The Reality of the Small BusinessThis seems to be the age of the entrepreneur, with small startups such as Facebook and Twitter proving that small businesses can grow – potentially exponentially with the right resources. Unfortunately, success stories like Facebook are rare in the small business world, with over half of small businesses failing within five years of their startup, mainly due to lack of funding.As any small business or entrepreneur knows, funding is one of the most difficult parts of starting a business. Banks are especially hesitant in giving out business loans to small and start-up companies, especially with the economical downslide of 2008. Crowdfunding is a great idea, but is only successful part of the time. Getting a business credit card is a great option… until the debt costs outweigh the business income.The fact of the matter is, it is nearly impossible to get a business started without money, and it is nearly impossible to get the funding needed without an established business. This catch-22 is what sets most businesses down the path to financial hardship. However, there is now a new way to fund smaller businesses in the form of a microloan.The SBA Microloan ProgramThe U.S. Small Business Administration has begun a program which provides funds to intermediary non-profit community oriented lenders to administer microloans to eligible businesses. Unlike a bank loan, which can range anywhere from $150,000 to $250,000, microloans range from $10,000 to $50,000, providing small businesses enough funding to cover basic costs for their start-up without the risk of crushing debt.An SBA micro business loan cannot be used to pay off existing debt or purchase new real estate, but it can be used toward the purchase of supplies and machinery, working capital, inventory and supplies, and furniture and fixtures for the space. The payback plan of the micro business loan also varies in regards to the business’ planned use of the funds, the loan amount, and the needs of the business owner. Unlike large bank loans, a microloan is tailored specifically for the small business owner to succeed.Micro business loans can make a macro-difference for your small or start-up business. These loans are designed to help you launch and expand your small business with a maximum six year payback plan, and interest rates spanning between eight and thirteen percent. Money lenders who offer microloans are beginning to become more prominent, making entrepreneurial start-ups less financially daunting.In ConclusionIf you are a small company interested in a micro business loan, there is a comprehensive list of SBA approved lenders on their website. The list is broken down by state, so no matter where your business is located, you can speak to a local microloan lender here to get your business financed. There are also online lenders such as trustleaf.com and PayPal’s Working Capital program. However, it is important that you do significant research and ensure you are getting the best microloan offer from these companies.If you have been turned down by different banks for a business loan, consider the microloan process Here. It could be just the right amount of money to make your start-up a recognized business. visit site
From Fiction To Reality The Evolution Of Beacon Technology
Technology is advancing at a rapid pace, gradually turning every science fiction into reality. Beacon technology is one of those technological advancements, which was once a figment of the imagination of many researchers. Let’s have a look at how beacon technology is evolving and changing our business world.What is a Beacon?A Beacon is a tiny, battery-powered, wireless, low-cost sensor with a built-in Bluetooth chip device that works on Bluetooth Low Energy (BLE). It allows Bluetooth enabled devices to receive data within short distances.Beacon device is designed in such a way that it is easy to fix anywhere and can be efficiently used by everyone. It continuously broadcasts a radio signal, and when a device receives this signal it reads the beacon’s ID and triggers the action in the smartphone app based on the proximity of the beacon. What makes a beacon technology different is its ability to “wake up” an app, which is not open but has been downloaded on the Smartphone.Deep Dive into Beacon TechnologyMost beacons use BLE technology / Bluetooth Smart Technology as it requires low energy consumption and low implementation cost. The technology only allows for small amounts of data transmission, and it is the reason most beacons only transmit their IDs.Beacon IDs consists of three values:
Universally unique identifier (UUID)
Major value
Minor value
The purpose of transmitting the ID is to distinguish a beacon from all other beacons in a network. Major and Minor values are the integer values assigned to the beacon, for greater accuracy in identification. Beacon also carries information about its signal power to determine the proximity of the source.iBeaconiBeacon is a brand name created by Apple Inc., which was first presented at the World Wide Developer’s Conference in 2014 as part of Apple’s iOS 7. It is a technology innovation of Apple that has been implemented in the location framework in iOS 7 and newer operating systems. As described above, iBeacon uses BLE technology to sense proximity and transmit a UUID, which triggers an action in a compatible app or operating system.Eddystone – A Game ChangerIn response to iBeacons, Google came up with its beacon project called Eddystone on July 14, 2015, with more open and flexible approach. Eddystone is Google’s open-source, cross-platform BLE beacon format. While Apple’s iBeacon only works with iOS devices, Eddystone works with both Android and iOS devices. Unlike iBeacons, they broadcast not only their UUID but also pre-programmed web page URLs and thus don’t require the installation of specific apps. The URL could be a regular web page providing relevant information, for e.g. a beacon next to a restaurant can broadcast a link to a YouTube clip or their specialty menu. Certainly, Eddystone will bring in new IoT use cases.Beacons EmpoweredWith this drastic rise in beacon technology, companies are investing in this technology to generate greater revenues. Here I have given a brief detail about how retail industry is utilizing and availing benefits of beacon technology.Smart RetailThe rapidly growing e-Commerce industry has resulted in the decrease of footfall and in-store sales for both the small-time retailers and big brands. In-stores have understood that they have to mimic e-commerce in the areas of personalized offers and shopping experiences.Thus, Retail is a critical area where beacons are expected to bring huge impact – from proximity marketing to contactless payments to in-store analytics. 85% of the retail industry is expected to leverage beacon technology by the end of the year 2016. Beacons may seem like hype today, but let’s have a glance at few of its revolutionary aspects.Beacons send location awareness alerts, updates on merchandise/products, and promotional notifications to tempt a passerby to enter the store. It can also be used to analyse customers who walk past the store and their visit duration. This analysis will help in making strategic decisions on product display.Beacons use in-store navigation and provide real-world analytics like:
