Features
Musicians reportedly lost out on two thirds of their income in 2020 with the doors to live music venues closed and festivals cancelled across the board. With live music taking a backseat, innovations in the sector came to the fore, with collaboration and creation taking on a truly digital-first approach.
Mobile app adoption has skyrocketed during the pandemic. Consumers downloaded a staggering 130 billion apps in 2020, and consumer spending in app stores rose by 25 percent. Yet, app abandonment has also soared to 25 percent.
This week Alphabet Inc, parent company to Google, saw record profit earnings during its first quarter, with its net profit jumping by 162% in three months. This success has been unsurprisingly attributed to the pandemic, with more people at home using online services to stay informed, connected, and entertained, as we continue to work remotely under lockdown.
According to the latest statistics, the average business spends between 5-12% of their annual turnover on marketing. While millions of organisations – particularly those operating in B2C sectors – perceive digital marketing as fundamental to driving sales and resulting business growth, other business owners still need convincing of its value, and often have preconceptions of the Return On Investment (ROI) required to make it worthwhile.
What’s remarkable is that during COVID-19 startup companies thrived even during trying times, while some of the more established enterprises did not. Part of that is because even in the best of times, a startup company needs to be nimble and pivot with the market as it changes.
With research showing that up to 96% of customers would consider switching from a business after a single bad service experience, there can be no doubt that service is a key differentiator for today’s customers. Contact centres have always been challenged by employee productivity and surges in demand, but never more so than now as remote working has brought new and more complex management issues.
A well thought through brand strategy can be the difference between success and failure when you’re starting out. And that’s been amplified thanks to COVID-19. So what steps can you take to drive success and give your startup the best chance?
If you’re one of the many business owners who have made a profit this past tax year you may be wondering how to extract those profits in the most tax-efficient way.
The number of public sector contracts being awarded to SMEs continues to rise and services are frequently being broken down into smaller contracts to facilitate SMEs. However, where SMEs may not have the funds to offer free value adds or perhaps offer the lowest price, it’s vital that they clearly articulate how they can deliver value.
Agility and resilience are qualities we’ve all had to show in the face of unprecedented challenges since March 2020. It has been hard for all of us personally, and it has also been challenging for many professionally, with industries created and destroyed overnight; wild variations in customer demand; and general economic instability. In response, many businesses have had to pivot fast to survive and, in some cases, thrive.
It’s a shame when brilliant ideas are left in limbo before they are able to come alive because of financial constraints. Did you know that most founders underestimate how much time their startup will need to achieve market validation by two to three times? What if one of these businesses runs out of money before anything viable can be completed, then this means that many great ideas are never given the chance they deserve. How many businesses could have succeeded if they had more time and money?
Intrapreneurs are known as ‘the dreamers that do’. One thing’s for sure: they do a lot more than just brainstorm ideas. From boosting revenue and driving growth, changing company culture, and improving retention and recruitment, intrapreneurship has the ability to enhance a business from top to bottom. And for startups transitioning from bootstrapping into a more established identity with an increasing number of employees, it’s critical to nurture an intrapreneurial outlook.
Companies that sell across borders have higher revenues, higher profits, higher valuations, and better defend their domestic market. Buyers from around the world can access your website from wherever they are, so it’s time to optimize and make your site accessible for non-English speakers.
The pandemic has changed the world of work for good. As the country starts on the path towards recovery, we can clearly see how the crisis of the past year has re-shaped teams’ needs, wants and expectations.
When aiming to start a limited company, it’s best to be particular about all the finer details, of which there are many. Having business partners, directors, and shareholders requires many separate agreements on paper that need to be filed correctly with all the correct channels.
Look at the following Business Purpose Statements – which brands do these belong to?
As per a survey performed by a magazine, 70% of our youth wish to settle in different countries, primarily the US and UK. Working in a foreign land is their idea of ‘success’. Now emigration isn’t as much of a problem as long as employers manage to keep the spirits of the international employees high, thereby, leading to their long-term engagement with the company.
The COVID-19 pandemic has touched all our lives and, sadly, has taken many, and widespread business closures and redundancies have had an unprecedented impact on peoples’ livelihoods that will be felt for many years to come.
When the pandemic first hit and we were forced into lockdown, businesses had no choice but to adapt quickly, and most did a commendable job, rising to the challenge and ensuring employees had what they needed to do their jobs effectively from home.
The pandemic has raised many questions about the future of work. As business begin to navigate their way out of lockdown, they are facing new obstacles operationally and new ways of working. With all of these changes afoot, it is clear that training will be more important than ever.
