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How to Make Money Investing in Number Plates?

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Business
How to Make Money Investing in Number Plates?

About 40 years ago, owning a personal car was more of a status symbol. It wasn’t as much of a need. People used to rely on public transport more than they relied on their private cars.

However, today, the face of reality is much different. Each household owns at least one car owing to various necessities and tight schedules.

We cannot afford to spend hours of our precious time on public transport. And for some, doing so is a huge concern in terms of reputation as well.

Naturally, the production and ownership of cars are increasing by the day. It’s not only giving rise to the car-selling business but the industry-associated businesses as well, such as number plate selling and manufacturing.

In actuality, currently, the most expensive number plate in the world costs around AED 38 Million. You can imagine the profitability of this business!

If you’re an investor and that figure sparked a gleam in your eyes, then allow us to dissect it further for you. Allow us to help you lay a path to that very figure (you could be a millionaire!!).

How to Invest in Number Plates?

Virtually

Investing in number plates is much simpler today. You can begin your business right away online!

To get started, you can get yourself registered on a relevant business site, such as newreg.co.uk, and set up your company profile or business profile. You can research, create, invest, purchase, and even sell on such platforms. These make your investing journey 10x easier!

Once you have your account set up on a relevant site, you can use digital marketing tactics to promote and market your business. You can take it to other social media platforms and gather an audience there. Once you start running ads for number plates for sale, you will begin gaining traffic.

Since there’s a lot of competition these days, it’s best to invest ample time in crafting your mission, vision, and operating mechanism. It will help you incorporate unique elements in your business that will help you stand out from the crowd.

Unlike brick and mortar stores, you will not have huge expenses to deal with. You won’t have to pay rent for storage, hire employees, or spend on paper advertisements. Instead, you can use the internet and profile to reach out to relevant customers. You may have to arrange a number plate machine or two initially. And may require room to store and operate it.

Physically

If you wish to become a number plate supplier or investor with a physical store in existence, then you’d have to take a longer route. You’d have to arrange:

  • A place
  • Employees
  • Legal Verifications
  • Physical and Online Advertising

Even as an investor, you’ll have to manage and look into these concerns.

Duties & Responsibilities

As an investor in number plates, you will have to abide by a few rules and laws. Whether you’re investing in a manufacturing business or buying prepared number plates, you need to ensure that your customer owns the following:

  • Driving License
  • Valid Passport
  • Police Warrant Card
  • Debit or Credit Card
  • Utility bill issued and paid within the last six months
  • Armed Forces Identity Card
  • National Identity Card

On your end, you have to provide the following:

  • Vehicle registration certificate
  • Certificate of Entitlement
  • Authorizing Documents

Whether you’re selling them large-scale or small-scale, you will have to keep a keen eye on the exchange of these documents for verification and business purposes. If you are to thrive and survive in the industry, you have to abide by the laws.

How to make quick money?

For quick maximum profits, we recommend:

  • Buy number plates with fewer digits (e.g., F1, D5, EE 2)
  • Buy number plates with labels of wide appeal (e.g., S1MON)
  • Buy number plates upon immense research. Choose the ones with unique, funny, popular, and appealing letter-digit combinations.
  • Compare the prices before investing anywhere. Study the market and determine if you’re spending more than you need to or not.
  • Instead of buying from third parties, buy number plates directly from the owner to save spending on commission.

Final Thoughts

Conclusively, we’d like to remind you that as an investor you’ll need loads of patience. You may have your number plates sitting in the storage room for a year or two, or even for years till they sell for a just price. Don’t lose hope and keep on investing.

10 Surefire Medical Reputation Management Tips

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Business
10 Surefire Medical Reputation Management Tips

Online reputation has a great impact on your business. It can make or break your business. Your online reputation determines how others see your business when they search for it. Online reputation management can help you in maintaining a good reputation.   Below are ten ways you can ensure that your healthcare practice has a good reputation.

  1. Audit Your Brand Name

Achieving a solid online reputation has something to do with knowing your competition. It would be best if you understood what other online brands are doing, so come up with a means of outpacing or outdoing them. People will go to the internet when searching for healthcare providers or hospitals. Reevaluate the information available online about your brand, noting the positives and negatives.

