Sunday, 30th September 2018 | Marketing

Three big benefits of creating a Google My Business profile

Google it! Consumers rely heavily on Google to answer their most pressing questions. When users search for local goods and services, Google My Business can revolutionize the way your small business appears in results.

Google it! Consumers rely heavily on Google to answer their most pressing questions. When users search for local goods and services, Google My Business can revolutionize the way your small business appears in results. With SEO being a priority for many small-business owners, you can’t afford to bypass this free tool. Here are the top three ways Google My Business can benefit you as the owner.

What is Google My Business?

Formerly known as Google Places, Google My Business (GMB) is a resource from Google that enables business owners to set up a listing that displays their location, contact details and other information in search results. Most small businesses don’t spend time on “SEO”, an acronym for search engine (i.e. Google) optimization. But no matter what size your business is, you should take 10 minutes to claim and verify your listing. When someone googles your business, the details and contact information included in your GMB profile are shown to them as part of the search result.

When your business or industry is searched for on Google, your GMB listing will appear in three spots: 

  • Google sidebar: This is the text box that appears on the right side of desktop search results. It is also referred to as the Knowledge Panel where the details of your GMB listing are displayed. For mobile users, the sidebar is displayed at the top of their page instead.
  • Local results: When a user searches for a business within a specific location, such as “Toronto dry cleaners,” Google will display the three businesses nearest that location. Each business will display with information from their GMB listing, such as address, phone number and photos.
  • Google Maps: Your GMB details will also appear when a user searches for your business (or type of business) using Google Maps. Populating your GMB listing with your industry will greatly improve your search rankings when local users search for your business type locally (e.g. accountants, sushi restaurants, book store).

Benefit #1: Google My Business gives you free visibility

GMB displays your business to a wealth of potential customers on the largest search engine—for free! While many online directories and industry-specific databases are available to you, they often come with a price. Using Google’s free listing, users can quickly access your small business’ hours of operation, phone number, website and directions with a simple click—at no cost to you.

Your business’ free GMB listing also gives customers an inside look by displaying your busiest operating hours plus customer reviews. If you’re in the early days of running a business or have a limited budget, you know that every dollar counts. By using GMB, you can put yourself in front of prospective clients for free, and direct your dollars to other marketing efforts.

Benefit #2: Discover how customers find your business

Analytics are important. Gaining insight into how new customers discover your business can help you attract more. With GMB’s insights, you can obtain details on how customers are interacting with your listing. You’ll be provided with insights on how users found you and where they’re coming from. Be sure to monitor your insights and activity regularly in order to update your listing and any related marketing efforts.

Benefit #3: Connect with customers using Google

Coupled with your GMB business listing is the option for uses to rate and review your operation. Using these tools, you can engage with customers online and build loyalty. By monitoring and responding to user reviews you can work to build strong customer relationships. Most businesses find potential customers use this rating to determine whether they’ll patronize the business. Start a conversation with your customers by responding to reviews, especially those that require immediate attention.

How to set up a listing with Google My Business

A GMB profile yields results is one that is up to date, complete and optimized for users. But, before you can optimize it, you need to claim your listing. Begin by visiting Google My Business and logging into the Google account you use for your business. Once signed in, enter your company name in the form and confirm that you are authorized to manage the business.

After claiming your listing, ensure your business’ information is current and correct. Double check your operating hours, payment methods and contact information. Also ensure that your service category is appropriate. This step is key to appearing in user searches. For example, if you’re a sushi restaurant, you’ll want to specify this so that you appear in the results of users hungry for Japanese cuisine. If you simply list yourself as a “restaurant,” your listing may be too generic to appear in any search results.

After verifying your listing, upload a few images. These will be the first impression people get of your business, so be sure they’re good ones. Select pictures of your products, your storefront, the inside of your business, your team, your street location and other photos will draw users in.

Keep your Google My Business listing current

As your business grows, don’t neglect your GMB listing. As you make regular updates to your website and social media, ensure your GMB listing is current as well. Upload new photos, review (and respond to) customer reviews and be sure to make any necessary edits to your contact information as changes occur.

