Why is Machine Learning of Great Value for Your Business?

Machine learning is a subcategory of AI and has changed the way businesses operate. Moreover, it’s a trending technology that provides businesses with significant value, such as learning from the existing data. To say the least, it does solve many problems you might have.

Recent innovations in machine learning have indeed brought many excitements and fears concerning AI. Fears include people thinking that they’ll lose their job to AI, and the biggest excitement is how helpful it can be in employee productivity.

Well, let’s not wait any further because, in this article, we will discuss the kind of values you receive from using machine learning in your business. 

Why is it a great idea to use machine learning? 

machine-learning

Basic language 

From the beginning of the programming era, one of every man’s significant issues has been communication between the user and the device. Over the years, programming languages have evolved and reduced these issues. However, the problem is still there.

However, machine learning in business is evolving, which can solve this problem. In the modern digital age, things have changed, search engines, daily usage software, and calendars have all come to understand our everyday language.

Since the software can understand our languages, it makes things easier for business executives and professionals by allowing them to reduce typing efforts and convert them into speaking ones. For example, AI personal assistants can work every day. They work 24/7 and try to make things easier for businesses

Chatbots

Chatbots are a popular type of automation. They have made it easier for businesses to stay active even when human beings aren’t around. Chatbots can function outside working hours and reply to customers outside working hours. Earlier chatbots were programmed to respond based on the rules they had to follow and the keywords included.

Machine learning and the advanced natural language processing features have allowed chatbots to be much more productive over the years. For example, Cortana, Siri, and more are all chatbots. However, newer chatbots can respond to consumer requests much better than older ones. 

Security improvements 

With the digital age evolving, the world has become more and more dependent on web-based technology. However, at the same time, there are a few risks associated with it:

  • Ransomware
  • Data breaches 
  • Privacy concerns
  • Stealing identities, and more

Businesses follow a few control mechanisms to ensure users and businesses are protected. Some of them include threat management, applications, data storage policies, firewalls, and more. However, you can find even more dedicated security teams in larger companies that continuously monitor, update, and fix online applications.

For instance, let’s use threat assessment as an example. Online applications continuously face many issues daily. Machine learning can predict future attacks by analyzing the data from past attacks and identifying vulnerabilities within the app. As a result, most development teams integrate Machine learning within the application testing phase to evaluate their vulnerabilities before releasing a new product. 

High level of natural language processing (NLP)

Natural language processing (NLP) is a branch of AI where systems are developed for understanding human language. However, NLP has a lot to evolve, even though it has come a long way over the years. As of now, it’s able to process human requests at a certain level but still struggles to process more advanced requests and words that may sound similar to each other. For example, “I scream” and “Ice cream.”

NLP has been around for more than 40 years, and the demand for advancement in computing power and access to language data has significantly increased. Moreover, these requests are practically applied to chat interfaces, voice interfaces, and even text mining applications. 

Machine learning helps in decision-making 

Machine learning helps companies make better decisions from the valuable insights they gather. Humans have difficulties evaluating information and running potential scenarios at the speed and size machine learning does. In short, machine learning isn’t replacing people but helping them get things done faster. 

Additionally, let’s not forget that AI has a lower error margin than human beings. The margin of error in AI is 3%, while it’s 5% in human beings, and when processing valuable data, that 2% difference matters a lot. 

Improves your logistics 

Logistics are the overall process within an organization, beginning from purchasing raw materials to shipment, selling the end product, and more. Overall, machine learning does an excellent job of improving the company’s logistics.

Currently, there are many international companies that are including machine learning in their manufacturing, delivering, and shipping stages. For example, shipping companies use machine learning features to analyze the breakdown patterns of trucks and ships and allow vehicles to be appropriately maintained in time.

A large company using these practices is Amazon which uses the power of anticipatory shipping to allow quick shipping to take place and satisfy the needs of customers quickly. 

Improves AI algorithm through valuable data 

machine-learning

In an academic environment, AI research is concerned with creating algorithms that can perform tasks on established datasets, including SQUAD, ImageNet, and more.

There are various ways to gather the correct data for training and maintaining machine learning algorithms in real-world apps. For instance, more and better data leads to much better predictions. The more valuable data you gather, the better predictions you’ll most likely make.

According to statisticians, gathering quality data at times may be time-consuming and costly, but there are more benefits than being only time-consuming. As you train your machine learning algorithms with more data, accuracy improvements will slow down. The third data point will provide much more valuable information than the 50th one, which, again, the 50th one is still more useful than the 100th.

However, when you use machine learning in business terms, things change, and it all depends on how much value you get from your predictions. So, if you see that more data improves your machine learning algorithms to a point where you have a significant advantage over your competitors, the investment should be worth it.

Moreover, you see tech giants such as Google and Facebook competing at such high levels to collect data and improve their machine learning algorithms. 

Machine learning helps in financial management 

Machine learning algorithms can also be used for financial analytics, such as:

  • Predicting business expenses 
  • Conducting cost analysis 
  • Algorithmic trading 
  • Fraud detection 

All of these financial analytics rely on historical data to predict future outcomes. The accuracy of these types of predictions depends on the data you gather and your machine learning algorithm.

For example, a straightforward ML algorithm will be enough for simple tasks and predicting business expenses. However, ML algorithms will have to go through multiple revisions and many years of data until accurate ML models are found for algorithmic trading. For instance, investors firmly depend on ML for predicting the market when investing.

Accurate and timely predictions allow businesses to manage their financial situation better and increase revenue in the long term. Taking the proper measures will lead to long-term cost savings. 

Computer vision 

Computer vision includes object, image, and facial recognition. You can use inexpensive APIs to gather valuable information, including the text summary, age and sex of individuals, emotion, recognized faces, inappropriate content, and the topic in the photo. For instance, if your digital media library has thousands of images, this can ease your library’s manual maintenance and allow you to find more ways to retrieve content. 