  1. Leverage Social Networks

It is not enough to have a social media account; you also must have a persistent presence which entails taking a proactive approach by being part of the conversations and sharing content. Set up Google Alerts for brand mentions to ensure you know when your name comes up in an online discussion. The alerts will also ensure you are part of the conversation and you can respond adequately. Please keep in mind that negative comments can dent your brand’s reputation if they go unchecked, more so when they originate from your social media network. It is best to use a positive countermeasure, a proactive strategy that will safeguard your name and online reputation.

  1. Tell Your Story

It is also wise to use it to build your brand’s image with an online social network presence. Furthermore, you can take advantage of social media to strengthen your overall online presence. You can achieve this by sharing/posting creative, relevant, positive content and linking them with your website and blog. Always present your brand as you tell your story, striving to establish yourself as an expert in your field. In addition, the material you churn out should generate responses from your target viewers, which will help it gain a higher search ranking.

  1. Encourage Positive Online Reviews

One of the most effective ways of snuffing out negative remarks and strengthening your online reputation is by aggressively promoting positive materials about the doctor’s profession. Encourage your medical faculty to share or posit positive reviews. The more such content you get, the less likely you are to get negative remarks that dilute your reputation. You also should monitor online reviews, which you can do using Google Alerts, Social Mention, and other tools. It is a tactic that ensures you are better equipped to counter negative content and mitigate its impact as you push the positives by responding promptly and professionally to all remarks.

  1. Never Disregard Negative Reviews

Some patients might not be happy with you despite your best efforts to be professional in your specialty. They are likely to post a bad review, resulting in significant losses in your medical practice if ignored. If such a remark bears some truth, own up to your mistake and contact the reviewer offline, proposing ways to resolve the issue. At times, a sincere apology can be what it takes to deflate or diffuse the situation. Moreover, avoid getting emotional because you might end up saying something regrettable. It is best to maintain your cool as you offer to handle the matter offline. You could make a loyal patient out of that disgruntled individual once you hear them out and address their complaints. They also could recommend your practice to their friends, family, and colleagues.  

  1. Earn Your Patients’ Trust And Respect

Today’s internet users rely heavily on online content to know who to trust when searching for products or services. The same is expected of people when looking for medical care. Patients want a healthcare provider that has a seemingly untainted reputation. Providing high-quality care is one of the vital starting points. People expect you to offer this, which plays a significant role in the bigger picture. Remember, sometimes issues do arise and it’s the way you rectify them that defines you as a business. Perhaps you’ll need a defense counsel to do so, however, you should always strive to make amends.

Overall, excellence should be your goal in every step of the care and other services you provide to your patients. Let their journey – from searching and find you to getting treating and leaving your medical facility be a fantastic experience.

  1. Do Your Best To Listen

Use your social networks as avenues for hearing what your patients are saying. You will get unedited voices that let you understand and relate to your audience’s voices, especially the unhappy ones. Pay closer attention to the feedback regarding your brand. Understand their complaints and concerns before rushing to fix the issues. That is who can repair the fundamentals and prevent such problems from arising in the future.

  1. Encourage Your Workforce To Offer Excellent Service

Patients will not always express their anger upfront, but you know they left unhappy when they stop coming back to your medical facility. They also can tell their friend, family, and colleagues about how your staff handled them, which can have a negative ripple effect that damages your business’ reputation. You should have health practitioners that understand the need for providing outstanding health care services. Such a staff play’s a crucial part in improving your reputation and bolster your business’ position as a leader in your niche.

  1. Develop Long-Term Reputation Management Strategy

Having a highly-trained staff that strives for professionalism will not fix your online reputation overnight.  It is best to consider a long-term approach, which is a process that demands commitment. Feeling frustrated when your reputation management efforts have little to nothing to show is understandable. However, it would be best if you did not forget that all the work you put into will have a long-term impact on bolstering your reputation. Some of the things you can consider in your long-term plans include setting patient care benchmarks, hiring qualified practitioners, providing staff training, and more. Overall, strive for realistic goals, exercising patience, and maintaining a level-head when facing challenges.

  1. Hire Reputation Management Specialists

Lastly, it is best to consider outsourcing your medical facility’s reputation management responsibilities if you feel overwhelmed. Many healthcare practitioners will bring onboard

professionals to help them handle their business’s online reputation by managing their online presence. Reputation management for healthcare businesses can be complicated but is worth the investment if you want to ensure your business’ name is untainted. Work with qualified professionals when trying to build your online presence and reputation.

