Author: AI Global Media

The office space motivates team members to deliver their best during the workday if the design inspires them. If the office seems dull and dreary, the workers might be too. Realizing the office needs a change is the first step to a beautiful redesign.

Not all companies have a large budget for implementing significant design changes, but not all changes will cost an arm and a leg. Businesses can improvise by using various materials they already have around the office or keep décor to a minimum for a clean look. Still, there are a few things the company may want to work on incorporating into their budget-savvy office redesign. That said, read on to learn eight tips for a budget-savvy office redesign!

1. Bring Nature Indoors

Natural elements like plants and grass bring calm to a busy office, and the good news is it doesn’t cost much. Offices can always do with more oxygen the plants produce and blend in well with the existing décor. Another addition to liven up the space would be to put down some artificial turf to round off the look.

Green is a calming color and would generally go well with other colors. There are many options for indoor plants. Some could hang, some stand in awkward corners, and others display nicely on the desks. The waiting area or reception is perfect for adding more plants and artificial turf.

2. Rearrange the Open Plan Office

An open-plan office is the most budget-savvy way to style the office. The design elements carry through the space with fewer individual areas like offices or cubicles. If there is a limit on the budget, perhaps the team can rearrange the furniture according to how it will suit their needs.

3. Get Creative With Dividers

Those old standing partitions are so outdated, but there are a few ways of sprucing them up to look good as new. Instead of throwing them out, attach some plastic ivy plants to them to cover the entire surface. It will brighten up the design immediately.

4. Repurpose Office Furniture

Some office furniture is solid wood structures that could be timeless if repurposed. Before adding too many new furniture items to the budget for a redesign, see if any items need a coat of paint or sanding instead of replacing them. This is one of the least expensive ways you can implement when redesigning your office.

5. Create a Simplistic Atmosphere

The best solution for cash-strapped offices that want to redesign their space is to adopt a simplistic look for the work area. It isn’t necessary to have many expensive things to make an office stand out from the rest. A minimalistic look is modern and clutter-free, which is conducive to productivity. These changes can happen gradually, and not everything has to happen simultaneously. Companies can focus on one area at a time while leaving the other areas more simplistic for the time being.

6. Decide On a Focal Point

Companies could spend thousands on wall art or fancy design elements, but not all offices need that. The business can choose one signature wall that will be the focal point of the office. Then, paint it a bright color or spend money on a decal representing them as a company.

7. Incorporate the Current Design

Buildings could have some unique features that are often underutilized. Create a new coffee station from the dingy little corner no one uses, or make use of curved walls to bring an exciting element to the office layout. Also, businesses with a wall of windows on one side make for the perfect setting to move team desks up to them. Natural light improves mood and ambiance, so use what the office already has to improve.

8. Do More Research

Before starting any redesign, look around for more ideas that could fit into the company budget. There are many resources available online, interior designers could give some advice or tips, and office furniture suppliers could have free catalogs with beautiful colored pictures of offices already stylized with their furniture.

Rolling It Into One

Businesses shouldn’t stress too much about the expenses of creating an office space their employees will love. Not all changes require enormous spending, especially when taking some of these tips to heart. Simple adjustments and repurposing items can bring a new ambiance to the office and are more budget-savvy than companies may think. A little creativity, teamwork, and a few novelties could transform the office in no time.

Looking for ways to maximize your revenue if you work in commercial real estate is constant. You can do a lot to boost your income, but it’s also possible to make mistakes that hurt your bottom line.

Owning commercial real estate is a great way to make money. You can earn passively and get the tax benefits of depreciation if managed well. But you could face a few challenges if you want to maximize, which is why people hire asset management companies. Hence, consider a commercial property management service for your Toronto-based properties. To know how to maximize the money you make, here are other strategies:

1. Increase Rent Prices

Remember that many factors are involved in maximizing revenue from your commercial real estate investments. For example, suppose you’re raising rent prices by 3-6% per year. In that case, this can positively impact your bottom line because it encourages existing tenants to stay at their current location and discourages competitors from moving into the area.  

However, rising rent prices too quickly, or not quickly enough, could risk losing money on a deal or even getting sued for breach of contract. To succeed in your business strategy in commercial real estate, you must not let your situation or feelings hinder good decisions about how much to charge for space rentals. For example, one of your properties is located in an area where several new developments are being built by big companies and competitors. In that case, raising prices makes sense if they’re still below market value.

2. Expand Your Tenants

Begin by looking for tenants who are a good fit for your property. If you have a retail property with heavy foot traffic, look for tenants that’ll benefit from the foot traffic and are willing to pay higher rent. This is one of the proven strategies to thrive in the market. For example, suppose you own a grocery store in an urban area. In that case, it may be worth renting a cafe or deli instead of another grocery store because those businesses will also bring more people into the area (thus more revenue).

3. Expand Your Portfolio

Once you’ve mastered the first strategy, it’s time to look for opportunities to expand your portfolio. If you have several commercial real estate properties in one area, consider buying some property in another so that you are not too concentrated in one location. 

Also, buy a larger one instead of several smaller properties and use its revenues to pay off all the small ones if you’ve taken a loan. By leveraging the equity from these bigger assets and using it as leverage against another piece of real estate property, an investor can get two or three times as much return on investment than they would if they had just bought two smaller pieces separately.

4. Explore New Avenues of Income

While it may feel counterintuitive to seek out new avenues of income when you’re struggling to meet your current financial obligations, the reality is that there are many ways in which you can increase your annual revenue without putting yourself at risk. For example, you can explore different leases and charge varying prices based on location and amenities the space being leased offers. This can be as simple as charging more per square foot in areas where the rent cost is higher or offering free parking spaces with certain floor plans or building designs.

5. Raise The Value of Your Properties

The final strategy focuses on the property itself. You can raise the value of your properties by improving them or the surrounding area. For example, if you own a commercial building in a bad part of town, you could improve it by adding amenities and services that might attract more people to the area. Then, add some shops or restaurants nearby. 

Doing so would make it seem less of an undesirable place for businesses—and may even encourage companies previously uninterested in moving there. After all, it’s booming with people due to the new cash flow. You can also find ways to reduce utility costs for your tenants to help you make more profits and reduce maintenance costs.

Conclusion

Real estate is a great business; you can maximize your revenue with some strategies. Your property generates money without doing anything more than managing it. You can also use real estate as a diversifier for your portfolio, building wealth over time as other areas of your life are transitioning. This will make you richer with a financially promising future.

The business development life cycle is a five-stage process: launch, growth, shake-out, maturity, and decline. When a company comes to the maturity stage, there are only two options left: reorganize the business and move forward with it, or finish its lifecycle and exit the market. In most cases, the right call is to give the business a boost rather than abandon the project and start another.

1. Develop Your Website

Statistics show that about 80% of customers purchase goods online. It’s quite a reason to have a digital environment where customers can learn more about your business and buy your products.

The business value of a corporate website goes beyond providing info about a brand or products and services it offers. It builds a connection between your company and a client and creates a sense of credibility. A corporate website also helps market your products and addresses customer uncertainties.

Your corporate website forms the backbone of the partnership with potential buyers. That’s why such a responsible task as its creation should be performed by a reliable web and mobile development company. 

2. Get More Customers

Business expansion is closely related to increasing the demand for its products and services. You can do that by expanding the customer base and raising brand awareness. Here are the ways this can be achieved:

Releasing new products and services.
Integrating a referral program so that your customers can bring in even more customers.
Participating in events relevant to your niche.
Offering discounts and other types of incentives to customers.
Re-contacting old customers with a special offer via direct mail or phone call.

3. Expand Your Online Presence

A solid online presence makes your brand and its products well-recognizable and drives sales. In a modern society, advertisements on social media are nearly as effective as the expensive TV commercials.

A recent GWI study demonstrates that 27% of social media users use social platforms to find new products to buy, while 31% of respondents discover brands through television.

Remember that you need to post info regularly. This way, you will keep reminding your followers about your business and its offerings.

4. Search for Partnerships

Expanding your business through strategic partnerships can bring stellar results if done right. In order to form an efficient relationship with a partnering company, you need to do some groundwork. Take some time to answer these questions:

What are you trying to achieve with the help of a partnership? What type of partner are you looking for? Do you want a partner in transportation, distribution, promotion, driving traffic to your website, etc?
What do people need before and after they turn to you for your product or service?
Who can best complement your offering?

Once you have answers to these questions, your search for a partner will be much more effective. Look within your industry and market for influencers, major players, and businesses that may share your values. You can also find useful contacts at networking events, seminars, trade shows, etc.

5. Provide Constant Improvements

There is a concept called the “Kaizen approach,” which implies a cycle of continuous improvement. The main idea here is to make informed decisions regarding small but regular advancements. These ongoing changes undergo the stages of measuring, comparing, innovating, and standardizing, and finally result in the business delivering gradually improved products.

Moreover, you should aim at optimizing business processes. It means reducing the cost per unit of product, for one, or speeding up service delivery. Transportation, management, manufacturing, and other processes can always be streamlined to benefit the price and quality of your end product.

6. Literally Expand Your Business

It may sound vague, but behind the concept, there are some serious measures to try:

Move into new markets. These may be different locations or new market segments.Acquire a business that complements the existing one. You can buy a company that supplies your manufacturing site with raw materials or purchase a consultancy agency if you own a software development business. Claim a niche market. If your products are intended for a broad range of users, you may want to release a new type of goods intended for a very specific type of customer.Add new products. Launch new products or services and offer existing customers to benefit from them. Just remember not to go too far away from the core business. Implementing any of these approaches comes with financial and other risks to the business. It’s better to make sure that your strategic decision is well-justified.

Compliance risk, also known in some regions as “integrity risk”, is a business’s potential to be exposed to monetary fines, legal penalties, material losses, etc. All this is caused by a failure to comply with the parameters set by the industry’s best practices and laws and regulations. Compliance risk is present for every type of business, regardless of whether it’s a profit or non-profit or operates in the private or public sector.

All organizations accept that this type of risk is the price of doing business in a regulated and controlled manner. It is the responsibility of the organization to stay cognizant of the industry’s regulatory bodies and stay up to date with the changes made in legislation. There are of course organizations such as https://techumen.com/hipaa-security-risk-assessment/ that deal specifically with making sure that your company avoids any compliance risk issues.

This article will dive into the most common examples of compliance risk and then delve into comprehensive solutions to avoid and mitigate the penalties that might come your way.

1. Data Management

Depending on what type of information your organization deals with, several regulations are in place that stipulates how this data is stored and transferred, and who ultimately has access to it. The types of records most commonly under scrutiny include:

• Medical history
• Financial documents
• Academic records
• Credit card data

Failure to protect your client’s data will lead to hefty penalties. Small businesses and start-ups, in particular, are prone to data breaches as they don’t usually prioritize their resources toward cybersecurity.

2. Corruption

Corruption is a common malaise found in almost all organizations. It’s the job of the business to create an environment that doesn’t allow for its employees to engage in behavior that could prove harmful to the business’s image and integrity such as fraud.

Ethics training must be conducted on an as-needed basis for all staff to prevent any room for interpretation. Monitoring employee behavior is also a viable option to curtail corruption. It must be noted that your company can be held liable if third-party businesses outside of your company’s control are engaging in corrupt activity and your company is aware of it.

3. Lack of Disaster Preparedness

This refers to the failure to have strategies and plans in place in the event of natural or man-made disasters. It’s a largely overlooked compliance risk as many businesses, particularly smaller ones, would believe this to be an example of external factors out of their control.

That’s why it’s important to examine the different disaster scenarios that could affect businesses’ day-to-day operations.

For business continuity, it must implement IT support systems that will make it possible for a business to function amidst the disaster. An added risk that was discussed in a previous point is the protection of data. A disaster recovery plan that focuses on procedures that will be employed to protect, retrieve, and restore data to ensure basic operating functions as soon as the company can.

A data breach that occurs during this period due to the vulnerability of a company’s systems can be penalized if proper measures weren’t taken to prevent it.

A well-thought-out disaster recovery plan must include details such as:

• Strategies that minimize the duration of disruption of regular business operations.
• The development of teams that will be on standby to implement the recovery work.
• The simplifying of recovery work through performing test drills regularly to ensure the effectiveness of the plan.

4. Health and Safety Protocols

Many laws regulate health and safety compliance across the globe. In the United States, OSHA (Occupational Safety and Health Administration) and FDA (Food and Drug Administration) are present. Their equivalent in Europe would be EU-OSHA (European Agency for Safety and Health at Work) and EMA (European Medicines Agency).

Businesses are legally bound to follow the specific health and safety protocols specific to their region. By adhering to health and safety compliance, an organization can avoid injuries, health-related issues, and even death.

5. Social Responsibility

The impact on and way your organization treats its staff and the surrounding community can create financial risks.

While this final point may not be a regulated compliance risk, no organization is free from the scrutiny of the court of public opinion. Failure to retain a good image for your business will result in a boycott of your service/product which will, in turn, cause you to lose profits.

