 Every year, new technologies are introduced or improved upon that have a major impact on the business world. From major to minor innovations, and from physical machines to complex code, each advancement has the potential to change the way the world does business—and this year was no exception. There were a multitude of technological innovations and improvements within the last 12 months, and to share a few of their favorites, the members of Young Entrepreneur Council chime in below. Here, they each share one technology that they think has the most exciting implications for business in the coming year and why they believe its impact will be so great. 1. Virtual Reality One technology that has the most exciting implications for business in the coming year is virtual reality (VR). VR has been around for a while, but it is only now that the technology is becoming more affordable and accessible to businesses and consumers. There are a number of reasons why VR is so exciting for businesses. One is that it provides a new way for businesses to engage with their customers. For example, businesses can use VR to create immersive experiences that allow customers to try out products before they buy them. This can be particularly useful for businesses that sell expensive products, such as cars or houses. - Abhijeet Kaldate, Astra WordPress Theme 2. Hyper-Accurate Positioning Technology Hyper-accurate positioning technology is one of the great achievements of this year. GPS tech has revolutionized both our personal and professional lives; however, future ultra-precise locating systems have a few centimeters or millimeters accuracy, whereas current GPS is only accurate to within five to 10 meters. New opportunities are available, including delivery robots, self-driving cars and landslide warning systems, but it will likely impact the shipping industry the most. Hyper-accurate positioning redefines the shipping industry today because it allows ships to be positioned more accurately than ever before. It means that shipowners and operators can know exactly where their vessels are at all times, which is crucial for the safe and efficient operation of the shipping industry. - Candice Georgiadis, Digital Day 3. Smart Business Cards For many years, exchanging contact details at a conference meant searching through your pockets for a physical business card that may or may not be up to date and that you may have forgotten to bring along with you anyway. Digital business cards, like the extremely popular Popl, change all that. Updating is simple via an app, sharing happens instantly with a tap or scan and there's an opportunity to express yourself through photos, video and other media. As the world becomes increasingly paperless, and Gen-Z in particular search for ways to reduce their environmental impact, it makes sense that business cards will be replaced by their digital counterparts en masse over the next 12 months. - Greg Ashton, GROW 4. Cloud Technology I think cloud technology will continue to prosper in the year 2023 and facilitate businesses to build advanced and secure system infrastructures. Over the years, we've seen a major paradigm shift in the corporate world pertaining to information sharing. Cloud technology has made it easier for businesses to access data on demand and share it with concerned stakeholders without the fear of information infiltration. Cloud technology is responsible for the digital transformation of businesses and has facilitated them with agile processes and easy scalability. Cloud technology is evolving and becoming more secure with each passing day. We have seen a surge in its popularity due to the need for information security, and it will continue to serve the purpose in the future, but even better. - Stephanie Wells, Formidable Forms 5. Comprehensive Digital Finance Tools We're excited by the trend toward more comprehensive digital finance tools for businesses and the people who run them. The landscape looks totally different now than it did five years ago, when most businesses still had no choice but to use expensive corporate bank accounts and clunky credit or charge cards that often required personal guarantees. Fast forward to today and small- to medium-sized businesses have a ton of high-limit credit cards (based on revenues, not credit score) and low-cost, high- or no-limit bank accounts. That means a lot less time and personnel to manage your working capital. - Andrew Schrage, Money Crashers Personal Finance 6. Smart Contracts One trend that I think will grow quickly in the next few years is smart contracts. This is one of the most practical applications of blockchain technology. Smart contracts allow for secure agreements between parties without the need of third-party help such as lawyers or banks. Smart contracts can be useful in many industries, including real estate, publishing and finance, to name just a few. They allow for faster, more secure and less costly contracts that can accelerate business deals for smaller and larger companies. This technology is already advancing rapidly, so its adoption is largely a matter of education as people realize the benefits of using smart contracts. - Kalin Kassabov, ProTexting 7. AI For Content Creation Staying ahead of the competition is more important than ever, so one technology that has the most exciting implications for businesses in the coming year is artificial intelligence (AI). This innovative technology has a wide range of applications that can help businesses stay competitive and optimize their operations. One area where AI can have a significant impact is in creative work. Thanks to advances in machine learning algorithms, AI systems are now capable of generating high-quality content at an incredibly fast rate—far faster than human writers or designers could ever hope to achieve. This makes them an invaluable tool for businesses that need to produce large quantities of content on a regular basis, such as marketing teams, PR firms and advertising agencies. - Adam Preiser, WPCrafter 8. 3D And 4D Printing Advancements in 3D and 4D printing could bring so many opportunities to businesses in the future. It’s exciting to think of the innovative applications and how 3D and 4D printing could change business operations, manufacturing, distribution and more. Businesses already use it for printing prototypes as well as final products, including homes. As new features, materials and tools are introduced in the future, 3D and 4D printing will become less of a novelty and more of a must-have for businesses of all sizes. It truly will be transformational for businesses—and consumers—in a wide variety of industries and markets. - Jonathan Prichard, MattressInsider.com Source: https://www.forbes.com Image Credit: Photos Courtesy of The Individual Members
