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Cont e nt s 0 2 MessagefromtheEditor 0 3 5ThingsThatWillChangeeCommercein2017 0 5 TheChecklistofStarngaNewBusiness 0 7 5LileChangesThat’llMakeaBigDifferencetoYourSEO 1 1 HowtoImproveCommunicaonatWork 1 5 HowIstheGlobalEconomyImpacngYourBusiness 1 9 BusinessIntelligencevs.BusinessAnalycs 2 3 WhatDoesArcle50MeanforSmallBusinesses
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Al i c epor t e rha sac he c k l i s tt og e ty ourbus i ne s ss t a r t e d…I si tv i a bl e ? Ha v ey oudoney ourhome wor k ?Wha ta r et hee c onomi c c ondions …?Ma l i kMuha mma df ur t he re x pl or e st hewa yt ha tt he g l oba l e c onomyi si mpa cngy ourbus i ne s s . Wha ti se v i de nti st ha ty ouc a n’ ts t a ndsl l .I fs ome t hi ngi swor k i ng we l l now, t ha ti sg r e a t , buti ti si mpor t a ntt ha ty oudonotg e t c ompl a c e nt . Whe t he ri ti st hewa yy ouc ommuni c a t ea twor k , t he wa yt ha ty oug e tne wc l i e nt s …i ti se s s e na l t ok e e pmoni t or i nga nd a na l y s i nga nda dj usngwhe r ene c e s s a r y . I hopey oue nj oyr e a di ngt hea rc l e s . T oy ours uc c e s s S a ndr a
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5 Things That Will Change eCommerce in 2017 By Chris Shepherd
eCommerce is an ever-changing thing and, if you don’t believe that, just take a look at what Amazon looked like a mere seven years ago. There’s still a lot more of 2017 to come and, in that time, there are many things which could change the way eCommerce works.
1. Apps Will Take Over The first group of apps debuted on the App Store in July 2008. That’s nearly a decade which, in technological terms, is an extremely long time. However, it wasn’t until the tail-end of last year that mobile overtook desktop as the primary way we access the internet. This trend looks set to continue and, as it does, eCommerce sites will need to be prepared for the new world order with either a mobile friendly website, an app, or both in order to sell their products. Whether they’re hailing a taxi, booking a sports massage, finding local plumbers, or ordering Mexican food, people expect to be able to use their mobiles to do so. That means apps and that means mobile friendly websites.
2. ...Or Maybe Chatbots Will? Apps have become so widespread — and the market so saturated — that some are predicting their demise. After all, when your domination of the marketplace is near absolute, you end up with a big target on your back. This is the case with apps and the rise of chatbots. There are a few different kinds of chatbots, but the principle is the same. Rather than tapping to order, you simply type or talk to an AI. The chabot for KLM airlines allows you to get directions, book flights, and find other information by texting, and at-home bots like Amazon Echo allow you to do much the same by talking. You may think we’ve been here before with dumb AI like SmarterChild, but we really haven’t. The science behind AI has reached such a point whereby it’s commercially viable — even desirable — for customers to talk to a bot rather than a person. Despite some overhyped claims, however, this likely won’t be the end of apps. Chatbots will play a part in the future of eCommerce, perhaps a very big part, but they will have to share that future with the
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millions of people who are already perfectly happy just tapping. Using apps like Uber is already a remarkably simple thing to do. Chatbots won’t make doing so any easier and both options are cheap, so an en masse switchover is highly unlikely.
3. Same Day Or Not At All In an eye-opening study from Business Insider, it was revealed that as much as 40 percent of customers will immediately stop shopping if they discover that same-day delivery is not an option. This trend is only likely to continue as more and more customers, used to the speed of delivery promised by services like Amazon, will expect ever faster service as companies try to compete with each other.