Wrapping it up on Machine Learning

Well, that’s all for this article. These were our top reasons you should consider using machine learning for your business and how much value it provides for your business. Generally speaking, machine learning is underestimated, and many companies don’t even know much about it.

However, machine learning is the future and will be the primary reason AI becomes similar to a human being. Its natural language processing has come such a long way that it’s even starting to differentiate words and hiring different actors to speak different dialects and improve the quality of the language processing.

Last but not least, the future of business is machine learning. Because there is a low barrier to entry in the digital world and all companies are moving towards a digital world, machine learning can provide enormous benefits to our working methods. Moreover, even though many may think it’s getting rid of jobs, it only makes jobs easier for us and increases our productivity levels. After all, that’s what every business is aiming for, to be more productive and efficient.

 

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Compensation Claims: Aspects Business Owners Should Understand

When it comes to compensation claims, business owners need to be aware of a variety of legal aspects that could come into play. From wrongful dismissal to sexual harassment, there are many different types of claims that can be made against a company. And since every business is unique, the laws governing these claims can vary from state to state. However, there are some general law principles surrounding these types of cases that all business owners should be aware of to protect themselves. In this article, we will explore eight of the most crucial legal aspects of compensation claims that will help you prepare for anything.

Workers’ Compensation Claims

compensation-claims

Workers’ compensation is a system in place to help employees who are injured on the job. The law requires employers to provide a safe working environment for their employees and to take steps to prevent accidents from happening. If an employee is injured because their employer failed to do this, the employer could be held liable. It provides benefits for medical expenses and lost wages. The number of damages that an employee can recover will depend on the severity of the injury and other factors. However, it is important to note that an employee can only recover workers’ compensation benefits if they do not sue their employer. If you are not sure whether you should file a workers’ compensation claim or a personal injury lawsuit, you should check out this page and consult with an experienced attorney. They will be able to advise you on the best course of action.

Wrongful Dismissal

When an employee is wrongfully dismissed, it means that they were fired without just cause and in violation of their contractual rights. To prove wrongful dismissal, an employee must show that they had an employment contract in place and that the contract was breached when they were terminated. This could include cases where an employee is fired without proper notice or without being given a valid reason. If an employee can prove that they were wrongfully dismissed, they may be entitled to compensation for their lost wages and benefits. The number of damages will vary depending on the individual case, but it could potentially be a significant amount. So when terminating an employee, it’s important to make sure that you have a valid reason and that you follow the proper procedures outlined in their contract.

Sexual Harassment Compensation Claims

Sexual harassment in the workplace is a serious issue that can lead to legal action being taken against a company. It is important for business owners to be aware of what constitutes sexual harassment and to have policies in place to prevent it from happening. Sexual harassment can include unwelcome comments or advances, unwanted touching, and threats or intimidation. If an employee feels like they have been the victim of sexual harassment, they can file a complaint with the Equal Employment Opportunity Commission (EEOC). The EEOC will investigate the claim and, if they find that it has merit, they may take legal action against the company. The company could be required to pay damages to the victim and may also be subject to other penalties.

Discrimination

Discrimination in the workplace is another serious issue that can lead to legal action being taken against a business. It is important for business owners to be aware of what constitutes discrimination and to have policies in place to prevent it from happening. Discrimination can include treating an employee differently because of their race, religion, gender, or national origin. It can also include making employment decisions based on these characteristics instead of on qualifications. Regardless of the type of discrimination, it is illegal and can lead to serious consequences for a company. The company could be required to pay damages to the victim and may also be subject to other penalties. The company may also be required to change its policies and procedures to prevent future instances of discrimination from occurring.

Retaliation

Retaliation is when an employer takes adverse action against an employee because the employee complained about discrimination or filed a charge of discrimination. Adverse actions can include firing, demotion, and denial of benefits. The law protects employees from retaliation because it would discourage people from asserting their rights if they thought they would be punished for doing so. The company could be required to pay damages to the victim and may also be subject to other penalties. If you think you have been retaliated against, you should consult with an experienced employment lawyer to discuss your options. They may be able to help you file a charge of discrimination or take other legal action.

Leave of Absence Compensation Claims

compensation-claims

A leave of absence is when an employee takes time off from work for a specific reason, such as having a baby or taking care of a sick family member. The law requires employers to provide certain employees with up to 12 weeks of unpaid leave per year for these reasons. Employers must also continue to provide health insurance coverage during the leave. If an employer denies an employee’s request for a leave of absence or retaliates against them for taking one, it could be considered illegal discrimination. The company could be required to pay damages to the victim and may also be subject to other penalties.

Wage and Hour Disputes

Wage and hour disputes often arise when an employer does not pay their employees the proper wages or hours. This can happen if an employer misclassifies an employee as exempt from overtime pay, or if they do not pay employees for all the hours they have worked. Employees who are not paid properly may be able to take legal action to recover their lost wages. The best way to avoid wage and hour disputes is to make sure that you comply with the law. You should also have policies and procedures in place to ensure that employees are paid correctly. If you have any questions about whether you are paying your employees correctly, make sure to consult with your lawyer and accountant.

As you can see, there are a variety of legal issues that can arise in the workplace. As a business owner, whether you are running a large corporation or a small business, it is important to be aware of these issues and to have policies in place to prevent them from happening. If an issue does arise, it is sure to consult with an experienced employment lawyer to determine the best course of action and to protect your rights.

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Expert Tips for Choosing the Right Business Structure

You have the business plan ready, your product or service is ready, you have hand-picked the team, you’ve done your market and consumer research, and you are ready to put your money into the business and get the ball rolling. Before you take the next step, have you considered what legal status the business will have? Will it be registered with the chamber of commerce as a sole proprietorship, a partnership, or a company? It’s not just about registering a business and getting a tax number to file returns against. The kind of structure you choose will impact how you are taxed, what your liability is, and how you can operate your business. Choosing the right business structure is a crucial decision for the long-term well-being of the business.