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 Starting a new business is exciting. The thrill of being your own boss, working for yourself, and having the freedom to do what you want; it’s all part of what makes starting a business so fulfilling. However, starting a business is a challenge in its own right, especially if you have no experience running a business before. Then there’s the fact you must grow to succeed in the niche you’ve chosen. How are you supposed to grow your revenue when there are so many other things competing for your attention? In this article, we’ll discuss some ways that new business owners can grow their company after starting it from scratch. Take the Time to Learn More About SEO SEO, or search engine optimization, is the process of increasing the visibility of a website or webpage in search engine results pages. SEO is a long-term strategy that requires patience and dedication, but it can be very rewarding for your business. This can be a very difficult process to understand. It’s the use of specific keywords that helps your website show up on the first results page. However, SEO isn’t as simple as that; you can’t just randomly throw in keywords and expect people to flock to your company’s website. If you use them too much, Google can mark it as spam and not show you on their results at all. A great way to get SEO incorporated into your business early on is to hire an SEO manager. SEO managers are trained professionals who know every in and out of the process. This can save you a lot of time, so you can focus on other aspects of your business. Become a Cosigner Why would you risk your credit and how would it even help your business? If there’s one thing all businesses has to do, it’s taking risks and cosigning is no different. Student loans are an optimal choice if you choose to go this route. Utilizing student loans with cosigner can make it far easier for a student to get accepted while also unlocking lower rates. Furthermore, cosigning as a business is a fantastic way to reduce how much you pay on taxes. Taxes can be difficult budget for, especially since they can increase at a moment’s notice. Being able to write off taxes can help you financially plan for your company’s future. Take to Social Media Growing your business may still be difficult, but launching your social media presence gives new business owners a significant edge. Social media is where pretty much everyone resides these days, so connecting with your target audience shouldn’t be too much of a process. However, you will have to put in the effort to keep your content engaging. The most popular social media platforms are Facebook, Instagram and TikTok. These platforms are your best bet to help build up your brand and establish an online reputation for yourself. With all of these great benefits from using social media, there are also some things that new businesses should keep in mind when promoting their products or services. Do not spam people through email lists that they haven’t opted-in to receive marketing emails from. Focus on building relationships with them by sharing useful information before asking them directly if they’d like more details or want something specific sent over right away. Consider Offering Referrals New businesses can offer referrals to other new businesses in the area. This is a great way to help each other out, especially if you’re not competing for the same customers. It’s also a good way for your business to grow by offering another service or product that people may need. You’d be amazed at how many small businesses don’t have what you’re selling and would love to buy from you if they only knew about it. Take some time researching your area to see if there’s anyone new in town. Once you’ve find suitable candidates, waste no time contacting them. Source: https://www.theselfemployed.com Image Credit: Getty Images  Small business owners don’t always have access to enough resources to meet their goals. Luckily, there are many business grants and other funding programs available to help. Here’s a guide to several ways to fund projects for your small business. How Do You Get Free Money to Start a Business? Free money to start a business usually comes in the form of grants. These can come in many forms, from federal small business grants to those offered by local nonprofits. The process usually includes an application where you outline your need and how you’d use the funds. Top Places to Get Free Money to Start a Small Business Small businesses can receive grant money from several sources. The exact opportunities you apply for may depend on your location, industry, and other factors. However, there are several federal grants, nonprofit opportunities, and state programs that may appeal widely to small businesses. Here are several common ones. Small Business Administration Grants (SBA) The Small Business Administration is the main source of grant money through the federal government. Here are some specific programs run through the administration to provide free money to start or run a business.
General Small Business Grant Money There are also small business grant programs offered by large corporations or other major groups across the country. Not every small business may qualify for these. But they should appeal to a wide audience.
Industry-specific Grant Money Some grant programs, both through private companies and the government, aim to support small businesses in a specific industry. Here are a few that may help certain types of businesses.