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Money-Saving Strategies for Small Businesses

Financial planning is crucial for small businesses, especially in today's dynamic economic landscape. At iCapital, we understand the importance of maximizing savings to ensure the sustainability and growth of your business. Here are some updated money-saving tips tailored for small businesses in Canada:

1. Embrace Technological Advancements

Investing in digital solutions can streamline operations and significantly cut costs. Consider integrating cloud-based accounting, project management, and communication software to eliminate the need for expensive hardware and maintenance. Additionally, leveraging AI tools can further enhance efficiency and productivity.

2. Negotiate Vendor Contracts

With economic uncertainties, vendors are often open to negotiation. Review your contracts regularly and negotiate better terms or discounts with suppliers. Consolidating purchases with fewer vendors can also lead to volume discounts and cost savings.

3. Go Green

Reducing your environmental footprint can also translate into cost savings. Implement energy-efficient practices such as using LED lighting, optimizing heating and cooling systems, and reducing water consumption. Not only will this lower utility bills, but it will also enhance your business's sustainability credentials.

4. Remote Work Opportunities

The shift towards remote work has proven to be cost-effective for many businesses. By allowing employees to work from home, you can reduce overhead costs associated with office space, utilities, and maintenance. Invest in collaboration tools and cybersecurity measures to support remote work effectively.

5. Optimize Marketing Strategies

Digital marketing offers cost-effective avenues for promoting your business. Focus on targeted online advertising, email marketing campaigns, and social media engagement to reach your audience efficiently. Monitor the performance of your marketing efforts and adjust strategies based on data analytics to maximize ROI.

6. Automate Routine Tasks

Automation can streamline repetitive tasks, saving time and reducing human error. Explore automation tools for accounting, inventory management, and customer service to increase efficiency and productivity while minimizing labour costs.

7. Monitor Cash Flow

Maintaining healthy cash flow is essential for small businesses. Implement robust cash flow management practices, including regularly monitoring accounts receivable and accounts payable and optimizing payment terms with vendors to avoid unnecessary expenses and late fees.

8. Seek Financial Assistance

In challenging times, accessing external funding can provide a lifeline for small businesses. iCapital offers flexible small business loan options designed to support businesses with up to $250,000 in assistance within 48 hours. Whether you're looking to navigate cash flow challenges or seize growth opportunities, our financing solutions can help you achieve your goals.

Effective cost-saving strategies are vital for the success of small businesses in today's competitive landscape. Small businesses can thrive and achieve long-term sustainability by embracing technology, optimizing operations, and seeking strategic financial assistance.

At iCapital, we're committed to supporting small businesses in Canada with tailored financial solutions and expert guidance. Contact us today at our toll-free number 1-877-251-7171, to learn more about how we can help your business succeed.

Small business financing Canada

Embracing AI: Small Business Marketing Success

Venturing into Artificial Intelligence (AI) may seem like treading uncharted waters, but it's an opportunity for small businesses to revolutionize marketing strategies and spark growth. Much like the buzz surrounding ChatGPT, AI tools offer myriad capabilities, ranging from task automation to personalized customer experiences. In fact, research shows that 39% of small businesses have already invested in AI tools to innovate their customer engagement and retention strategies, leveraging AI to save both time and money.

Unlocking the Power of AI Tools

AI tools span a wide spectrum of applications to streamline processes, analyze data, and optimize marketing campaigns. Let's explore some key AI tools commonly embraced in small business marketing:

Data analysis

AI-powered analytics programs sift through vast volumes of marketing data, distilling valuable insights and trends that inform strategic decisions and fuel campaign optimization. This enhances efficiency and facilitates cost savings, with 25% of businesses using these savings to increase wages and benefits.

Natural Language Processing (NLP)

NLP technology empowers chatbots and virtual assistants to engage customers in natural conversations, enriching customer service and sales interactions.

Automated decision-making

AI algorithms offer actionable recommendations, guiding marketing strategy decisions to ensure resource allocation aligns with business objectives and budget constraints.