Here are some of the main options that you can choose from.

Sole Proprietorship Business Structure 

business-structure

 Sometimes keeping things simple is the best way to go and that is what the sole proprietorship model provides – simplicity. It’s the most common kind of business registration, it’s easy to set up, it’s cost-efficient, and it’s a tried and tested path for small businesses. As the name suggests, in the sole proprietorship the business is owned by one individual and that person is responsible for all the profits and losses in the business and is also the owner of all the assets and liabilities. In a way, you could say that the person is the business and the business is the person. There is no differentiating factor between the two entities in legal terms.

The main advantages to this structure are the ease of setting it up and the low cost associated with it. Secondly, it is also just as easy to close a sole proprietorship as it is to open one up. There is no complex process to legally close the business. This doesn’t mean that these businesses will remain small, and there are countless examples of multi-million and even multi-billion dollar companies that started as sole proprietorships.

Partnership

The next step up is to create a partnership. In this formation, two or more people share ownership of the company. The nature of the relationship between the partners can also vary. For instance, you can have a general partnership in which all partners have an equal stake in the company and can exert an equal amount of power. Alternatively, you can have a limited partnership in which one person has control over the company in terms of operations while the other partner contributes finances or any other resource to the business. In either kind of partnership, the profit is divided among the partners, and in some cases profits can be divided based on a ratio.

A partnership is a bit more expensive to register than a sole proprietorship but it is the most cost-effective solution if you have more than one business owner or investor. It’s also a good idea to have an attorney review your partnership deed, which is a small added cost. This kind of business is easy to register and the process is quite straightforward. Moreover, there is plenty of growth potential for this business as you can easily get financing for a partnership and you can include more partners as the business grows.

Plus, each partner can also get a loan thereby creating multiple revenue streams in the business. The taxation policy for this business structure is also quite favorable making this one of the most common choices for company formation in the UK and in other countries as well. In most cases, if you are registered as a partnership you will be exempt from personal income tax and you will only be paying tax in the form of company tax.

Limited Liability Company

The limited liability company (LLC) is a slightly more complicated business structure and is best suited to larger businesses that will involve a mix of partners, owners, and shareholders. The main advantage to this company structure is the limited liability that members have. This means that they are not personally liable for the operations of the company. In the case that the company incurs losses or needs to be liquidated the personal assets of the owners are protected.

The LLC structure gives owners the benefit of being protected from liability like large corporations and also allows them to show company earnings as their personal earning which saves them from tax implications. It is a solution that gives you the best of both worlds. It is more expensive to register this business and does require more paperwork but it is well worth it because of the benefits it provides.

Corporation Business Structure 

business-structure

Corporation structures are usually used by large companies and the main highlight of this structure is that the business itself is seen as an entity and is completely different from the owners. In this way, the company itself can be sued, can own assets, can have ownership of rights of assets like stocks, and do many things in the legal framework that an individual would be able to do. They have legal personhood. Within corporations, there are several other types such as C corporations and B corporations, closed and open corporations, and others.

Another big advantage to the corporation is its continuity. Since it stands separate from the owner, even if the owner dies, the company continues to exist. The other main advantage is the ability to raise a large amount of capital. Moreover, since the company is a separate entity, raising lots of capital from multiple sources does not burden the founders or owners with liability.

Most businesses will not start out as a corporation but as they scale up they will eventually change structure to become a corporation.

When finalizing the company structure that you want to go for, the key things to keep an eye out for are the liability factor, taxation concerns, and how easy or difficult it will be to gain financing. These things will vary a lot with the kind of registration you choose, and at different stages of the business, you will have different needs. Also, some structures such as the corporation will also have requirements that a sole proprietor may not be able to fill in its early stages. The good thing is that the structure of the company in terms of how it is registered can be changed in due time. If you find that you need to evolve to a more complex framework then you can always make the changes when you need to. This is a better way to grow as at that point in time you will have a clearer understanding of exactly what it is that you need.

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Stickers vs. Custom Packaging – Which Is Right for Your Brand?

packaging

A picture is worth a thousand words – there are probably very few people in the world who don’t know this phrase since it’s universally valid regardless of language and culture. However, when it comes to sales, it should be the very foundation of every campaign! According to researchers who have studied how the brain processes information, people are more likely to understand and be attracted by an item that’s appealing from a visual standpoint. After all, that’s why companies everywhere hire hoards of specialists to create unique and enticing designs for everything that has some sort of commercial value. Plus, when it comes to sales and marketing, the product itself is just half of the offering. The other half is the packaging and the design that goes on the packaging.

First, this is important because it protects the product until the time of unboxing (also an experience customers love).

But you can’t just put your product in a bag/box/paper wrap and be done with it. As we already mentioned, humans are visual creatures and they use visual cues such as images, colors, and shapes to understand the items they may want to buy. That’s why the packaging is also important for presentation purposes.

And when it comes to communicating with the customer (paying or lead), the package serves an important role. So, moving forward we’ll talk a bit about this role and how to choose the best package option for your brand. 

Client Communication Through Packaging

packaging

As you can probably tell by now, companies use the packaging to communicate various information about the product.

For instance, a company that sells food products will have to print on the packaging a series of information such as nutritional values, the list of ingredients, and a description of the product (so the customer knows what to expect).

Besides these, companies also use packaging to promote brand information such as brand colors, logo, brand image, and more. These are not mandatory, since they are marketing elements, but it’s a tested way to attract attention and stand out from the crowd with customers who already know and like the brand.

Overall, there is quite a lot of information that the customer needs to know before they can decide whether they’ll buy the product or not. 