5 Wise Tips For Buying a Business

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Business
5 Wise Tips For Buying a Business

To many, buying an existing business appears to be an easy task. It’s like purchasing a ready-made module rather than building one from scratch. It involves half the amount of effort.

However, one wrong decision, one uncalculated step could turn the tables. You may find yourself investing way too much time and energy, killing the whole essence of buying an established business.

Certainly, you do not want that. Neither do we. So, here are a few handy tips from the experience that could save you from the ultimate disaster.

1.         Know Your Business Skills

Before you seal the deal, question yourself: is this what interests you? Is this your field? Do you have enough command? Can you effectively deal with the current downfalls of your potential purchase? Or, if the business comes to face any of the predicted dangers, will you be able to deal with that?

Answer these questions, not only with yes or no’s. But also, with how? Once you do, you will unravel whether you have ample skills to take upon this business or not.

For example, some businesses demand the capability of constantly dealing with pressure. Some businesses have immense risks of huge blowouts. Some have a reputation crisis. Unless you’re purchasing a leading company, there are high chances that your purchase will have a major drawback that you must know to tackle. If you don’t, you may as well be paying for thin air.

2.         Get the Right Professional Advice

Once you have decided the domain you wish to explore, it’s to get in touch with professionals. Seek professional advice on the matter so that you may make a calculated, informed, and wise decision. Certainly, the professional will charge you quite a bit for this service. But you can consider this as an investment in a fruitful future.

In case you are wondering which professional you should reach out to, then a business broker may suit your interest. A business broker refers to a company or an individual that helps business purchasers with paperwork and investigations. They take up the responsibility of analysis and guiding you the right way in the industry. If you do not wish to trust a broker immediately, you can begin by doing your part of research about the processes at Net Lawman.

3.         Analyze the Legal Position & Documents

If a business is stable and running, it does not mean that the business is legally all fit and healthy. Many times, business owners figure alternate illegal routes to save themselves from paying heavy taxes that minimize their profits. And no, this deceptive move is not often visible on the surface. The business may appear the cleanest on the surface, but deep scrutiny will reveal the dark, hidden secrets.

For that very reason, we advise the ones purchasing a business to acquire all necessary information about the business beforehand. Get the documents verified and tested by relevant legal authorities. The documents you may want to check include contracts of the suppliers, paid taxes, employee agreements, insurance policies, etc.

4.         Don’t Hesitate to Negotiate

Even if you are a complete newbie in the business industry, you need not shy away from negotiating. Remember, sometimes even the brokers may try to suppress the possibility of negotiations solely to boost their benefits, so you must hold your ground firmly.

Participate enthusiastically in crafting the Letter of Intent, i.e., term sheet. And if the intermediary party does not initiate it, you should take charge. In this sheet, you settle terms and conditions with the seller about the assets and proceeding mechanism.

5.         Prioritize Assets Over Business Itself

Lastly, when purchasing a business, determine if it’s a corporation or LLC. If so, do not invest in the stock. Instead, buy the assets of the business and set up a fresh company. No, it wouldn’t be the same as starting from scratch. You could imagine this as starting somewhere midway.

Now, why would you do that? Well, that’s because such a measure will automatically be safeguarding the businesses’ intellectual property, as well as its material property. How so? If the previous owner has been sued by someone or has some negative charges, they will not apply to you since you will not have an inherited company. Instead, you will have a fresh one. The plus point is you can set up a brand new framework. Develop your own new rules. Make use of tools you like, such as TrackTime24. Manage staff as per your conditions anew.

Final Thoughts

Summing up, purchasing a business may not be as hectic as starting a business. But it is, surely, a sensitive process. If you fail to pay attention to the details, you might sign up for even greater trouble. Hence, we highly recommend abiding by the tips above. Good luck!

Top Tips For Using Instagram For Business Success

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Business
Top Tips For Using Instagram For Business Success

Instagram is one of the most powerful and underutilized marketing tools available in the marketplace. It happens to be one of the most popular social media platforms that’s out there. Because of this, it should hold a prominent place in your comprehensive marketing strategy. However, despite it being extremely user-friendly and innovative, there are certain things that you will need to know to get the best results from it. Here are some of the tips you should be using.

