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How to Prepare for the Deluge of Year-End Requests on November 20, 2023 at 1:05 pm HBR.org

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Five strategies for managing the urgent (and not-so-urgent) demands.

​Managing yourself, Time management, Time off, Personal productivity, Work-life balance, Digital Article Five strategies for managing the urgent (and not-so-urgent) demands.  

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Business

Is Your Small Business Prepared for the Next Economic Shift?

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Small businesses are the backbone of the American economy, but they’re also uniquely vulnerable to economic shifts and extreme events. Recent data paints a concerning picture of small business preparedness and resilience in the face of challenges.

According to a report by Small Business Majority, up to 30% of small businesses affected by Hurricane Sandy failed as a direct result of the storm. This statistic highlights the devastating impact that a single extreme event can have on small enterprises. Even more alarming is the estimate from the Institute for Business and Home Safety that 25% of small to mid-sized businesses do not reopen following a major disaster.

The financial toll of such disruptions is significant. The median cost of downtime for a small business affected by an extreme weather event is $3,000 per day. This can quickly become unsustainable for businesses operating on tight margins.

Despite these risks, many small businesses remain underprepared. A staggering 57% of small businesses have no disaster recovery plan in place. Of those that do have continuity or risk management plans, 90% spend less than one day a month preparing and maintaining them.

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Climate change is exacerbating these risks. In 2020 alone, at least 1.7 million people in the United States were displaced due to weather-related disasters. The economic impact of climate change in the US could amount to as much as 4% of GDP per year, equivalent to nearly $840 billion annually.

The COVID-19 pandemic has further underscored the importance of business resilience. The Small Business Administration reports that 25% of small businesses don’t reopen after a major disaster. This statistic emphasizes the critical need for comprehensive disaster preparedness and recovery planning.

To address these challenges, small businesses need to take proactive steps:

1. Develop a comprehensive disaster recovery plan
2. Regularly assess and update risk management strategies
3. Invest in cybersecurity measures
4. Diversify supply chains to mitigate disruptions
5. Build financial reserves to weather economic downturns

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Sentricus offers a solution to help small businesses navigate these complex challenges. As a comprehensive business resilience platform, Sentricus provides tools and resources to help small businesses:

  • Create and maintain up-to-date disaster recovery plans
  • Conduct regular risk assessments
  • Implement robust cybersecurity measures
  • Develop strategies for supply chain diversification
  • Offer financial planning tools to build reserves

By leveraging Sentricus’s expertise and technology, small businesses can significantly improve their preparedness for economic shifts and extreme events. The platform’s user-friendly interface and tailored recommendations make it easy for even the busiest small business owners to take meaningful steps towards greater resilience.

In an increasingly unpredictable business environment, partnering with Sentricus can provide small businesses with the support and solutions they need to not just survive, but thrive in the face of economic shifts and challenges.

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Business

How Advertisers Boost Indie Filmmaking

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Independent filmmaking is a challenging yet rewarding endeavor, often marked by limited budgets and resources. However, partnering with advertisers can significantly boost the prospects of indie films, providing much-needed financial support and enhancing marketing efforts. Let’s explore how advertisers play a crucial role in the success of independent films, supported by relevant statistics and insights.

Financial Support and Budget Augmentation

One of the primary ways advertisers boost indie filmmaking is through financial support. Independent films typically operate on tight budgets. A study on independent film revenue highlighted the financial struggles faced by indie filmmakers, noting that many films struggle to break even or make a profit without additional funding sources. Advertisers can fill this gap by providing sponsorships, product placements, and other forms of financial backing, allowing filmmakers to enhance production quality and cover essential costs.

Enhanced Marketing and Distribution

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Marketing is a critical component of a film’s success, and advertisers bring expertise and resources to the table. A comprehensive guide to marketing independent films emphasizes the importance of a well-crafted marketing strategy from the outset. Advertisers can leverage their marketing channels and expertise to promote indie films, ensuring they reach a wider audience. This includes creating captivating trailers, utilizing social media platforms, and engaging in influencer marketing.

Audience Engagement and Brand Integration

Advertisers can help indie filmmakers engage with their target audience more effectively. Cinema advertising has proven to be a highly effective medium, with studies showing that viewers are more positively disposed towards advertisements at the cinema. This positive disposition can translate into higher engagement and interest in the advertised indie films. Additionally, brand integration within films can create memorable and impactful experiences for viewers, enhancing their connection to the film.

Statistics Supporting the Impact of Advertising

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1. The global cinema advertising market is projected to grow by 6.78% from 2024 to 2029, reaching a market volume of $4.90 billion by 2029. This growth indicates the increasing value and impact of cinema advertising on audiences.

2. Data from a survey of 104 independent films revealed that self-distributed films, often supported by targeted marketing efforts, were more likely to break even or make a profit compared to those released through traditional distribution companies.

3. Historical successes of indie films like “Pulp Fiction,” “My Big Fat Greek Wedding,” and “Everything, Everywhere All at Once” demonstrate the potential for indie films to achieve significant commercial success with the right marketing and distribution strategies.

Fun and Engaging Examples

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  • Indie films can creatively integrate brands into their narratives, making product placements feel natural and enhancing the storytelling experience. For example, a character using a specific brand of coffee can subtly promote the product while adding authenticity to the scene.
  • Advertisers can create interactive promotions that engage audiences before and after the film. For instance, a brand could sponsor a contest where viewers submit their own short films inspired by the indie movie, fostering a community of engaged fans.

Advertisers play a vital role in boosting indie filmmaking by providing financial support, enhancing marketing efforts, and engaging audiences.

The partnership between filmmakers and advertisers creates a win-win scenario, where indie films gain the resources needed to succeed, and advertisers reach a captive and receptive audience. As the cinema advertising market continues to grow, the collaboration between indie filmmakers and advertisers will become increasingly important in shaping the future of independent cinema.

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Advice

How Spending Money Can Make You More Money

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When it comes to advertising, many businesses hesitate to invest, fearing that spending money won’t lead to more money. However, the data tells a different story. In fact, advertising can be a powerful tool for driving revenue and growing your business.
The Return on Investment (ROI) of Advertising
According to a study by the Interactive Advertising Bureau, every dollar spent on digital advertising returns an average of $1.54 in revenue. This means that for every dollar you invest in advertising, you can expect to see a return of over 50%
The Impact of Advertising on Sales
In another study, Salesforce found that businesses that invest in advertising see an average increase in sales of 15% to 20%. This is because advertising helps to drive awareness, consideration, and conversion, ultimately leading to more sales.
Building Brand Awareness
Advertising can also help to increase brand awareness, which is essential for long-term business growth. According to a study by Nielsen, advertising can increase brand awareness by up to 80%. This means that by investing in advertising, you can reach a wider audience and build a stronger brand. 
Targeting the Right Audience
The key to successful advertising is targeting the right audience with the right message. By using data and analytics to understand your customers, you can create targeted ads that resonate with them and drive results.
Real-Life Examples
Companies like Procter & Gamble, Coca-Cola, and Amazon are just a few examples of businesses that have seen significant returns from their advertising investments. By investing in targeted advertising campaigns, these companies have been able to drive revenue, increase brand awareness, and stay ahead of the competition.
In conclusion, spending money on advertising can be a smart investment for businesses looking to drive revenue and grow their brand. By targeting the right audience with the right message, businesses can see a significant return on investment and achieve long-term success.

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Unlock impactful advertising opportunities with Bolanle Media. Our expert team crafts immersive experiences that captivate audiences, driving brand engagement and memorability. Let’s elevate your brand’s marketing strategy together.

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