And here comes the million-dollar question: how are you going to present it?

Are you going to use standard packaging with printed labels or are you going to choose custom-made packaging and stickers, like the ones promoted by StickerYou? If you’re not yet sure, here are a few pros and cons for both situations so you can decide which one works best for your brand.

Stickers vs. Custom Packaging – Which One?

#1: Cost Efficiency

If you are on a tight budget, stickers with standard packaging are the best option. You can decide on one type of packaging material and sticker design and apply it to all your products. This way, you show branding consistency while also keeping the cost down.

However, if you want to stand out, custom packaging with designed labels is the way to go. It may be more expensive, but the result is impressive. Just by using colors and a design that stands out, your products will attract the eye of the viewer (especially if you’re using a big retail platform like Amazon). 

#2: More Variation

Standard packaging and labeling offer a lot more room for creativity than custom-made ones. That’s because you can play with the colors and label design to mark different products. And, since the packaging is simple, the colors will stand out.

Custom packaging, on the other hand, is already unique and you risk confusing customers if you change it constantly. So, once you find a color combination and design that works, it’s best to stick with it. 

#3: Professional vs Unprofessional Look

In today’s crazy world, customers only have a few seconds to decide if they like a product or not (before making a purchase decision). That’s why packaging design is one of the deciding factors when you want to sway people your way.

Custom packaging with high-end materials and special printing methods (without labels) looks and feels professional. Plus, labels can be misplaced and tend to wear out during transport and manipulation.

In short, if a customer has to choose between a product that tells its story via a torn label and one that’s all colorful and has its message nicely printed directly on the packaging, chances are the latter will make the sale. 

#4: Easy to Use & Long-Lasting

Quality packaging should be easy to use, long-lasting, and (if possible) reusable or recyclable. So, even if you invest a bit more in the materials and custom printing, in the long term it makes more sense to use custom packaging as opposed to stickers. 

Packaging that’s designed to fit your product is easy to fill, pack, and sell. It’s also something you don’t have to adjust unless you change the branding or the product. On the other hand, standard packaging and stickers need extra work and can be a pain to get right each time. 

Wrap Up on Packaging

The unboxing experience is as much part of the sale process as the product itself so you have to be careful how you choose the packaging. This is one of the tips every business owner needs to know when they first start in the industry!

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A Manager’s Guide to Reducing Errors While Working on Deadlines

Deadlines

When you are working on projects with tight deadlines, it can be easy to rush through things in an effort to get the work finished on time. In many cases, working too quickly can result in errors being made which can cause more problems and headaches down the line. As a manager, you need to ensure that you have systems and strategies in place to minimize these errors, or better yet, to completely eliminate them from your workflow to ensure you get the best, most accurate results on from every project you work on.

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Whether you are working with a remote team or in-house, staff, it’s crucial that you utilize the right tools to stay up-to-date with your obligations and to ensure that nothing slips through the cracks. For example, you could reduce errors with a time clock app or put protocols in place that require your team to submit their work to you or someone else in a senior position before it reaches the clients. There are countless methods that you can use to keep your team accountable and to reduce deadlines when they are working on various projects. However, as every business is different, it’s important that you take the time to assess the needs of your business to find the right solutions for the specific needs of your organization.

Let’s take a look at a few tips and tricks that you can use to reduce errors when you and your team are working to tight deadlines moving forward.

Set Realistic Deadlines

The best way to minimize errors when working to deadlines is to set realistic deadlines from the outset. If you take on a project that you know has too tight of a deadline to complete to the required standard, you should rethink accepting the project. Accepting a deadline that you know will be difficult or even impossible to meet will cause you to rush and take shortcuts in an effort 

to get over the finish line in time. Doing this time and time again will quickly result in you burning out and your physical and mental health could also suffer as a result of putting yourself under this type of pressure.

Deadlines

Put A Plan In Place

When you accept a project with a deadline, the first thing you need to do is put a plan in place that will allow you to meet the deadline. Failing to get the work completed on time is never a good look and could result in your clients going elsewhere for what they need in the future. If you accept a deadline, you must meet it. To ensure you complete the work on time, without rushing through it and making errors, make sure that you put a roadmap in place to help you and your team achieves your goals in the allocated time frame. 

Focus On The Task At Hand

In your role as a manager, there is typically a lot of different things vying for your attention from one day to the next. With so much going on, it can be easy to get distracted and this is exactly the time when you are most likely to make mistakes. Make sure that you, and anyone else working on the project, are 100% focused on what you need to do for the project to be a success. Concentrating on the task at hand and avoiding distractions is the best way to reduce errors or completely eliminate the chance of you even making errors in the first place, ensuring you deliver the results you are capable of producing before the deadline.

Have A Plan B In Mind for Your Deadlines

While time management, focus, planning and preparation are key in reaching your objectives with minimal or no errors within the allocated timeframe for the project, you also need to be prepared for the unexpected. As every project manager will tell you, if there’s a possibility that something could go wrong, there is always a high probability that it will. Having a plan B in place from the outset, will help you to stay in control of the situation, avoid panicking and ensure that you and your team stay on track towards completing the project by the deadline. With a contingency plan in place, you can enjoy more peace of mind, knowing that you have an alternative route to success should something unexpected happen.

Complete Your Projects On Time And With Fewer Errors

Working to tight deadlines can be very stressful and when you are under pressure is when you are most likely to make mistakes. Follow the tips discussed above to reduce the potential for errors and to ensure that you complete your projects on time. With the right approach, you can be sure that you will deliver your best work within the allocated timeframe, and with minimal errors, ensuring your clients are always happy. 

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Selling Your SaaS Business: 6 Tips for Startup Sales Success

SaaS

The SaaS industry has thrived in the past few years, and will only continue to grow as the market value is predicted to reach USD 21.9 Billion by 2027.