Conclusion

An organization must run regular compliance risk assessment checks which will help identify the potential risks that will lead to the breaking of compliance regulations. As mentioned in this article, the easiest and most effective way of avoiding breaking compliance is simply complying.

Good management skills are something that is crucial in order to live a hassle-free and organized life, and no one can deny this fact. Management is extremely important in every aspect of your life, and if you don’t manage properly your tasks, you could end up being in problems every day. The same implies to your money spending habits. Management of money is crucial to surviving in this world otherwise you would soon be seeing yourself crushed under debts. Your spending habits reflect your credit score and it is sad to see that people have zero management when it comes to their money, as a result of which, their credit score ruins. 

These days, it is common to see people getting out of their budget within a few days at the start of every month. It is crucial for you to stay within the budget so that you don’t face any financial problems throughout the month. People have no knowledge of budgeting, and trust me, once they are out of budget, their lives become miserable. Most of us have gone out of the budget at least a few times and know what it feels like later, and what kind of problems arise then.

Below are some tips that you can follow to bring a positive change in your spending habits and keep yourself from accumulating debts.

Start With a Budget

As mentioned before, budgeting is extremely important and crucial for your survival if you are someone who doesn’t know how to spend money the right way. Trust me, it wouldn’t even take more than an hour if you sit down with a piece of paper and pencil in your hand, and start writing down your basic expenditures. What budgeting does is, it gives you a clear image of what you have, how much are your monthly bills, and what you are left with. You have to stay within that circle and to keep yourself from getting into problems, you must not step out of your spending circle. It might take you a month or two to adjust to the budgeting system, but once you are adjusted, your life will be much easier than before, and you won’t have to worry about any accumulating debts.

Once you are done with making the budget, stick to it. It is common to see people enthusiastically making a budget at the start of every month, only to ignore it for later. You must refer to your budget every week to get an insight into where you are and what you are left with.

Don’t Assume

One horrible mistake that most of us make on daily basis is that we just assume that we can afford a certain thing, although we can’t. These assumptions are actually put in our minds by our credit cards, and trust me, that one tap you make when buying something which you “think” you can afford, can turn out to be extremely problematic for you. You must understand that the money inside your credit card is not yours and one way or the other, you have to return it. Most of us don’t make credit card payments timely, as a result of which, the interest starts to build up, and we are just stuck in a never-ending debt puddle. Always purchase an item when you have at least 90% of its value cost inside your debit card. Trust me, this single habit can save you from accumulating unnecessary debts. If you are someone who has a bad credit score, you can click on credit restoration and know more about it.

Always Track Your Spending

Tracking your spending has become crucial these days. Most of us don’t even remember where we actually spent the money at the end of the month. The biggest mistake that people make is, that they just focus on their big expenditures, and ignore to count their everyday little expenses. You never know that the spending you are counting as little could add up to a significant amount at the end of the month. For example, the 5$ you spend on McDonald’s every single day can seem negligible to you for the day, but at the end of the month, it can accumulate to a significant amount from your spending. Therefore, always keep track of where you are spending so that you have a clear picture of what you are left with. 

Always Pay for Better Prices

When going out to buy stuff, for example, groceries, it is important that you compare the prices first at different stores, and then buy them. It often happens that we pay for higher prices for absolutely no reason because we haven’t researched before leaving home. Always keep on looking for any discounts, promotions and coupons.

E-commerce has made it easier for many aspiring entrepreneurs to put their dreams into action. If you can not afford to buy a brick-and-mortar store to start a clothing brand, you can use an online platform.

Starting an online clothing store is exciting, but it comes with challenges. Everyone needs clothes, but with that massive consumer base comes a ton of competition.  

To get started, you need a website that provides easy navigation to the customers, a fulfillment center to store the inventory and ship the orders to the customers, and a reliable company to provide you with good quality clothes. 

Each mentioned step has its complexities and challenges, but an online business can be easy if you know what you are doing.

Here is what you can do to run a successful online clothing store in a congested market. 

1. Find the Specific Niche

Before starting a clothing brand, ask yourself, 

• What kind of market do you want to target? 
• Do you want to serve all men or women? 
• Do you want to target a specific age group? 

When you know what you want to do, you can establish a better business plan. If you are starting a new business for the first time then you should take every step cautiously. Start low and gradually build your business. Selecting a specific niche can help you make your business succeed more easily as compared to jumping into various sections at once. Choose a specific niche such as women’s clothing brand, kids’ clothing brand, clothes for men, and such. Also, find out if you will be providing formal or casual clothes or if you are going to be an online sportswear distributor.  

2. Formulate a Comprehensive Business Plan

No business can ever be successful without a well-laid plan. If you want to make sure your clothing brand venture succeeds, you should plan everything before stepping into the market. Your business plan should include your brand name, your business strategy, the ways you are going to market your business, and how you are going to manage your finances. 

Every step you will be taking in the next six months, at least, should be discussed clearly with your team or business partners. Without a comprehensive plan, you can not measure your success rate and analyze different strategies. 

3. Spend On Marketing Wisely

Many small businesses spend most of their budget on marketing in earlier days. While this is a smart strategy, it can yield small-scale and short period results. Spend your budget wisely. As digital marketing is gaining popularity more and more, these strategies can be a cost-effective solution to your marketing problems as compared to traditional ways of marketing. 

To formulate an effective marketing plan, look for ways that can provide you with long-term benefits with a single investment. Operating social media accounts and promoting your business through content creators and social media influencers can help you achieve more customers than television and radio advertisements. 

4. Build Customer Loyalty

When it comes to the success of a business, the quality of customers is more important than the number of customers. If you have 100 customers buying from your website in one month, while only a few of them return the next month, then you are not entirely successful in your customer dealings. 

Customer loyalty should be your priority. If your customers are loyal to you, they will return every time they have to buy a clothing item. You can build customer loyalty by providing quality products and services. If your product quality is consistent as your business gets older, your customers are going to be more satisfied and happy with your services. A satisfied customer is almost always a returning customer, and also the one who helps you market your business by suggesting it to their friends and family. 

5. Establish a User-friendly Website 

The biggest mistake small businesses make is not spending enough money on website development. Your website is an online store for your business. Just like you make sure that your brick-and-mortar store is accessible to all your customers, similarly, your website should be user-friendly. If your website is not compatible with different devices and search engines, your business is going to suffer. 

Pay your developer good money to develop an SEO-optimized website that will act as an online store for your clothing business. Provide different filtered search options. You can set filters such as price range, size, type of clothes, etc. The pictures of your products should be clear and described in the description box. 

Final Words

Starting an online clothing business seems like an easy job. You think all you need is a website to display your clothes and some clothes to sell. However, it is more than that. You should have a proper business plan, marketing strategy, and business skills to make your business successful. 

In terms of funding and government support, the elderly population often fly under the radar. However, the John Knox Village of Florida is on a mission to change this for good – indeed, it hopes to provide retirees with a happy and healthy life post-retirement. As such, 16 years ago, the John Knox Village of Florida Foundation, an organisation that acquires funding and donations for the village and its mission, was established. 

Everyone gets older – it’s inevitable. Therefore, it’s never too early to consider what your retirement plans are, for example, do you plan to stay at home or move into a retirement home or village? Both options offer numerous benefits; however, taking up residence in a retirement village can open you up to a whole host of new experiences.

Indeed, the John Knox Village of Florida offers just this – a resort to retreat to for your retired years. There are a range of residential options available, including comfortable apartments and luxurious bungalows, each coming equipped with security options that always ensure safety. Moreover, for over 50 years the John Knox Village of Florida has been providing a pleasant community for retirees, encapsulating what can only be described as a ‘relaxed, upscale South Florida beach vibe.’

If this is something that appeals to you, then perhaps you will be interested in the John Knox Village of Florida Foundation. Established in 2006, the non-profit was created in order to bolster the wellbeing and lifestyle of the village’s residents. In essence, it has been designed to make a difference. The foundation is fulfilling this goal via a plethora of means, with a primary focus upon funding and supporting programs, services and spaces that impact the seven areas of wellness – physical, mental, emotional, spiritual, environmental, and occupational.

The foundation is wholly committed to the individual care of its residents. This is, of course, a non-negotiable aspect of its work. Consequently, it is this devotion that guides the John Knox Village of Florida Foundation to share the knowledge it has acquired through working with this population in order to change the narrative on ageism. As of now, it is targeting the local area, but the John Knox Village of Florida Foundation hopes to push this mission to a national and potentially international level. Furthermore, its core values act as a basis upon which it strives to attract philanthropists whose interests and passions centre on the seven areas of wellness and the needs of the aging population.

How exactly does the foundation operate? It’s simple – the John Knox Village of Florida Foundation largely relies upon donations. There are a variety of donation methods available, ranging from one-time donations to charitable gift annuities. Planned gifts are a core method that philanthropists opt for when donating to the foundation – for example, one may choose to provide a gift to the foundation via their estate in the form of a bequest. However, there are options available for smaller donations. Cash and cheque donations are accepted, as are payments made via its website.  

For the John Knox Village of Florida Foundation this has been a significant challenge. A spokesperson for the foundation comments, ‘funding aging services can be a challenging opportunity for organizations and communities that either serve this population in structured facilities or in the general communities across our globe. The aging population is assumed to have accomplished it all and are all set in their life’s journey having all their needs met because of their preparation.’ It is safe to say that this is not always the case – they go on to cite isolation, lack of resources, food insecurity, and greater health needs as a selection of challenges that the older generation face. The clear solution for these issues is a government and non-profit shift towards prioritising this area of the population.

On top of this, the world has undergone a turbulent few years thanks to the Covid-19 pandemic. For just over two years, human interaction has been limited, forced to adapt to a climate of isolation to protect others. Whilst this approach has been greatly beneficial, it has also paired itself with many challenges. The John Knox Village of Florida Foundation notes that the lack of face-to-face contact had a monumental impact on its community. Technology became more prevalent within the organisation, both within the day-to-day running of the foundation and within its fundraising efforts. Yet this transformation meant that the John Knox Village of Florida Foundation had to educate a generation of individuals who were not as familiar with new technologies.

Two years later, the foundation has successfully combatted the issues created by the pandemic. It has made significant progress and now conducts many of its philanthropic communications via e-mail and Zoom meetings. In fact, the foundation found that, ‘communicating tips on vehicles like Qualified Charitable Donations (QCD’s) through email increased the number year over year because our residents had become very accustomed to receiving important information electronically more often than pre-COVID.’

2022 is set to be a year of great success for the foundation. Recently, the foundation was awarded a million-dollar restricted endowment which has enabled it to fund its Residents Assistance Program – a fund that assures financial support to any resident that outlives their financial resources through no fault of their own. Subsequently, this means that no resident will be forced to leave the community if they cannot pay due to circumstances beyond their control. In addition, the John Knox Village of Florida Foundation is planning to launch a campaign that, over the course of five years, will build an unrestricted endowment that will cover any future unanticipated funding for programs, services, and spaces for its residents.

For further information, please contact Mark Knox Village of Florida Foundation Inc or visit https://jkvfoundation.com 

Although online shopping has increased by 300%, 56% of shoppers still visit a physical store before making a purchase, and 30% of direct-to-consumer brands say opening a store is a current priority. However, thriving retail business owners looking to attract customers to in-store purchases need precise mapping to know where their customers are and engage them. 

Retailers need to know where their best customers are and how to reach out to them with relevant products and services—and they can do this successfully with retail mapping. 

This article explains how retail mapping provides the contextual intelligence retailers need to meet their customers where they are. 

What is retail mapping?  

Retail mapping involves visualizing your stores in comparison to other stores in specific locations. It helps you identify the places your retail store will thrive and precisely where your competitors are. It provides the contextual intelligence you need to analyze your consumers’ location and make informed decisions with it. 

Ultimately, you can decide how far you want to be from your competitors, the best on-site location for your retail business, and where your target audience is with retail mapping. 

Why is retail mapping important?

Buyers’ purchase decisions are constantly evolving, and brick-to-mortar shoppers are no exception. 

If buyers aren’t changing how they shop, they are changing where they shop. Research reveals millions of Americans have moved from their location due to the pandemic. Therefore, running a retail business is quite challenging for business owners now more than ever. 

To combat this change, many retail owners are adopting retail mapping and the contextual intelligence it offers to know precisely where their customers have moved to and how to cater to their needs. 

How to utilize retail mapping to meet buyers where they are 

Conducting retail mapping to meet consumers’ expectations in their location involves specific steps. Find out below: 

1. Combine retail mapping with contextual data 

Retail mapping provides the contextual intelligence required to satisfy consumers’ needs where they are. For instance, the detailed location data of customers will supply store owners with the contextual intelligence necessary to drive significant business decisions, including location, supply chain,products, marketing approach, etc. 