Post Regular Content

You will find that people begin to follow your account when they enjoy your content. Because of this, you want to post it more often. When you stop posting content, they are likely to un-follow you. After all, they are following you for the content you publish. Thus, you want to try to streamline content in a way that meets their expectations. Try to produce sufficient amounts of quality content to keep them entertained and engaged.

As someone who is an expert in your relative field, you should be able to craft quality content by leveraging your experience. However, you also want to ensure that you are making everything count. Instead of constantly posting captivating content or your best quality content, you can mix in photos of quotes, and other things. That way, you don’t find yourself running out of content and the content you do publish can hit harder. While you don’t necessarily need to post every day, you do want to try to post a minimum of every 4 days to ensure you are regularly engaging with your audience. You can buy Instagram followers to really help pump things up.

Posting any less than this is likely going to result in you losing followers. Keep in mind, you don’t want to post sporadically. People like to know they can count on you posting content regularly and on schedule.

Don’t Stick To The Same Content

You will find the Instagram platform is full of beautiful imagery. Because of this, you can try to get creative with your content. Ideally, you want someone that has a good camera eye. That way, they can examine it to ensure that it is of the best quality before publishing.

While you should be able to effectively reuse content if you are spacing it right, you don’t want to post the same thing over and over. However, you could potentially make subtle changes that will enable you to use the same subject in various contexts for the same result. You can alter things by posting a quote one day and then posting a video the next.

Your followers are looking for something with your content. They are either following you for interesting topics, entertainment, or educational content. Try to post a variety of different types of content to maximize creativity. However, Hootsuite suggests you don’t forget that you are posting on a business account. Therefore, you shouldn’t be using the platform to engage in topics of opinion. Keep everything related to your business or the industry you are operating in.

Reward Your Loyal Followers

It can be extremely difficult to keep your audience engaged in your content. Along with focusing on posting high-quality content, you should be looking to find ways to incentivize anyone that is following you. You can do this by offering special Instagram-only deals, promotional codes, or even competitions to keep them regularly tuned in and engaged with your account. This can help to ensure that you get regular eyes on your account and it will give everyone that follows your account good reason to consider sticking around. However, don’t turn your entire account into a freebie giveaway account. This will only draw those seeking freebies to your account. Instead, use this periodically for the best results.

Include The Right Hashtags On Every Post

You want to try to be certain that you are using the right hashtags on every post. Much like Twitter, Instagram uses hashtags to categorize the content. That way, people can find things and topics they are interested in. This can make your content much easier to find for others. For instance, if you are looking to showcase your cooking experience, you might want to include hashtags for your #bestrecipes according to Web Design Meath.

If you aren’t using the right hashtags or if you aren’t using hashtags at all, you will make it increasingly difficult for people to find your content. You want to ensure that you are using hyper-relevant hashtags, as well.

Be Extremely Social

Social media has its name for a reason. Being social is one of the most important parts of the process. You want to do more than regularly post content without following up. You need to be engaging with your audience and interacting with them routinely to grow.

You should be commenting, liking, and interacting with every visitor that finds your account. You could potentially hire a company to assist in integrating your social media accounts to ensure you can manage the accounts as efficiently as possible. You also want to be directing traffic from your social media to your website and vice versa.

5 Tips to Start a CBD Business: A Discussion with Joy Organics

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Business
5 Tips to Start a CBD Business: A Discussion with Joy Organics

Over the last 5 years, the cannabis industry has really grown. This is because cannabis is now mostly used for medical treatment. A lot of studies have proven CBD oil provides several benefits to people with pain conditions and chronic conditions.

It is now the best time to start a CBD business because the number of potential customers keeps increasing every year. Starting a CBD business? It’s time to check out Joy Organics.

The value of the international cannabis industry was $9.3 billion in 2016. The value is expected to increase by 34.6% by 2025. It is now the best time to get into the industry before a lot of people get into the industry. Here are the best tips for starting your CBD business:

1. Do Proper Research

If you are thinking about starting your own CBD oil company, you may know something about cannabis and CBD oil. If you do not know anything, you might want to start there.

You need to know the laws relating to cannabis in your state to ensure you do not get into any legal troubles. You will take the same steps as those for setting up shop, including getting a license, a tax EIN, and incorporation.