4. The Supply Chain May Need A Revolution On a small scale, there are all kinds of revolutions happening within the supply chain in order for suppliers to meet the demand for faster delivery. Uber Eats has taken the Uber model and applied it to food — with casual delivery from part-time staff leading to even faster fast food from a wider range of restaurants. Then there’s Amazon, who are promising drone-based delivery in a matter of minutes. Even Taco Bell have gotten involved, promising
delivery via chatbot through Slack, the atwork messaging system. All of this spells out a supply chain which is much quicker and much more personalisable. To make this possible, supply chains are exploring new technologies and new business models all to satisfy the ever-increasing demands of the modern consumer. That’s all well and good for local and national delivery, but here’s the rub: we can’t get much faster international delivery than we do right now. Cargo boats travel 15 knots on average and they can’t go far beyond that speed. The idea of shipping goods via container took off in the 1950s, and since then we’ve shipped more and more stuff from farther and farther away. Technology has developed a lot since the fifties: tastes have changed, trends have changed, and consumers have changed. However, the modern consumer still has to wait pretty much the same amount of time for a product to be delivered from or to overseas. As customers become less and less patient, they will expect this time to decrease. Shipping things by air has been suggested as a solution, but it’s fraught with problems. For now, we’re all just waiting for a revolution and 2017 could be that revolution’s year.
About the Author Chris Shepherd is the co-founder of Fixington. It’s a service which allows customers to find tradesmen online via their website and a calendar which allows tradesmen to book jobs via an app.
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The Checklist for Starting a New Business By Alice Porter Congratulations - you want to start a business! Once you’re over the initial excitement, it’s time to break down the process of launching your new venue – but where do you start? You might get overwhelmed with the sheer number of things you need to do, which is why we’ve produced this very handy checklist to launching your own company. Let’s get started…
Is it viable… This may seem obvious, but you need to have something you can make a profit doing or delivering. Ask yourself: would
you buy this product or use this service? Run the numbers: will customers pay enough so that you can cover costs and make a profit? You will need to…
…Do your Homework And lots and lots of it! Some business owners spend months or even years doing research before they launch a new business. Is there a gap in the market, how much will it cost you, what will your profit margins be, would you buy this, what’s your audience, who are your competitors, etc. etc. the list goes on! This is the most time consuming part of starting your own
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company, but the research is also the most important. But, it will definitely pay off in the long run.
What are the Economic Conditions? You need to know the economic conditions and specific regulations of your industry to determine the impact on your new business and to decide whether you can be profitable. This is very important – you need to be the expert. You need to know the economic conditions and specific regulations of your industry to determine the impact on your new business and to decide whether you can be profitable. This is very important – you need to be the expert.
Always create a business plan! It’s easy to sometime go with the flow without producing a POA. Don’t convince yourself that you don’t need one - creating a business plan with financial projections forces you to think through details and stick to your budgets. You’ll never make money without one.
Figure out your finances Most startups take a lot more time to start turning a profit than you might expect. Know where your living expenses for the first year are coming from before you start. If you need financing for the business start investigating this as soon as you can.
Online or off-line? If you’ve got a brick-and-mortar business, you’ll need to sort out the location for your retail or office space out early. If you plan to run a retail business, then location is key. Pay very close attention to foot traffic, accessibility, etc. Also you will need to consider the health and safety of the building, including fire safety and your ventilation system, etc. If it’s going to be online, start thinking about your website, domain and digital marketing as early as you can. In conclusion, first on the checklist for starting a new business is doing all of your background research and take it slow and steady. Be organized, have a plan and know your industry. Making sure that you will be able to actually make money from your business is the most important thing.
About the Author Alice Porter is an avid writer who is passionate about raising awareness for dispute resolution. She enjoys good food, great company and far off destinations.
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5 Little Changes That'll Make a Big Difference To Your SEO By Patrick Foster The biggest SEO changes aren’t always the ones that have the most impact – or are the most feasible for your organization. Good SEO is about refining and tweaking your online brand and the experience you offer users – not about huge content overhauls and scrapping your website every six months. Here are five small tweaks to your search strategy that you can implement today to improve your business’s ranking potential. (In a hurry? Check out this infographic on why your business needs to make SEO a priority).
