Take a look at recent trends and developments in technology. It’s clear that these changes can give entrepreneurs that extra leverage to scale up. Here are three to consider.
(BPT) - Small businesses are far more influential than most people may realize.
That influence is felt well beyond Main Street. Small businesses make up 99.7 percent of all businesses in the U.S., and these firms employ nearly half (48 percent) the workforce, according to the 2018 Small Business Profile compiled by the U.S. Small Business Administration.
In addition, take a look at recent trends and developments in technology. It’s clear that these changes can give entrepreneurs that extra leverage to scale up. Here are three to consider.
Big companies have big opportunities for small firms
Back in the 20th century, a large company would get things done in this very straightforward way. Wherever there was a need, they hired someone directly to perform that task, whether it was a driver or an accountant.
Under today’s leaner models, these big companies are finding it’s much more efficient to partner with other firms to fulfill certain needs. According to Deloitte, 31 percent of IT services have been outsourced, as well as 32 percent of human resources. This increasing acceptance of outsourcing is a huge growth opportunity for small businesses owners.
For example, Amazon recently announced it is actively seeking and helping entrepreneurs who are willing to deliver packages as their contractors. The mega retailer will even go as far as helping with startup costs so long as these smaller firms deliver their packages. Landing a contract with a big corporation is a significant milestone for any company, but starting out with that lucrative contract is sure to let these startups hit the ground running.
Better connections for greater flexibility
When today’s entrepreneur has a new role to fill, they’re not confined to the talent pool in their immediate community. Because we now have the tools and connectivity to work from anywhere, a business owner can expand the search across multiple states!
What’s more, these flexible, work from anywhere options can give business owners the inspiration to do things differently. Having greater collaboration means having access to more options to fit specific needs.
For example, what is the very nature of being a small business owner? It’s dealing with a fluctuating volume of work. Tapping into the talent pool of freelancers to work on these specific, short-term tasks and projects is easier than ever, because for a segment of workers, freelancing is increasingly becoming a way of life. Freelancers currently make up 36 percent of the workforce, according to a study from Upwork. And, if trends maintain, most Americans will be freelancers by 2027.
Thanks to remote options with easy access to talent, small businesses can easily set up temporary or ongoing as-needed work arrangements. When you partner with Dell for your computing needs, you’ll get the expert help and support so you can set up the perfect flexible workspace system.
More automation brings better efficiencies
Without a doubt, new technology works in favor of small businesses and entrepreneurs because they have many tools at their disposal to automate labor intensive processes, be more productive and cut costs. For example, entrepreneurs can use software to process client payments and even set up automated payments, saving hours and costs associated with collecting, processing and reconciling under the traditional paper check payment system. That translates into a more efficient billing department that can spend more time focused on complex issues.
Let Dell equip your small business with the right tech tools, tailor made for your venture and backed with support, so you can focus on running your business.
(BPT) - The dollar, the euro, the pound, the yen… the currency people use around the world has many different names, but it all shares something in common. Paper forms of currency are out and digital payments are in. The security and convenience of card based electronic payments and digital payments are driving a global shift away from cash. As consumers and merchants around the world become more and more digitally connected this shift will continue to accelerate.
All over the world, the shift toward cashless payments is well underway. On the beaches of Cabo San Lucas, taco and tamale vendors are starting to offer their delicious food to customers with the swipe or tap of a card on a mobile phone. In Singapore, consumers can rent bikes, pay for their morning coffee and split their dinner bill without ever needing cash, and in Warsaw, as cashless payments are becoming increasingly accepted, tourists can start to tap and pay their way around the city without carrying cash.
Changes abroad, changes at home
The United States is seeing similar changes. Cash and checks are on their way out and swiping, dipping, tapping and clicking are filling the void — benefiting consumers and businesses alike.
A recent Cashless Cities study from Visa, set to be released later this year, finds that if businesses in the top 100 U.S. cities transitioned from cash to digital payments, those businesses and their cities would experience net benefits of $312 billion per year. Businesses in New York City alone would net $6.8 billion while saving more than 186 million hours in labor. But the benefits of taking checks and cash out of the system do not stop at labor cost efficiencies. They include:
* Convenience. Consumers and businesses alike benefit from the speed and convenience of electronic and digital payments. Faster checkout times mean more sales for businesses and more time to spend on the important things in life for consumers.
* Security. Accepting cash payments has always placed businesses in a bind; as their revenue increases, so does their risk of falling victim to theft. Transitioning to cashless payment options enhances security and reduces risk for businesses and their customers.
* Reduced costs. Cash payments must be counted, stored and transported. There are costs associated with all of these processes. Adopting cashless payments saves businesses time and money.
Moving forward to take advantage of cashless opportunities
Many businesses across the country are already benefiting from going cashless, but for companies — particularly small businesses that have yet to take the leap — now is the perfect time to make such a change.
Visa is announcing The Visa Cashless Challenge, a call to action for small business restaurants, cafés or food truck owners to describe what cashless means for them, their employees and customers. Visa will be awarding up to $500,000 to 50 eligible U.S.-based small business food service owners who commit to joining the 100 percent cashless quest.
Business owners can learn more about the challenge and the other benefits of going cashless at www.visa.com/cashless. Complete rules and information will be available on the website on Aug. 15.
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