2. Create a Business Plan

You must create an actionable business plan and write down your business goals. You need to include the following into your business plan:

A marketing plan, including both offline and online marketing strategies

A plan for financing your business and getting funding

Your target audience

Products and services you will provide or sell

Sales forecast with reasonable timelines and steps for reaching your goals

You can add more factors to your business plan, but the ones mentioned above are the most important.

3. Use Top Suppliers

If you decide to either distribute or manufacture CBD oil, you need to choose a legitimate supplier. You must check where potential suppliers get their CBD to ensure you are working with a reputable supplier. Suppliers used to get their CBD in Europe. However, there are more hemp growers in the US these days.

Make sure you are getting CBD oil with a certificate of analysis (COA) from your supplier. The COA confirms the purity and levels of THC, CBD, and other chemicals in the product.

4. Create a Website And Use SEO to Optimize It for Search Engines

It is difficult to succeed these days without a professional website. It is easy and secure for users to navigate a website and purchase your products through your website.

You need to pick the best website platforms for your CBD e-commerce business. Create original and useful content for your website. And use SEO to optimize your website for the search engines to increase its rankings.

5. Build and Market Your Brand

Once you build your brand, you can now market it. Make sure you can answer the questions your potential customers may have. Answering their questions can help you build your reputation since your customers will see you as a CBD authority.

Use social media to promote your brand and use your website to build an email list. You can even follow online tutorials on how to promote a small business.

Use the advice in this article to start your CBD business. However, the advice also applies to other businesses in different industries. The most important thing is to create a good business plan and build a professional website. Then, use SEO to promote your website.

If you are looking for the best business tips for boosting your revenue and making your customers happy, visit the Small Business Brief blog for the best tips for small business owners.

Author Bio: 

Robert is an MBA graduate. He loves to write about tech and marketing. In his free time, he plays football.

How to Use Personal Bankruptcy to Help Your Home Business

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Business
How to Use Personal Bankruptcy to Help Your Home Business

Using personal bankruptcy can help a small business get rid of their liabilities and can help give them a fresh start. You may choose either Chapter 7, 13, or 11 bankruptcy depending on the situation of your company and your current assets.

Every business, however, is not in a position to file bankruptcy. There are several aspects to consider before a business takes this bold decision. For example, if you wish to keep your business open, have a sufficient amount of cash flow, and can make monthly payments, then Chapter 11 bankruptcy would suit your needs.

On the other hand, if you do not have sufficient cash flow and you wish to close down the business efficiently, then you should apply for Chapter 7 bankruptcy. Chapter 13 Bankruptcy is used if the sole proprietor wishes to keep the business running.

A wrong choice can have disastrous effects on the financial situation of the person under discussion. It is better to consult an expert in the field before filing a case. The first thing you need to consider before filing for bankruptcy is to see whether your business is in a partnership or is a sole proprietorship.

We will discuss bankruptcy options for sole proprietors, small business partnerships, and corporations and how they affect each party.

1.     Filing for Chapter 7 Bankruptcy as Sole Proprietors

If a business owner has decided to close down a business, then they can use Chapter 7 bankruptcy. This helps the business owner discharge their business and personal debts and erases their personal record, which gives them a fresh new start if they are looking to invest in new ventures.

This is not in the case of Chapter 11 and 13 filings in which a creditor payment is required. A time period of 3-4 months is required for the completion of Chapter 7 bankruptcy filing. Chapter 7 Bankruptcy may seem like the perfect option for home businesses that want to close down, but there is a downside that one cannot ignore – once you file for Chapter 7 Bankruptcy, your property will become part of the bankruptcy estate.

You will only be allowed to keep only the assets that fall in the “exempt” section. These can be your home, car, clothes, etc. For a filer, a Chapter 7 bankruptcy could mean they will be losing property and other valuable assets too if they will be filing for a Chapter 7 Bankruptcy.

Chapter 7 Bankruptcy allows business owners to keep a “service-only” business when they file for this type of Bankruptcy. This means you can save your business if you are providing a service such as a freelance writer, an accountant, a carpet cleaning service, replacement windows service, or if you are a handyman. A lot of states also exempt equipment that might be needed to provide these services.

2.     Filing for Chapter 11 or 13 Bankruptcy as Sole Proprietors

If you wish to continue your business even after filing for bankruptcy, then you can either opt for Chapter 11 or Chapter 13 Bankruptcy. You can choose between Chapter 13, Chapter 11, or Subchapter V depending on your debt limits. In most cases, you will be allowed to continue operations once you file for one of these Bankruptcies.