If store owners want to discover where their loyal customers are moving to, or if competitors are winning their customers over from a new or similar location, they can examine contextual data to find answers. Sometimes, first-party data may not suffice; they need contextual intelligence from third-party sources to know where their customers are. 

This goes beyond sales records, online orders, catalogs, etc, to external customer data sources, such as third-party ad interactions, credit card transactions, and more. 

2. Expand the retail footprint 

After identifying consumers’ locations with the contextual data retail mapping supplies, the next step is to figure out where to reach them. 

For instance, a study shows many people moved from highly populated cities to suburbs during the pandemic. Therefore, if retail owners are to work with this insight, the most apparent strategy would be to launch new stores in the suburbs. 

Additionally, since many consumers now work remotely, another effective strategy would be to open new locations closer to where they live. This increases sales because consumers who value convenience will find retail shops nearby an easier way to shop. 

However, this insight is not enough to open new locations where customers are; retail business owners must harness deeper contextual intelligence from retail mapping to ensure they make the best decisions. This includes average traffic times, previous transaction data, etc. 

3. Meet consumers’ needs 

Knowing where consumers are and finding the most suitable location isn’t where it ends. You must also gather contextual intelligence to analyze buyers’ needs and expectations. If your consumers are changing places, their lifestyle, interests, and habits may change too. 

So, rather than use previous data to analyze consumer behavior, conduct new research. Are buyers more inclined to sustainability products? Are they more passionate about patronizing locally made products? Has the location change impacted their purchase decisions in any way? 

Answering these questions can help you catch up with buyers purchasing trends. You can use the insights to structure how to meet their needs and improve their customer experiences. 

4. Consider their “why”

In the process of using contextual intelligence from retail mapping to know consumers’ locations and meet their demands, it’s essential to find out their reasons for residing in a specific area or moving to a new place. Is it due to living conditions, traffic, accessibility, or proximity to work?

The answers to these questions will let you know what to consider when creating your location strategy. It will also help you avoid triggers that may impact their loyalty and relationship with your business. 

Adopting retail mapping software

Functional retail mapping software is a critical aspect to automating the retail mapping process. It allows you to evaluate your data on an interactive map, plot store locations, identify where shoppers shop and competitors’ locations, etc. It supplies the analytics required to set up your store in a place that helps your business thrive. 

Functions of a retail mapping software 

A retail mapping software performs several functions to facilitate the retail mapping process, including:

1. Site selections

One of the most prominent functions of retail mapping software is providing accurate insight to select the correct location. 

So, if you are about to start your new retail business and are looking for the best place to situate your store, you can use retail mapping software to visualize where most of your customers are to find the perfect place. Also, if you are relocating and wondering how to succeed in a new location, a retail mapping tool can help. You will get all the information you need on existing competitors in the area, where prospective customers buy from, and where to locate your store to attract these customers to you. 

For example, you can identify competitions to know if you want to be close to them or find another spot. Rather than choose based on guesswork, retail mapping software will give you the correct data to make the most rewarding decision on location. 

2. Geomarketing 

Retail mapping tools aren’t restricted to choosing the correct location for a new store; you can also use them for marketing campaigns. 

You can evaluate its contextual intelligence to channel your marketing efforts to a specific area. It offers geolocation intelligence to understand where consumers are and analyze their behaviors. 

This way, you can structure your out-of-home marketing to attract audiences and meet their expectations.

Retail mapping software is not limited to on-site marketing campaigns; they can be used for online mobile advertising. They also allow you to visualize and examine mobile advertising campaigns. You will know how their location details affect lead generation, click-through rate, and cost-per-rating point, (CPR).

This insight improves geolocation strategies and lets you target your mobile campaign effectively for the best results. 

3. Customer segmentation

Your target market has diverse interests, behaviors, and goals. Visualizing their data on a retail mapping software allows you to categorize your customers into segments. This prevents you from adopting a generalized approach to marketing and tailoring your business by category. 

You will know the best way to approach them, the right products to recommend, and the right places to situate your business with the data an efficient retail mapping software provides. 

4. Indoor mapping 

Excellent retail mapping software enables indoor mapping. Insights garnered from buyers’ WiFi networks, GPS location, and indoor Apple Maps allow retailers to optimize layouts and get actionable data on pricing, operations, opening hours, etc. 

What to consider when choosing a retail mapping software 

Choosing an effective retail mapping software is critical to getting the best results in on-site location, competition analytics, and consumer behavior when opening a store. 

Below are the essential factors to guide you in choosing the best retail mapping tool. 

1. Type of data 

Mapping software offers different data mapping capacities. Therefore, it’s crucial to figure out the type of data you want from your mapping data software. 

Do you want geographical or relational data? Can the mapping software deliver the kind of data you need? What results do you want to achieve with the data provided? Identifying your goals will help you decide type of mapping software you need. 

2. Customer base

Most retail mapping software offers both on-site and online retail mapping data. So, identify your customer base before choosing your software. 

Do you have more online customers than on-site, or is it the other way round? It’s best to select a retail mapping software that caters to most of your customers. 

3. Ease of use 

The purpose of using retail mapping software is to facilitate the mapping process. So, choosing a complicated tool won’t help you achieve your goal. Therefore, ensure your retail mapping software is user-friendly for an easy user experience.

Conclusion 

Retail mapping provides the best insights on selecting a suitable physical location for sales, targeting effective marketing tactics, and effectively segmenting customers. This article discusses how retail mapping offers contextual data necessary to meet consumers’ where they are. 

Building a successful startup goes beyond developing a product or service—you must be sure you are diving into a profitable market, and your product can cater to consumers’ needs. 

Calculating your market size helps you know if the market is ready for your product. It also gives insights into the number of potential customers you’ll sell to and how much profit you can make.

Essentially, market size is how to know if your brand will succeed and how to prepare, making it a crucial process for every startup. It’s also one of the important figures your investors and partners need to know before committing to your business.

So, if you are about to launch your startup and unsure if figuring out your market size is the next big step, you are in the right place. 

This article discusses why market size is critical for every startup looking to set out successfully. 

Let’s dive right in. 

What is market size? 

Market size is the number of potential customers to sell your product or service and the total revenue you can generate from these sales. For example, if you sell hiking boots, your potential customers could be the people in a community group of hikers. 

As a fitness trainer, your possible market size could be the number of people jogging on the highway or the number of users searching for fitness trainers in your location online. 

There are two prominent types of market size to keep in mind when learning how to calculate market share. Then, there’s an additional stage that can benefit the process. Let’s examine them below:

• Total addressable market: Total Addressable Market (TAM) is the first market size to calculate. It evaluates if your potential market is large enough. It is also the total revenue or profit you’ll make if your startup is 100% successful. 
• Target or available market: Segmented Addressable Market (SAM) is the market size your startup can achieve in the future. It is a fragment of the total addressable market.
• Expected market share: This is an additional stage of the two market types. It helps in understanding what segment of the market you want and your expectations for your business. It is also called the Expected Share of the Addressable Market (ESAM). 

Major components of a market size 

Below are the essential elements an adequate market size entails. They include:

• The total potential size of a market
• The significant competitors in a market by category
• The composition and profile of a target customer
• The products/services available in the market
• The most important trends in the market

Top reasons to calculate your market size as a startup 

There are several ways to figure out your market size potential to grow your startup business. Let’s examine the most prominent perks of calculating your new business’s market size. 

1. It helps you develop an effective market strategy

Research reveals that businesses that proactively plan their marketing are 331% more likely to report success than other marketers. The market size provides the essential data required to create a solid marketing strategy before launch, increasing the chances of success. 

Understanding your potential market, how big it is, and how much you can make from it will set you on the right track for your marketing plan. 

The roadmap refers to when making major business decisions, including the type of product to develop, what to improve, and the marketing techniques to attract and sustain consumers’ interest. 

It also enables targeted marketing that produces fast results. Since you know precisely your target audience, you can narrow your efforts to this specific group of people rather than targeting everyone. 

As a result, you’ll experience a quick turnaround with your marketing, allowing you to scale your startup faster. 

It also influences significant choices during the early stage of your startup, including: 

• Location: Your market sizes will help you know where your potential market is. For example, are they located in the suburbs or urban areas? What social media platforms do they use the most? Etc.
• Pricing: Understanding the number of customers and income you”ll generate from the products you sell helps you select appropriate pricing for your goals. 
• Product development: Since you know your market, you’ll know what they need and how to structure your product to suit their needs. 
• Raising capital: Market size lets you know how much money you must raise to launch your product successfully. You’ll see the amount you need to develop the correct number of products for your market size. 

2. It reveals products’ feasibility 

Many startups fail because they don’t calculate the market size to know how viable their product is. A business idea may be great, but it may not be what a market needs at a particular period. 

If the market is not ready for it, there’s a high probability that the product will fail no matter how good it is. But this is where the market size comes in. It reveals how practical a business idea is before launch. It helps you discover if there are enough people in need of a product and if it’s a worthy investment considering its ROI.

By examining the startup’s market opportunities and profitability, you will know whether to turn your idea into a business or wait till the market is ready. Identifying a “go” or “no-go” decision early through the market size prevents future losses and helps you channel your efforts into what works. 

3. It gives you a competitive advantage 

Calculating market size provides critical data that puts you ahead of your competitors. You can work with the insight discovered from calculating your market size to develop strategies that keep you ahead of the game. 

First, it reveals precisely who you should be targeting. So, while competitors without a market size are trying to sell to anyone, you will channel your marketing efforts to a segmented audience, facilitating results. 

Also, it helps you discover the segments of the market your competitors are neglecting, so you can harness the potential. 

Finding these gaps in the market enables you to create unique offerings for a targeted audience, helping you stand out and gain a competitive advantage over other startups. 

You can differentiate your product from your competitors by highlighting your business’s unique features when you know your specific market size. 

For example, if your competitors focus on selling multiple products to the customers, you can distinguish your brand by offering a particular product of the highest quality. This portrays you as an expert in the industry and differentiates you from other businesses vying for attention. 

4. It attracts investors

Potential investors and partners want to know if your business is worth their investment, and market size shows how feasible and profitable your startup will be. If investors see the number of customers waiting for your product, they can determine how beneficial it will be. 

Additionally, a market size lets you map out a market plan, allowing you to highlight your goals and how to achieve them. It’s easy to convince your partners and investors your business is their best bet with a working plan. This way, you can win them over and generate enough capital for your business. 

5. It enables better accuracy with pricing, supplies, and distribution

Knowing your market size helps you make accurate decisions to get the best results. You will learn the suitable pricing packages to set considering the number of potential customers and their demographics. The same applies to product quantity produced and how you distribute them. 

Accurate pricing, supply, and distribution will help you hit your goals faster. Contrarily, wrong decisions can generate losses and hamper your plans. Therefore, understand your market size to make correct choices that move your business forward.

What to consider before calculating market size 

Here are two significant steps to take before calculating market size:

1. Set questions 

Define your goals before calculating your startup’s market size. The best way to do this is to set specific questions you want the result of the market size to answer. 

These questions may include: 

• Should we invest in this product or market? 
• Should we increase or decrease our investment in this business idea?
• Is the market big enough to generate the profit we desire?
• Is the market evolving or static? 
• What does the market look like in the next few years?

These questions will help you set clear goals when calculating your market size. So, you can determine if the market is profitable to venture into by asking these questions. 

2. Be objective 

Develop an objective mindset and approach to calculating your market size. Remember, the market size’s result is to identify if the market is worth diving into or not. 

So, be open-minded throughout the process, understanding that the result will help you make the best decision. So, it’s best to retreat and restrategize if the market size shows the business idea won’t be profitable. 

Note that the market is constantly evolving, and the results are not static. There are chances the market will be profitable in the future, even if the current stats aren’t promising. So, sit back, monitor the trends, and identify the best time to launch. 

Conclusion 

Determining your market size is crucial to launching a successful startup. This article discussed why calculating market size is essential for new businesses.

Image Source: Unsplash

From luxurious holidays to fancy cars, we all want to live our lives to the fullest while we’re young, but our lifestyles shouldn’t come at the cost of retirement.

Our financial safety nets can also help us prepare for emergencies and other short-term goals, but how much is enough?

How Much Should the Average Person Save?

If saving money is on your mind, you’re not alone. According to a Northwestern Mutual survey, only 10% of Americans are confident that they’ll have enough money for retirement.

While the amount of money you should save each month depends on your short and long-term goals (more on that later), most financial experts will suggest saving 20% of your income. For example, if you make $120,000 per year, you should save $24,000 by the end of the year.

Financial experts also recommend saving up to 6 months\\\’ worth of income just for necessities. For example, $60,000 is half of $120,000 (6 months), but if 50% of $60,000 goes to all of your essentials, you would need to save $30,000, which is $6,000 more than the 20% savings rule.

The majority of financial experts recommend having at least $1 million in savings before retirement, but that amount may rise to $3 million or more depending on lifestyle and location.