Test your site’s user-experience (UX) How does your site fare in the UX and usability stakes? User engagement is increasingly pivotal to SEO success so don’t forget to test and review your site with your audience on a regular basis. 1. Audit and test your site with users and customers on a regular basis to keep in touch with what they’re looking for. Get to know your web data like time on page,
bounce rates, number of monthly users, and average conversion rates so that you can track how your site is faring with users. Investigate any sudden dips in metrics – has your site slowed down? Has your design started to look outdated? Is your content being updated enough? You may not have to change that much in order to claw back users, but you have to honest about whether your site’s working for you. 2. Don’t rely on your gut feeling (or your friends’) to decide what makes for a good website experience. Get to know usability conventions to help you deliver a site user -experience that’s instinctive – W3C is a good place to start. 3. Good UX comes from putting users first – be committed to providing a clear and coherent user journey. Any site decisions you make which affect navigation and the user-journey need to be carefully mapped and thought-out. Many SEO issues can be avoided by simply having a clearer website!
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Implement a professional content strategy It’s important to develop a content strategy that’s going to engage and delight web users. Content is the perfect way to naturally increase your site’s relevance in search engine eyes, whilst also naturally serving the interests of the user. 1. Good SEO content is content that people will want to share and link to. Focus on creating in-depth resources over superficial posts, and always include plenty of useful takeaways and examples that people are likely to share with their own online community. Remember that people share content that makes them look good. 2. Use keyword research tools like Google Adwords, Q&A site Quora, and social media to help you find a balanced mix of keywords to use in your content. Make a note of any phenomena you should be explaining and breaking down for your audience – these should form the basis of your core content strategy. 3. Using your keywords as the basis for an annual content calendar is a great way to stay organized, and make sure that you cover all necessary topics over the year. 4. Good content doesn’t always have to be complicated and expensive, but it needs to be thorough and well-planned. Planning content properly means you’ll make the most out of seasonal events and build an audience for your business. 5. Content should also help you build contextually relevant and safe links back to your site – start with a few guest posts
here and there and see how you get on. This can be a very scalable SEO strategy, but only if you focus on value and relationships
Improve your search appearance Getting into the rich snippets or rich cards box is a great way to growth hack your web traffic. Getting into these boxes isn’t as hard as it looks – you just need to provide searchers with compelling information, as well as clearly tell search engines how your site content fits together. 1. Using structured data on your web page will give search engines more detailed information about your page. Google has a free tool you can use for your site. (Things like the review schema shows up as star ratings on search engine results page and can help increase clickthrough rates). 2. Useful information like how-to lists and tutorials are likely to qualify for a better search profile. Use numbered lists and questions, as well as in-content links and breadcrumbs to help search engines and users parse your page data.
Invest in the right tools You can’t make any SEO decisions without gathering accurate user and search data. Make your life a lot easier by investing in the right tools to help you manage your SEO efforts. There are plenty of sophisticated SEO tools out there that you can use to help you track your backlinks, keywords in Google, rankings, URL indexing etc. Trying to do everything
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manually will not only slow you down, but you’ll also be more likely to introduce errors into your data. 1. Some SEO tools can be pricey if you go for the enterprise option. If you’re working for yourself, you may be able to access the ‘lite’ version, or you can content yourself with the browser version of the same tool which is often free (albeit more limited). 2. There are plenty of user-friendly SEO tools out there – you don’t have to be an SEO expert in order to reap the benefits of web tools. Start with the free Google tools and spreadsheets – you can already achieve a lot using just those!
Revisit the SEO basics It can be tempting to go off on a tangent, and forget SEO basics like metadata (title tags and meta descriptions), site speed, and internal linking. Even savvy SEOs sometimes overlook the basics – make sure you revisit yours to get your site (back) on track. 1. Crawl your site with Screamingfrog and bulk optimize title tags, meta descriptions, and page headings from the ensuing audit. Think about how you can be natural and targeted with keyword placement – don’t be repetitive.
