4 Restaurant Business Tips During Lock down
Date : May 04, 2020
Author : Alexander B
Categories : Business Tips
People used to book a table at their favourite restaurant months in advance. The most popular seats at renowned dining areas were quickly taken. Having a couple of restaurant business tips to get more clients didn’t seem necessary. But, now, it’s completely different.
Since the coronavirus hit, diners went from fully booked to hosting just a couple of meals. With the constant restrictions and lockdowns, many restaurants can’t even host a single diner. Countless businesses are serving only a third of their usual amount, and owners can’t afford to pay their staff.
If you want your business to survive, there are a few handy tips for a successful restaurant business you might want to try. Here is a complete guide on how to overcome the pandemic for those who own a restaurant.
Statistical Analysis: COVID-19 Pandemic’s Impact on Restaurants
Before we talk about how to handle the pandemic, we first need to analyze its impact. It will give you a clear picture of what you are dealing with.
COVID-19 has had a massive impact on the restaurant industry. It’s completely reshaping the world as we know it. As more and more regions get infected, countries declare a state of emergency and force lockdowns.
Even though it won’t last forever, businesses in the beauty, health, retail, and restaurant services are facing massive budget losses. The CNBC reports that 3 million people in the restaurant business worldwide have lost their jobs. But it doesn’t end here.
The National Restaurant Association predicts $225 billion in losses that will affect 5-7 million jobs for April, May, and June. All these restrictions have made the industry very unpredictable and challenging to cope with. But, with the right restaurant business tips, it is still possible to survive.
Survival Guide For Restaurants
Even though the future looks grim, you can still save your business. It’s challenging to predict the full extent of the virus, but that doesn’t mean you should give in to the epidemic. That’s precisely why we’ve decided to compile the most useful restaurant business tips and tricks that will aid you in weathering out the storm.
Tip 1: Contribute to the Community
One of the most useful small restaurant business tips is to show the community that you care. If you spike the prices and have unrealistic expectations, no one will come to your restaurant. That’s why you need to show compassion and be helpful to the neighbourhood. So, contribute by:
• Adjusting the prices to fit the current economic state better
• Planning events that help strengthen your bond with the community
• Adapting to all the changes in the neighbourhood
• Creating a welcoming atmosphere where people will feel save
Tip 2: Stay Open With Your Vendors, and Landlords
There is no need to stay secretive. Besides, everyone is in the same boat. There is a high possibility the landlord and vendors might go easy on you and reduce the prices out of empathy. It will work for them as well since they will keep their partnership they’ve built over the years with you. So, something as simple as negotiations can go a long way.
Tip 3: Make Sure Your Cash Flow Is In Order
With how the market is today, you will now need that flow of cash more than ever. Analyze all the income and your future expenses. Make sure to have a plan for the next upcoming months. Also, if you have some money in the bank, let it stay there. It will be your emergency back-up plan.
Remember, staying organized should be your top priority. You can’t just rely on guesses and impressions. Every dime you spend must go to something useful, like bills or vendors. Take out a loan if you have to; just make sure to plan where the money goes. In times like these, you simply can’t afford unnecessary expenses.
Tip 4: Stay Relevant
No one knows, then the coronavirus will die down. But, what we do know is that you must remain relevant in case it settles soon. So, the moment the restrictions are lifted, people will come swarming to your restaurant.
That’s precisely why some of the most useful restaurant business tips are to keep spreading the word as fast as possible. Rely on influencers, online marketing, review sites, and publications to get your work out there. You can also sign up your restaurant to RateUsOnline’s directory, which will help your business with local citations. Local citations are mentions of your business in directories. These mentions act like trust signals to Google and will improve your business ranking in search results. RateUsOnline also advocates businesses on their highly follow social media pages.
Don’t forget to use your social media to its full potential. Send out e-mails and invite food writers to advertise your service. That way, when you open, you can expect a bigger turnout than before. Plus, this is a long term strategy and makes for a handy tactic.
The Coronavirus Pandemic Is Hitting the Restaurant Industry, Does That Mean I Have to Close?