How Should the Average Person Allocate Their Savings?

When it comes to savings, there are three timelines to consider: less than a year, less than 10 years, and a lifetime. Here’s how you should save each month based on these categories.

Income Protection InsuranceIt’s common to overlook the benefits of insurance because it’s seen as expensive, especially while we’re young. But, how much is income protection insurance? While costs vary depending on your premiums and insurer, the short answer is “less than what it would cost not to have it.”

Income protection insurance can ensure you’re paid 70-80% of your income should you fall ill and can’t work or become temporarily or permanently disabled. That means you can use your insurance payout instead of your personal savings to support yourself while you recover.

Retirement (401 (k) and Investments)If you have an employer that matches your retirement contributions, you’ll only have to put away 5-7% of your income towards retirement. If you don’t, saving 10-15% of your income is ideal. Put the bulk of your money for retirement in a 401 (k) because you’ll allocate interest over time.

Then, open up a short-term high-interest savings account that builds up a retirement safety net separate from your 401 (k). We also recommend investing some of your income into securities, like stocks, bonds, and dividends, so you’ll have other investments that grow as you work.

Taxes (For Self-Employed Contractors)Independent contractors have to pay self-employment taxes, which come out of their income. Your tax bracket will depend on the amount you make per year, but you should keep 25-30% of your income for taxes as a rule. You can lower your tax burden by using tax deductions.

EmergenciesAs stated, you should create an emergency fund that can cover 6 months\\\’ worth of necessities, which range depending on your lifestyle. Your emergency fund won’t include luxuries like a premium internet package, as it’s recommended you downgrade while you’re unemployed.

Everything ElseYour “everything else” savings account can include major expenses you expect to pay for, like vacations, home repairs, weddings, and more. These expenses may not be a necessary expense right now (replacing the gutters on your house) or ever (throwing a giant wedding).

Either way, most of these expenses will have an upcoming deadline, so they may seem vital at the moment. To make sure you don’t under or overestimate these saving goals, calculate how much you need to cut from your spending habits or whether you need to extend the timeline.

United Kingdom, 2022 – Acquisition International Magazine has announced the winners of the 2022 Non-Profit Organisation Awards.

Following the success of the inaugural programme last year, Acquisition International launched this year’s programme with the intent of highlighting those Non-Profit Organisations that have weathered innumerable challenges over the last couple of years. After all, Non- Profit Organisations are driven by one goal: to achieve change. To make a difference, despite those challenges. All NPOs deserve to be recognised for the work they do, the progress that they achieve.

Just prior to the announcement, Awards Coordinator Gabrielle Ellis took a moment to comment on the success of the winners: “It has been an absolute delight to interact with everyone listed in the 2022 edition of this programme. I hope you all have a wonderful rest of the year ahead.”

Acquisition International prides itself on the validity of its awards and winners. All awards are given solely on merit and are awarded to commend those most deserving for their ingenuity and hard work, distinguishing them from their competitors and proving them worthy of recognition.

To learn more about our award winners and to gain insight into the working practices of the “best of the best”, please visit the Acquisition International website (https://www.acquisition-international.com/) where you can access the winners supplement.

ENDS

NOTES TO EDITORS

About Acquisition International Magazine

Acquisition International is a monthly magazine brought to you by AI Global Media Ltd, a publishing house that has reinvigorated corporate finance news and reporting. Its topical news articles make it a valued read, and this readability ensures that advertisers will benefit greatly from their investment.

AI works alongside leading industry analysts to ensure we publish the most up-to-date figures and analysis. The magazine has a global circulation, which brings together all parties involved in deal making and, in an increasingly global deal market, we are uniquely positioned to reach the deal makers that matter.

In today’s increasingly competitive business world, data is the new gold. The wide availability of data that businesses generate contains game-changing insights. These may bring relevant information about your customer’s buying behavior, preferences, and the time frame they buy specific products. This fact makes data analytics beneficial in almost every part of your business operations and can be a valuable contributor to your company’s growth and success.

This article will dive deeper into data analytics and how it helps your business thrive. So if you want to learn, read on.

Data Analytics: What Is It?

Data analytics is the process of analyzing raw data to generate insights, conclusions, and informed decisions. It is a broad term encompassing several techniques, tools, and processes to collect, manage and analyze data. Simply put, data analytics can help you make sense of collected data.

Thanks to technology, data analytics has become a lot easier today. You’ll find numerous tools and analytics-as-a-service platforms that use advanced technology such as artificial intelligence (AI) and machine learning (ML) to manage the entire data analytics process, from collecting data to identifying and predicting patterns to generating valuable insights.   

In addition to the numerous tools you can invest in today, emerging analytics firms like Elwyn Consulting at elwynconsulting.com and similar companies can help manage your business data. Composed of an expert team of analysts and fully equipped with the necessary analytical tools, these service companies can help you accurately transform your business data into educated insights that bring a high return on investment (ROI).   

Four Benefits of Data Analytics For Your Business

Now that you have a better understanding of data analytics, let’s take a closer look at the numerous benefits it offers to your business.

1. It Helps Personalize Customer Service and Experience

The customer is the lifeblood of any business. Without them, your business won’t exist. Thus, most of your daily operations focus on impressing and keeping them satisfied. Boosting customer experience starts with a deeper understanding of your customers. And you can achieve that with data analytics.   

Businesses collect consumer data from various channels. With data analytics, you can create a comprehensive customer profile and gain valuable insights into customer behavior. Using these insights, your marketers can provide more personalized service and experience that ultimately increase lead generation and conversion.   

2. It Reduces Security Risks

It is perhaps the most critical application of data analytics in your business. As the modern world continues to welcome new technological advancements, business organizations of all sizes are vulnerable to numerous threats.

With security data analytics, you can protect your business’s financial, intellectual, and physical assets from misuse by both external and internal threats. Leveraging efficient data analytics allows you to implement optimum levels of fraud protection strategies, ensuring overall organizational security. It also helps your business to understand security risks and take preventive measures.

Your IT department can also utilize statistical models to help prevent future cyber-attacks. Paired with continuous monitoring and notification systems, data analytics can help deter and mitigate fraudulent and malicious activities while ensuring a timely response to incidents.  

It also ensures an efficient and transparent reporting of fraudulent actions that can help improve your fraud and security risk management process.   

3. It Streamlines Operations and Work Efficiency

Data analytics can also help in improving your overall business operational efficiency. You can gather business operations data and supply chains from your customers or technological tools.

With the collected data, you can analyze and identify where production bottlenecks and delay occurs and may even help predict where future issues can arise.

In addition, data analytics can provide insights into the efficiency and productivity of your staff. You can use data to predict risks and employee behaviors, such as declining productivity or monitoring satisfaction levels.   

A solid data analytics strategy can help you identify issues and improvement areas in your workplace and overall business operations.

4. It Allows You to Innovate

Innovation starts with an idea. And collecting data can provide you with a collection of ideas that you can use to upgrade or innovate new business offerings.

Effective data collection and analysis of thoughts, opinions, or information from third-party sources, including your competitors and the current market trends can help companies recognize new potential innovations.   

It helps businesses stay competitive when a new technology is developed or demand changes while also anticipating market demands to provide services and products before it’s requested.

Takeaway

As you can see, data analytics has proven how powerful a tool it has become for businesses regardless of the industry and size. From personalized customer experience to mitigating cybersecurity risks to your company, data analytics can help business organizations stay relevant and innovative in this increasingly competitive world.

Volatility is a common part of the trading landscape for experienced investors, but it’s still something many struggle with when it comes to securing and managing their portfolio. The transition from 2021 and 2022 has been a complex one for new investors and veterans alike. While countless younger generations have abandoned their portfolios completely after the simplicity of the 2021 Bull market disappeared, others have been left scrambling for a solution. According to a recent report from David Rosenberg, the S&P could easily crash a further 17% after dipping into a Bear position this May. Analysts believe we’re on the road to a prolonged Bear market with a similar potential economic impact of the financial crisis in 2008.

The Volatility of a Recessionary Bear Market

Rosenberg says the market today is following a very similar pattern to the recession-led landscape of 2008. By May of that year, the significance of the problems in a sub-prime lending environment had grown increasingly obvious. The S&P 500 had also narrowly averted dropping into a Bear market, after dropping by around 17% at one point from the previous record high in the October of 2007. Though the market did recover temporarily, it quickly transitioned into a free-fall state, dropping by almost 40% by the end of the year.

Rosenberg, with 30 years of experience in the industry, has warned investors repeatedly to prepare for the impact of a Bear market, citing the low dividend yield of the S&P 500 as a reason he’s expecting an increased downtown in the months ahead. For those getting involved with the market for the first time following the Bull market of 2021, as well as investors with a long-standing stake in their portfolio, there are still options available. However, the focus right now must be on building the correct strategy. Right now, the yield on the 10-year treasury is competing better for long-term investor cash at 2.8% than the S&P 500. In fact, the gap between the environments hasn’t been this wide since May 2018. Additionally, while stocks have surged in recent years, thanks to the rising number of new investors in the retail market, they’ve also dropped sharply in 2022.

The Bull Market Wasn’t as Stable as it Seemed

According to Rosenberg, as well as many other experts, the crash of equities towards a Bear market indicates the last two years highlights how fragile the apparent Bull market actually was. Economists have also suggested the pandemic stimulus packages created by the Federal Reserve contributed to relatively unrealistic stock market valuations. This meant the decision to start increasing interest rates quickly led to a crash.

The growing money supply in the trading landscape has suddenly collapsed in the last year, and there’s barely any opportunity left in money velocity. Radical stimulus options have suddenly shifted to a trend of massive restraint among investors. While the S&P rallied slightly in late May, the futures market suggested the index would quickly erase any potential gains. With market volatility leaving everyone in a state of panic, now is the time for many traders to reconsider their options when it comes to securities and money building opportunities. More investors are rapidly beginning to turn to derivative products like CFDs (contract for differences) to capitalize on the potential opportunities in the landscape.

Why CFDs are Beneficial for Volatile Markets

CFDs represent a valuable investment opportunity for trading during volatile times. Increasingly offered by more accessible environments, these tools are pegged to assets like forex, indexes, shares, and commodities. Instead of purchasing and owning underlying assets, users can trade on opening and closing values. With CFDs, it’s possible to take advantage of both falling and rising market prices, rather than just waiting for prices to rise. The opportunity to take advantages of fluctuations by shorting the market, allows for more wealth to be developed through the differences in prices.

Users can also get involved with hedging strategies, off-setting trades with opposite positions to help minimize unwanted losses. Plus, CFDs can be traded using leverage, allowing for boosted market exposure and better volumes with small initial capital expenses. While there are risks with any kind of trading, the CFD environment gives us more freedom to experiment with different positions and strategies for making money, diversifying portfolios and potentially reducing loss. The key to success, of course, is getting a comprehensive view of the market, and making intelligent decisions based on the data available. Now could be the perfect time for many investors to begin transforming their strategy, and paving the way for long-term durability.

When you have outside counsel it means you are taking services for which you pay only when you use them. When you engage outside counsel, your goal is likely to be how to manage legal expense control. If you have in-house counsel, you will pay whether you use their services or not.

Everyone wants to save the legal expenses while having outside counsel. In the following article, I will tell you the efficient way you can save your legal expenses.

Choose the right law firm

If you are willing to hire a law firm, make a list of the law firms. You should analyze the law firms’ reviews. Once you have studied the pros and cons of the law firms then choose the firm according to your demand. If you choose right outside general counsel outside counsel, you will have the right benefits at the right time.

There are different law firms, some of them only working on a specific niche. You should choose a law firm for you according to your niche. If you are an investor, then choose the firm which has a team of professional lawyers with corporate and financial expertise. In this way, you can cut the legal expenses. Because if you choose the random outside counsel, they are less bothered about your matters and have general knowledge about all the issues. They can increase your legal expenses.

Analyse yearly cost

You pay for the services of outside counsel. So, whenever you want to hire a law firm, you should examine the yearly cost a firm can charge you. 

Some firms’ counseling fees are very high. So, avoid them and choose the firm with reasonable fees. It would help you to cut your overall legal expenses.

Consider outside legal suggestions

You should decide the billing policy with your outside counsel. If you have no billing policy, then your expenses can increase. You should read all outside counsel guidelines. When you decide on the billing policy, there will be a clear way of payment. 

It makes you clear which things you have to pay or which are excluded from the fees. It can cut your legal expenses. You can read terms and condition of any law firm which will be good for you before choosing.

Organized the information

If you want effective communication with your outside counsel, you should organize all your documents in such a way that a lawyer can easily get the internal information and documents.

You can hand over all the data electronically to your outside counsel. As you know, outside counsel is not dealing only with your matters, they have many other matters in the queue. 

Communicate business strategies in advance 

If you share your business strategies in advance with your outside counsel. They can examine and make some decisions regarding your plans in advance. So, if you face any problem in the future, they will have an advanced solution to your problem. In this way, your expenses can minimize time as well.