2. Make sure that you cross-link between pages and categories on your site in a natural way. Use keywords, but don’t let internal linking interfere with the userjourney. 3. Slow websites are conversion and SEO killers so always prioritize speed over aesthetics (or do both). Speed is particularly important for online commerce so your ecommerce environment needs to be fit for purpose. If you go for a self-hosted content management system like WordPress or Magento, make sure that you invest in some premium hosting like WPEngine to help off-set any lags. A hosted SEOfriendly CMS like Shopify is a viable option if you’re pushed for time and development expertise, but you will have to make a commitment to monthly subscription fees. You don’t have to reinvent the wheel to have an SEO-friendly site! Just focusing on your users, creating great content, and getting a few SEO basics nailed down is enough to have a positive impact on your rankings. What SEO change do you think your site needs the most?
About the Author Patrick Foster - I’m an ecommerce nerd, fascinated with all things digital marketing. I contribute to a variety of entrepreneurial websites and I am always looking for new digital challenges!
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Bebol dandcour ageous . Whenyoul ookback you’ l lr egr ett het hi ngs youdi dn’ tdomor et han t heonesyoudi d. www. s andr ahi ns hel wood. com
How to Improve Communication at Work One of the most crucial aspects of working in business is communication. Being able to communicate effectively with your team and partners means that any issues are solved quickly, projects are run efficiently and that everyone is on the same page when it comes to your vision. Use these 12 tips to improve your communication skills in business and have a happy and healthy office. 1. Handle conflicts head-on In any working environment there is bound to be conflicts from time to time. Avoid
small conflicts from blowing up into major problems by tackling them head-on. Let employees know that you have an open door policy and that they can come to you with any issues. When you respond to these issues, be sure to do so with a nonjudgemental approach. Ask questions and listen intently so that you fully understand how each person feels and can help to find a resolution. It’s nearly impossible to avoid office fights completely, so make sure you have a process in place for tackling them, employees need to know that they can talk to upper management about simple issues.
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Never brush off an employee’s complaint as unimportant, if company policies are to blame for the issues, go to management and suggest some permanent solutions. 2. Speak directly
Technology has allowed us to work more effectively and more efficiently, but we have become completely dependent on our emails and smart phones – often to the point that we would rather send an email to someone in the same office, rather than just talking to them directly. The downside of this is that emails can often be misconstrued. Take back valuable working relationships by speaking face to face with people whenever you can. It helps to build trust and ensures you communicate what you’re trying to say properly. 3. Respect differences Nowadays companies can function across the globe, and with the ease of immigration many businesses now also hire skilled foreign employees in their local offices. Ensure that your office is culturally sensitive
to all of your employees. This means being conscious of the way different nationalities interpret words and gestures as well as providing kosher or vegetarian options and letting employees time off for religious holidays. 4. Give helpful feedback No employee wants to exist in a vacuum. Whether they’re working late nights to get a project done on time or aren’t putting in enough effort, your employees need to know that you recognise them. Do this by holding regular feedback meetings, or if you want to save time, rather send an e-mail, call or give a brief status update every few days. When you give feedback, make sure that it is detailed. One word feedback isn’t helpful and can leave your employee feeling like you don’t care. If there is a problem, try offer solutions. Remember to give positive feedback too. Praise and recognition make employees feel important, which motivates them work harder and helps with their overall happiness within the company. 5. Don’t micromanage When you hired your staff, presumably you hired them because you felt they were skilled enough to complete their duties, meaning there is no need to micromanage. Micro-managing staff and hanging around their desks to check they
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are doing their work the way you want leaves them feeling incompetent, insecure and unmotivated. Leave them to do the work you hired them to do and get them feeling more invested in the projects they are working on, which encourages innovation and job satisfaction. To keep track of their progress, rather hold weekly status updates than hovering over them. 6. Remove your emotions from equation It is often difficult to be professional at the office when there are so many different personalities in one space. When an employee is doing something that upsets you, try not to get emotional. Rather take a deep breath and try to respond calmly. Be sure not to make your response personal. Instead of saying ‘you did a horrible job!’, rather say ‘here are some pointers on the things I need you to add to your work’. This way you don’t pit yourself against each other. Remember that you are on the same team, not on enemy.