You should be able to have an adequate amount of cash flow, though, which can help keep your business up. The plus side is that you will not be giving away your property, which makes it easier to run business operations. There is a catch, though – you will be paying your creditors money, which will equate to the value of the non-exempt property via the repayment plan.

Moreover, you will need to prove that you are making enough money that will support your case.  In case you are unable to protect your business equipment as you are unable to pay the value via the plan, then Chapter 13 Bankruptcy is not a valid plan.

Chapter 11 Bankruptcy is quite similar to Chapter 13 Bankruptcy. A business that file For Chapter 11 Bankruptcy keep their assets and pay the creditors via a repayment plan. However, unlike Chapter 13, Chapter 11 can be a tad bit complicated due to extensive and continuous reporting procedures. Moreover, it tends to be extremely expensive for small businesses to keep up with such procedures.

3.     Filing for Chapter 7 Bankruptcy as Small Business Partnerships and Corporations

As a business closes down, there are multiple aspects that need to be taken care of. When a business is divided between partners, it becomes the responsibility of all the stakeholders to liquidate the assets and divide them between the creditors. If the small business has a large number of assets in its name, then using Chapter 7, Bankruptcy can make the process much easier.

There is an increased amount of transparency, and the closing down process can take place much more smoothly. Moreover, it lessens the chances of any creditors claiming fraudulent activities, and stakeholders have lesser chances of raiding the asses at the time of company closure.

4.     Filing for Chapter 11 Bankruptcy as Small Business Partnerships and Corporations

Since Chapter 13 is only available for sole proprietors. A small business partnership or corporation can file for Chapter 11 Bankruptcy if they wish to keep their business running and pay fewer debts. Previously small business was reluctant to file for Chapter 11 Bankruptcy as there was an increase in rights given to creditors along with increased legal fees. However, there has been a relaxation in this regard, and small businesses are given the option to restructure their debts.

What’s Next?

Whether your business is owned by a sole proprietor, partnerships, or corporation, it can be a complicated procedure to file for business bankruptcies. If you are thinking of filing one, then it’s best to take help from an advisor or an attorney who is well-versed in all the legal procedures regarding business bankruptcies and also you can listen to best podcasts on business. This way, you will be able to get financial reassurance and the best deal on the table for your home business.

Author Bio:

Arslan Hassan is an electrical engineer with a passion for writing, designing, and anything tech-related. His educational background in the technical field has given him the edge to write on many topics. He occasionally writes blog articles for London carpet cleaning.

6 Useful Applications of AI & Machine Learning in Your Business Processes

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Business
6 Useful Applications of AI & Machine Learning in Your Business Processes

As human intelligence continues to progress, we see new and more sophisticated technologies, and AI is its latest manifestation. Artificial intelligence (AI) has gained a lot of recognition in the past few years. AI is one of the greatest technologies developed by humanity. Many businesses were quick to grab it because of how many opportunities it offers them for significant development.

AI machines are quick to produce accurate answers to any question in the company via data analysis. AI machines also save time and money. Because they can work for more than 24 hours without feeling tired, needing to rest, or getting bored with the repetitive tasks they must perform.

Interesting Facts about AI:

  • The global AI market is expected to have reached a revenue of 118 billion dollars by 2025, according to the market research firm, Tractica.
  • Servion Global Solutions stated that AI would facilitate 95% of customer interactions in 2025
  • The global AI software market is expected to reach a staggering 22.6 billion dollars and grow approximately 54% year-on-year based on a recent 2020 report from Statista.

Here are 6 useful applications of AI & machine learning in business processes:

1.     Use of AI in Ecommerce

AI is used when providing recommendations for your customers based on their browsing history and interests. AI’s ability to remember consumer preferences will allow your company to attract the right audience and convert them into loyal customers.

E-commerce companies have a lot of trouble in dealing with credit card frauds. AI eases their troubles and decreases the number of credit card frauds by checking if the transaction matches with the cardholder’s profile; if it doesn’t match, then the card is blocked.

2.     Use of AI in Navigation

AI is commonly used by logistics companies for examining roads, optimizing paths, and improving operational efficiency. Based on research by MIT, GPS technology uses a mixture of Graph Neural Network and Convolutional Neural Network that allows detecting the number of lanes and roads behind obstacles. It also provides users with properly researched information to improve safety.  It can help delivery service providers to reduce their shipping times and costs.