Besides it, outside counsel exactly knows its core responsibilities towards your matters.

Standardized approach your approach

You should keep things simple. The right information at the right time avoids many difficulties and uncertainties. 

If you provide clear information to your outside counsel then they will work properly. If you keep things simple and standardize your approach, you can get more predictable results and cut your legal expenses.

You can use e-billing techniques

E-billing is cost-effective even if the smallest legal department is using this billing method. If you use this method, you can track your monthly invoices electronically. The chances of mistakes in payments are less due to this tool. 

It will also help in forecasting the money which outside counsel spend in the current month. You can also examine the track and analyze which issue was being addressed in the specific month at which cost.

For example, you can ask the outside counsel what you will have to spend in a month. because they know the current month’s expenses. They can give an insight into the expense. In this way, you can cut the legal cost to eliminate the extra things which you have done previously.

You should prepare a road map of your matters

As you know, you have many legal matters when you do any business. you should prepare the road map for your matters. An easy and comprehensive matter summary provides clear insights into your matters to your outside counsel.

A good and effective matter summary is necessary if you want to provide accurate knowledge to outside counsel. If you share the matters with your counsel in an ambiguous way, you will see the matter will be addressed not in the proper way and your expense will also be higher. Because there will be a communication gap between you and your counsel.

So, if you want to cut your legal expenses, always provide them with an effective and clear matter summary.

To conclude, if you want to cut your legal expenses on the outside counsel you should follow the above-mentioned techniques.

Are you all set to buy your own home? Congratulations!

It is certainly one of the most important phases of your life and exciting too. The thrill of having your dream fulfilled and the nervousness of making some really challenging decisions is a hard combination to deal with. One of the biggest decisions you have to make is whether you should invest in life insurance when buying a home or not.

Mortgage life insurance is a plan that pays off your debt if you die before the mortgage is paid off. It is often known as mortgage protection insurance as well. This insurance policy is usually great for your family as it secures the home and your family doesn’t lose it. However, is it the best option available? Let’s find out.

How does Mortgage Life Insurance Work?

Mortgage life insurance is invested when you buy your home or right after doing so. The insurance plan will be almost as long as your mortgage duration. 

So how do you get mortgage life insurance? This coverage plan is usually offered to you by the lender himself. Mortgage lenders usually have insurance companies affiliated with them. If your lender does not offer you a mortgage life insurance and you are interested in getting one, you can connect with any well-reputed insurance company to get the details and invest in it. However, they usually find it best that they get the insurance plan through their mortgage lender as the premium gets rolled in the loan. 

For this policy, your beneficiary is your mortgage lender. None of your family members or your partner can be the beneficiary of this insurance policy. What does this mean? This simply means that your mortgage lender will be responsible for paying off the remaining money of your debt if you pass away. No money is passed onto your family or spouse from this policy. It basically helps you keep the home, no matter what. It is yours to keep. 

Benefits of Mortgage Life Insurance 

Now, given that a mortgage life insurance policy secures your home, for you and your family, it does seem advantageous in the long run. This is the biggest perk of it. It gives you and your family a secure feeling and brings peace of mind to you. If something ever happens to you, your mortgage will be taken care of and your family won’t have to make efforts for it. 

However, if you gather knowledge about your normal life insurance policies, you might find out that they also provide you with the same type of peace of mind. They can also bring a similar level of family flexibility.

1. No Medical Exams

Life insurance policies usually require you to pass medical exams. But with mortgage life insurance, you don’t have to worry about it. It does not have any health queries or checkups involved. You can assume it to be an alternative for you, for life insurance, without the need for medical examinations. 

2. Riders

With mortgage life insurance, you get the option of adding riders to your policy. These are life insurance benefits and return of premium. However, it is important that you discuss the rider’s availability and benefits with the mortgage lender beforehand. 

Disadvantages of Mortgage Life Insurance

It is critical to weigh out the pros and cons of a policy before you decide to invest in it. Here are a few downsides of mortgage life insurance:

1. Costly

If you are healthy and fit, this is an expensive option to opt for. They usually cost a lot more than your standard life insurance policy. Thus, having knowledge about other options might help you a lot. 

2. Accurate Quote is Hard to Find:

When you invest in your own house, you will get various options for mortgage and mortgage life insurance. Comparing each one of them and finding the perfect quotation might be a challenge. It gets confusing as well. Therefore, be very patient throughout the process because it becomes easier to make the wrong choice. 

Conclusion

Keep in mind that home insurance and mortgage life insurance are two different elements. If you are taking out a mortgage to buy your own home, a mortgage lender will definitely try their best to sell you this policy too. If you can manage your budget along with mortgage life insurance, as it is usually costly, you might find it an attractive catch. 

It is best to compare your standard life insurance policies with mortgage life insurance before making a choice. For many, mortgage life insurance is the best bet as there are no medical examinations involved and it is relatively easier to get as well. 

In light of your requirements and needs, you make a decision that suits you the best. 

Supply chains are struggling to recover from the damaging effects of the pandemic. Couple this with the fact that a mere 6% of brands feel they have full visibility of the supply chain, and it’s easy to see why the pandemic had such a detrimental impact on supply chains. Then you have to consider there has also been a 650% rise in supply chain targeted cyberattacks, and it’s easy to see why supply chains across B2B and B2C networks are scrambling to recover.

The result of a constant barrage on supply chains is damaged buyer-to-business relationships, cost implications, and damaged business reputations. Below, we’ll look at the causes of the supply chain chaos, what brands can do to gain more supply chain visibility, and when it’ll all return to normal order.

Why the Chaos?

It all started with the pandemic. Many supply chains simply shut down due to a lack of trading and a lack of the ability to trade. The result is an estimated $4 trillion in lost revenue for supply chains across the globe. Break that down into individual sectors – like the automotive and transportation that lost up to $100 million in revenue – and it’s easy to see why supply chains are struggling to recover.

Just when everyone thought supply chains were back in business, the new software packages developed to support supply chains at the back-end of the pandemic were heavily flawed. In comes the 650% rise in cyberattacks targeting the software that cost the industry more millions. Factor in staffing issues and product shortages, and it’s easy to see why supply chains across the globe are struggling to recover.

Creating More Supply Chain Visibility

For individual brands, there’s a lack of control and visibility of the supply chain that can cause further disruptions. The software that aimed to create more visibility and control failed, but there are other ways of tracking activity across the supply chain that benefits brands. One example is incentive programs that reward sales, referrals, and even communication.

If you click here, you’ll notice that an incentive program isn’t only for buyers; it’s for vendors and distributors. When offering incentives and using a program that tracks activity, it’s easier to have more supply chain visibility. They also improve collaboration and communication across the entire supply chain.

When Will Supply Chains Return to Normal?

Some experts believe the current operations of supply chains are the new norm but that they will slowly recover somewhat throughout 2022. The recovery refers to the current economy and financial state of supply chains – in terms of how supply chains operate, that’s expected to remain much the same. Supply chains are now relying heavily on software to automate processes. Despite flaws, automation is now a key part of supply chain operations.

Supply chains are battling the ripple effects of the long-lasting pandemic fuelled crisis – the primary issue now is a lack of supplies and an increase in demand that supply chains are struggling to manage. The result is a backlog of orders that are affecting businesses and consumers. Still, we can expect to see it stabilize by Q3 of 2022.

Has your business become a financial liability instead of an asset? As more than half of all small businesses fail within the first five years, you can imagine that many people have likely found themselves in this situation. They invested a lot of time, money, and energy into a business venture but can’t seem to make more than a couple of sales. Consequently, their debt increases to the point that they can’t sustain their businesses (or a basic living). 

Luckily, this doesn’t have to be the outcome. Many entrepreneurs have struggled with generating profits but found effective ways to turn things around. The first step is evaluating why your business isn’t making money. Below are some of the most common reasons. 

Overspending

Turning a profit boils down to earning more than you spend. You must generate enough sales to cover your overhead costs and associated expenses, and your profits are what’s left. Ultimately, your earning potential decreases when costs increase. That’s why financial management practices like budgeting are essential for businesses. 

A budget enables you to see how much you’re making compared to your expenses. When you create and manage a budget, you can evaluate spending habits and make the necessary changes. Whether you streamline processes, comparison shop for better prices, conserve resources, or reduce or eliminate a spending category, it increases your earnings. 

Inefficient Marketing

How do you expect to generate a profit if no one knows your business exists? While having a company website and social media account is essential, they’re not the only measures you must take to market your business. Building brand awareness, cultivating positive customer relationships, attracting new customers, and boosting sales, come down to effective marketing. 

Entrepreneurs must learn how to use multiple marketing strategies to turn profits. Combining digital and traditional marketing concepts is recommended for online and brick-and-mortar establishments. For instance, placing an ad on bus stop furniture with your social media profiles establishes your brand locally while increasing your digital presence. 

Unwillingness To Evolve

As the landscape of business and the needs of consumers continues to change, entrepreneurs must evolve to remain successful. Unfortunately, some entrepreneurs overlook this concept and become stagnate. Because they no longer meet the needs of their target audience, their earnings potential suffers. 

Change is constant. If your small business is going to survive, you must continually look for ways to enhance your brand, products, services, and customer experiences. Whether that means upgrading your technology, hiring additional staff, consulting experts, integrating new concepts and trends, learning new skills, or improving the quality of your products or services, it must be done to continue making money. 

Overlooking Customer Experience

No business can make money without customers. Be that as it may, some entrepreneurs fail to see the importance of customer experience. They may have an excellent product or service, but if they fail to satisfy the customer, they cannot make sales. Small business owners are encouraged to put themselves in their customers’ shoes. 

Analyze every aspect of your business from the point of contact until the completion of the sale. Was your website easy to find and use? Are your products or services priced competitively? Were you able to find what you wanted without complication? Did anyone offer assistance? Did the representative do their best to help if you had an inquiry or concern? 

As you go through each phase and develop answers to these questions, decide what changes are necessary to improve. Once you start making these improvements, you’ll see that customer satisfaction increases, raising your earnings potential. 
Starting a business can be a significant asset. However, if your expenses exceed your profits or you’re not generating enough to sustain your business and lifestyle, perhaps you’re guilty of one of these mistakes. While these factors commonly lead to the demise of many companies each year, it doesn’t have to be your fate. Once you’ve identified the core issues, use the above advice to make practical changes. Although it make take some time, eventually, you should start to see an improvement in your bottom line.

Email marketing is a powerful tool to reach more people, increase engagement, and generate more leads. There are two ways to send an email to your marketing list, one is to spruce it up using HTML and the other is to keep is simple with plain text. Which one works better for generating more engagement? Which one is actually read? First, let’s define what each means. 

HTML 

Hyper Text Mark Up, HTML, is a coding language. It is used in making websites and designing emails. Your internet browser and email client interpret the code to display images, headings and sections the content out.  

Plain text

For an email that gets the information across, you can use plain text. It is simply text; no formatting or no images. Plain text emails are smaller and are also great if the recipient has readability issues, or a slow connection, as it works on all devices.  

Our research 

Recently, we performed an experiment to see which of these email formats works best for marketing correspondence. We used the exact same content substance; one was spruced up with HTML formatting, the other was simply the plain text. The results were surprising, finding that the plain text version was read by more people, but the HTML version had a much better click through rate (CTR). This was due to the call to action being more visible. The content was exactly the same, but they did have different outcomes.  

What should you consider when using HTML email marketing?

Pros

Formatting is important. The use of white space is just as important as the images you use. You can use HTML to frame important parts of the email’s content. A call to action (CTA) needs to be obvious and clear to the reader, which is much easier to achieve with HTML.  

The click through rate is higher. The CTR is how many of the recipients click on a link in the email. You can make the link an image which is easier to see. Getting people to click on your links is usually the ultimate goal of any marketing material. 

Cons 

Some email clients will only display a plain text version of your email. In some cases, it will also include any HTML you added into the text. Which will make it harder for the reader to understand.  

You cannot guarantee the recipient will view the HTML email properly, this is becoming less frequent, but if the email doesn’t display correctly, then people are less likely to read it.

What should you consider when using plain text email marketing?

Pros 

The main benefit of using plain text is that it is more likely to be read. This is down to it working on every device, and that some people just prefer it. Increase your readership by offering a plain text version.  

There is less information sent to the email recipient, it gets to the substance of the content quicker than a HTML email. Some email clients will display the plain text version by default. This can be due to security reasons in a company, requiring expressed permission to load an image. 

Cons 

You have very limited control over the layout and design of the text. Plain text will display as a block of text and cannot be different colours, fonts, styles, or weights. Therefore, it is less eye catching. If someone wants to read it then they will, but it will not grab attention.  

Although the likelihood of reading the content goes up, the engagement does not. As there is no visual trigger to get someone to click, the CTA is lost in the text itself. 

Which is better for your marketing efforts?