No! You just have to add a couple of tweaks to your service. We suggest you implement:
• Delivery & Takeout (if you don’t already have it)
• Sell gift cards (this will provide temporary support from the local community)
• Make a quicker food menu (your working time will be limited, so make the most of it)
• Get customer opinions (send e-mails or social media posts to ask what customers would like for you to change)
As you can see, these are all simple aspects you would have to change in your business if you want to remain open. With just a few tweaks, you can keep the lights on. It can also be a good idea to focus on the importance of sanitation and hygiene during working hours. That way, you will show the community you are trustworthy and reliable.
What Should I Do During a Worst Case Scenario?
The virus is unpredictable, and if governments are to implement even stricter restrictions and longer lockdowns, the industry will suffer innumerable losses.
• To overcome this situation, the Small Business Administration (SBA) can issue disaster relief loans.
• The congress has also prepared the CARES ACT, which enables smaller industries affected by the virus to remain open.
• Many governments, states, and countries have already taken emergency measures to help industries in a crisis. But, since every country is different, it’s essential to take a look at the policies, loans, and insurance covers based on the country you work in.
In a nutshell, you can’t just wait for the crisis to die down. Instead, you have to make some drastic measures, tweak your operations, and remain relevant in the restaurant industry. This is the only way to lessen the impact of the pandemic. As long as you take the right precautions, you can still keep the doors open.
After all, everyone is going through the same thing. Your dedication and determination will be the backbone for your success. So, add delivery services, talk with clients, sell gift cards, and negotiate with creditors. You still have time to make it work.
Let us know if you found our restaurant business tips helpful in the comments below.
How The AR and VR Market Size Is Expected to Reach $45 billion by 2025
Date : Apr 30, 2020
Author : DR Armed Zayed
Virtual and Augmented Reality (VR/AR) are shaping our tomorrow. With the full range of applications, particularly in the gaming and entertainment industry, the future of VR and AR technologies is looking bright.
These simulations enable gamers to indulge in fantasy scenery, where they can explore a 3D environment. All the accessories that come with it make the experience even more engaging. They allow users to interact, move, and shape any objects in a game.
Plenty of private companies have invested in VR and AR prototypes to use in upcoming video games. This type of interest is predicted to have a favourable effect on the growth of the virtual industry.
To share the real impact of AR and VR tech on the gaming market, we’ve decided to provide you with the ultimate in-depth market analysis. Here is what you can expect for these simulations for 2025.
What’s the Forecast for VR and AR Tech In Gaming?
Back in 2017, the AR and VR market was estimated at around $11.35 billion. The lack of awareness and compatibility problems didn’t make it a popular option for gamers. But, since then, a lot has changed, and this type of tech has shown many potentials.
According to Grand View Research, VR in the gaming market is forecasted to reach a staggering $45.09 billion by the end of 2025.
Major corporations like Nintendo and Sony are looking to launch consoles compatible with VR, which is the primary driving force for the industry’s growth. These consoles are most likely going to be a super popular device for playing VR games.
They are also expected to be more advanced in terms of a processor, efficiency, and speed. Anything that is VR-compatible will help users get completely immersed in the simulation. This is not something that can be achieved with any other method.
What Trends Are Affecting the VR and AR Market Size?
With the current technological advances, VR and AR tech has become more accessible. So, simulation technologies and augmented reality do seem like a lucrative opportunity to increase the market.
Aside from the consoles, other trends help the market size grow. You have an increased interest in the gaming industry, faster internet, and mobile gaming, all contributing to the growth of VR and AR market size.
For the past couple of years, gaming has become immensely popular. Many PC, mobile, and console users are spending hours playing every day. But, with the faster internet and better connectivity, this activity has become even more popular.
Of course, gaming is not the only industry that influences the AR and VR market growth. What most people don’t realize is that technologies such as these are useful and cheap for creating a training scenario and improving skills.
Plenty of corporations have already implemented AR and VR tech to train their employees. Since they don’t need to waste money on resources to create the perfect training scenario, they can use AR and VR to do it for them.
