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Let’s Hear it for Small Business!

According to the fourth quarter 2017 Private Capital Access (PCA) Index report from Dun & Bradstreet and Pepperdine Graziadio Business School, 58% of small businesses, reported a profitable fourth quarter in 2017. This year, small businesses are anticipating average revenue growth of more than nine percent. That’s great news for SMBs.

Since 1963, small businesses have been celebrated annually as the backbone of the U.S. economy. This year, National Small Business Week kicks off on April 29. According to the U.S. Small Business Administration, nearly 30 million of these companies in the United States are employing about 48% of all U.S. workers.

There’s no question that the competition is fierce. Unfortunately, about 20% of those small businesses will fail in their first year, and by year five 50% of them will have folded. But these businesses can increase their odds of success by leveraging technology that levels the playing field and helps them stay competitive. Some of the most popular include:

Chatbots

Chatbots have become popular tools among businesses who want to improve their company’s customer experience, streamline productivity, and control costs. They can also automate repetitive administrative tasks, freeing up staff to focus on more important endeavors like building customer relationships and increasing revenue. In fact, by 2022, chatbots will cut small business costs by $8 billion.[1]

Cloud platforms

Embracing the cloud provides small businesses with cost savings and the ability to be highly collaborative, productive, and accessible. From security to collaboration and communication, embracing the cloud just makes sense. It provides an infinite amount of space for storing data, allows you to access your data and apps from anywhere, at any time, and scale with ease.

Business intelligence (BI) software

The term ‘big data’ has become a common part of business culture. Companies are inundated with more data than most know what to do with. But companies who use their data to inform business decisions are reaping the benefits. Business intelligence software and data analytics can take you from data to insights in just minutes. It can also help you predict purchasing cycles, inventory levels, customer service outcomes, and brand sentiment.

Cybersecurity

Small businesses that invest in proven cybersecurity tools and software are better equipped to prevent identity theft, protect sensitive company—and customer—data, and safeguard their infrastructure against a potential cyber threat.

We’ve put together a powerful resource pack exclusive for your business. Whether you’re just getting started or have been a small business owner for many years, the resources we’ve gathered will help you hone your skills and set you up for success, this year and beyond. From guides packed with actionable tips to stories of transformation that provide insight and inspiration, you’ll find immersive experiences, strategies from likeminded entrepreneurs, and learning tools that will help you remain competitive in an increasingly crowded marketplace.

Register to receive your free resource pack now and celebrate National Small Business Week by gearing up for a successful year!

[1] https://www.juniperresearch.com/resources/infographics/chatbots-infographic-key-statistics-2017

 


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