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Top 5 Global Trends that Entrepreneurs Should Know About

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Small businesses

Although trends can seem overwhelming, they can also be a key to letting the world know all about your business.

Entrepreneurship is a dynamic field. Trends are constantly changing due to technological advances, economies, and sociopolitical situations. These trends can vary depending on where you are located in the world. We present a list of emerging trends which are quickly gaining global attention.

1. Internet of Things

The internet of things (IoT), is a broad term that refers to objects and “things” that can be connected to the internet. Each “thing” is assigned a unique identifier (UID) which makes them part of the network. The network allows connected devices to interact with each other and share information. These “things” collect information that is stored on cloud servers and can be analyzed.

Smart home appliances are something you’re probably familiar with. These include fridges that let you know when it is time to order groceries, water management systems that identify water waste points and monitoring systems that identify power surges or gas leaks. IoT solutions are not limited to home appliances. Technology is constantly improving. They can now be anything, from an Amazon Echo Dot (a smart speaker with the ability to turn on your lights), an individual with an implanted heart monitor to a microchipped pet (an animal that has a chip that allows for traceability and transmission of information such as behaviors).

Because it revolutionizes data collection, the IoT has a significant impact on many industries. It monitors user behavior and automates workflow to improve efficiency and understand their preferences. The network also allows machines to be programmed remotely to do repetitive tasks, reducing human effort.

IoT bridges between hardware, software, and artificial intelligence (AI). It allows interconnected devices to gain better insights by efficiently sifting through large amounts of information and making sense of it.

2. Gig economy

Flexible, temporary and freelance jobs are some of the key features of gig economy. This involves connecting clients and service providers in various fields via online platforms. This format allows individuals to work part-time, temporarily or as an independent contractor with short-term contracts.

Gig setups allow for flexible work hours and the possibility to learn new skills. For budding entrepreneurs who are too busy to get a good night sleep, gig setups allow them to supplement their income without having to commit their time to traditional full-time jobs. With the pandemic reducing the number of people living in their homes, gigs have been a great way to supplement income.

3. Hybrid/work-from-home model

The Covid-19 pandemic proved that it is possible to do very few jobs from home. Many entrepreneurs now work from home or mostly, and many ventures have a small staff. Many startups find this a huge advantage as it means they don’t have to pay for a physical space.

This is why hybrid working models are becoming more popular in businesses. While employees can work remotely, they also have the option to collaborate in person for more hands-on or exploratory work. This would allow employees to enjoy both remote and in-person working.

4. Web apps that require no code

Non-technical entrepreneurs no longer have to be held back by a lack of programming knowledge. Platforms that are low-code or no-code can disrupt the creation and development of products and companies. It creates a level playing field by allowing entrepreneurs who are not technical to create minimum viable products (MVPs), and then improve them for early adopters.

Entrepreneurs who are just starting out on a modest scale and have a limited budget can use this to their advantage. They don’t need to wait for someone with technical backgrounds to join them or hire coding experts.

5. Increase in niche markets

The power of novelty is key in a world where everything seems to be already known. Entrepreneurs have the opportunity to create niches and explore new products because of the demand for customized and unique products.

There are many niches that could become extremely profitable. Small businesses like Instagram shops are capitalizing on this desire for uniqueness and customizing apparel, accessories, appliances, and other products to serve a growing clientele. These niches often cater to specific communities and allow them to express their ideas, ideals, and unique identity. This presents a unique opportunity to make products that cater to specific communities, cultures, cuisines, and climates.Trends reflect the market and the ever-changing tastes and preferences of clients around the globe. Trends are a great way for entrepreneurs to keep their eyes open for the next big thing. This knowledge will help you get your business out there.

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Why do Businesses Need Human resource Consulting Services?

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Human resource

Human resource consulting firms play a vital role in today’s business landscape. They offer several key benefits and importance to organizations:

Expertise and Specialization:

HR consultants bring specialized knowledge and expertise to the table. They stay up-to-date with the latest HR trends, best practices, and legal regulations. This expertise is precious for businesses without dedicated HR staff or require support in complex HR areas.

Cost-Effective Solutions:

Engaging HR consultants can often be more cost-effective than hiring and maintaining an in-house HR department. Businesses can access high-quality HR services as needed, reducing fixed labor costs.

Customization:

HR consultants tailor their services to meet the specific needs of each client. Whether recruitment, employee training, or policy development, consultants design solutions that align with the organization’s unique goals and challenges.

Objective Perspective:

Consultants offer an objective and impartial perspective on HR matters. They can provide insights and recommendations without being influenced by internal biases or politics, which can be valuable for making difficult HR decisions.

Efficiency and Productivity:

HR consultants can streamline HR processes, making them more efficient. This can improve productivity, as employees spend less time on administrative tasks and more on strategic activities.

Compliance and Risk Management:

HR consultants help organizations comply with labor laws and regulations, reducing the risk of legal issues, fines, and reputational damage. They also assist in implementing best practices for risk management.