3.     Use of AI in Healthcare Departments

Healthcare departments use AI to examine different chronic conditions to ensure early diagnosis with lab and other medical data. Based on this research, they will be able to create medicines to treat these chronic diseases. For example, a renowned AI tech company PathAI leverages machine learning to help pathologists diagnose and treat cancer.

Virtual nurses were also made using AI. Their job is to monitor patients, assist in the daily activities, and deliver medication. They can interact with the patient and give information and solutions without the need for a doctor.

An AI-based symptom and cure finder, Buoy Health, uses algorithms and deep learning to treat ailments. It applies a chatbot that listens to a patient’s health concerns, then guides that patient for the correct treatment based on that diagnosis. Harvard Medical School is one of the various medical centers that use Buoy AI.

4.     Use of AI in Social Media Marketing

Businesses are incomplete without digital marketing in 2021, and social media is an essential facet of this modern promotional strategy. Brands depend on social media to keep in touch with their targeted audiences. With machine learning in social media platforms, businesses can target the right niche with their marketing strategies.

Below are a few examples of Social media platforms that use AI:

  • Instagram

AI on Instagram focuses on what kind of posts you’ve liked and searched. Based on this data, the software uses algorithms to customize your explore tab with similar posts.

  • Twitter

Twitter uses AI to recommend tweets that users would enjoy reading, judging by the type of tweets that they like to interact with and accounts they follow. It is also used for fraud detection and removes hateful and inappropriate content.

  • Facebook

Facebook implements AI, along with an application called DeepText. This software reads and understands textual based content such as comments, posts, and messages. It can report instances in which bad language was used and can translate content into different languages.

5.     Use of AI in Farming

Various metrics need to be recorded for crop growth. Farmers can easily analyze various conditions such as weather, temperature, water usage, and soil quality with the use of AI. AI will help them make better decisions for the growth of their crops.

Usage of AI in improving the quality of crops is called precision agriculture. This aids in detecting diseases in crops, pests, and poor plant nutrition. It helps in the detection and killing of weeds with the use of the right herbicides.

6.     Use of AI in Marketing

With machine learning, AI systems can recognize search request patterns for streamlining advertisements according to the target audience’s interests. It will enable businesses to send advertisements at the right time, preventing customers from getting irritated.

Many businesses implement chatbots to aid customers if they require assistance in conducting transactions, placing an order, or asking brand relevant questions. According to Intercom, businesses using chatbots saw an average 67% hike in their sales, with 26% of all sales beginning from a chatbot interaction.

 Conclusion

With AI’s ability to collect and learn from large sums of data, they are revolutionizing how businesses run. Small companies are using simulations to achieve their business goals. Large enterprises are supporting this technology to solve arising problems. Research in Data Sciences is driving this machine learning tech to allow organizations to grow and face challenges on a global level.

Why Does My Business Need An Accountant?

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Business
Why Does My Business Need An Accountant?

We often with speak with small business owners who rely upon DIY accounting programs. They say the program works good for them and makes operating their business a breeze. What we often find though is that even with the use of such programs, many business owners do not know the true profitability of their business. Or, if they have more that one office, they do not know which office is truly making money and which office is possibly losing money. Sometimes loan payments, income, and expenses are not being properly entered or categorized. Having an accountant will help your company to grow, move forward, and save on taxes.

Here are reasons why businesses need an accountant at all stages of growth:

1. Your business is in the startup phase:

There are many considerations when you are just starting your business:

  • Business Structure
  • Business Plan
  • Bank Accounts
  • Government Regulations
  • Location
  • Financing

You might think it’s too early to hire an accountant, but the way you set up your operations can have a serious impact on your future success. With my free Business Discovery Session,  I can help you to validate your business idea and help you to take the right steps the first time. Thus, being able to avoid spending more time and more money to correct mistakes later.

2. Your business has employees

In the first few years of operation, you may not feel you have enough work for an accountant. The truth, though, is that an accountant will have the specialized knowledge to make your money work for you even though you don’t have a huge workforce. The accountant can:

  • Help ensure employees and independent contractors are classified correctly
  • Oversee payroll and payment processes
  • Create appropriate timelines for sending W2s and 1099 forms

3. Allows you and your employees more time in money making activities

Time is a limited asset. The more time you can spend in marketing your business and consulting with clients and customers will produce more income than the monthly fees charged by an accountant. Having an accountant saves money on taxes and benefits paid to an employee in a non-money making activity. This employee can be reassigned to an activity that will make you money.