For example, a trainee firefighter doesn’t have to run into a fire to get experience. They can use AR to get a sense of the environment. Also, before you hire a new employee, you will want to give them a general idea of how to workplace looks like on a busy day. Simulation tech can provide new hires a company tour so they can get a taste of how it is to work in that workspace.
Simply put, VR and AR have countless uses. It’s no wonder why the forecast for this market is looking so promising.
8 Ways to Create a Successful Business Strategy
Date : Apr 07, 2020
Author : Alexander B
The statistics show us that 67% of business strategies fail due to bad execution. Many businesses don’t have the proper mission and vision when they make various decisions. And even if they do, not everyone will value them.
Most companies base their decisions on solving short-term issues and don’t focus on the bigger picture. This is a common misconception that hinders any chance for success. The idea is not to generate temporary but long-term and consistent success. Don’t leave anything to luck or chance.
Every business needs a solid action plan to help them achieve their goals. Here are eight key factors for working out the best strategy for any kind of business.
1. Have a Clear Vision
Every company should strive to achieve their goal. Vision gives employees a sense of direction and purpose. Better yet, it defines the goals. The vision is the basic guideline for making smart goals. It should be:
According to research, companies that start planning their strategy early on are much better at establishing legitimacy. They have much more potential to get business partners, customers, and funding.
Another research states that businesses that start their planning process before advertising their company are less likely to fail. Therefore, creating a business strategy with a clear vision early on is the key to success.
Of course, these goals should be constantly reviewed to make sure they are applicable to a business. Without a vision, it’s almost impossible to achieve long-term success. So, the sooner you start planning, the better.
2. Stay Organized and Track Your Progress
Research shows that 50% of leadership teams in various companies don’t spend any time at all on organizing a strategy. While 85% won’t spend more than an hour a month drafting up the action plan.
Even if you have a plan, that doesn’t mean you shouldn’t track it. In fact, if you don’t pay attention to it, the strategy will fall off. By tracking success, the company will be able to gather more data on what brings in revenue. The more information they have, the easier it will be to come up with more strategies and improve workflow.
3. Share Your Strategy With All Employees
According to statistics, just 5% of all the employees in a company fully understand the business strategy. Plus, 42% of managers and 27% of employees can access the firm’s strategic plan. This is not enough to make solid decisions.
If the company is to have a competitive advantage, everyone in the business should know what they are doing. The company’s success lies in effective communication and combined effort. If workers have no idea what they are working for, they can’t fully contribute to the company.
4. Know Your Strengths and Weaknesses
Analyzing the weaknesses or strengths of an organization is an excellent method of understanding how the company is doing. You can see where the business could do better, what needs to be improved and managed.
The market is constantly changing, and every business must keep up. That means looking at all the possible opportunities that might benefit your business and implementing them. However, without knowing the strengths or weaknesses, you will end up missing out on potential threats.
You have to out-perform your competition, even when making updates on the strategic business plan. This will help evaluate and improve the business’s inclusiveness.
5. Leaders and Management Must Provide Resources
Strategic leaders will distribute resources and form an organizational structure. When drafting up a business strategy, the company will define the needed resources to get the strategy in motion. But, nothing can get done unless the resources are provided. Also, it’s important to analyze the ‘expected’ versus ‘actual’ results.
As a leader, you will be working in an ambiguous environment. There will be plenty of difficult problems, influence, and occasions where resources will be necessary. By allocating resources, the management team will be able to create a solid environment where employees will be able to fulfill the company’s needs.
That’s where an incentive or reward system can come in handy. They can serve as encouragement for employees and improve their productivity and quality of work.
6. Use a Strategy That Is Possible to Implement
Not every business strategy will make for a good strategy. The end result will highly depend on whether or not that strategy can be implemented; take ambition, for example.
Being determined to run a business is very important. But, if you are too ambitious when drafting up your strategy, you will set unrealistic goals. Too ambiguous and complex strategic plans will only cause more frustration and make the business prone to failures. You don’t want to drive your company towards failure but towards productiveness.