Small Business Grants from State and Local Governments Some government grants also come from state and local governments. You’ll have to search for specific opportunities in your location. But here are a few places to start.
Green Business Grants If you’re a sustainable business or want to make some energy-efficient improvements, these grant funding sources may help.
Nonprofit Grant Money Nonprofit organizations can also benefit from grants. These opportunities can come from federal agencies or private corporations. Here are a few to consider.
Startup Grants for Women-Owned Businesses Women-owned businesses have traditionally been less likely to get funding. So many organizations offer small business grants specifically for female founders.
Startup Grants for Veteran-Owned Businesses If you’re a veteran small business owner, you may also access grant opportunities that honor your service.
Competitive Small Business Grants Financial assistance is sometimes available to all businesses that apply. But the following programs offer competitive grant funding opportunities to award the most deserving firms.
Are Small Business Development Centers the Same as the Small Business Administration? Small business development centers are one arm of the U.S. Small Business Administration. The SBA is a federal agency that runs many initiatives to support small businesses. Small business development centers include local agencies spread throughout the country that receive SBA funding to serve local business interests. Services often include funding support, technical assistance, and networking events. Can You Start a Small Business Without Money? Yes, it is possible to start a business without money, depending on your industry and goals. One option for funding a new business without money is to seek small business grants using the sources listed above. Source: https://smallbiztrends.com Image Credit: Getty Images  Even though it seems like everyone is doing it, you don’t have to use social media to grow your business. This fast-paced, notification and newsfeed-centred way of distributing and consuming information might not be for you. It might not suit your business; it might just not be your jam. Plenty of businesses have flourished in the internet age without participating in social media. If you don’t fancy creating content and interacting on social media platforms, here are 21 other ways of growing your business. 1. Go networking Research networking events happening online, in your area or for your industry and go along. Be ready to meet a lot of people and follow up with those where you see synergy. Find an excuse to get in touch with them after the event, for deeper, real-life conversations that bring introductions and new clients. Don’t be shy; the networking gains go to people who put themselves out there and work the room. Remember other people and be memorable yourself. 2. Create collaborations Collaborate with organizations and individuals with whom you share a target audience. Perhaps they pass you work as an associate of theirs, with or without a commission. Maybe you collaborate on programs or the delivery of your work or your service is included in their proposals. Collaborations with big players in your industry can keep business coming your way with no tweeting required. 3. Take rifle shots One step up from networking, research people who will make perfect customers, collaborators and connectors and get in touch from scratch. Aim to meet them at an event, ask them to book a call or take them for a fancy lunch. Have a compelling reason to book their time and don’t waste it when you have it. Then, play the long game. Keep a personal CRM to remember what you talked about and follow up regularly. 4. Improve your SEO Ranking well on Google is no mean feat. If you can appear at the top for terms your audience is searching, you will win traffic and customers ahead of your competitors. For this to work, go in depth. Increase your SEO knowledge; learn about keywords, meta descriptions and link building. Arm yourself with the tools for search volumes and domain authority and be ready to create a lot of content. 5. Run ads online Google Ads and YouTube ads can be a solid way of growing a business. Rather than building your own house, you are simply renting the land. Create incredible ads in the format required, collect tonnes of data, then analyze and edit. Keep going until you have a winning combination of headlines, images and calls to action that keep your potential customers clicking through to your site. 6. Join communities There are more communities around than ever, so find the one that works for you. This could be for people in your industry, location or simply other entrepreneurs. Join and aim to add value. Share what you know, help other members, give everything you have before you ask to take. By the time you do, you’ll be trusted and well-known and members will be ready to introduce you or sign up as your customers. Cherry pick some of the members to create a mastermind for a personal development bonus. 7. Grow an email list Rather than hitting publish and hoping you appear on enough newsfeeds, as with social media, with email marketing you can hit publish and know you are landing directly in the inbox of your subscribers. Grow an email list through all the ways mentioned so far, and offer a lead magnet to incentivize people to sign up. Once you have them, communicate regularly and consistently add value. 8. Make use of podcasts Podcast usage is growing like crazy and it’s only going to increase. Your podcast strategy could be to start and grow your own, to guest on other people’s or to advertise on popular shows within your niche. Each requires careful research and planning to make sure you’re not wasting your time. Practice telling your story, build your network of podcast hosts and create goals for the number of shows you want to record or appear on. 9. Start a newsletter One way to build your email list is starting a regular newsletter that they can’t wait to read. You could share a roundup of what’s been happening in your industry or offer a new video, article or insight with every issue. Plan your newsletter series, decide a launch date, then go out to people you know to collect your first hundred subscribers. Publish consistently. In every issue, encourage readers to share with their networks to grow your subscribers. 