The conclusion to the article could be ‘use both of them’ – they both fulfil a different requirement. If you mix the two styles, people tend to like the variance of this. 

People like variety and you cannot satisfy everyone all the time. Using a mixture of both types of email will work to increase your success rate. If you need more people to read the content, plain text works great. If you want more people to engage and click the links, then HTML is better.  

From our research, we can also suggest you use different email types for different types of clients. Business to business, B2B, clients are more likely to engage with plain text. Whereas emails to consumers should be more HTML focused.  

Fleet insurance is insurance coverage for a business’s vehicles. Instead of getting insurance for individual cars, you can get collective insurance for the fleet. It will save you the hassle of monitoring each vehicle’s separate car insurance policy and reduce the cost of insuring your business’s vehicles.

Small companies face plenty of risks, and fleet insurance is one way to minimize that risk. Risk management is crucial for any organization’s ongoing existence and financial prosperity. The following are ways fleet insurance can enhance risk equations, particularly for SMEs:

Economic And Financial Risk

The most significant way fleet insurance can enhance risk equations for small businesses is by reducing their economic and financial risk. For starters, if anything happens to a vehicle in the fleet without insurance, all the subsequent payments will have to come out of pocket, which would cost the business a lot of money.

The trusted experts at Cheap Insurance will tell you the same thing. Moreover, the cost of insuring every vehicle in a fleet is much more than collective fleet insurance. Therefore, fleet insurance saves the company money and mitigates the financial risk the company would face if their vehicles broke down or were in accidents.

If vehicles in an SME’s fleet are involved in an accident, it increases the premiums they would subsequently have to pay if they had individual insurance. With fleet insurance, the rise is much smaller as only one car in the fleet is affected, and it has a lesser effect on the company’s premiums to cover the entire fleet.

If the driver or employee sustains an injury during the accident, it could cost the company money, but your company can mitigate the financial loss thanks to fleet insurance.

Operational Risk

The vehicles in a company’s fleet must fulfill many requirements to be operational. The cars’ maintenance, fitting, and roadworthiness are crucial to ensuring they serve their purpose in helping the company be operational.

In most cases, the company will lose money if its fleet is not fully functional and ruin its operations. Fleet insurance mitigates operational risk because it ensures the vehicles can be quickly restored to full functionality and contribute to the business’s operations. Otherwise, it could lead to issues with suppliers, customers, and other stakeholders that could damage the business.

Legal Risk

When a company car is involved in an accident, there are legal repercussions that the company has to face. Such an accident could result in a lawsuit against the company, which can have dire implications if the company car driver is at fault.

Business insurance will often handle such legal issues and their consequences. However, fleet insurance enhances a company’s risk equation as an added measure that will protect the vehicle and the legal risk that comes with it. Having workers\’ compensation insurance if an employee or driver is injured during an accident will also be a good idea.

Compliance Risk

Every business must comply with various regulations, including those pertaining to its fleet. Moreover, a business must meet different requirements for an insurance company to provide fleet insurance, which will help with compliance.

Driver’s licenses, vehicle maintenance records, permits, and driver’s health records are several of the documents the company will require before offering coverage.

Therefore, fleet insurance can help a business reduce its compliance risk by meeting all the requirements. When authorities conduct audits, the fleet will be in great shape averting the consequences of not meeting regulations.

Fleet insurance is something every small and medium enterprise should consider. It can help reduce compliance, legal, operational, economic, and financial risks. Enhancing your business’s risk equation saves money and ensures its existence.

By Jon Brooks, Head of Financial Services UK at Sabio Group

Customer Experience, or CX, is fast becoming the competitive differentiator in the banking industry.

Banks – and financial institutions in general – that invest in CX have on average higher rates of recommendation, greater ‘wallet share’ and are more likely to be in a position to cross-sell and up-sell alternative products and services.

According to a recent study by Gartner, 81% of companies compete mostly on the basis of CX, making strong CX a key competitive differentiator for Banks. Gartner’s research also reveals that the higher a customer’s experience is in terms of quality, the more likely they are to remain loyal to a particular brand or institution – meaning CX has the power to improve customer retention.

So, in short, it’s critical that Banks get their CX strategy right.

With CX playing an ever-increasing role in a Bank’s success, what will the banking landscape for consumers look like in the next five years? And what emerging CX trends will we see introduced in that time?

Embedded Products & Services within Mobile Apps to Provide Personalised Experiences

Customer ‘self-service’ is one of the fastest growing CX trends across the Banking industry today. With the majority of customers using mobile apps for a vast array of other services (such as shopping, utilities etc) it’s almost an expectation that Banks will offer this service too. The teams and associated expertise that are needed to create, manage and optimise those apps are not difficult for enterprise organisations to manage in-house. Ensuring a personalised in-app experience that supports many customers self-serving within their app will help stronger engagement and adoption.

The Evolution of AI

Rather than wait on the phone, customers now have the option to consult AI-enabled chatbots when faced with challenges. These chatbots pull and process information from various sources, such as the Bank’s knowledge-base and CRM customer profiles, to respond to incoming customer service requests. Should a particular request exceed the chatbot’s capabilities, it’s automatically escalated to a live service representative who can help the customer work toward a resolution. Best of all, more and more banking apps are offering chatbot technology as a native functionality, which means customers can quickly resolve issues from anywhere, at any time.

The rise of Digitalization

The pandemic and the impending lockdowns limited, and in some instances completely removed, the ability for customers to physically visit their Banks which often resulted in voice channels being swamped with calls. In order to deliver great CX for customers, it became critical for Banks to offer customers’ alternative digital channels as another method of customer service and support. But this is easier said than done. Deploying an integrated omni-channel communication strategy with end-to-end reporting and data is one thing, providing the tools and support for less tech-savvy customers is another challenge Banks have yet to land.

Humanization of Digital Interactions

Offering customers a range of channels is a good first step to delivering great CX in Banking. However, while many customers may be comfortable interacting with a ‘bot’, there will be just as many struggling with the lack of humanisation across their interactions with the Bank. This is especially the case when those interactions involve the exchanging of sensitive information or data. Therefore, it’s critical that Banks find ways to soften the use of bots, by giving them personas or personalities and allowing that bot service to be joined up with human assisted service.

So, there you have it – the four key trends in CX I expect to see across the banking landscape in the next few years.

What’s clear is that the banking industry is changing and changing rapidly, and CX is a clear differentiator for consumers when choosing who they will continue to bank with.

By not taking CX seriously, some Banking institutions are in danger of falling into the red when it comes to credit among the consumers of tomorrow…

The arts are a powerful way to send a message – music, literature, theatre, fine-art, and more, are consumed by people daily. Puffin Foundation West is a non-profit funding organisation that supports cultural and artistic projects, such as prison choirs, dance performances, and the provision of instruments to school children. In operation since 2010, Puffin Foundation West has contributed in abundance to the betterment of society – and it only plans to continue.

The world – especially in recent years – has become an increasingly difficult place to live in. Tactics employed by the divisive media, politics, and financial status have caused a rupture in society, leading to intolerance, hate, and anxiety rearing their heads. However, the world isn’t all like this. Indeed, beneath the vitriol spewed on social media, the fake news, and instability, there is hope. There are people across the globe who are pushing for the betterment of society, who hope to reintroduce community, care, and positivity back into towns and cities.

Non-profit organisations are a primary example of this force for good. Be it advocating for the environment, animals, or the vulnerable, non-profits are centred around improving life and society for no monetary or superficial gain. According to Finances Online, there are nearly two million non-profit organisations and 501(c)(3) charities in the United States, and over 180,000 charities in the United Kingdom. Projects developed by these organisations are typically funded by public donations; however, they can also be supported by non-profit funding organisations. 

Each year, Puffin Foundation West, LTD, a conduit foundation, supplies grants to a range of non-profit applicants. Opening its doors decades ago, the organisation has aided thousands of non-profit organisations in making an impact in driving society towards an enlightened and more peaceful place to live and grow. In essence, Puffin Foundation West embodies hope. Through its work, it is trying to lift people from despair, hunger, fear, homelessness, violence, loneliness, and evils like bullying, ageism, racism, and the many issues that are epidemic in the USA.

Specialising in the arts, Puffin West Foundation focuses primarily upon non-profits that spawn a discussion. Moreover, the organisation opts to deliver grassroots grant awards to non-profits whose purpose is to reach across biases and create dialogues that are peaceably transforming, educational, and forward-thinking. It believes that the arts are a universal language through which change can be implemented, biases can be challenged, and repressed narratives can be heard without interruption. As such, through focusing on this area, Puffin West Foundation is aiding the most marginalised groups in society – allowing them to establish or amplify their own voice. The stories of those who have faced discrimination, violence, and repression deserve to be told.

This is, essentially, what Puffin West Foundation’s mission encompasses. It actively works against the ideas formed by social media, the news, and biases, to rebuild or create new connections between communities. Java Kitrick, the organisation’s director, describes this connection as ‘rainbow-colored fabrics that [bind] us all together.’ Such ideas, over the years, have torn these fabrics apart. Consequently, Puffin West Foundation serves as an egalitarian organisation, believing that in order to move forward, it is imperative for history, culture, and traditions to be shared peacefully, with respect, and without judgement.

In turn, it cannot be an organisation that supports handgun violence, rioting, terrorism, destruction of private property, and gross intolerance. These elements fundamentally go against everything that the company stands for – Puffin Foundation West firmly believes that each upcoming generation should harbour an understanding that oppressing people – no matter their race, gender, or age – is inherently wrong. This believe is abundantly clear throughout the organisation’s work.

Puffin Foundation West has worked with a diverse group of non-profits over the years, ranging from performance companies to state parks. These organisations have found Puffin Foundation West on their own accord, as Puffin Foundation West does not advertise its services. Clients are attracted to the non-profit because of its devotion to its morals – Puffin Foundation West will not deviate from its ethos for anyone, no matter how prestigious the enquirer may be. Therefore, this plays a key role in the organisation’s selective awards process.

When Puffin Foundation West receives an application, it pictures the people that the grant will serve and how its grassroots granting can help. Every application is thoroughly analysed – with both the pros and the cons coming into consideration – prior to their acceptance. Be it a typed document, or a handwritten note in crayon, Puffin Foundation West takes each application seriously. As Java Kitrick states, ‘we are NOT the National Endowment for the ARTS.’ Everyone’s goals, dreams, and ambitions are taken seriously – ‘We have railroaded over the cliff as a people, as people forgot that we all once had a DREAM.’

As a result, Puffin Foundation West’s portfolio is highly diverse, and filled with important organisations. One leading example is that of Photo Voice, a non-profit organisation that originates in the United Kingdom, which gives cameras to particular groups to record their stories. Puffin Foundation West provided the organisation with a grant that enabled the provision of cameras to a number of trafficked young women, which resulted in the women documenting their lives over the course of a few weeks. The project resulted in the arrest of one woman, and many of these photos – with permission – were exhibited in a gallery.

A young girl, aged only 14, was sat on the steps to her house when she witnessed a fatal drive-by shooting. Her school came together and decided to clean up the area, removing litter, and making the street habitable for its residents. In the grand scheme of things, this was a small action; however, it had a notable, positive impact on the street’s residents. Puffin Foundation West was contacted by the local neighbourhood centre who asked for a grant to hire a sculptor. The artist created a wire-mesh, life-sized sculpture of a native, wild buffalo, within which, the garbage collected was placed. This sculpture is one of three in the city that Puffin Foundation West has funded.

In addition, Puffin Foundation West has had a great amount of experience contributing to prison-oriented projects. It is undisputed that the United States’ legal system is flawed – according to the Prison Policy Initiative, the US has the highest incarceration rate of any country in the world. This is further supported by Statista’s research that shows that as of May 2021, the United States had the highest prisoner rate, with 639 prisoners per 100,000 of the national population. In 2020, 2.12 million people were held in American prisons – in comparison, China’s prison population reached an estimated 1.71 million people that year.

A significant project that Puffin Foundation West funded was centred around former inmates that faced homelessness. The ex-inmates were brought together via a theatre organisation that allowed each man to tell their stories within the framework of a play – not only is this cathartic, but it also provides them with support that they may not have elsewhere. They build skills creating set pieces, lighting, sound, and costumes, and are provided with the opportunity to take part in a performance for a paying audience.

Furthermore, Puffin Foundation West has funded a similar organisation that goes into prisons and establishes choirs. This project was exceptionally beneficial, as music is known to have a great effect on the psyche and is often used as a from of therapy. Cleveland Clinic confirms that music therapy displays a positive impact psychologically, emotionally, physically, spiritually, cognitively, and socially. It has been shown to improve memory, lower blood pressure, enhance self-regulation, and much more. Additionally, Puffin Foundation West has worked on a project that focuses on dance – the inmates are encouraged to express their emotions through movement, but they are not allowed to touch.