7. Actually listen
Hearing your employees out is the first step to communicating effectively. When you’re talking about a project or issue with one of your workers, keep a mental checklist of the points they are making, or if you’re prone to forgetting, rather write them down to address later. If a worker recognises that you are paying attention, they are much more likely to listen attentively to you as well. Hold off responding until they are done and don’t interrupt. When they are done speaking, paraphrase what they have said and ask them to clarify anything you missed. This ensures you’re both on the same page. 8. Be consistent and clear One of the most important communication tools is consistency. Be clear and purposeful when you speak and make sure that your words and actions are consistent. Saying one thing and doing another only sends mixed signals to your employees.
9. Ask questions Asking questions opens up dialog in the office. Be sure to use the right type of questions for the right situations to get out of them what you need. Always avoid loaded questions like ‘what did you expect?’. These are an instant conversation killer. Use open-ended questions to expand the scope of
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discussion and set expectations for a meeting and use close-ended questions for get hold of specific information and regain control of a conversation if a worker is going on a rant. 10. Always stay positive No matter what the conversation is about, try to keep it positive. If you have to give negative feedback, do it in constructive way. Try to focus on behaviour and performance rather than the employee or his character. 11. Write it down
With a million and one things we have on our plate at any given time, it is nearly impossible to remember a verbal order nowadays. If you have a project that needs to be done, be sure to let your staff know with a written brief. Make sure that anything important is written down so that anyone can refer back to it when they need it and you can communicate the task properly.
12. Do team building Team building isn’t just one of those buzz words that people use to waste company money. Effective team building activities can not only increase overall happiness in the workplace but also improves employee engagement and their methods of communicating with one another. This again will help workers feel open to talking and will help with performance overall. About the Author The Instant Group is the global flexible workspace specialist. Underpinned by unrivalled expertise, Instant tailors unique solutions to help businesses of all sizes to grow, drive savings or gain invaluable insight. Established in 1999, The Instant Group has achieved 23% compound growth over the past four years and continues to expand with private equity funding secured from MML Capital in 2012. With offices in London, Berlin, Dallas, New York, Hong Kong and Sydney, The Instant Group employs more than 100 experts and has clients in 113 countries. For more information, visit www.theinstantgroup.com.
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How is the Global Economy Impacting Your Business? By Malik Muhammad Global stock market triggers may be defined as forces that affect large daily jumps in worldwide stock and bond markets. This includes places where shares are bought and sold. Political events such as the recent inauguration of Donald J Trump as the 45th President of the United States saw the Dow Jones Industrial Average (DJIA) jump some 95 points as he pledged to protect American jobs. This was significant as the Dow is a price weighted average of 30 major stocks traded on both the NASDAQ and New York Stock
Exchange (NYSE). It's necessary to note that the NASDAQ Stock Market is an American based stock exchange. It has a market capitalisation in excess of USD 8.5 trillion and is the second largest exchange in the market capitalisation world only bested by the New York Stock Exchange. January 2017 also saw the inauguration of India's first international exchange known as India INX. This exchange has been set up with the foresight to open with the Japan market and close with the U.S. markets. It essentially means India INX will trade for
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some 22 hours in real time each day. Based at the Gujarat International Financial Tech City (GIFT) in Gandhinagar, India INX boasts of having a turnaround time of 4 microseconds and intends to initially trade currency, equity and commodity derivatives including stocks and index. It is a wholly owned subsidiary of The Bombay Stock Exchange which itself has a market capitalisation of USD 1.64 trillion. European markets, and the London Stock Exchange in particular, are cautiously responding to Britain's decision to leave / exit the European Union. This decision came out of a referendum on June 23, 2016 and is commonly abbreviated as Brexit for 'British exit'.
