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Business insights for business growth

7 Ways Business Insights Can Help You Grow Your Business

In the business world, data serves as a roadmap to knowing customers better and the insights derived from that data prove to be crucial for unlocking growth and success.  With the right business insights, you can make informed decisions, stay ahead of the competition, and provide an enhanced experience to your customers. In a world where your competition is already more aware of your business and knows what you know, customer insights serve as an advantage to not only keep your business afloat but to also make it grow.  In this blog, we’ll explore how you can use business insights to drive your business forward. What are Business Insights? Business insights are pieces of information (drawn from different sources) that are backed by motivation and desired outcomes. The data shows how consumers are engaging with a business, why they are engaging the way they are, and why no one has identified this problem before to offer a better solution. The insights are then analyzed by businesses to make better decisions, and this process is called business intelligence. Let’s look at the example of Uber to better understand business intelligence and explore how brands leverage business intelligence to better serve their customers. Uber uses business intelligence tools to analyze data on past ride requests, driver availability, weather, and other factors to forecast demand for rides in different locations and at different times.  By accurately forecasting demand, Uber can ensure that there are enough drivers available to meet the demand and reduce wait times for riders. Now, this brings us to the question: how can brands use customer insights to fuel growth and employ strategies to make better decisions? Let’s have a look at some of those ways.  7 Ways Business Insights Can Drive Business Growth A McKinsey report revealed, businesses that leverage customer analytics are 23 times more likely to top their competitors and 19 times more likely to stay profitable. There’s great potential in harnessing customer insights to incorporate processes in the business that better serve the customers. Here are 7 ways businesses can employ customer insights to drive better results.  #1 Improve the Product This is the part where you as a business owner need to identify your target audience and listen to what they’re saying about your product and what improvements are they suggesting.  Before taking action on their suggestions, make sure to dig deeper to identify why they’re saying what they’re saying and what issue they want you to resolve. While you’re at it, keep track of all the customer suggestions along with the problem they’re having. Once you’ve gathered enough insight, work on improving the product, introduce it in the market, and let the customers know the changes you’ve made based on their suggestions — this helps in converting customers into raving fans.  #2 Provide Tailored Experience to Customers Customers love targeted experiences when interacting with businesses in different sectors. Not only that, they now expect businesses to provide them with a more personalized experience.  By using tools like Metric, you can discover emerging trends in your industry and stay ahead of the curve to provide a tailored experience to your customers.  #3 Enhance Customer Communication By speaking directly with your customers, you can gauge what messages are being heard by them and what are not getting through.  While doing so, you can identify the gaps in your messaging, and then, reiterate your message through different channels to inform your customers about a feature of your product that they aren’t aware of yet.  This can, in return, help provide a solution to a problem that they otherwise wouldn’t have known existed. If you do this, you can provide an enhanced communication experience for your customers. #4 Send Targeted Promotional Messages By leveraging customer data, preferences, and buying history, you can send targeted promotional messages to customers that are most likely to make a purchase.  Retailers can enhance their operating margins by as much as 60% through proficient promotions and other data and analytics-driven initiatives. #5 Efficiently Price the Product Businesses leave money on the table if they don’t correctly price their products. A wrong pricing mistake often leads to losses in the business.  With business analytics, you can base the price of the products that the customers are willing to pay. Read our blog on pricing mistakes to avoid to maintain the financial health of your business. #6 Make Better Marketing Content One of the most important uses of gathering data and analyzing it is to make content that resonates with the target market to make them feel more heard. Observing what language and phrases your customers use when describing your product or service can help you create a marketing copy that directly speaks to your target audience.  This will encourage them to identify with your business, and consequently, attract extra search traffic.  You can even use customer insights to create testimonials, case studies, and inspiring content like blogs and social media posts.  If you make content that resonates with your customers, they will be compelled to share it with their network which will help reach your message to a wider audience.  As a business, you need to ask your customers about their experiences and struggles and use their feedback to improve your marketing and content strategies. Make it an integral part of your customer interaction process to provide a better experience.  #7 Build Long-term Relationships with Customers Businesses can leverage data analytics to gain insights into customer behavior and preferences, which can be used to personalize their experience and deliver targeted marketing campaigns.  By using data to better understand customers, businesses can create a more immersive and relevant marketing experience for their target audience, which will ultimately make them feel valued and lead to increased customer engagement, loyalty, and revenue. Conclusion As a business owner, you need to use customer insights to grow and succeed in today’s competitive market. Plus, there’s data to back this notion.  By gathering and analyzing data on customer behavior,