The opportunities in this industry are massive and this is your chance to grow your SaaS startup business. However, since there are other businesses looking to seize the same opportunities, you might face fierce competition in the marketplace, with competitors who are after the same target users.

If you’re looking to grow your business even further and learn how to sell SaaS business assets and attract brokers, you’ll need to have a unique value proposition and implement the best strategies to increase the number of customers.

Keep Trials Short with SaaS

At first, a long trial might look like a good way to grab a hold of your customer but in reality, you’re just causing pain to your startup. However, a common recommendation is that 99 percent of startups should limit their trials to 14 days at the most. The main reason for this is that the vast majority of trial users don’t use free trials for the full duration. They take short trials more seriously and are more likely to try the product immediately after.

When the trial is shortened, you also shorten the sales cycles and with this, you can significantly reduce your customer acquisition costs.

Use Social Media

SaaS

Everyone who actively uses social media knows how great these platforms can be to raise brand awareness and promote products and services. The basic rule of thumb is to conduct a marketing campaign to attract customers.

Social media also helps you boost your business’ credibility and it gives you space where you can post about the services you’re selling, present your team and explain what causes you care about. All of this will ultimately show that your business is credible.

The basic purpose of social media is to create social interactions and this is where engagement comes into play. By being present on social media, your customers will be able to comment and like your posts, send you messages, allowing you to create a loyal community.

Customer Research

To build something that customers need and are willing to pay for, you must never stop conducting extensive customer research. Whatever you plan to build, you must first make sure that your potential customers will be interested in the idea.

Never make wild guesses but be bold and talk directly to your ideal customers. If you’re uncomfortable or hesitant about holding in-person conversations, conducting surveys, or making video calls, then you might want to reconsider building a SaaS product.

Work on Your Product and Pricing for SaaS

If you want to succeed as a SaaS company, then you should always work on improving the product’s potential and growth. The value of your product will increase with every improvement, which will translate into an enhanced Average Revenue per User (ARPU) for your SaaS business.

As your prices increase, so will the ARPU. However, when you increase the rate, you must support this with an enhanced product and a clear strategy in place. You must be open and transparent with your clients and share the reasons behind the decision to the price increase.

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Optimize Email Marketing

If you don’t remind your prospects to sign up for a trial via email, soon enough you’ll come to see that they’ve forgotten all about you. Email marketing is one of the bulletproof ways to convert prospects into customers but make sure to leave a personalized stamp on your email messages.  

The emails should be authentic and convincing, so make sure to consult with your sales team, if you want to boost the response rate and chances of getting the sale.

Try to trigger your messages based on user actions and behavior and send them when the reader is ready for them. If, for instance, someone hasn’t engaged with you in a while, then it could be high time for a re-engagement email.

No Discounts

Although discounts may seem like a perfect way to attract reluctant prospects, when it comes to selling SaaS, they might do more harm than good.

Unfortunately, when discounts are an option, your salespeople might get a bit lazy and abuse this option. Also, discounts make it difficult to predict revenue because it’s impossible to calculate what your revenue might look like in the future if every new customer ends up paying a different price.

If you do decide to offer a discount, introduce a strict discount policy to avoid harming your brand.

Final Thoughts on SaaS

There’s no doubt that SaaS is here to stay. But to reach startup sales success and entice people, try applying these tips and increase your chances of excellent results.

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8 Useful Pieces Of Advice On How To Start Your Business

start-your-own-business

To start your own business can be an incredibly rewarding experience, but it’s not without its challenges. It’s important to do your homework before you take the plunge and make sure that entrepreneurship is the right choice for you. In this blog post, we’ll discuss some of the most important things to keep in mind when starting your business. We’ll also provide some helpful tips on how to get started. So if you’re thinking about starting your own company, read on!

Determine if entrepreneurship is what you want

start-your-own-business

Making the decision to become an entrepreneur is not one to be taken lightly. It’s important to ask yourself if this is really what you want, and if you’re prepared for the challenges that come with starting your own business. Are you ready to take on the risk? The responsibility? The hard work? If the answer is yes, then congratulations – you’re on your way to entrepreneurship!

If you’re still not sure whether entrepreneurship is right for you, there are a few things you can do to help make up your mind. First, try talking to people who have started their own businesses. Ask them about their experiences and find out what they love and hate about being an entrepreneur. This will give you a better idea of what to expect.

You can also do some research online, or read books about entrepreneurship. The more you know about what it takes to be a successful entrepreneur, the better equipped you’ll be to make a decision.

Conduct a self-assessment

Before you get too deep into the planning stages of your business, it’s a good idea to do a self-assessment. This means taking a close look at yourself and your skill set to see if entrepreneurship is a good fit.

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Ask yourself these questions:

  • -What are my strengths?
  • -What am I passionate about?
  • -Do I have the skills necessary to start and run my own business?
  • -Can I handle risk?
  • -How much time can I dedicate to my business?

These are important factors to consider, and answering them honestly will help you determine if entrepreneurship is right for you. If you’re not sure where to start, there are plenty of resources available online or through your local Small Business Development.

Refine your idea while you start your own business

Once you’ve determined that entrepreneurship is right for you, it’s time to start refining your idea. This is an important step because if your idea isn’t sounding, your business won’t succeed no matter how well you plan or execute it.

The first thing you need to do is come up with a business concept. What are you going to sell? Who is your target market? How will your business be different from the competition? These are all important questions that need answers.

After you have a solid concept, it’s time to start developing it further. This means doing some research and getting as much information as possible about your industry and the competition. It’s also a good idea to create a business plan at this stage – this document will help you track your progress and stay on track.

Conduct marketing research as you start your own business

Once you have a business concept and a business plan, it’s time to start conducting marketing research. This will help you determine if there is a market for your product or service, and what the competition looks like.