That’s exactly why you need a doable strategy – something realistic. The way you can do that is by analyzing your current market. Know your competition, and be ready to adapt. That way, you will always be one step ahead.
7. Don’t Implement Changes Too Often
One of the most common mistakes businesses make is implementing changes every single day. It’s not a good idea to implement changes frequently. Management teams do it because they believe they can out-manoeuvre the competition.
While it’s true that adding something new to a business will get more attention, it’s not a smart decision. Adding too many changes, whether it is for a certain project or management, it will discourage people a lot more than you think. Discouragement can have a major impact on productivity.
Remember, happy employees, are 13% more productive.
When creating a business strategy, the most important thing is to maintain a positive outlook and do it with confidence. So, instead of focusing on getting the work done, it’s important to pay attention to the work itself. Employees should feel encouraged to work, instead of pressured for hitting the deadlines. With less pressure and more engagement, it is possible to boost enthusiasm.
8. Be Patient
We all want immediate success. But, it’s impossible to grow as a business overnight. It takes plenty of work and dedication to reach a certain goal. The key to making it work is not to lose patience.
Every milestone, every project, should be reviewed and analyzed. This will give you a better understanding of where the company is at the moment. Consistently working on adding more improvements will help you get closer to your goals. However, you have to be patient and don’t force it. Since the more pressure you put on employees, the less likely they are to do better at their jobs.
A solid business strategy can’t be made overnight. But, if you want your business to succeed, the key is to focus on consistent goals, not short-term opportunities. The idea is not to get a temporary revenue boost, but a continued boost of workflow for the entire company. With a proper strategy, you will always be on the right track.
Do You Have to Face Hardships to Become a Successful Entrepreneur?
Date : Apr 06, 2020
Author : DR Armed Zayed
Categories : Business Tips
We will all face adversity every once in a while. When it gets tough, some of us can push through, while the rest will only keep struggling. This is a typical problem when trying to become successful in business or as an entrepreneur.
You’ve probably noticed that many successful businessmen are flaunting their success by showing how much they’ve jumped through hurdles and how they overcame all the roadblocks. It’s indeed hard with the current market to stand out. Opportunities will come and go, and many will use these opportunities to strive and grow.
But, the question is, do all future entrepreneurs have to face hardships to become successful business owners? Here, we will take a closer look at this question and analyze what it has to take for all entrepreneurs to move forward. Let’s take a look at the bigger picture.
Do We Really Need to Face Hardships to Become Successful?
If it were easy, everyone would do it. We would all be successful entrepreneurs by now, and wouldn’t it be worth it. But, that doesn’t mean you must face hardships. The path you are going to take will often depend on 4 key factors:
• What is your definition of hardships
• The type of competition you face
• How well you can overcome stress
• How lucky you really are
Remember, everything you do in life is a learning opportunity. There are no set rules that say you must face hardship to succeed. It all comes down to you and how prepared you are to venture into a specific territory or market. But, in general, it will depend on these factors. Here are all these factors analyzed in detail.
1. What Is Your Definition of Hardships?
When you think of someone who has become successful without facing any hardships, you might think they are over exaggerating it. It would be impossible to rise to the top without facing any hurdles along the way, would it?
Have in mind that everyone has a different perception of hardship. Some may consider stress to be a serious problem, while others won’t pay much attention to it. But, when you take a closer look at all entrepreneurs who’ve become successful, you will realize that they struggled like everyone else. The main difference was the way they defined their hardships.
Some of them will see their difficulties as a simple bump on the way to success and will quickly find a way to maneuver them. Others, however, will struggle every step of the way. In the end, it depends on how we perceive these hardships and whether or not we fear them. If we are afraid of facing any difficulties, we can’t succeed. They will simply hold us back and impair our true potential.
2. The Type of Competition You Face
How difficult it will be for you to succeed, will often depend on your competition. Some markets are more cramped than others. In fact, the statistics show that more than 19% of startup businesses go bankrupt because they couldn’t handle the competition.
If your business idea is more on the creative side, you are less likely to face that much competition along the way.
