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Data analytics is no longer just a tool for large corporations. Today, small and medium businesses can now use their data to:

  • Reach new audiences.
  • Improve operations.
  • Fuel business growth.
  • This is thanks to new small business technology trends that have made large swaths of data available to everyone — from single-location boutiques to multi-location, growing franchises.

If you’re new to the world of small business data analytics, this introduction to data marketing by AccuData Integrated Marketing is a great resource to start with.

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Data analysis isn’t just for corporations. Small businesses can benefit from big-data technology, too.

big-data analytics tools enjoy 15% more sales than companies that do not, according to the Georgia Small Business Development Center.

Even though the U.S. economy is expanding at a rate of less than 3% each year, businesses of all sizes are capturing vital market share by leveraging big-data analysis.

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For many new entrepreneurs, money management and cash flow are always on the mind, especially when considering that about half of small businesses fail within their first five years, according to the U.S. Small Business Administration. Small business owners walk a narrow line when it comes to their finances. With talks of a struggling economy and rising inflation circulating, it’s no wonder many are buckling their seatbelts.

Regardless of the current economic climate, many small business owners will wonder at some point, “if it comes to cutting costs, where do I start?” It’s a valid question that deserves careful consideration for anyone looking for innovative, efficient, and cost-effective solutions that will keep their operations afloat.

For those putting their finances under the microscope, here are seven ways small businesses can cut costs.

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Education and organization are two keys to ensuring your business is financially healthy.

  • Properly managing your finances stabilizes your company and makes your business less likely to fail.
  • To manage your company’s finances, make sure to pay yourself, keep good credit, monitor your books and plan ahead.
  • Debt funding for small businesses means interest fees alongside repayments, while equity funding excludes interest but may come with less control over your company affairs.
  • This article is for business owners looking for advice on how to manage their company’s finances.

Managing finances can be a challenge for any small business owner. Often, the reason your small business is successful is because of the skills you bring to making your product or providing your service. If you don’t have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business.

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The COVID-19 had everyone in a tight chokehold. Countless businesses, especially small businesses, were shut down due to the pandemic’s adverse economic impact. And unfortunately, the construction industry was one the most affected industries.

A series of lockdowns and quarantines put the economy on a dangerous pause. And given how sensitive the construction industry is to economic changes, it is not surprising why construction companies downsized—and even went out of business. Yet despite this grim situation, this study said that the construction industry also holds the greatest potential to stimulate economic recovery. And with government programs that aim to revitalize the economy in full swing, such as the Bipartisan Infrastructure Law, things are finally looking up for the general contracting business owners.

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Profitability is the lifeblood of any business, small or large. It allows a company to reinvest in itself, pay its employees and shareholders, and fund future growth.

There are many ways to increase profits, but not all are created equal. Some methods may bring in more revenue in the short term but be detrimental to the business’s long-term health.

Others may take a bit longer to pay off but create a more sustainable income stream.

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A recent study of consumers confirmed that adverts do influence their buying decisions, though not all advert types are successful.

For example, celebrity endorsement was rated the top ‘Characteristic of a Bad Ad’ in the study by marketing experts Unsupervised, suggesting the power of the influencer is not as great as celebrities like to think.

With adverts often being a necessity in business to not only generate revenue but to build brand awareness among the consumer base, let’s look at which kind of ads are the most successful according to consumers themselves.

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Healthy margins are essential to launching and growing small businesses and finding the right price helps maximize profitability and future growth. Product pricing is not something that comes naturally for most people, but it is an essential skill that small business owners need to hone.

As small business owners set their price for their products and services, understanding the value and time is critical. The higher the quality of the product or service, the higher price customers are willing to accept. However, high prices on low-value products or low prices on high-value products will eventually cause customers to question their worth. Here are five pricing strategies to maximize profits and secure competitive advantages in the market.

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Small business loans let eligible business owners borrow funds to cover company-related purchases and operating expenses. Whether you’re just starting your business or trying to grow, the best small business loans can help you access the capital your business needs to thrive.

Consider these tips when comparing small business loans:

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Times are tough for small business, but help is available, from both the government—federal, state or local—and the private sector. It may be in the form of a grant, a loan or a leg up competing in a difficult business environment. Here’s a breakdown to help you sort through what’s available.

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