There are a number of different ways to conduct marketing research, including focus groups, surveys, interviews, and online research. You can also use various tools such as Google AdWords or Facebook Ads to target your ideal customer.

The more information you gather, the better equipped you’ll be to make decisions about your business. So make sure to allocate enough time and resources to this important task.

Write your business plan

A well-written business plan is essential for any new business. This document will help you track your progress and stay on track, and it will also be used to attract potential investors.

There are a number of different components that go into a business plan, including your company overview, marketing plan, financial projections, and more. If you’re not sure where to start, there are plenty of templates online that you can use as a guide.

Make your business legal

Before you start selling products or services, it’s important to make sure your business is legally registered. This includes setting up a business name, registering with the state, and getting an employer identification number (EIN). You may also need to get licenses and permits depending on your industry.

For more information about how to make your business legal, contact your local Small Business Development Center, or hire an attorney to assist with business law, to make yourself easier. 

Fund your business

One of the biggest challenges new businesses face is funding. This can be a difficult process, but there are a number of different ways to get started.

Some options include applying for a small business loan, seeking investors, or using crowdfunding platforms such as Kickstarter or Indiegogo. It’s also important to remember that you don’t need a lot of money to start a business – many businesses are bootstrapped and funded through personal savings or credit cards.

Pick your business location

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Picking the right location for your business is critical to its success. You want to choose a place that is convenient for your customers, and you also need to make sure it’s affordable.

There are a number of things to consider when choosing a business location, including the cost of rent, zoning regulations, and availability of employees. It’s also important to think about your target market and what type of customer you’re trying to attract.

If you’re not sure where to start, reach out to your local Small Business Development Center for help. They can provide you with information about different locations and help you narrow down your options.

Prepare for growth as you start your own business

As your business grows, you’ll need to prepare for additional responsibilities and challenges. This may include hiring additional employees, expanding your product line, or moving to a bigger location.

The key is to plan for growth and have a strategy in place for how you will handle it. This will help ensure that your business doesn’t get overwhelmed by too much change too quickly.

So there you have it – eight pieces of advice on how to start your own business. By following these tips, you’ll be well on your way to success. Good luck!

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The Importance Of Proper Web Hosting For Online Stores

web-hosting

E-commerce has taken the world by storm. Customers love its convenience, and businesses admire the opportunities it provides. To make it even better, technology has made starting an online store easier than ever. Nowadays, anyone can start their online business with little to no technical knowledge required, as long as the knowledge of web hosting is there.

However, there’s a great difference between putting together a website that merely resembles an online store and actually running a successful e-commerce business. Anyone can do the former, but the latter starts with finding a proper web hosting service provider. 

In this article, we’ll discuss all the reasons you should carefully select your web hosting service provider before kickstarting your online store business. 

What is eCommerce Web Hosting?

web-hosting

There’s something we should point out first, though. Although they’re technically the same, there’s a difference between traditional web hosting solutions and those used for e-commerce. Traditional web hosting is used for normal websites, which means they can also host e-commerce stores. 

The difference is, that e-commerce web hosting services focus on providing the additional features online stores need. These features include shopping carts, SSL certificates, payment gateways, and other e-commerce-focused features. So, although they technically use the same system, they provide different features for their users. 

Why Proper Web Hosting is Important for Online Stores

There is a myriad of reasons you should investigate various e-commerce web hosting services before you settle on one. Here are 9 reasons to do so:

  • No Need for Technical Know-How

After researching e-commerce platforms, you’ll find that Magento is one of the most advanced software solutions you can use. However, Magento is a complex beast, to say the least. 

You can take the longer route of hiring a dedicated web development team to take care of its maintenance. However, you’ll find hosting your Magento website via a specialized e-commerce web host service provider to be much more practical and efficient. The web host will not only host, support, upgrade, and maintain your e-store, but they’ll also provide services such as web design and customer support. 

That’s to say, you’ll run an expert-level business without the need for any technical know-how on your part. 

  • High Availability for Web Hosting

The proper web host will ensure your online store is always live. You won’t have to worry about sudden crashes or technical difficulties since they have a team working 24/7 on server maintenance. This feature is crucial for online businesses where every second of malfunction can cost hundreds of dollars, or worse, customers. 

This also includes fast loading speed. As we all know, today’s customers hate nothing more than slow-loading websites. They’d rather just change stores than wait a few seconds to view the products. 

  • Secure Transactions

There’s no faster recipe for disaster than to leave your website vulnerable to attacks, especially if you’re dealing with sensitive data like customers’ financial and personal information. If you want to maintain your customers and bypass any lawsuits, your online store’s security should be one of your main priorities. 

That’s one of the greatest things about proper web hosts. They’ll provide your online store with an authentic SSL certificate that safeguards users’ information and transactions. This certification will also protect your website against viruses and malicious attacks. 

  • Seamless Shopping Cart and Check-Out Experience

Online shopping requires there is a shopping cart to add products to, but that, on its own, is not enough. The experience of adding products to the cart needs to be seamless. Customers should be able to add and specify the number of products they want, revisit the cart at any time, and make changes as they deem necessary. 

Once they’re done, they want the check-out experience to be just as smooth. There are various features that can be added to shopping carts and check-out pages, and a proper web host will take care of all that for you. 

  • Efficient Inventory Management

Inventory management can be as easy or complicated as your web hosting service allows. Web hosting services dedicated to e-commerce businesses are centered around inventory management. This allows you to oversee, add, manage, and restock your inventory efficiently and seamlessly. 

  • Key Data Backups

web-hosting

Have you ever seen your screen freeze up when writing an important document? These crashes often result in you losing important work, and having to start from scratch. 

Now, imagine that happening to your online store after spending hours writing and designing pages, listing products, or publishing offers and deals. Not a beautiful picture, right? That’s why you need an efficient e-commerce web host, as they provide frequent data backups just in case anything goes south. 