Let’s take the fast-food market for example. The fast-food industry is one of the top revenue streams for countries all around the world. With key players such as McDonald’s and Domino’s, most of the market will already be overcrowded. Toppling the competition will be a feat of its own. The direct competition in this sector is overwhelming.
But, if you want to find your way through a less pressuring market, the odds of success will be higher, and the hardships few. Competition is not a bad thing if you know how to manage it. You can learn from your indirect competitors to improve your product or work. It gives you the opportunity to be creative, innovative, and think of different ways to become proactive.
3. How Well You Can Overcome Stress
According to statistics, entrepreneurship can take a psychological toll. In fact, people who are trying to start a business are far more likely to get stressed out than anyone else in the workforce.
The reason for that is relatively simple. When we want to create something with our own two hands, we will naturally stress about it. There are a lot of responsibilities along the way, like finding investors, managing income, overcoming visible problems, etc. When a problem keeps you in the dark, it makes things even worse.
But, the truth is, there will be many times where you can do things the “easy” way. But, the “smarter” way, won’t be that easy to spot. Stress will cloud your judgement, and being able to make rational decisions under stress will be a key to success.
Not only will you be able to overcome the hardships, but you will also deal with them much easier. The key lies in your motivation, energy, and creative side. If you have a strong emotional state, the hardships won’t be much of an issue. They will just be another step that will take you closer to success.
4. How Lucky You Really Are
Luck is a variable, but an important variable. Whenever you see an opportunity, you take it. The moment you start your business, you are hoping that the chance you take will give you the right opportunity. You hope you will have what it takes to get into the market and satisfy all the potential customers with your service or product.
If you’ve started your company in the right place and at the right time, it will be a major boost to your business. That’s where luck comes in. Of course, you would first analyze the market and see if there is any profit in it, but, if you don’t have any luck, you will face a lot more hardships than you can imagine.
This has nothing to do with calculated and careful decisions, nor does it mean you will fail; it simply means that you will face a lot more difficulties than you initially expected. This happens at random. There is no set rule that predetermines who will fail or rise to the top, it’s just luck.
That’s why you need to be mentally prepared. The more you are prepared to take on a challenge, the easier it will be to deal with the difficulties. Always imagine your worst-case and best-case scenarios and prepare yourself for how well you will react. Something as simple as preparation can go a long way.
Whenever you see someone successful, you believe their goals and dreams are out of reach. You believe they must have faced incredible difficulties to get where they are today. So, you are now afraid of having to go through the same thing only to fail in the end.
If you want to be successful in business, it doesn’t mean you will have to face hardships. It just depends on your perception, way of handling and coping with the problems. Regardless of whether or not you will face these hardships, you shouldn’t fear them. Instead, you should learn from them and improve yourself and your business. Sometimes, that’s all it takes to succeed. But, it highly depends on you and what you are willing to achieve.
5 Strategies to Help you Cope With Uncertain Financial Times
Date : Apr 06, 2020
Author : DR Armed Zayed
Due to the current COVID-19 outbreak, most consumers are expecting a recession in 2021. Based on a survey that analyzed around 2,600 American adults, from 80% to up to 90%, believe a recession will happen next year. With the online spending on the rise and more than 30% of the income going to grocery purchases and other goods, it’s crucial to budget our finances now more than ever, especially in these uncertain financial times. Plus, the better we handle the budget, the less likely we are to stress out.
So, managing income wisely should come first. Here are five ways to budget in these uncertain times.
1. Draft Up a Spending Plan
According to Melanie Hardie, a senior financial consultant at Ceridian, writing down a spending plan should be your top priority. A well-made plan will give you proper insight into your debt and income. That way, you can figure out your purchasing priorities.
To do that, write down your total income. Plan out your spending routine based on everything you have to pay and deduct the cost from your income. This will give you a general idea of where the money goes.
2. Cut Back on Your Spending Habits
With the spending plan, you will have a clear guideline of what to spend the money on. But, the key to making it work is to learn to differentiate “wants” from “needs.” If you focus on the necessities, you will always have the budget to cover the “needs.”