10. Exhibit at trade shows Many industries still run trade shows and it’s a great way to build up a buzz and meet a bunch of people. Exhibiting means investing in a plot, a stand and a way of standing out. Attending means working the room like you would any other event. Exhibit with a game plan; know who you’re looking to meet and what you will say once you meet them. Automate your follow ups to exhibit with ease. 11. Work on public relations Rather than schmoozing your followers, take a narrower approach and schmooze journalists by email. Get on their radar, catch their attention and follow up with ideas for how they could include you in their publication. Successful public relations require an advanced strategy of staying up to date, bugging them just the right amount and adding commentary in a way that other people want to publish what you say. Or, be so newsworthy that journalists come to you. 12. Run workshops Whether online or in person, run workshops to share your message and teach your methods to groups. Advertise on websites such as Eventbrite, Meetup and Airbnb experiences to bring people in from their traffic, notify your email list or tell local business owners and pin flyers up in the community. Run them regularly so your attendees create the habit, then ask them to tell a friend and grow your workshop numbers by referral. 13. Run print ads Online advertising is sexy but print ads can still be a solid bet. Magazines and newspapers are still read on paper, same as event programs, billboards and sponsor displays for sports teams. Design a stunning ad complete with a tried-and-tested call to action. Testing print ads also requires including a code or specific URL so you know when they have been a success, but it might work perfectly for your business. 14. Host events Networking events, awards dos, fireside chats, panel discussions, contests, dinner parties. There is no shortage of events you could run for people who make great customers or connectors. Design and plan the event then tell everyone you know, incorporating the other methods in this list to get the word out there and get people along. One successful event means you can make it annual, to bring fresh customers to your door year on year. 15. Become a blogger Instead of waiting to be printed by the journalists you schmooze, start your own blog for your own target audience. Decide on your topics, decide on your cadence, then begin turning writing and publishing into a habit. Engage within blogger communities to share your link, make it easy for readers to turn to subscribers, and cover every topic that you know is relevant to your dream customer base. Write with a specific person in mind and test out formats as you go along. 16. Work with influencers Instead of building your social media following to promote your own company, make use of the effort influencers have already spent building trust within a specific niche. Find them online and ask if they work with brands, then define an influencer budget and try a few out. Metrics can lie, so keep track yourself. Experiment with different types of placements and different types of people until you hit on perfect alignment and the sales start to flow. 17. Do speaking gigs If you’re an entrepreneur with a story, other people want to hear it. Set yourself up as a speaker to be booked for events that others are hosting. Get good at educating and inspiring to add the most value possible. Approach big brands and event organizers and set up profiles on speaker directories. Include a way of people hearing more within your presentation and nurture them through to enquiries and sales. 18. Build and they will come Set up on a busy street to make use of location in getting new customers. New bars, restaurants and coffee shops in high footfall areas benefit from potential customers walking by every single minute. For an online alternative, build something cool and post it on Product Hunt or Reddit. Ask your friends to upvote and share with your list. Post when you’re ready for potentially thousands of hits. 19. Guest blogging Other business owners run websites that are hungry for content. Provide the content to be published on their turf. Not only may a valuable article be read by their audience and start flocking your way, but you can also ask for a backlink to build the ranking power of your site. Build relationships with the webmasters and editors of collaborator sites and mind map article titles to offer to them. If they accept, write in their style and add all the value. 20. Have a referral program If I loved your product and wanted to tell my network, could I earn commission when they bought? Referral programs and affiliate links are one of the simplest ways to incentivize happy customers to bring their friends. Create the program, invite specific people, then share the winnings and grow your business on their shoulders. You could include a referral link on packaging or landing pages. 21. Start your own group Chances are, you know some cool people. Your customers, suppliers and extended network likely have plenty of things in common. There’s huge value in starting a group and being the connector of everyone you know. Group ownership means curation of topics, suggesting of ideas, and being in everyone’s minds every time they engage. Use Discord, Slack, Mighty Networks or an alternative to connect and chat online. If you are determined to grow your business, there are plenty of methods you can try before you dance around for TikTok or become a victim of the Instagram algorithm. Finding people, adding insane value and staying in touch is the basis of most business growth, and these 21 ways provide an alternative way to do exactly that. Source: https://www.forbes.com Image Credit: 21 ways to grow your business without social media | Getty Images |
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