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7 Productivity Tools to Boost the Efficiency of Your Small Business

If you’re running a small business, you know how overwhelming it can be to keep up with all the tasks that need to be done every day. That’s why automation using productivity tools is crucial for your business because it ensures everything is accomplished efficiently and effectively.  So, whether you’re looking to increase your team’s effectiveness or simply become more organized, our selection of time-saving resources will provide you with the right answers. Productivity Tools to Boost Business Efficiency #1 Trello Trello is an online project management tool that helps small businesses organize and prioritize their tasks. It allows you to create boards, lists, and cards, which you can use to track progress and collaborate with team members. It also lets you integrate with other productivity tools such as Slack, Google Drive, and Dropbox for your business. Benefits for Small Businesses It makes you save time by creating lists, delegating work, and monitoring the task until its completion. Here are some other benefits: #2 Asana Asana is another project management tool that lets you manage your tasks, projects, and teams. It offers a variety of features, including task assignments, deadlines, and progress tracking. You can integrate it with other productivity tools such as Slack, Google Drive, and Dropbox. Benefits for Small Businesses You can use it to increase transparency in employee tasks and efficiency, streamline processes, and simplify routines. Here are some added benefits: #3 Buffer Buffer is a social media management platform that provides affordable, intuitive marketing tools for small businesses. It lets you integrate with Facebook, LinkedIn, Twitter, Pinterest, TikTok, etc. Benefits for Small Businesses You can use the platform’s built-in posting, interaction, and social media tracking tools to grow your native user base. The capabilities of Buffer include the following: #4 Metric Metric is a financial intelligence app that allows you to monitor important financial metrics such as revenue, expenses, profit, average order value (AOV), and customer acquisition cost (CAC) in real-time, giving you a clear and concise overview of your financial situation.  Benefits for Small Businesses #5 Slack An instant messaging app that lets you easily communicate with your team members. It offers a variety of features like real-time messaging, file sharing, and video calls. You can integrate it with other productivity tools such as Trello, Asana, and Google Drive. Benefits for Small Businesses Slack is great for remote-first companies because it makes continuous collaboration within their digital offices a breeze. The main advantages include: #6 Canva Canva is a visual content creation tool that requires little technical expertise or training to get started using. This platform allows professionals (who are not design experts) to quickly and easily produce high-quality graphics by using premade layouts, photos, and other visual assets. Benefits for Small Businesses #7 Jira Jira, created by Atlassian, is a project management and bug-monitoring software that lets users build, delegate, and monitor projects. By dividing large projects into more manageable chunks, Jira users can better keep their teams ordered and in harmony with one another. Benefits for Small Businesses While the platform’s primary users are software developers, it can be put to use in any field thanks to its useful features for teamwork, communication, and project administration. Here are some added benefits: The Bottom Line As a small business owner, your team’s efficiency is crucial for running your processes smoothly and without errors. However, due to limited resources, you may not have the option to expand your team.  In such a situation, automating certain operations can significantly enhance the overall productivity of your team. By leveraging productivity tools, you can streamline repetitive tasks, optimize workflows, and free up valuable time and resources for more important activities.