Content generation

AI-driven tools churn out written content, such as blog posts and social media captions, at scale, freeing up time for creative endeavours while maintaining quality and consistency.

Real-time personalization

Leveraging customer data, AI enables personalized marketing experiences by delivering tailored recommendations and offers, thereby enhancing engagement and driving conversions.

Leveraging AI for Marketing Success

Incorporating AI tools into the marketing toolkit can yield substantial benefits for small businesses. Here's a roadmap to harnessing AI for marketing success:

Harness data insights

Utilize AI analytics platforms to extract actionable insights from marketing data, empowering informed decision-making and continuous optimization.

Elevate customer engagement

Deploy AI-powered chatbots and virtual assistants to provide personalized customer experiences, fostering satisfaction and loyalty.

Make informed choices

Rely on AI-driven recommendations to shape marketing strategy, ensuring alignment with business objectives and market dynamics.

Streamline content creation

Utilize AI content generation tools to produce high-quality written content efficiently, maintaining relevance and resonance with the audience.

Deliver tailored experiences

Leverage AI to deliver real-time personalized marketing messages and offers, nurturing deeper connections and driving conversions.

Designing an AI Marketing Strategy

Designing an effective AI marketing strategy requires careful planning and strategic execution. Here's how to do it:

Identify Business Requirements

Assess business needs and objectives to determine how AI can support marketing goals.

Decide AI Framework

Choose AI tools and technologies that align with business requirements and budget constraints.

The Right Approach

Adopt a strategic approach to implementing AI in the marketing strategy, focusing on areas where it can deliver the most significant impact.

Evolve

Continuously monitor and refine the AI marketing strategy to adapt to changing market dynamics and emerging trends.

By embracing the power of AI, small businesses can unlock new avenues for growth and competitiveness in the ever-evolving digital landscape. With careful planning and strategic implementation, AI can be a game-changer for small business marketing, driving engagement, loyalty, and business success. So, let's embark on this exciting journey together and seize the opportunities that AI has to offer.

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Cybersecurity Strategies for Small Businesses

 

As we embark on a new year, the ever-evolving digital landscape presents opportunities and challenges. In 2024, one of the paramount challenges demanding attention is the persistent threat of cyber attacks. 

Safeguarding your business against these threats is not just advisable—it's imperative. Let's explore the crucial cybersecurity strategies every small business should adopt for a secure and prosperous journey throughout 2024.

Understanding the Landscape

The IBC’s 2023 Cyber Security Survey revealed a concerning trend among small businesses. Despite over 60% considering their size immune to cybercriminal attention, small businesses with 1,000 or fewer employees experienced a surprising 43% of yearly cyber attacks in 2023.

Crucial Cybersecurity Strategies for Small Businesses

Educate Your Team

Empowering your team with effective cyber threat identification skills is essential. Regular training sessions can equip them to recognize phishing emails, use strong passwords, and identify potential security risks. A well-informed team serves as the first line of defence against cyber adversaries.
Ensure your training addresses these common security issues:

1. Phishing attacks: Deceptive tactics to trick victims into sharing sensitive information or deploying harmful software.

2. Malware attacks: Cyber threats involving malicious software executing unauthorized actions.

3. Ransomware: Malicious software designed to deny access to files, demanding a ransom for decryption.

Employee Training and Awareness Programs

Acknowledge that your employees are not just integral to your business—they are the first line of defence against cyber threats. Regular training and awareness programs inform your team about the latest cyber threats and preventive measures. Cultivate a culture of cybersecurity awareness where every team member actively contributes to the protection of your business.

Strengthening Your Digital Shield

Crafting an impenetrable shield for your small business involves developing good cybersecurity habits through daily practices:

1. Regular Software Updates: Keep all software, including operating systems and security applications, up-to-date to patch vulnerabilities.

2. Security Audits: Conduct routine security audits to identify and rectify potential weaknesses in your systems.

3. Password Policies: Enforce strong password policies, promoting the use of complex, unique passwords.

4. Require long, varied passwords for sensitive accounts.

5. Enable two-factor authentication for added security.

Invest in Cybersecurity Technology

As cyber threats advance, upgrading defences is crucial. Invest in state-of-the-art cybersecurity tools like antivirus software, firewalls, and intrusion detection systems to serve as your digital guardians, actively monitoring and thwarting potential threats.