The areas and items a customer likes to explore
Where a customer spent most of her/his time
What and when s/he makes a purchase
Most in-store rushed locations
In-store deserted locations
Busiest days of the store
Number of people who walk into their store per day
These data provides insight into customer behavior and store performance. This analysis will help the retailers to organize their products, prices and place their products in strategic locations on strategic days and time. By knowing the repeated visitors to the store, retailers can reward those customers with loyalty benefits for their purchase.Beacon makes a customer’s in-store journey personalized and unique. It fetches data from the wish list of a customer and notifies him when he comes across that particular product. It also recommends products based on price, quality, and offers to provide better in-store experience.The customers who have already set up their payment information through their smartphone can use a connected beacon and complete their purchase by processing their payment (a.k.a contactless payment) without waiting in long queues. When a payment is done, the stock will be automatically updated.Beacon technology is spreading gradually in not just the retail space; it is being adapted to various other sectors like Hotels, Airline industry, Football Leagues, B2B arena and more. Beacons help businesses to attract more customers and to understand the demands of their potential customers. It is a cost-effective and targeted marketing technique that promotes your sales and generates higher revenues.
Need and Importance of Effective Communication
NEED AND IMPORTANCE OF COMMUNICATION”Identification is one of the key ingredients of effective communication. In fact, unless your listeners can identify with what you are saying and with the way you are saying it, they are not likely to receive and understand your message.”Communication refers to exchange of views, ideas, thoughts, beliefs and feelings with the intention of conveying information from the sender to the receiver, through verbal or non verbal means. We communicate for numerous reasons like for sharing information, learning, consulting, for connecting with others, writing rules and regulations, giving advice, sharing values and mission, teaching, expressing our expectations/ creativity/ philosophy/ research work, selling of products/ services, for publicity, maintaining public relations and advertising, networking with people with common interest or even with Internal and External source of the organization.A study conducted by North Carolina State University concluded that in most of the organization Communication Skills were considered more important than either technical knowledge or computer skills. This itself conveys the Importance of Communication in work place. Many experts explain Communication as ‘foundation of every relationship’s, ‘life blood of an organization’, ”life blood for a successful team’ etc.The Importance of Effective Communication is discussed further: –
# The success of any business depends on a sound professional relationship between both parties and communication plays a crucial role in building, maintain and enhancing such relations.
# Communication doesn’t only include exchange of words but listening, understanding and interpreting are also a part of effective communication.
# Human Resource (HR) is the most important element in any organization. Managing ‘Man’ is the biggest challenge for the organization. Communication is the lubricant which keeps this resource moving throughout the organizational machinery since it involves communication at all levels – Vertical/ Horizontal/ Parallel/ Lateral and Diagonal.Research has revealed that managers spend a great part of their work time in communication; they generally devote 6 hours per day in communication which includes both written and oral communication.Top management uses Communication for Internal Sources to: -
ï¼ Communication provides effective guidance to the employees by informing them about their duties, responsibilities, authorities and the power they have to perform the task.
ï¼ To impart the organizational values, mission, vision, goals, objectives to the workforce.
ï¼ They also use communication for implementation of the short and long term goals of the organization.
ï¼ Communication enables adequate flow of information for effective decision making and problem solving.
ï¼ Communication provides a channel through which the employees can give and receive ideas, view, suggestions, opinions, feedbacks etc for the growth and development of the organization.
ï¼ Communication enables the management to get feedback about their products/ services from the existing and potential customers.
ï¼ No communication or even lack of communication can create confusion and misunderstanding leading to undesirable outcomes, poor performance and low employee morale.
ï¼ Management explains their financial plans, operational structure, job expectations, work ethics, corporate social responsibilities, remuneration system, rules, regulations and policies and even provides training and development to the middle and lower level of hierarchy.
ï¼ Writing financial reports for directors and shareholders to inform and intimate them about the company’s progress and future plans.
ï¼ Communication enables messages to reach to the target audience and get appropriate feedback from them.For External Sources communication is required for the following reasons: -ï Finding prospective investors.
ï Obtaining permits/ licenses.
ï Dealing with buyers/ agents/ dealers and suppliers.
ï Building long term relationships with the existing customers/ clients.
ï Finding new prospective customers/ clients.
ï Building healthy relationships with government agencies/ bodies/ organizations.
ï Enhancing relationships with media and NGO’s (Non Governmental Organizations).
ï Building a congenial relationship with stakeholders and general society at large.However, it is often observed that the best way to communicate with Internal and External source is through establishing an open door organizational culture, collaborative sharing and supporting management which helps to create a safe and healthy environment.