  • High Scalability

If you’re getting into the e-commerce business, then your future plans will likely include scaling up. That’s why you need a web hosting service that gives you room to grow when you’re ready to. You’ll be able to run and manage multiple websites using the same admin panel. The same option works in reverse – you’ll also be able to downgrade your online store if need be. 

  • 24/7 Access to Customer Service

As we’ve mentioned, every second of downtime will cost your online business dearly. Whenever you run into a problem in your online store, you need to be able to trust that you’ll get help with your issue right away. Thankfully, professional web hosts provide quality,  24/7 customer service to help you resolve all problems. 

  • Additional Benefits for Web Hosting

Various e-commerce web host providers offer additional benefits, either included in your package or as add-ons. 

You can get help with website building, where you drag and drop blocks, choose from pre-designed templates, and customize your website as you desire. You can also get an email address that matches your domain, which will add legitimacy and professionalism to your business. 

Advanced web hosts can also help improve your SEO ranking by providing related services.

For an online store to be successful, it has to satisfy a few factors. It should load quickly, be easy to navigate, provide a seamless shopping cart and checkout experience, and offer secure payment gateways, alongside a few extra features. All of these factors are directly affected by the quality of the web hosting service you choose, so take your time in researching different providers until you find the one that will satisfy all your business needs. 

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Mistakes to Avoid when Launching a Tech Start-Up

tech-start-ups

From the entertainment industry to the corporate sector, the importance of technology has increased manifold in recent years. Whether it is your social media accounts or the internal working of your mobile devices, technology has made its mark. Due to the all-encompassing features, the demand for a tech start-up has increased.

The Reason Behind the Rapid Creation of Tech Start-Ups

Several factors have caused an upsurge in such ventures. Some of these are the following:

Revolutionizing the Communication

If your business has a combination of an in-house and offshore outsourced team, then technology has done wonders when it comes to their communication. From sharing live updates to collaborating on different projects, the benefits of technology are multi-dimensional.

The COVID-19 pandemic was a litmus test for the tech industry.

 Improved Graph of Customer Service Relations

A customer can now access the required information about a specific product from the ease of his home through technology. This will reduce your duties and stress level so you can focus on other aspects of business for increased productivity.

 Saving time and effort

Technology can help formulate data plans with increased efficiency. . One such example is that of the technological defense security systems. The tools used for cybersecurity protect both your consumers and business from hazardous threats. Hence, the mushroom growth of technology start-ups can be attributed to its time-saving feature.

But…

Have you ever wondered why the success rate of start-ups is so miserable that almost 90% of them fail? Is there any formula to avoid such a disaster? If you are new to the tech industry, you must keep in mind the mistakes committed by some promising ventures.

Let’s look at some of the most common blunders by tech start-ups.

Not doing Your Homework with Your Tech Start-Up

tech-start-ups

 If you think that your brilliant idea alone will help you sail to the shore of success, then you are in a big delusion. You will likely put your start-up in dire straits if you neglect to give due attention to researching the facts. Also, if you do not keep a keen eye on your competitors, you may find yourself in a disadvantaged position with an eye toward failure. If you fail to give due attention without doing proper research regarding the market, you cannot transform your business vision into a successful business venture. Hence, keep that thing in mind “The dog ate it” excuse is never going to work.

Keep the below-mentioned points in mind to nip that evil in the bud.

  • Define your potential clients.
  • Identify your market.
  • Chalk out your go-to-market strategy.

Thinking You Don’t Need Anyone else

 If you desire to be the sole owner of your start-up, this dream is achievable. Around 69% of start-ups claim that they started with the idea of only one entrepreneur running the entire setup. Hence, this testifies that it is not something unusual. However, you must remember that you cannot become a Jack of all trades.

If you are a beginner, the initial stages of tech start-ups may seem challenging. It entails the planning phase of all your future projects. In this case, your social contacts can come to the rescue. You need to make the most of other people’s expertise.

According to Mike Jackowski from ASPER BROTHERS, a company that serves startups from around the world, – “The most common challenge we see with our clients is building the right team. Every company is about people. But a young company is almost just people, and it’s the right team that makes the difference between success or failure.

Financial mismanagement with your Tech Start-Up

Under-estimating the capital requirements

 Start-up leaders mostly imagine the best-case scenario regarding finances. Positivity has its place, but those leaders must not overlook the challenges that come along the way. When it comes to capital, few entrepreneurs think that they can maximize profit through small investments. This effort of minimizing equity dilution sometimes acts as a forerunner of their failure.

Being Irresponsible with the Cashflow

 If you have not specified the budget for different departments, you may land yourself in trouble. Handling money without planning is a death sentence for your start-up if you have limited financial resources.

Therefore, if you plan to hire developers and build a team, be sure that you are not facing financial constraints. Otherwise, you may end up in a half-finished project in the market along with shattered nerves.

Effective budget management with appropriate and planned investment at the beginning is the lifeblood of any tech start-up.

Too Rigid In Your Brand

 If you are not flexible in adapting your start-up to the latest trends in technology, you’re doomed to fail. You must be prepared to pivot your business as per the demands and requirements of technology. When dealing with your competitors, you can turn this adaptability into one of your assets.

 Nokia’s transformational journey can be testified by its initial years as a rubber boots manufacturer to a reputed telecommunication company.

 Odeo started its journey as a podcast publishing website. With the changing trends of the tech market, it transformed itself into the famous social media network known as Twitter.

Waiting too long to launch the product

Is the wish of your software to become error-free acting as a stumbling block in its launch? The truth is that your software cannot be completely flawless. By delaying the launch, you are under-estimating the most precious asset of all start-ups named the user feedback. Instead of waiting, launch immediately with an effective feedback mechanism. All you need is to shun the fears of failure. How you learn from your mistakes and pick up after failing determines your success.