Puffin Foundation West’s most recent venture comes in the form of the 5050USA project, which has been designed to start a virtual movement across the United States. Inspired by the AIDS Memorial Quilt, a project that began in 1985 and has culminated in a 54-ton tapestry that includes nearly 50,000 panels dedicated to more than 110,000 individuals. The 5050USA project hopes to have a similar impact.

‘We want to show the world that the American flag is not just a symbol. Instead, we are a UNITED people who are loving, stalwart, caring, compassionate, empathetic, have integrity, are loving and we are kind. We have forgiveness, respect, we are thoughtful and considerate, responsible, devoted, friendly, warm, and sympathetic, concerned, reverent, faithful, and so on. We are sure you can come up your own words that demonstrate our wonderful qualities as egalitarian people through 50 million stories, be they long or short, drawn or photographed,’ writes Java Kitrick in the projects mission statement. 

The 5050USA project hopes to cultivate a virtual highway that displays positivity, radiating the positive aspects of life across the United States. Additions must be written respectfully; however, they do not need to include names. Simply, all the writers must include is where they are from, be it north, south, east, or west, and share positive news or stories. Java finishes the mission statement by exclaiming that there is ‘strength in numbers.’

Java Kitrick has been mentioned numerous times throughout this article, but who is the woman behind the organisation? Establishing the foundation in 2010, Java strives to integrate the arts into communities, with the overall aim to bolster the conversations surrounding social issues. She is hugely passionate about the organisations cause and has devoted herself to furthering Puffin Foundation West’s work.

In 2019, Finances Online writes, nine organisations from the top non-profits in the US reported investment incomes of more than $100 million. Yet most non-profits do not see this type of income – for example, Puffin Foundation West possesses a corpus of $5 million. Statistics published by The NonProfit Times shows that across the top 100 non-profits in the United States, public donations contributed to approximately $44.6 billion in income. Considering that there are over 1.8 million non-profit organizations in the US, this is a great amount of income for a small handful of charities.

Henceforth, this emphasises the need for organisations such as Puffin Foundation West. The organisation provides non-profits that fly under the radar or receive limited public funding to fulfil their important work. Indeed, it reduces the financial burden on smaller non-profits, allowing them to freely contribute to the communities within which they operate. Puffin Foundation West’s work is vital. The importance of the organisation’s work was further emphasised by the impact of the Covid-19 pandemic.

The Covid-19 pandemic had an enormous impact across a multitude of industries, forcing many to temporarily – or in some cases, permanently – close their doors. The charitable sector around the globe was shaken by the turbulent period. CAF America conducted a study documenting the Covid-19 crisis’ ramifications across 544 organisations throughout 93 countries, and its findings were telling. 94.84% of the contributors stated that there was an immediate impact on their organisations when restrictions were introduced, which is backed by 96.50% of respondents agreeing that Covid-19 had negative consequences for their organisation.

Financial security was an overwhelming challenge for the organisations, with 97.4% projecting a decrease in their funding between March 2020 and 2021. This was, perhaps, an inevitability considering the redistribution of government funding and the priorities of individuals changing. 41% of the respondents expected their funding to drop more than 21%, with a select few organisations forecasting alarming rates of reduced funding by as much as 50%, 70%, or even 100%.

Going forward, it can be assumed that Puffin Foundation West will be devoting many of its awards to aiding non-profits out of this hole. As of 2022, however, it is only supplying grants to virtual performances or projects that do not involve the gathering of people. It believes in science, noting the fact that vaccination does not guarantee total protection, or mean that the virus cannot be spread. Puffin Foundation West will not contribute to projects that could potentially cause harm or even death. In lieu of this, its work will continue with a focus on digital projects, and Puffin Foundation West will continue to support and promote connection, kindness, and peace.

For further information, please contact Java Kitrick or visit http://puffinwest.org/

Cloud mining bitcoin is a valuable alternative to traditional mining. It’s an option that’s better suited to small and mid-size investors since it doesn’t require an initial investment in the equipment used for mining. Instead, the process takes place in a cloud and an investor doesn’t own or control the process from its technical standpoint.

It’s also a simpler process at least from the user’s perspective. It’s therefore easier to start mining Bitcoin cash and earning from it than it would have been with using your own tech.

What’s Cloud Mining?

Cloud mining is the process in which cryptocurrency coins are made with leased equipment owned or operated by a provider and paid for by the investors. It’s a growing market and some of the best cloud mining sites can be found on Truely, where you can compare and contrast different offers.

The technical side of the process remains the same and requires the same amount of power, which is why it’s crowd-funded by the investors in return for a part of the coins produced. Overall, it reduces the initial cost for the investor and makes the process more manageable.

How to Set Up an Account?

Setting up an account used for cloud mining Bitcoin cash is as simple as setting up an account for any other online service. All that an investor needs to do is to enter their email address and connect the account with a card from which they can pay a fee that covers the cloud mining service.

It can be paid in cryptocurrency or in a traditional fiat currency depending on your arrangement and the provider you’re working with. For the most part, such contracts last between one and three years.

Using the Dashboard

A dashboard is an interface offered by cloud mining sites that allow the user to keep track of how much Bitcoin Cash you’ve mined and how much you can withdraw. The dashboard also shows the worth of the coins that you do have, according to their value at the moment.

A dashboard can also display technical properties that can help the user better understand the mining process. This includes fan speed and hash rates, which can be of use to investors with a deeper IT background. The dashboard can also be used to withdraw the coins to an e-wallet.

Setting up a Wallet

An e-wallet is used to store and transfer Bitcoins. It needs to be connected with your cloud mining account in order to transfer the Bitcoin cash that you’ve mined. All e-wallets support Bitcoin since it’s still the most used cryptocurrency. There are so-called cold and hot wallets.

Cold wallets are physical devices on which your crypto coins are stored and hot wallets are software solutions that do the same. Cold wallets are more expensive but they are also considered to be a safer option since they can’t be hacked. The decision is up to you and it should be made after some research.

Volatility

It’s important to note that the value of the Bitcoin cash you can mine from such a contract is volatile and subject to changes in the market. The mining contract guarantees the Bitcoin cash but not the value you can derive from it when you sell it.

There have been a few ups and downs when it comes to Bitcoin value on the markets, but in the longer view of things – it continues to grow. In the last five years, the value of Bitcoin has increased about five times, which makes it a worthy long-term investment.

The Ability to Sell A Contract

One important feature of a cloud mining contract is the ability to sell the contract to another investor. That’s a measure that will allow you to give up on this investment if you’re not satisfied with its progress and still see some profit along the way.

Not all cloud mining sites provide such an option since it’s still a new venture and many providers don’t have a long-term plan. If this is something you’re considering, you’ll need to limit your choices at least somewhat.

Should You Start Cloud Mining Bitcoin Cash?

It’s relatively easy to start mining Bitcoin cash and in the long run, it can be profitable to do so. There are many advantages that come from this mining method since there are no initial investments and you can start earning without knowing much about the equipment used in the mining process.

If you’re struggling to keep up with multiple monthly payments from a list of cash advance apps, debt consolidation may be a good option for you. This process involves combining all of your outstanding debts into a single balance that has a lower interest rate.

You then make just one monthly payment to the debt consolidation company. This can help you save money on interest and get out of debt faster. In this blog post, we’ll discuss the benefits of debt consolidation, the different options available, and how to get started.

A personal loan can provide a much-needed financial boost when used wisely. But with so many potential uses for a personal loan, it can be tough to decide whether or not one is right for you. A recent study by Bankrate may help to clear things up.

According to the study, which surveyed more than 160,000 applicants, debt consolidation was the most reported reason for getting a personal loan in quarter one, at 38%. An additional 5% of applicants selected credit card refinancing as their main motivation.

While these two reasons were the most popular among respondents, they were far from the only ones. Other popular reasons for taking out a personal loan included home improvement (11%), medical expenses (9%), and major purchases (8%). So, if you’re considering a personal loan, you’re far from alone—and you’re certainly not limited in how you can use the money.

What Is Debt Consolidation?
Debt consolidation is the process of combining multiple debts into one loan with a lower interest rate. This can help you save money on interest and get out of debt faster. There are several different ways to consolidate debt, including balance transfers, personal loans, and home equity loans.

Balance transfer: A balance transfer is when you move the balance of one debt to another account with a lower interest rate. For example, you could transfer the balance of your credit card to a new card with a 0% introductory APR.

Personal loan: A personal loan is when you borrow a fixed amount of money and repay it over a set period of time, typically two to five years. Personal loans typically have fixed interest rates, which means your monthly payment will stay the same for the life of the loan.

Home equity loan: A home equity loan is when you borrow against the value of your home. Home equity loans usually have lower interest rates than other types of loans, but they do come with the risk of losing your home if you can’t make the payments.

How to Consolidate Debt

If you’re ready to consolidate your debt, there are a few things you need to do:
-Figure out how much debt you have: Make a list of all your debts, including the amount owed, interest rate, and monthly payment. This will help you know how much debt you have and where to start.

-Compare interest rates: Once you know how much debt you have, compare the interest rates of each debt. This will help you decide which debts to consolidate.

-Choose a consolidation method: Choose the consolidation method that makes the most sense for your situation. If you have good credit, a personal loan may be the best option. If you have a lot of debt with high-interest rates, a balance transfer may be the best option.

-Apply for consolidation: Once you’ve chosen a consolidation method, it’s time to apply. You can do this online or in person.

-Start making payments: Once you’ve been approved for consolidation, start making your monthly payments. This will help you get out of debt faster and save money on interest.

The Benefits of Debt Consolidation

There are several benefits of consolidating your debt, including:
-Lower interest rates: When you consolidate your debt, you may be able to get a lower interest rate. This can help you save money on interest and get out of debt faster.

-One monthly payment: When you consolidate your debt, you’ll have one monthly payment instead of multiple payments. This can make it easier to stay on top of your payments and get out of debt.

-Pay off debt faster: When you consolidate your debt, you may be able to get a shorter repayment term. This can help you get out of debt faster and save money on interest.

-Improve your credit score: When you consolidate your debt, you may be able to improve your credit score. This can make it easier to get approved for loans in the future.

The Consequences of Not Consolidating Your Debts

If you don’t consolidate your debts, you may:
-Miss payments: If you have multiple debts, it can be easy to miss a payment. This can damage your credit score and make it harder to get out of debt.

-Pay more interest: If you have high-interest rates on your debts, you may end up paying more interest over time. This can make it harder to get out of debt and may cost you more money in the long run.

-Damage your credit score: If you miss payments or have high-interest rates on your debts, it can damage your credit score. This can make it harder to get approved for loans in the future.

-Stress: If you have a lot of debt, it can be stressful. This stress can affect your mental and physical health. Consolidating your debt can help reduce this stress.

In Conclusion

There are several options for consolidating your debt, and each has its own benefits and risks. Choose the option that makes the most sense for your situation and start working towards getting out of debt.

If you’re struggling with high-interest rates, monthly payments, and the stress of multiple debts, consolidation may be a good option for you. Consolidate your debt with one of these methods: personal loan, balance transfer, or home equity loan. Each method has its own benefits and risks, so choose the one that makes the most sense for your situation. Start working towards getting out of debt and improving your financial situation today.

The world is embracing a host of new technologies and the banking industry is no exception. First Investment Bank, Fibank, offers an innovative and customer-oriented solution that has become one of the leading institutions in the country in card business and international payments. Having earned success in Acquisition International’s Worldwide Finance Awards 2022, we caught up with CEO and Chairman of the Managing Board, Nikola Bakalov, to find out more.

Pioneering new ways of working is no easy task, but it lies at the beating heart of how the team at Fibank operate. Their choice of advanced solutions and modern banking has made them very popular amongst customers, offering products and services for individual and corporate clients. The team’s decision to use investment gold and other precious metals with unique for the Bulgarian market products and services is just another reason to turn to the firm, but what other factors have driven their success?

Who better to answer this question than Nikola Bakalov? Mr Bakalov has led Fibank to its current position as a rapidly growing, innovative, customer-oriented bank, challenging the status quo and creating a way of working that stands apart from the crowd. We asked him how his bank stays ahead of the emerging developments in the industry. “Digitization and change in consumer behavior lead to changes,” he tells us. “Many of our customers already prefer to bank remotely, in an online environment, rather than visiting our offices. Therefore, we actively invest in implementing new technological solutions and introducing a number of improvements in digital banking.”

Many of these changes have been accelerated by the pandemic, forcing businesses and individuals to embrace a new way of working in order to survive. “Banks such as ours were among the first to start developing digital financial solutions and offering them to customers,” Mr Bakalov explains. “We can define the pandemic as a catalyst of these processes and as a clear indication of the direction in which modern banking will increasingly move. Our active involvement in digital solutions began long before customers realized the need for them and we were among the first to start implementing them and actively promoting them at the market. That is why, when the pandemic unfolded, we were already prepared and there was no need to build from scratch but only to upgrade our digital products and services.”