So, try to cut back on investments and spend as little as possible on bills or anything else that might come in handy. For example, instead of ordering take out, cook at home, brew your own coffee, pay attention to the electric bill, etc.
3. Ditch the Credit Cards and Use Cash Instead
According to studies, when people pay with credit cards, they can spend up to 83% more than they would if they paid in cash.
If you don’t think you can handle your spending, try to pay with cash. The more you carry the money around, the more you realize its worth. Therefore, you are less likely to spend it on anything that is unnecessary.
4. Set Money Aside for Your Emergency Fund
Always be ready for the worst-case scenario, and with possible financial struggles on the way, you should try to save up as much as you can. That’s where an emergency fund can come in handy. Set aside enough cash to get you through 3 to 6 months. These funds should be enough to cover the basic expenses.
5. It’s Never too Late to Ask for Help
There are plenty of financial planners that can help you stay on track. Even if the stock market could be going down, it’s better to manage your finances than to spend them all. A financial planner can show you where you are going wrong. They can guide you on how to re-locate your funding, develop a plan, or set up goals. When it comes to making a decision, it’s hard to go wrong with an experienced financial planner.
Managing the budget is never easy, especially in these uncertain financial times such as these. But, sometimes, all it takes is a step in the right direction. Now that you know your possibilities for managing your finances, you will be more prepared to handle your money. Plus, you will be much more comfortable with your spending habits.
Did you find our guide helpful? Have you tried any of these methods before? Let us know in the comments below.
10 Ways to Grow Your Business Using Data
Date : Mar 26, 2020
Author : Isaac Addo
Growing a business is becoming harder in the modern world. The world is expanding, which means new entrepreneurs and small businesses are created every day. To keep up, you need to understand how you can utilize certain elements of your business for better growth. An underutilized element would be data.
Data can be collected from analytic tools, public sources, and even internal records. By collecting data and compiling reports, you have a lot of information that could help you increase the growth of your business. We take a closer look at how you can use data to grow your business in this post.
1. Find Web Pages That Do Not Convert
There are a few essential pages that your website needs – this includes an about us page, a services page, and a review of the products you offer. If you have a big website with multiple pages, it takes time to maintain every page. Finding pages that do not convert can be helpful. It allows you to optimize those pages, to increase conversions.
Using data from tools like Google Analytics, you can find web pages that are gaining traffic but not giving you an increase in leads or sales. Analyze these pages and see what improvements can be made to get more visitors converted.
2. Identify Products And Services With The Most Potential
Some products and services your company offers will do better than others. Focusing more on your marketing budget on these products and services could help to give your business a much-needed boost in sales.
By analyzing data collected from analytic tools, you can see which products are performing better. Once you recognize these, try to include them more in advertising material that you send out to customers. You should also focus on making these a part of online paid promotions that you run on platforms like Facebook Ads and Google Ads.
3. Identify The Ideal Demographics For Your Business
Data that you collect through your business management platform and your analytic tools will give you more insight into the ideal demographic you should target for your business.
The data will show you the average age and gender of your ideal customer. Other data can be displayed too, depending on what information you collect from customers. This could include specific areas that seem to be more interested in the products and services offered by your business.
Take advantage of this data when you set up targeted ad campaigns. It allows you to better target the ideal demographic that may show more interest in your business – providing an improvement in the CTR of your advertising campaigns.
4. Improves The Personalization Of Your Marketing Strategies
Personalization is considered a critical part of successful marketing today. Customers do not want to receive generic messages that hold no value to them. This will rather make you lose customers. Instead, you need to start thinking of ways to personalize the marketing strategies that you implement.
Using data, you can create appropriate personas based on information collected from customers. This allows you to determine how you should address customers, where you should target them, and what type of messages they are looking for from your business.
5. Opportunity To Lower Business Expenses
Every person wants to reduce its expenses and increase its revenue in turn. Data presents an opportunity for you to do just that.
There are several ways that using data may lead to a reduction in the expenses your business has. Consider a scenario where you are promoting a product that is not converting at all. Data can reveal this to you. Switching the budget to a product that is doing well could further increase its sales, and ensure you do not continue wasting money on the promotion of a product that is not selling.