The following points may come in handy:

Set up an email address. Customers will give their feedback via email.

● For an improved customer service experience, phone calls or a live chatbox should also be provided.

● The interface needs to be user-friendly so that the user can state the problem without any hassle.

● Your developers must be competent enough to fix the bugs and respond to customers accordingly.

Putting Too Much Faith In Consumer Feedback With Your Tech Start-Up

teach-start-ups

 For becoming a successful entrepreneur, you need to differentiate negative feedback from a positive one. It requires a lot of confidence. Prepare yourself for setbacks. Do not pay heed to the reviews saying that you won’t be able to make it.

 However, you may also experience positive feedback from your customers. You may hear exaggerated praise for your products. If what people say in their feedback is not reflected in the sales of your product, then you must not overlook that all that glitters is not gold.

 Do not over-value or underestimate your product. It is better to maintain a balance between the two extremes.

Not meeting Customer’s Expectations

 If your business has not come up to the expectation of customers, there is a high chance of your customers parting ways. The percentage of the indifference of staff and management with poor customer service is about 64 %. By anticipating the customer’s needs, you can strengthen your customer relationship.

To Wrap it All Up on Your Tech Start-Up

Technology has become an essential component of every business. It has the potential of increasing the success rate of a business exponentially. But, make sure you do not fall prey to the most common mistakes while taking your business to the heights of productivity.

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Useful Tips That Every Business Owner Should Know

business-owner

A business owner is always looking for ways to make their business work better. Whether they’re trying to increase productivity or find new customers, there’s always something that can be done to improve the company. One of the best ways a business owner can do this is by learning more about how to manage and grow their company. This article outlines some of the very best tips every business owner should know about managing and growing a successful company. So if you’re an entrepreneur looking to take your business to the next level, be sure to read on.

Have a Detailed Business Plan

No matter how talented you and your team may be, or how well your products and services are received by the public, if you don’t have a detailed business plan in place, your chances of success are slim to none. This is especially true for small businesses, which often lack the resources necessary to sustain a long-term operation without a solid plan in place. A business plan should include an overview of your company, its history, and current status, as well as its goals and objectives. It should also outline the strategies you will use to achieve those objectives, detailing everything from your marketing plans to your projected income and expenses. Most importantly, it should be a living document that is updated regularly as your business evolves.

 If you are not sure how to go about creating a business plan you should consider hiring a business plan consultant to help you create a plan that is tailored specifically to your business. Most business plan advisors offer a free consultation, so there is no harm in asking for their help. There are also many resources available online, such as templates and tutorials, that can help you write a business plan on your own.

Have a Clear Vision and Mission as a Business Owner

business-owner

One of the most important things a business owner can do is to have a clear vision and mission for their company. This means knowing exactly what you want your company to achieve, how you want it to be seen by the public. It’s also important to have a clear strategy for how you’re going to achieve these goals. For instance, if you plan on selling a product, you’ll need to have a good idea of how to make it stand out from the competition, what makes it worth buying, and how you’re going to market it and reach your target audience.

Without a clear vision, it’s difficult to know which steps to take to grow your business. So sit down and figure out what you want your business to become. Once you have a solid vision in place, you can start working towards making it a reality. Just as important as having a vision is having a mission statement. This is a brief, clear declaration of what your company stands for and what it is trying to achieve. A good mission statement should be motivating and inspiring, and it should be something you and your team can stand behind. 

Know Your Target Audience

One of the most important aspects of any business is understanding its target audience. This means knowing who your products and services are aimed at, what needs they fill, and what makes them want to buy from you. You should also have a good idea of what kind of people your ideal customer is, including their age, gender, income level, and occupation.

The best way to understand your target audience is to do market research. This can involve surveys, focus groups, interviews, and other forms of research. You can also utilize online resources such as social media, Google AdWords, and demographic data. These tools will help you get to know your target audience better so you can better align your products and services with their needs and wants, which will help you stand out from the competition.

Have a Strong Brand Identity as a Business Owner

A strong brand identity is essential for any business. This includes having a clear name, logo, and branding that represents your company in a positive light. It’s also important to have a consistent look and feel across all of your marketing materials, from your website to your social media profiles.

Your brand identity should be unique and recognizable so people will know who you are and what you stand for. It’s also important to stay true to your values and mission statement, as this will help build trust with your customers. And as your company evolves, your brand identity should too, so it always remains relevant and recognizable. The best way to ensure this is to have a strong marketing strategy in place.

Have a Strong Team in Place

No business is successful without a good team in place. This includes a strong CEO or other top-level executives, as well as a talented and dedicated team of employees. It’s important to find the right people for the job and put them in the positions where they will be most successful. You should also provide your team with the necessary training and resources so they can do their job effectively.

A good team is essential for any business, but it’s especially important for startups and small businesses. This is because these businesses often don’t have the resources to do everything on their own, so they need to rely on their team to help them succeed. By building a strong team and providing them with the support they need, you’ll be one step closer to achieving success.

Utilize Technology to Improve Being a Business Owner

business-owner

Technology is an important part of any business, and it’s especially important for startups and small businesses. This is because these businesses often don’t have the resources to do everything on their own, so they need to rely on technology to help them succeed 

There are many different technologies you can use to help your business, such as cloud-based software, CRM systems, social media platforms, and eCommerce platforms. These technologies will help you manage your business more effectively and connect with your target audience in a more efficient way. Just be sure to research which technologies are right for your business and make sure you have the resources to implement them correctly.

the bottom line is that if you want your business to be successful, you need to have a strong foundation and put in the hard work. These tips will help you build a successful business, but remember that it takes time and effort to achieve success. So be patient, stay focused, and keep working hard towards your goals and you’ll see the results you’re looking for.

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