Global stock market triggers impact trade and sooner or later these global triggers impact national business development which then affects small to medium sized business owners. Online retailing has made it easier for the consumer to directly access products and do so in a relatively short time. Centennials are fast rivalling millennials (Generation X) as the focus group for future spending and centennials are more
pragmatic. They are less idealistic and intelligently basic in their assessment of their needs. This group also known as Generation Z were born roughly 1995-2008 and they are generally very discerning. As future dominant consumers, they will impact product design and purchase which impacts business / share prices / and overall trade. Suggesting you 'keep an eye' on the important factors that impact your profit may seem like presumptuous advice to offer any business owner / operator (more so one who reads Business Partner Magazine). This is not the intention. We are not talking about the classic text book approach concerning factors such as unit cost, market share, unique selling point etc. We are talking about micro factors that may seem irrelevant but have the potential to derail your business if left ignored or simply disregarded as unimportant. For instance; India INX trading means the Indian and geographically close markets are likely to become even more competitive and this strength may affect the cost of clothing if you are a fashion retailer of in the fashion industry that outsources manufacturing to this part of the globe. Brexit is already being blamed for minute yet clear price increases in basic household staples across British supermarkets. This is apparently due to extra transport costs. The point is that any costs incurred generally get passed on to the consumer and consumers can vote with their pockets to seek a lower price for themselves. Consumers are more cost savvy, know they
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have greater global choice and are shrewd as to the value that purchasing a particular product adds to their lives. POINTS TO CONSIDER AS A BUSINESS OWNER / OPERATOR * Check the financial news AND observe the consumer influencing power of a popular mobile app like Snapchat or a social networking app such as Instagram (IG) * Review your in-house strategies every 3 months to ensure they are in line with your overall vision or focus at that point in time. The world and the stock markets change rapidly; it's good business sense to keep abreast of said changes as best as possible. * People you work with and the relationships you form are still priceless. They will remain so as long as humans inhabit this planet. Invest in building good
personal / business relationships because they provide emotional currency, useful support and the impetus to withstand any fluctuations in any markets as you continue to grow your business. Business is a slightly different animal yet it remains the same beast. Slightly different in that social activism linked to your brand / product gives a certain engaging appeal. As does the way you interact with your buying tribe and how you represent your core values. It remains the same beast as profit is the ultimate motivator, units must be shifted and market share maintained / improved. Being who you are as a brand, service or product already creates an authentic representation of how you do your business. The world still respects, loves and, equally as importantly, buys into authenticity.
About the Author Malik Muhammad was raised and educated in Jamaica, read law in London and is the conceptualiser of The Empowerment Mastery System. He enjoys vegan cooking, quad biking, jazz and yoga. He is an after dinner speaker, workshop facilitator and convenes international & corporate inspirational seminars. Malik is the host of online talk show 'Reasoning Sessions' and specialises in sharing self-empowerment strategies with diverse and multi-faith audiences. Facebook | LinkedIn | Instagram | Twitter
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Whati ft hechange you’ r eavoi di ngi st he onet ogi veyouwi ngs ? Embr aceeachchal l enge i nyourl i f easan oppor t uni t yf or s el f t r ans f or mat i on. www. bus i nes s br eakt hr ough. co. uk
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Business Intelligence Vs. Business Analytics By Dan McCarthy Business intelligence (BI) and business analytics (BA) are two terms thrown around a lot in the business world. They’re also often used interchangeably, but are they really the same thing? The two terms might have slightly different meanings depending on who you ask. This piece will attempt to explain the difference, though it shouldn’t be taken as scripture since many people define the terms in their own ways. Business Intelligence
BI is a broad term that encompasses data that is interpreted and used to influence the direction of day-to-day operations. Recent advancements in BI tools have really revolutionized the way SMBs and corporations approach big data. This includes the proliferation of data visualization and self-service BI tools and software to make big data accessible to anyone. In 2017, it is projected that over 50% of businesses will have access to some type of self-service BI system. BI is analyzed to evaluate current trends, buying patterns, and behavioral traits of specific demographic customers. It can also be used to evaluate other facets, such as overhead spending and employee retention.
Photo credit: UTG Solutions
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Business Analytics
Photo credit: University of Connecticut
BA also comprises of big data that is interpreted and made into quantifiable reports. Where it differs from BI lies in the type of data and how it’s used. BA assesses past and current consumer trends. The information is used to make informed decisions moving forward. The aim here is to increase revenue by identifying shortfalls and strong points to boost sales and retention. Essentially, the data is used to make predictions regarding how certain changes in company practice may affect profit margins. Here’s another way of looking at it: whereas BI is about understanding the past and present, BA is about hypothesizing the future.