Strategic Focus:

Organizations can free up their internal resources by outsourcing HR tasks to consultants to focus on core business activities and strategic initiatives. This can lead to improved business performance and growth.

Scalability:

HR consulting firms can adapt to an organization’s changing needs. Whether a business is expanding, downsizing, or facing other transitions, consultants can provide flexible HR solutions to support these changes.

Access to Technology:

Many HR consulting firms have access to advanced HR technology and software solutions that may be cost-prohibitive for smaller organizations to implement independently. This technology can enhance HR processes and data management.

Talent Acquisition and Development:

HR consultants excel in talent acquisition and development. They can help organizations attract top talent, assess employee potential, and implement training and development programs to improve workforce skills.

Confidentiality:

HR consultants are bound by confidentiality agreements, ensuring that sensitive HR issues and employee data are handled with discretion and professionalism.

Conflict Resolution:

Consultants can mediate and assist in resolving workplace conflicts and issues, promoting a harmonious work environment.

Global Expertise:

 For businesses with international operations, HR consultants with global expertise can help navigate the complexities of international HR regulations and practices.

In summary, human resources consulting firms provide valuable support to organizations by offering expertise, cost-effective solutions, and a strategic approach to managing their workforce.

Their ability to adapt to changing needs, ensure compliance, and improve HR processes makes them an essential resource for businesses looking to thrive in today’s competitive environment.

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Business

PayPal quietly reintroduces $2,500 “misinformation” fine

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PayPal

Not long after issuing an apology and retracting a $2,500 fine to its users, PayPal has quietly re-introduced the fine into their terms of service and legal agreements.

If enforced, the leading payment processor could fine users the hefty $2,500 sum for spreading “misinformation,” or “hate”, or whatever they deem “unfit for publication.”

While the wording has been changed up, the company has listed several things they would consider fining users over, purely based on speech:

PayPal restricted and prohibited activities

  • The promotion of hate, violence, racial or other forms of intolerance that is discriminatory or the financial exploitation of a crime
  • Items that are considered obscene
  • Certain sexually oriented materials or services
  • Act in a manner that is defamatory, trade libelous, threatening or harassing
  • Provide false, inaccurate or misleading information

The original documents, which PayPal said were published in error, had much looser language on what would get users fined $2,500 over – namely the “sending, posting, or publication” of any “messages, content, or materials” that are “harmful, obscene, harassing, or objectionable.”

PayPal has seemingly taken a firm stance against adult / pornographic content in both policies, while the former prohibited things that “depict or appear to depict nudity, sexual or other intimate activities” the new policy vaguely prohibits “certain sexually oriented materials or services.”

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Finance

Employee Retention Tax Credit 2022

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The employee retention tax credit 2022 (ERC) is a tax credit available to employers who keep and retain their employees. The credit is available to employers with 100 or fewer full-time employees. It applies to qualifying wages paid to employees during the business’s first quarter.

If your business is a small business, you can use Form 941-X to claim the credit retroactively.

Employers with 100 or fewer full-time employees

Employers with 100 or fewer employees are eligible to claim a refundable payroll tax credit called the Employee Retention Tax Credit.

This credit was created by Congress under the CARES Act to encourage employers to retain employees. It was originally set to expire on January 1, 2022, but Congress has extended the credit twice. This means that eligible employers can still claim the credit for their taxes for 2020 and 2021.

The credit is limited to wages paid between March 12 and Sept. 30, 2021. In addition, wages paid under the Paycheck Protection Program (PPP) cannot qualify for the credit. The credit amount is limited to $5,000 per full-time employee in 2020. In 2021, it increases to $7,000 per quarter, with a total credit of up to $21,000 per employee.

Paycheck Protection Program loans are not eligible for the employee retention tax credit

The Employee Retention Credit (ERC) is a tax break for businesses that offer a payroll protection program for their employees. Until recently, employers could not qualify for both programs at the same time. But the new legislation has changed this and now businesses can take advantage of both programs.

To receive the credit, employers must file a Form 941-X, or Adjusted Employer’s Quarterly Federal Tax Return, for each quarter that an employee was a PPP borrower.

The credit is based on wages paid between March 13 and Dec. 31, 2020. For the third quarter of each year, the credit is available for up to $10,000 per employee.

Qualified wages are based on the quarter the business began

To qualify as a severely distressed employer, your business must have had a 90% decline in gross receipts in the previous year.

You must have employed at least one person during this time. The CARES Act does not apply to businesses that are still operating, but it does apply to those that have ceased operations and declined in gross receipts.

Form 941-X is used to retroactively file

The IRS has recently released a new form called Form 941-X. The new form is designed to be filed retroactively and corrects any mistakes that you may have made in filing your original Form 941.

The form must be filed no later than two years after you paid the tax. To file this form, you will need to mail it to the IRS. The IRS does not have the capability to accept it online. If you’ve made significant changes to your business, you may be eligible to claim the ERC. The ERC is equal to 6.4% of the wages you paid to employees during the credit generating period. This credit is not available to corporations with more than 500 employees

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