Proactive Preparedness

Craft a comprehensive incident response plan that includes:

1. Communication Protocols: Clearly define communication channels during a cyber incident.

2. Data Backup Strategies: Regularly back up critical data to minimize the impact of potential data loss.

3. Mitigation Steps: Establish procedures to mitigate potential damage during and after a cyberattack.

The Stakes Are High

In 2023, small businesses accounted for a significant portion of annual cyber attacks, emphasizing the need to view cybersecurity not as an expense but as an investment. Cybersecurity is not a luxury—it's a prerequisite for sustainable success. As you navigate the intricate web of business operations in 2024, remember that a secure foundation is key to achieving your goals. Despite the challenges in the digital realm, informed decisions and proactive measures can help your business emerge stronger and more resilient than ever.

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The Top 10 Small Business Trends for 2024

As small business owners, anticipating the shifts that shape success is always on your agenda. In the ever-changing business landscape of 2024, specific trends will be crucial to staying relevant and thriving. Let's recap the top 10 trends that should be on your radar for the coming year:

 

1. Tech Integration for Maximum Efficiency:

Small businesses are unlocking the power of technology to streamline operations. From intuitive software to smart automation tools, embracing these innovations can enhance efficiency, trim costs, and keep you at the forefront of your industry.

2. Sustainability and Climate Change:

Sustainability is not just a buzzword; it's a game-changer. Small businesses are discovering the benefits of eco-friendly practices, not only for the environment but also for their bottom line. Going green can set you apart and resonate with conscious consumers.

3. Flexible Work Models:

The 9-to-5 office setup is evolving. Small businesses are embracing flexible work arrangements—remote work, flexible hours, and hybrid models—opening doors to a global talent pool while fostering a healthier work-life balance for your team.  

Related: A shortened workweek: fad or the future of work?

4. Personalized Customer Experiences:

In an era where personalization reigns supreme, small businesses are customizing customer experiences. From targeted marketing to personalized products and services, understanding and meeting individual customer needs are keys to success.

5. Continued Growth of E-commerce:

E-commerce is not slowing down. Small businesses are seizing the opportunity to reach a broader audience, implement targeted marketing, and offer convenient purchasing options. Investing in a robust online presence is no longer a choice—it's a necessity.

6. Prioritizing Mental Health and Well-being:

A healthy work environment is essential. Small businesses are putting employee well-being first, introducing initiatives like employee assistance programs, flexible schedules, and wellness benefits to create a thriving and productive workforce.

7. Digital Marketing, Content Creation, and Artificial Intelligence (AI):

Stay ahead in the digital era by creating valuable content, engaging with customers through social media, and implementing SEO strategies. Integrate AI to streamline content creation processes, adding a layer of innovation to your marketing strategy. 

Related Article: 7 ways how AI empowers small businesses to achieve more in less time

8. Cybersecurity and Data Protection:

In the digital age, safeguarding your business is crucial. Invest in strong cybersecurity to protect sensitive data and maintain customer trust. Shockingly, small businesses, including those with 1,000 or fewer employees, account for 43% of annual cyber attacks in 2023. This data underscores the need for comprehensive cybersecurity strategies to fortify your defence against potential threats.

9. Innovative Payment Solutions:

How we pay is evolving, and your business should evolve with it. Consider offering various payment options, including mobile wallets and contactless payments, to cater to diverse customer preferences.

10. Agile Business Models:

Agility is the cornerstone of success in 2024. Be responsive to market changes, adapt swiftly to challenges, and capitalize on emerging opportunities. Flexibility in operations and decision-making will give your business a competitive edge.

Incorporating these trends into your business strategy isn't just smart; it's the key to staying relevant and successful. Keep these considerations in mind as you navigate the dynamic landscape of 2024.

Sales ,Marketing ,Accounting ,Management ,Personal Loan

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