Types of Questions Asked BI and BA seeks to answer different questions. BI analyzes data that seeks to answer the what, when, why, who, and how. The purpose may, for example, be to gather data to determine the overall reception of a recent company event. This will help determine whether it can be classified as a success according to preestablished goals. BA also answers these questions but in the future tense. In other words, it seeks to predict what will happen, why it may happen, how it may happen, etc. BA, in this sense, may analyze the data to determine the potential outcome of a future company event. The Methods BI and BA also gather data using different methods. Common data gathering for BI may include any of the following:
A Closer Look On the surface, the above definition for BI and BA appear more or less the same, hence why they’re often used interchangeably. Here is a more descriptive breakdown that may give you a better sense of the difference.
Ad hoc queries Dashboard information Scorecards Pre-established key performance indicators and metrics. KPIs can be broken down to dozens of categories and sub-categories. Examples may include social media performance, which itself can be broken down further (e.g. likes, comments, views)
For BA, methods often entail:
Data mining – can be extracted from a number of data sets, such as sales,
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inventory, customer enquiries, social media activity, etc. Text mining – extracted from natural text, such as what customers are saying via email enquiries, Facebook posts, tweets, etc. Descriptive modeling – consists of mathematical formulas to determine the probability of certain events or outcomes Multimedia mining – data gathered from multiple media sources, such as the various social media outlets, phone correspondence, print publications, and video
Users With the advent of self-service BI tools, BI data can be gathered and used by most employees thanks to the relatively easy learning curve. Essentially, the data is much more accessible for the layperson. BA, on the other hand, typically requires analyses from trained IT specialists and experienced data scientists. Some general information may be gleamed and interpreted by regular staff. However, acquiring a detailed analyses and recommended course of action typically
requires an expert and professional opinion. When You Need BI and BA Again, the difference is more or less relative. For the most part, BI tools are useful for businesses with extensive data and requiring data warehouse storage. With BI self-service tools, users can obtain intuitive reports to improve decision making and form actionable solutions, through proper predictive project analytics. For startups or companies planning a major change in direction, investing in a business analytics software or hiring a data scientist may be your best bet. BA is the go-to path if you’re aiming to up short-term performance, while at the same time making predictions that will aid in your long-term goals. Don’t Get too Caught up in the Difference While you should attempt to make a distinction, it’s not absolutely necessary to treat these two terms as separate entities. What matters is that you derive business intelligence insights and analytics to put them to use in a way that produces realworld results.
Dan McCarthy has worked in the event management industry for five years and is currently an event manager for the UK-based company JD Parties. His portfolio includes many successful event planning projects for companies across various niches. He is currently a regular contributor for his company’s blog site. Follow him on Twitter at @DanCarthy2.
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What Does Article 50 Mean for Small Businesses? By Jason Downes Now the government has officially served notice to confirm Britain will be leaving the European Union, UK businesses have been launched into a period of uncertainty. With two years to negotiate the terms of the separation, organisations of all sizes and sectors will be lobbying to secure an agreement that will benefit them. So where does this leave small businesses? Until a deal has been made, it’s impossible to know exactly how SMEs will be affected. As Article 50 only denotes the
triggering of the two-year Brexit process, things won’t officially change until March 2019 (or later if both the EU and UK agree to a longer settlement period). However, the climate of change means business owners should begin asking questions and be prepared to adjust. While nothing will be legally altered until after the two-year period, organisations will likely try to anticipate and adapt to conditions before the new rules come into play.
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The automotive industry relies heavily on trading with Europe quickly, and processes could be impacted depending on the trade rules put in place. The retail sector employs a reported 120,000 EU nationals, and relies heavily on exporting and importing goods to and from the EU.
Article 50 and the single market The single market is one of the main topics of Brexit negotiations. It allows EU countries to trade freely with each other, without having to pay tariffs or adhere to restrictions. Those in favour of leaving the single market believe it will open opportunities for increased trading with other countries, such as China, India, the USA and Canada. However, others worry leaving the single market will make it more difficult for businesses to reach the 500 million potential customers in the EU. As it stands, Britain is poised to leave the single market. Trade, limiting the free movement of people, and changes to regulations are some of the main points that will affect small businesses, as a result.