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Signs You Need Better Accounting Practices for Your Business

5 Signs You Need to Step Up Your Accounting Game

Running a successful business involves more than what meets the eye, and proper accounting practices must be at the top of the list. From purchases to sales, receipts to payments, it requires recording and tracking financial transactions. While spreadsheets and doing extra hours in the night may work in the beginning, things get trickier as your company grows. If you keep at it, then ineffective accounting methods will cause headaches during audits and tax seasons, and hinder your chances for unexpected growth and increased profits.  Once you recognize these signs, you need to know it’s time to step up your accounting game, and the earlier you do it the better. Signs You Need Better Accounting Practices for Your Business #1 You Struggle with Cash Flow Cash flow is one of the most critical metrics for every business, especially startups. It refers to the amount of cash flowing in and out of your business over time.  If you’re struggling with cash flow, you might find yourself struggling to pay bills on time, experience delays in receiving payments from clients, or even face unexpected cash shortages.   When your startup bookkeeping is lacking, keeping tabs on cash flow and making informed spending decisions becomes challenging. To improve your cash flow, you need to implement proper bookkeeping practices. They include:  #2 You Can’t Identify the Money Leaks One of the biggest challenges of running a startup is managing your expenses. If you can’t figure out where your money is going, here are some of the challenges you may be facing: #3 You Struggle to Meet Deadlines As a startup owner, you likely have a lot on your plate. Between managing your team, developing your product or service, and finding new customers, it can be easy to let the bookkeeping fall by the wayside.  However, failing to have a proper bookkeeping method could mean you miss out on deadlines which can have serious consequences, like poor financial management and legal problems. Your company could lose valuable tax deductions if you fail to document certain business expenses. Plus, it can keep you stressed and your business stagnant. #4 You Make Decisions Based on Guesswork Running a business requires a lot of calculated work, and for that, you must have accurate data to make important decisions. If you’re making decisions based on guesswork, it could be a sign that your accounting practices need to be better.  You can only make informed decisions about your business with accurate financial data. By implementing robust bookkeeping practices and utilizing accounting tools, such as Metric App, you can gain real-time visibility into your financial health, track expenses, and assess the profitability of your ventures.  #5 You’re Not Prepared for Tax Season Tax season can be stressful for any business owner, but it can be incredibly challenging for startups that need to get their finances in order. Failing to prepare appropriately for tax season can lead to significant financial penalties and legal problems. These are the signs that show you’re not prepared for tax season: To avoid these issues, you need to implement proper bookkeeping practices. This includes keeping accurate records of all financial transactions, regularly reviewing your financial statements, and working with a qualified accountant to prepare your taxes. If you’re experiencing any of the signs mentioned above, it’s time to step up the accounting game for your business. This may involve hiring a professional bookkeeper or accountant, investing in small business accounting software, or implementing a more structured bookkeeping process. The Bottom Line The financial health of your company is an important factor in determining its success or failure. While a basic “cash-in cash-out worksheet” may suffice initially, if you have aspirations for securing “Series A Funding” or long-term growth, it’s essential to prioritize financial housekeeping. Sound fiscal habits, including budgeting, decision-making, and long-term planning, are key to developing a growth-oriented company management strategy. Your need to engage in expert accounting services becomes crucial as your company expands and requires more sophisticated financial management. It’s important to recognize that bookkeeping is not a one-time task but an ongoing process that demands consistent attention and maintenance. You’ll have to regularly review your financial statements, reconcile accounts, and keep meticulous records of all financial transactions, as they are vital to staying on top of your company’s financial standing. By implementing these practices and investing in proper accounting, you set your company up for financial success and position yourself for future growth opportunities. We urge you never to underestimate the power of effective financial management as it steers your company toward prosperity.

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5 Best Accounting Software for Small Businesses