6. Gain A Better Understanding Of Your Brand’s Authority
With the high levels of competition your business is facing, you need to ensure you establish appropriate authority. Authority is a term used to describe how well your business is respected in its industry.
Data can show you what people are saying about your brand. If you find that people have doubts about your expertise, you can produce content to help show them that you are an expert at the services or products that you offer them. This is a great way to build more authority – and higher authority often means a brand will be able to grow faster and more successfully.
7. Provide Better Insight Into The Individual Customer
Every person is unique and has their own preferences, needs, and desires. With data on your side, you can analyze each customer – even using artificial intelligence if your list of customers is growing too much – and then develop a strategy to provide a more personalized experience to each person.
When you send out a marketing email, for example, the content in the email can be related to items or services the customer has purchased from your online store in the past. Show them related items or perhaps a product that would complete a “bundle.”
8. Help Guide Your Marketing Decisions
Marketing decisions shape your business. Good marketing decisions result in higher profits and less unnecessary expenses. Make the wrong marketing decisions, and you sit with more expenses than profit.
With this in mind, you need to ensure you utilize all available resources to improve the outcome of your marketing decisions. Using analytic data, as well as information collected from clients, you can drive important marketing decisions, such as on which platforms to promote, what type of landing pages to develop, and more.
9. Offers An Opportunity To Improve Customer Service And Support
Every business owner knows that great customer service can really go a long way. If your customers are complaining, it is bad for business. Thus, you need to focus on keeping them happy.
By implementing surveys and looking at the current complaints and complements from customer support services offered, you can significantly improve the support you are offering your audience. This means customers will be happier – and a happier customer is more likely to return to you for more products or services.
10. Provides Data For Automating Certain Business Operations
Automation is a key element in running a business today. Several tools can automate the processes of your business – when operations are automated, it gives you more time to focus on the important stuff.
Artificial intelligence can be provided with data related to your customers – this, in turn, allows for certain operations to become automated. An example would be customer support. There are several AI-powered chatbots that can be used to deliver automated support to your customers. The customer will only be transferred to a real agent if necessary.
Data is one of the most valuable assets of your business, yet many companies tend to overlook the opportunity presented by data. We looked at how your business can take advantage of data as a way to experience more growth. From using the data to personalize marketing strategies to taking advantage of collected analytics to reduce overall business expenses, there are endless opportunities for business growth when using data.
The 4 Awesome Ways AI Can Improve the World of Business
Date : Mar 12, 2020
Author : DR Armed Zayed
We are living in an age of constant transformation. Companies, businesses, and new brands are slowly establishing their foothold in the industry and have their own market share. Our economy is no longer a monopoly. Instead, for anyone with a solid strategy and innovative merchandise, it’s possible to make a name for themselves.
Technological advances have made that feasible. AI or artificial intelligence is part of that technology that is here to improve the industry. Many wonder how to implement AI in your business. What can it do for companies, and why does it matter.
Here we will focus on everything you need to know about AI in business and how much of a real impact it can have in this competitive market.
The General Perception and Uses of AI in Business
To answer the question of how Artificial intelligence is improving the world of business, we first need to talk about how people perceive it and what companies use it for. This is an important concept since it shows whether or not people are willing to accept it and integrate it into their business.
So far, there have been plenty of people who’ve associated AI with a dystopian future. But, now that AI is part of households, especially with Alexa, people are now more accepting and welcoming to AI tech. Businesses integrate it into their companies.
The most prevalent uses for this tech in the industry are:
– Fraud recognition
– Creating personalized adverts and messages
– Updating, transferring and referencing important data
Despite the “not so welcome” first appearance, AI is supposed to become a staple tech in various industries. For the software market, the use of AI software is predicted to grow by a staggering 126% by 2025. These statistics show just how widely used AI is expected to be in the near future.
How Is AI Transforming Businesses?
AI currently has many applications, but it also has a lot more potential. AI is one of those techs you don’t know you really need until you try them. Here is how Artificial intelligence is improving the world of business.