The farming industry is the UK’s biggest manufacturing sector: only 52% of food consumed in the UK comes from British farmers and more than 50% of farm income comes from EU subsidies. The financial sector relies heavily on being able to move money across borders, which could be greatly impacted by a change in regulations surrounding financial transactions to and from EU countries.
Small businesses and Article 50 As different sectors and organisations interact with the EU in individual ways, it’s difficult to summarise exactly what Article 50 means for small businesses. But in terms of trade, free movement and regulations, many SMEs are tied closely to the EU and will have to adapt to the impending changes.
Business sectors and Article 50
Rising costs to do business with EU companies
Most things we interact with daily are connected in some way to the EU, and will more than likely be altered by the split. For example:
According to the FSB (Federation of Small Businesses), small companies rely heavily on trading via the single market: 92% of their exports and 85% of their imports
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move through the single market (see the report here). Leaving the single market could mean tariffs will be placed on goods that move in and out of Britain. If this happens, it will be more expensive to import products from Europe, resulting in prices potentially being raised for UK customers. It could also mean the goods that small businesses export to the EU will be taxed, and will be more expensive for EU customers. On both sides of the border, buyers could end up looking for cheaper alternatives. If the EU agrees to a free trade agreement, the UK could still have access to the single market. However, this means Britain would have to agree to other EU terms, which might involve immigration and other regulations. Leaving the EU also opens the potential to forge new trade agreements with other countries, as Britain will be able to negotiate independently. However, this won’t be possible until the two-year period is up.
Difficulty finding workers with the right skills The single market allows for the movement of people between EU countries, meaning EU members can work and live in different countries without
having to apply for a visa or work permit. Leaving the single market will likely halt free movement, and it won’t guarantee EU citizens the right to remain in the UK. Many UK industries rely on the skills of EU workers: according to the FSB, 1/5 of small businesses with employees hire non -UK EU citizens. This means both employees and employers face uncertainty about whether they’ll be able to continue working as they have been, once the split has finalised. In addition to concerns as to whether current employees will be able maintain their right to work, small businesses may face the prospect of losing access to a pool of potential employees from countries that are a prominent part of certain industries. Now that Article 50 has been triggered, this uncertainty may already be making the UK a less appealing place to settle and work for valuable non-UK EU workers. However, some argue leaving the single market and halting free movement will create opportunities for the UK to focus on developing these skills internally.
Obstacles to trade with European businesses and EU countries Currently, we cooperate with other EU countries on many different sets of standards and regulations, involving
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things like food safety, environmental expectations and data security. These are complex and detailed agreements that govern important aspects of businesses. After leaving the EU, it could cost small businesses time and money to adapt to new rules that the UK might implement, as well as adjusting to meet the expectations of new trading partners.
The consequences of Article 50 Small businesses have already been making predictions and taking action prior to the split. It’s important to be ready to adapt and work flexibly to prepare for change.
Changing prices As the pound reacts to Brexit negotiations, some businesses have capitalised and increased profit from EU businesses looking to take advantage of a favourable exchange rate. However, this means some prices in the UK have also risen to reflect the weak pound. Small businesses may have to think
differently about the suppliers they use and the markets they target, potentially shifting towards a UK audience or looking to find new connections in non-EU countries. They must be prepared to look for new opportunities in the instance that the terms of leaving the EU make current processes invalid or expensive.
Changing job market The employment landscape is shifting as we move away from the EU, and businesses are already beginning to adjust. Some are already making cuts and laying off staff, while others are getting ready to move jobs to Europe. Until exact terms are announced, many businesses are being cautious and have halted recruitment and investing in growth. To prepare for change, small businesses will need to look at internal processes and structures and adjust to improve efficiency. This could mean making cuts or changing priorities to focus on areas that are secure, until an agreement with Europe has been confirmed.
About the Author Jason Downes is ME of www.powwownow.co.uk Founded in 2004, Powwownow was born so that anyone could access low-cost conference calling in an instant. Since then, they’ve become the leading conference calling provider in the UK.
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