4. Your lender requests a financial statement

The Small Business Administration reports that small businesses borrowed over $6 billion last year. At some point your business will probably need additional funding, whether it’s for expansion, new equipment, purchasing property, or even establishing an emergency fund. Before you approach a lender, having an accountant prepare a financial statement can increase your chances of getting approved.

5. Your budget is falling short

According to the Bureau of Labor Statistics, about half of all businesses will fail within five years of opening. Although there are many factors related to failure, not meeting budget goals can decrease the chances of your business survival. Having an accountant on hand to analyze your budget, assist in making changes and catch errors will help you make sure your budget is on target for success.

Questions to ask yourself before hiring an accountant:

  • Does your business planning match you financial forecast?
  • Have you read the tax code?
  • Do you have enough time to take care of all the accounting duties yourself?
  • Are you sure your employees are classified correctly?
  • Do you know what auditors look for when conducting an audit?
  • Do you know what needs to be in a financial statement?
  • Is your budget working for you?

If you answered “no” to any of these questions, you can benefit from hiring an accountant.  A free Mutual Exploration meeting will help you to determine if our Business Bundle is a good fit to help you grow your business and reach your goals.

Questions to Ask When Buying a Business

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Business
Questions to Ask When Buying a Business

Each year I learn about disasters that occur when my clients or others either buy or start a business. Why do these disasters happen? Many times the problems start because of consulting the attorney and the banker, but not consulting their tax professional. Why is it necessary to consult a tax professional when starting or buying a business? With good planning and discussion tax issues can be avoided and tax liabilities can be minimized by working with a tax professional even before buying or starting a business. If you wait until tax season to inform your tax professional, you could then be facing a large tax bill.  And, the ability to take advantage of any additional tax deductions for the start-up year is greatly reduced.

When you consider buying a business, there are many tax and accounting questions that have to be asked. You need to consult tax professional not working for the current business owner. This is even more necessary if you have been working in the accounting department for the company you are looking to buy.

Some points about buying a business you need to consider are:

  • What type of entity is the business you are looking to buy?
  • If the business is a corporation, will I be buying the stock of the corporation or the assets of the corporation?
  • What type of business entity is best for my situation?

These are only a few of the questions a prospective business owner must get answered before signing any papers to purchase a business. The answer to these and many other questions will determine how the buying and operating of the business will affect your tax situation.

I highly recommend scheduling an appointment with an Enrolled Agent, like myself  for a Free Business Discovery Session, when you consider either starting a business or buying a business. By consulting with me now, you will save on tax payments and tax headaches later.

Am I Planning for Success or Disaster? Business Startup and Taxes

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Business
Am I Planning for Success or Disaster? Business Startup and Taxes

Your have the idea. You have the skill of a trade for which you are passionate. You believe there is a need in your area or on the internet for your services. Where to begin is the BIG question. What kind of business structure should I have? A sole-proprietorship? An LLC? A Corporation? A Partnership? To whom should I go visit first, an attorney, the banker, or my tax person?  To often when starting a new business the prospective new business owner goes either to the attorney and/or the banker first and never considers their tax person. Many times the tax person does not learn of the business until the time comes to file the tax return. In fact, the first stop when looking to start the business should be to the tax preparer’s office.

For example, when a client or potential client comes in or schedules a video conference, we sit down and have a free discovery session about their business idea. We want to help you own a business that will bring you the joy and freedom you deserve. From the beginning, you will learn the correct steps to become profitable faster.

First, you will need a business plan to document success for your business. The plan will identify you unique elements for success. Second, what business structure will give you the most benefits and protection? By analyzing your goals and understanding the tax advantages and disadvantages of each structure you will be able to know whether you should be a corporation? LLC? or Sole Proprietorship? Third, we will help with the heavy lifting of startup for your company, including tax registrations, Federal ID numbers, assistance with bank accounts and more. Fourth and most importantly, you will need to manage profits. We help to implement your accounting and payroll systems, so you can fully understand the status of your business and know when to make adjustments.

A customized success plan designed just for you will help you to take the right steps from day one and put you on the road to making a profit.

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