5 Best Accounting Software for Small Businesses

84% of small businesses agree that using accounting software has saved them time, helped them keep track of their finances, and better prepared them for tax season. Running a small business is already a daunting task and with so many options available, it can be difficult to choose the best accounting software for your business.  To make things easy, the team at Metric has done the research for you and compiled a list of the 5 best accounting software for small businesses in 2023.  Best Accounting Software for Small Businesses in 2023 QuickBooks Online QuickBooks Online is a popular accounting software among small and medium-sized businesses and freelancers. It offers a range of features to manage finances, such as invoicing, tracking income and expenses, third-party integration applications, tracking GST and VAT, and payroll management.  It comes at a starting price of $7.50 (for the first three months), then goes up to $15 per month. The software offers a 30-day free trial to new users. QuickBooks is available in both desktop and app versions, making it ideal for multiple needs. Pros Cons Wave Small businesses are at the heart of Wave and this is why it is one of the most loved accounting software among them. Another reason for its popularity is that it is absolutely free unless you want payroll and payment features.  It offers a range of features to small businesses and freelancers, which include invoicing, expense tracking, financial reporting, and the ability to integrate with your bank to import transactions that help save time.  Wave is also a preferred choice among small businesses because of its user-friendly interface and ease of navigation — even if you’re new to using accounting software. You don’t need to be tech-savvy or a financial expert to use it. Pros Cons FreshBooks Freshbooks is a cloud-based accounting software designed for small businesses. It offers a range of features to help manage finances, such as invoicing, expense tracking, time tracking, and project management. It offers different pricing packages depending on the business needs but the prices start at $15 per month for up to five clients. FreshBooks even offers a 30-day free trial to new signups.  One of the reasons why Freshbooks is popular among small businesses is its user-friendly interface. It’s easy to navigate, even for those who are not familiar with accounting software. Plus, it offers mobile apps for iOS and Android, which makes it easy to manage finances on the go. Pros Cons Metric Metric is a real-time financial intelligence app designed for business founders. It aggregates data from all transactions added to the app and provides key metrics and financial insights important for businesses to grow.  It is designed with simplicity in mind and is the most founder-friendly app, keeping in mind the founders of small and medium-sized businesses with little or no accounting background.  The app is built for businesses at any stage, from day one to year one or more, and businesses from different sectors can track metrics, monitor financial health, and gain insights.  It offers a range of pricing plans starting from a completely FREE one to a Startup Plan that is priced at $29 per month, a Growing Plan that costs $79 per month, and an Enterprise Plan that comes at customized pricing. Pros Cons Dubsado  Dubsado is an all-in-one cloud-based accounting software designed for small businesses that helps manage multiple aspects of their workflow, including client management, project management, and invoicing. It aims to give “more business, less busywork” to small businesses. It offers a range of pricing options, depending on the user’s needs, but is entirely free until you decide to go for a planned package. The prices for basic packages start at $20 per month and $200 per year.  One of the reasons why Dubsado is popular among small businesses is its comprehensive nature. It offers a range of features to help manage various aspects of the business, from lead capture to client management to invoicing.  The software also offers high levels of customization, which can be appealing to businesses with specific needs. You can customize your workflow, email templates, and even the branding of the software to match your business. Pros Cons Benefits of Using an Accounting Software There are plenty of benefits of using accounting software, but here are some of the many: Final Thoughts Accounting software is the need of the hour for small businesses, as it enables them to efficiently manage their finances and make informed business decisions. The top five accounting software that we’ve highlighted, each offer a range of features and pricing options to fit different needs and budgets.  From the user-friendly interface to the comprehensive nature of these platforms, there is an accounting software option for every small business. By investing in the right accounting software, small businesses can streamline financial processes, save time, and ultimately, grow their business.

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Introducing Add/Save Product

You often need to get things done on time, as quickly and efficiently as possible. It can be a hassle to re-enter your information every time you add an income for a product. Imagine you’re in a hurry and need to urgently add an income for a specific product. You open the app and see the list of necessities you now have to manually enter for the 100th time. Annoying right?  Now you’re wondering, ‘well yeah, that can be annoying, but what can we do, right? It’s a necessary step we can’t skip.’  We’re happy to say you’re wrong. You can now skip this step and directly jump to your destination. This is possible because Metric has now introduced an Add and Save Product Detail. The Metric team works hard and diligently to ensure users get the best experience while using the Metric App.  How does this Add/Save Product work?  After you add a product to the Metric app, you need to follow its instructions initially. Simply typing in basics is all that will be required. Add the items as per your need. After you have added the information of the specific product or products, you simply let the Metric app save that information on the app itself.  For each product you add to the Metric app, it will save the information accordingly. There won’t be a hassle to re-enter information each time you want to add an income for a specific product.  Now that your information is auto-saved on the Metric app, you need to select the product you wish to work with and autofill the necessary information.  This way, you’ll be working much more efficiently and quickly. It saves you time and relieves you from the pressure of remembering specifics for multiple products and incomes.  Benefits of using Add/Save Product

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