How small businesses are expanding their digital footprints

Published

11 months ago

November 9, 2023

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More than three-quarters of small business owners believe that their company is equipped to handle any upcoming economic instability, according to new research.

The survey of 1,000 small business owners revealed that increased interest rates (61%), inflation (59%) and a looming recession (44%) are small business owners top economic concerns for the remainder of 2023.

Results revealed that record-high inflation has driven small business owners to make tough decisions about their businesses this year (62%).

Specifically, small businesses have tapped into different financial resources including savings accounts and loans (61%), adapted prices (50%) and reduced the production of various goods and services (45%).

Other small businesses have raised prices (38%) or reduced staff (35%) as a result of inflation.

Conducted by OnePoll on behalf of Melio, the survey asked small business owners about inflation and the impact of the rocky economic climate.

Though almost half (48%) of respondents have raised their prices by an average of 7% over the last six months, those that increased their prices are still reporting an increase in repeat business (66%), sales (63%) and number of new clients (56%).

Interestingly, despite inflation and other economic concerns, 72% of small business owners feel more optimistic now about the financial prospects of their company than they did at the beginning of the year.

This might be due in part to some of the changes they have made this year: respondents have increased their advertising and marketing efforts (66%), increased their digital presence (58%) and started selling products online (52%).

In fact, more than two-thirds (67%) believe that having an online presence is more important to small businesses than it used to be.

Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience, said Tomer Barel, Melios president and COO. Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges.

Small businesses are interested in digitizing or further digitizing all aspects of their businesses, including bookkeeping and payments (53%), inventory management (51%) and customer service (42%).

But even beyond the importance of their digital footprint, three-quarters feel that it is more imperative to accept forms of payment beyond cash than it used to be.

Since the pandemic began over three years ago, theres been a strong demand for tools to help small businesses digitize and that trend has only continued in 2023, said Prashant Gandhi, Melios CBO. Small businesses are embracing new technologies that can help them take control over their finances and weather economic uncertainty.

US

Second boat boarded by FBI after Baltimore bridge collapse

Published

2 hours ago

September 21, 2024

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Second boat boarded by FBI after Baltimore bridge collapse

FBI agents have boarded a boat managed by the same company whose cargo ship crashed into a Baltimore bridge and caused it to collapse.

The two companies in charge of the ship “recklessly cut corners” and ignored electrical problems on the vessel before the crash in March, alleged the US Justice Department on Wednesday.

Three days later, FBI agents boarded the Maersk Saltoro, a second ship managed by the same company, although authorities did not offer further details on the operation.

Six construction workers were killed when the Dali ship had a power outage and crashed into a support column on the Francis Scott Key Bridge.

The Justice Department alleged that mechanical and electrical systems on the massive ship had been improvised and improperly maintained which led to the power outage.

Authorities are seeking to recover more than $100 million the government spent to clear the underwater debris and reopen the city’s port, which was only fully reopened in June.

It could become the most expensive marine casualty case in history and the two Singapore-based companies, Synergy Marine Group and Grace Ocean, are trying to limit their legal liability.

The Justice Department said it will vigorously contest that limitation, arguing that vessel owners and operators need to be “deterred from engaging in such reckless and exceedingly harmful behaviour”.

Darrell Wilson, a Grace Ocean spokesperson, confirmed that the FBI and Coast Guard boarded the Maersk Saltoro in the Port of Baltimore on Saturday morning.

Mr Wilson has previously said the owner and manager “look forward to our day in court to set the record straight” about the Justice Department’s lawsuit.

The Dali, which was stuck amid the wreckage of the collapse for months before it could be extricated, departed Virginia on Thursday afternoon en route to China on its first international voyage since the March 26 disaster.

Environment

2024 Cadillac LYRIQ buyers could score $10,500 in discounts

Published

4 hours ago

September 21, 2024

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2024 Cadillac LYRIQ buyers could score ,500 in discounts

Cadillac Lyriq first drive: A year early and dollar long at $60K

The all-electric Cadillac LYRIQ was an Electrek favorite when it first made its debut two years ago. Now, LYRIQ buyers who have been waiting for a deal can score more than $10,500 in discounts on the Ultium-based Caddy.

Our own Seth Weintraub said that GM had come in, “a year early and dollar long at $60K” when he first drove the Ultium-based Cadillac LYRIQ back in 2022. He called the SUV “a stunner,” too, heaping praise on the LYRIQ’s styling inside and out before adding that the EV’s ride quality really impressed on long journeys.

Well, if the first mainstream electric Cadillac was a winner at its original, $57,195 starting price (rounded up to $60K for easy math), what could we call it at $10,500 less?

That’s a question that’s suddenly worth asking, thanks to huge GM discounts on the LYRIQ that prompted the automotive pricing analysts at CarsDirect to name the 2024 LYRIQ one of the industry’s “Best New Car Deals” this month:

A slew of incentives can enable you to save big on a 2024 Cadillac LYRIQ. First, EVs eligible for the federal tax credit qualify for $7,500 in Ultium Promise Bonus Cash from GM. Additionally, competing EV owners can score $3,000 in conquest cash.

Meghan Carbary | CarsDirect

With more than 100 kWh of battery capacity and 300-plus miles of real-world driving range (plus available 190 kW charging capability) the Cadillac LYRIQ ticks all the boxes – but you don’t have to take just my word for that.

You can check out Electrek‘s original First Drive video, below, and click here to find Cadillac LYRIQ deals near you.

First Drive: Cadillac LYRIQ | Luxury E-CUV

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SOURCE | IMAGES: CarsDirect.

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Sports

Michigan star TE Loveland ruled out vs. Trojans

Published

4 hours ago

September 21, 2024

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Michigan star TE Loveland ruled out vs. Trojans

Jake Trotter, ESPN Senior WriterSep 21, 2024, 02:01 PM ET
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ANN ARBOR, Mich. — Michigan star tight end Colston Loveland has been ruled out of Saturday’s game against No. 11 USC with an undisclosed injury.

Loveland suffered an apparent shoulder injury in last weekend’s win over Arkansas State. Michigan coach Sherrone Moore hasn’t specified the nature of the injury.

A preseason All-American, Loveland leads the Wolverines with 19 catches for 187 yards; no other Michigan pass catcher has more than nine receptions.

The No. 18 Wolverines also changed starting quarterbacks this week, moving from Davis Warren to Alex Orji. Warren had thrown six interceptions in three games, including three last weekend. He threw two picks in a 31-12 loss to Texas on Sept. 7.

Orji has only seven career passing attempts but has rushed for 58 yards in a relief role this season.

Moore said this week that he wants to see Orji “take the reins” of the Michigan offense with his opportunity.

“Excited for him,” Moore said. “I know he’s chomping at the bit.”