Whilst Fibank has achieved success through its digital mindset, we wondered how this shift has impacted the way in which the team interacts with their customers. Mr Bakalov was happy to elaborate: “Due to the advancements in information technology, a significant shift has been observed from traditional banking to the digital environment. Almost all daily banking transactions can now be performed on our remote banking platform. We offer a wide range of services for full-fledged digital banking, while our extensive branch network remains always available for customers who need personal consultation with a banking expert.”

The team has pushed boldly forward into new ways of reaching out to their clients. We wondered what innovations the team have been able to implement that are leading the way for the banking industry. “First Investment Bank launched its Video Consulting service for retail customers, also providing them with the option to apply for consumer loans fully online,” Mr Bakalov informs us. “This service has since been upgraded to include online mortgage loan applications. Customers can submit their electronic applications using the My Fibank website or the mobile app. The platform also enables them to remotely sign all documents relating to granting of consumer loans or issuance of credit cards.”

The development of a mobile app has allowed Fibank clients considerable flexibility in the way that they operate. Operating in the digital space gives them the freedom to bank as they wish and when they need to. “My Fibank mobile app customers can apply for and receive MyCard virtual credit cards,” Mr Bakalov explains. “Those are issued fully online and credit limits are granted automatically within minutes.” These virtual cards can be used with My Fibank, Google Pay, Apple Pay, Garmin and Fitbit, on contactless POS and ATM terminals, or for making payments over the Internet. During 2022, Fibank intends to offer the opportunity to make and receive instant payments in BGN under the Blink Program of the National Card and Payment Scheme (NCPS), part of BORICA. Clients can order Blink instant payments entirely online through My Fibank electronic banking.”

Whilst there has been increased demand for digital solutions, expansion has been challenging for many businesses thanks to the pandemic. The success of Fibank during the last couple of years stands apart from many in the industry. “In 2021, the Group of First Investment Bank reported increased financial results and sustainable development in the context of the ongoing COVID‐19 pandemic and its consequences,” Mr Bakalov says proudly. The Group profit after tax increased to BGN 111 mln. compared to BGN 45,5 mln. a year earlier, as a result of higher operating income and the development of credit policies, as well as optimization of administrative costs. Total income from banking operations increased to BGN  435 mln (2020: BGN 373,7 mln) with an increase in all main sources of income.  The return on equity (after tax) reached 8.85%. This astonishing achievement is a direct result of hard work and effective leadership from the team.

2022 has presented slightly different challenges to 2021, where the global economy was showing that it had the capacity to recover its pre-pandemic momentum. With banking sector revenues almost reaching the record levels of two years ago, the industry as a whole has proven capable of absorbing the complex geopolitical situation of sanctions against Russia. Mr Bakalov’s predictions maintain this positive line, drawing on the way in which the markets are reacting to the events of the day: “My forecast is that lending activity will remain high in terms of demand and supply of loans,” he tells us, “but with a bit added caution given the unusual economic situation. This should logically lead to increased credit risk, which in turn is a component of interest rates on loans. I personally feel optimistic and believe that Bulgaria will quickly overcome the negative consequences of the COVID-19 pandemic.”

Whilst Fibank has already established itself as a pioneer of new ideas and bold technologies, we know that all businesses need an effective plan to thrive in the future. To conclude our deepdive into the success of Fibank, we asked Mr Bakalov precisely what he and his team intend to do in the future. “We have the necessary platforms in place that allow us to develop innovative products and services,” he tells us, “And our customers have also proven over time that they are very receptive to innovations that we carefully select and implement in the Bulgarian market. The new trends in the banking sector and the logical consequences of digital transformation in recent years have allowed banks to launch projects that will soon lead to a hundred percent coverage of all banking products and services in the digital environment – and this is certainly the direction we are moving in.”

The decision to embrace the digital landscape even further is not surprising at all, but it is not the endpoint of what the team are doing. “We have a wide branch network staffed with well-trained employees,” Mr Bakalov continues. “Unlike fully digital banks, we operate from over 120 branches and offices throughout the country. This is a significant advantage since there, apart from being able to bank in the traditional way, our customers can also receive advice, including on how to more easily and conveniently use their digital banking. Over time, the industry will become increasingly digitized and physical branches will remain as a point of contact and consultation for customers.”

The success of Fibank comes from an approach to the banking sector that moves with the times. The team’s attitude is one which is always innovating and constantly looking to the future. The triumph of the team in the Worldwide Finance Awards 2022 is a credit to their tireless efforts. We thank Mr Bakalov for updating us on Fibank and its enviable success, as well as looking forward to seeing what the team do next.

For further information, please contact Nikola Bakalov, Chief Executive Officer (CEO) and Chairman of the Managing Board, or visit www.fibank.bg

By Emily Rollwitz – Content Marketing Executive, Global App Testing

Especially for first-time app developers, a soft launch can be immensely valuable. It enables you to trial your app without going all-out straight away, thereby allowing you to test the waters first.

Considering how crowded the app market is and continues to be, standing out amongst the myriads of competition is crucial. And what better way to do it than with a soft launch that will ensure your app is truly ready to enter the App Store? 

What Is a Soft Launch?

Soft launching an app is all about optimising your game or application before it is released more widely. Before putting it up on the app store and advertising it through the many available channels, the app is given a limited release, usually limited by region. It allows you to observe how a specific audience reacts to what you have made and importantly, whether they like it.

Usually, soft launches involve an audience of up to 100k people. Allowing a restricted audience to trial the app before its scheduled release is a great way of gaining practical user data feedback and upgrading your product before it is made available to a broader audience.

This data feedback is collected through chatbots, reviews, survey maker, data, etc.

Why You Should Do a Soft Launch 

User acquisition: A soft launch strategy enables you to start getting reviews on your app store page. These reviews are invaluable at such an early stage, as positive reviews act as a highly effective form of endorsement that convinces future users to purchase the app. In other words, they act as proof that your app is worth downloading, increasing user acquisition. 

App store optimisation: A soft launch lets you check and ensure your app store pages are optimised correctly. When you soft launch, your app begins to index keywords, thereby highlighting the terms that perform best for your specific app. Making the most of these keywords during your official launch will improve your chances of being recognised by the app store.

User retention: Perhaps one of the main benefits of a soft launch, and a valid reason for doing it, is to increase user retention. How often have you deleted an app within days of downloading it because you lost interest in it quickly? Soft launching enables you to collect valuable data about when people are deleting your application so that you can consider the flaws in design and improve retention accordingly. 

A soft launch essentially allows you to determine whether your app is ready for widespread launch to avoid releasing it to low retention rates. At the soft launch stage, you can fix all the bugs and flaws in your app in preparation for its official release. A great way to collect this essential data is through observability software (what is observability software), which will help you see what’s happening across all the different areas of your application.

Feedback: This leads to the other great benefit of a soft launch: feedback. If multiple users give you the same feedback about an aspect of your app, this is a good indicator that a wider audience would feel the same, and thus, that aspect needs working on, whether to improve or optimise it. Technical feedback will also help you improve the app’s functions, especially in terms of how it works on different devices, which can fluctuate.

Not to mention that a soft launch essentially validates you and your app, telling you whether or not it is ready for market and whether or not it will be received positively by a wider audience. Consider setting up a VoIP call center solution to maximise the feedback you might receive from users testing your app.

How to Employ a Soft Launch Strategy

There are a range of questions you should ask yourself if you are looking to soft launch your app:

Having a clear idea of the answers to these questions will ensure that you go into your soft launch with clearly defined parameters for the desired outcomes of the project. Before any soft launch, conduct sufficient market research, as you must be aware of who the competition is and who their target audience is.

As well as this, you might want to consider recruiting some people to help you, outsourcing to experts who might be more qualified than you to analyse your data.

Then, keep in mind some key recommendations to ensure your soft launch is a success (remember, however, that each soft launch is different and unique).

1. Your product does NOT need to be completely ready, although it should achieve sufficient functionality. Remember that the closer to completion of the product, the more valuable the feedback and user data will be.
2. Don’t get carried away trying to achieve huge volumes of users for the testing phase—although the more data you gain, the better, a smaller test group is easier to manage and will avoid you getting overwhelmed right from the beginning.
3. Consider your timeframe. The best soft launches usually last between two and three months. Within this timeframe, you should be able to find your chosen audience, roll out the app, analyse insights and then adjust as necessary.
4. Do not forget to analyse the keywords that rank highest, and then actually remember to adjust the app store page accordingly. It is essential and should not be overlooked. AutoML and other tools can help you make the most of the data you collect.
5. Ensure that you are inviting relevant users to trial your app during the soft launch so that the data you gather will apply to the results a widespread launch would yield.
6. Optimise your onboarding mechanics – this is usually the stage where users drop away if functionality is poor or lacks intuition. A soft launch lets you check how long it takes a user to get to your main page, so make sure you use this insight effectively. 
7. Make sure your app has the power to manage a large audience, as overloaded servers will lead to your application glitching, which in turn will skew your data.
8. Make the most of reviews and what people are saying about your application—this is what soft launching is really for, and you want to exploit this aspect as much as possible. Using test completion software is a great place to offset some of the more laborious work during the testing phase.
9. Analyse how effective your monetisation model is: an app has to have the right balance between monetization and retention, and the soft launch stage is where you find this balance.
10. Always keep user retention at the heart of the endeavour; when are people giving up on the game? What aspects of the game are they not engaging with?

You need to stay on top of all these things and more if you want to have a successful soft launch for your app. That’s why productivity is key and a lot of organisation.

What Else Should You Measure During a Soft Launch?

Traction

You can’t analyse data if nobody has downloaded the app in the first place. It is where organic traction comes in. To analyse it, consider the data on the volumes of people visiting your app store page and how many of those downloaded the app once on there.

To get people to make the leap from visitor to downloader, your app store page needs to be highly optimised and aesthetically pleasing. If they can’t find your page in searches, they will never be able to download it, and if they don’t like how it looks, or if it doesn’t look professionally made, they won’t be convinced to buy it.

That’s why demand testing is so valuable, as it allows you to gain test results whenever you need them and at any stage during the soft launch, so that you can continuously monitor organic traction levels.

Value

Understanding the ‘lifetime value’ of your app is incredibly important. Lifetime value is about how much worth each player has, and this is crucial as you will need to determine this, then compare it to your cost-per-install to comprehend how much profit you are likely to make with every new user you gain. 

Without this, you won’t know whether rolling out your app is worth it from a financial perspective. If the numbers don’t quite add up during the soft launch, you know you have some work to do to improve your CPI to lifetime value rates.

Bugs

During the soft launch, it is very likely that a range of bugs, glitches, and flaws in your app will surface as users interact with the different elements of your application. This broad range of technical feedback, where users reflect on where things didn’t work quite as smoothly as they would have liked, will give you the ‘map’ that will guide you to improving your app as much as possible. 

These bugs, such as whether or not hybrid cloud integration is working properly, need to be fixed before you officially launch the app. Otherwise, you will receive an overwhelming amount of ‘this app glitches a lot’ reviews that will turn people away from downloading.

Also, keep in mind that cybercrimes are constantly on the rise, so protecting your business data should always remain a priority, regardless of how big or small your professional endeavours are.

Create a viral loop

A viral loop will enable you to gain more users, as your current users recommend your app to friends and family and in their broader network.

An example of an effective viral loop, for instance, is offering additional features to those who invite friends to download the app or even recommending that users post their high scores on Facebook. With email verification, you can secure addresses that can be later used in your marketing strategy to further promote your app.

This word-of-mouth advertisement has an impact, so ensure you offer social sharing functionality in your app. Ensure you keep track of how many people use it during the soft launch stage, as low engagement might lead you to implement a different kind of viral loop elsewhere. Not all viral loops will be effective for the app you produce, so experimentation during the soft launch stage is critical.

In terms of numbers, you also need a varied marketing strategy, with ecommerce growth strategies that go beyond the soft launch and that will ensure as many people as possible hear about your app and engage with it as you can. Viral loops won’t be enough if you’re serious about making money with your application.

You also want to pick a region that is fairly similar to your target audience. If your target market is America, other English-speaking countries like Canada, Australia, and the UK are good places to soft launch. 

The type of app you are producing also impacts where you should target. Multiplayer games lend well to densely populated regions like the Philippines so that large numbers of players can interact and test the strengths of the application.

Costs are also a factor. Popular regions like Canada have a rising CPI, and places like Australia which are developed countries, English speaking, and with such a large population size are going to be more expensive.

In this post-Covid world, think about how you might integrate remote and virtual events as part of your marketing strategy as well.

The Takeaway

Whatever decisions you make, stick to a predetermined plan and make sure you have a clear idea of your target audience and your competition. 

Work to improve the areas of your app that are flagged by users as problematic, while optimising and developing further all the areas that are most beloved and appreciated by your audience.

Most of all, make the most of the data. It will help you smooth out any wrinkles and improve your app as much as possible before you eventually launch it properly.