This tech can:
1 – Take the burden of managing mundane clerical tasks
2 – Boost productivity in the workplace
3 – Provide reliable forecasting
4 – Monitor the wellbeing of staff to boost morale
While companies have adequate software for managing resources and tasks, they don’t have a way to free staff from unnecessary clerical assignments that affect their workflow. AI will manage these tasks for them and allow employees to focus on more productive projects.
Another thing AI can do better is forecasting. It is statistically proven that AIs can make the best forecast for the current market and help businesses focus on the tasks in high demand. This can allow companies to make the appropriate strategies at the right time and always have a chance at success.
With this type of tech, it will also be easier to monitor the wellbeing of staff. With AIs, companies can monitor the employee’s morale and always try to take measures to keep their staff happy and engaged. This can, in turn, increase their productiveness and performance at work, which will bring in more revenue.
So, now you know the four ways AI in business can boost your brand in this competitive market. As you can see, this type of tech has the potential to bring in plenty of profit for every kind of industry. It’s no wonder why companies are integrating AIs as part of their working environment.
Have you considered AI for your business? Let us know in the comments.
Ways Coronavirus Can Affect Your Business and Precautions you should consider
Date : Mar 11, 2020
Author : DR Armed Zayed
With more than 80,000 recorded cases of Coronavirus, mainly in China, many businesses have become more and more concerned with their welfare. But, very few actually understand the impact this virus can have and why taking the right precautions can be super important for the company’s operation.
Since this virus is considered 20 times deadlier than the cold, it’s very important that keep your business and employees always prepared. Here are the four ways Coronavirus may impact your business, and what precautions you should consider.
The 4 Ways Coronavirus Will Affect Your Business
Ever since the virus first emerged, it has left a psychological impact on people all around the world. It has caused many to panic and results in prejudice, which has had a massive impact on both social and economic level.
Coronavirus will have an inevitable impact on all kinds of businesses with both long and short-term consequences.
These are the four ways Coronavirus may impact your business, and what precautions you should consider.
1. Factories in China are now short on labor, which has massively disrupted the supply chain across multiple industries. Businesses that work with pharmaceutical, technological, or various consumer goods are unable to receive or transport products from and into China.
2. Quarantines and travel bans have drastically affected tourism and travel, making business meetings and international deals more difficult to do.
3. There is a huge decline in consumption in China, which has squeezed in international businesses in various sectors, some of which are luxury goods, electronics, entertainment industries, and education abroad.
4. Manufacturers in China plan to cut the output due to the decline in commodity prices.
In other words, all markets, companies, or businesses that highly depend on materials and products from China will face a major ripple through their finances. Regardless of whether they are in the investment, tourism, or trade sector.
How to Take the Right Precautions?
This disease can be prevented if people take the right precautions. The same thing applies to businesses or major companies that work abroad. The best ways to avoid this virus altogether is to:
– Stay away from direct contact with infected individuals or people that are sick.
– Always wash your hands thoroughly to remove any bacteria that may rest on the skin.
– Avoid touching your mouth, nose, and eyes if you haven’t washed your hands.
– Disinfect your hands with a potent sanitizer that is manufactured with 60% to 95% alcohol.
As you can see, the most important step to avoiding this virus is paying attention to your hygiene. Since our skin easily becomes exposed to viruses, it’s crucial to sanitize it to avoid transferring the virus to yourself, colleagues, or customers.
It’s also important that you pay attention to your respiratory hygiene. Every time you think you will sneeze or cough, use a tissue to cover your mouth. After you’ve used the tissue, make sure to throw it right away.
Reusing the same tissue could expose the nose and mouth to potential bacteria. Therefore, it’s crucial not to reuse anything that has been in contact with some kind of infection, even after sneezing.
Note: For individuals who haven’t been infected, it’s not recommended to wear a face mask. But, for those infected, face masks can be useful.
Now that you know the four ways Coronavirus may impact your business, and what precautions you should consider, have you given it any thought? Has the virus impacted any of your exports from Asia? Have you received all the supplies you’ve ordered? Let us know your thoughts in the comments below.