find the right people, you need to refine and modify your recruitment process.

Don’t Settle For Mediocrity

The significance of a skilled and talented pool of employees at your organization can lead to unprecedented success. It can lead to the fulfilment of all the goals you have set for the business. So, how can you search for suitable and skilled employees? Read on to find out more in this regard.

Job description
Professionals need to be aware of the exact expectations of them when they join your organization. You should ensure that your advertisements for vacancies talk about the various ways in which they can grow professionally if they work for you.

Interview process
Instead of interviewing numerous candidates for the vacant positions, you need to shortlist the most suitable ones. The questions in the interview must be well-planned and targeted. It saves time and ensures the process is relevant.

Don’t outsource
Outsourcing the recruitment process is always a significant disadvantage. Even if you get in touch with the best recruitment agency and they put their best efforts, you might not find the right people.

Be prudent
You need to assess and analyze the various ways in which a professional can contribute to your business. Multidimensional professionals with a proven track record of excellence should always be preferred.

Yes, you’ll have to offer them several perks along with high salaries, but they will come good for you when you need them. It is much better than hiring mediocre talent at a lower salary. At times, promoting existing employees can serve your purpose better than going out and looking for people.

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Ready for tech trends in 2020?

Mobile Commerce

It has slowly been creeping up and now stands right in front of us. Shopping on phone is now commonplace especially with mobile friendly websites and intuitive apps. With the introduction of Apple Pay and Google Wallet, the facility to pay for products in brick and mortar stores through them is set to make a big difference to the world. Go visit any major city in China. You can see how life would be in a completely cash and cardless world. The QR code has gained importance once again. Well, yes this can affect your phone’s battery life.

Prescriptive Analytics

Prescriptive analytics has been gaining importance since data analytics products have been in use. Analytics tools so far have been used for descriptive and predictive applications. These applications are used to arrange historical data in a way where it is possible to understand the changes that have happened. The data can also be used to predict behaviour and future events.

Prescriptive analytics is used when the results of descriptive and predictive analytics need to be deferred and further steps need to be taken based on that information. This may sound similar to predictive analytics but there is some discrepancy about the exact definition. The oil and gas industry and healthcare Industry have already put prescriptive analytics to good use.

AI as a service

The SaaS Business model combined with AI services can bring AI to a lot of people in a cost-effective manner. Companies like Microsoft, Amazon, Google are offering solutions based on machine learning and related training materials. There are many advances being made in this field. Some AI platforms are providing services such as processing-intensive GPU workloads. Subscription-based AI solutions are a likely development in the near future.

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Small-scale Business Vogues for a Successful Future

This year is half way across, thus requiring businesses to gear up for the upcoming year. It is very important to stand a step ahead than other business competitors so as to stay in the forefront. Keeping track and making the right moves to have a secured future helps reap positive benefits to the business at all times. Here are some of the future vogues that require attention to stay at prime. 

Small Business Evolutions

  • Servicing Customers in a more Personalised way

Every customer always looks forward to a company serving them in a customised and personalised manner. Servicing consumers according to their needs and requirements becomes significant. E-commerce websites automatically tune themselves according to what the consumers have either purchased before or have searched.

  • Giving importance to User Reviews

Reviews written by consumers play an important role in influencing another buyer to buy that product. Every buyer feels the need to justify their purchase through another buyers experience.Thus small businesses have smaller budgets and is dependant on consumer reviews for increase in sales and product worthiness.  

  • Virtually connected

Small-scaled businesses have taken into stride the new concept of working remotely so as to balance the constraint in space and work environment with real estate not being very cost-efficient. The traditional working ways are substituted by individuals working remotely from anywhere at their convenience, number of times in a week.

Stories Trend the Future of upcoming Businesses

  • Stories versus Newsfeed

The introduction of stories from Snapchat to almost all social media applications have seen a massive increase in its success rate. These short stories are available for a period of 24 hours before it disappears thus making the content a very prominent, authentic and draws a good connect to the consumers. This thus requires marketing team to make stories more attractive and creative so as to catch the attention of the consumers before it disappears. 

  • Workers Happiness is Prioritised

Employees aren’t only happy when their wages are good but also when they are truly valued. The employee contributions need to be taken up seriously and this in turn shows a correlated growth in business productivity and profits. Making a comfortable, relaxed and fun filled workspace is significant to retain the best talents in the company for a longer period of time.

Voice over devices, building authenticated database, giving personalised consumer experience and working with freelancers gives every small time business the required optimisation to grow their business, making them the key trend setter for a successful future.  

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Business Patterns Pursued by Small Enterprises

Enhancements are seen in all types of work. Earlier times, in an employment tenor, benefits were decided by the company as an additional incentive for the employee’s wellness. But nowadays every worker’s requirements are taken into consideration along with new regulations that are set by the company, especially taking into account an employee’s welfare. This system seems to be a trendsetter in most of the companies in the nation. Here are some of the Business patterns that are well pursued by the small scale industries and businesses. 

Practises in Small Business Enterprise

  • Tough Job Seeker Market

Bureau of Labor Statistics have again diagnosed level of unemployment to be 3.7% and thus allowing competitors wanting to grab the best in market as employees for their business. Rendering a good and attractive salaries with good compensation and incentives not only pulls varied personnel but also helps retain old employees. 

  • Employee Welfare is of Importance

Health benefits [lays a major role after the remuneration provided by any company. Every employees’ needs and requirements when it comes to health are diverse. Apart from all the medical care being closer to the employees’ residence, workers also expect benefits such as acupuncture, dental care, hearing care, chiropractic care, etc. Yoga and gym with a programme for weight loss weighs great importance in the retention from employees. 

Ways of Working with Improved Technology and Communications

  • Virtual Working

Usage of Smartphones, Tablets and Laptops allows every company to forget the traditional ways of working and embrace the “work from anywhere” culture. Thus requiring an employee to step into office only for a number of days in a week allows the employer to have the convenience of working remotely from anywhere with an option to have flexibility in schedules.

  • Importance of Wearable Device

Every company will soon initiate the importance of wearable devices such as an Apple Watch or a Fitbit device making it part of company’s sponsored drive towards employee wellness. Tracking the rate of fitness and monitoring heart rate will aid businesses in keeping their employees’ healthy in turn seeing an increase in overall productivity in work and lesser visits to a physician. 

  • Transparency in Communication

A handbook station all the policies and benefits of health provided by the company helps both the people in the management level and the employees stay updated on the rules and regulations in the workplace, about the employee labor laws and its needs, etc.

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