Formerly known as the lip-sync social media platform Musical.ly, ByteDance officially released Tiktok in 2018, intending to further video-focused networking to a global scale. TikTok has changed consumer engagement in just a few years by using a unique algorithmic feed of short videos based on the users' likes and interests.
In 2019, Deloitte released a report that showed the retail industry is facing an increase in debt and expenses but a decrease in revenue growth and asset turnover. When the pandemic hit, these shaky financial foundations started to crumble. As the months progressed, many small to medium businesses were forced to file for bankruptcy and close down.
People who wish to manage their schedules, finances, and services often become solopreneurs and run their businesses independently. Finally, you are your boss. According to MBO Partners’ 2019 State of Independence, 82% of solopreneurs are happier with their setup than when they worked in a traditional setting.
The start of the new decade has brought on both challenges and opportunities on a global scale. For instance, the “new normal” forced people to limit physical movements, giving way to the rise of online transactions. Consequently, the online consumer market has grown significantly, while the competition for eCommerce businesses has been tighter.
COVID-19 is forcing businesses everywhere into implementing their emergency and business continuity plans. Entrepreneurs who started a company to do some good in the world need to survive this pandemic if they want to fulfill their business “why.”
Congratulations! Your business is growing at an unprecedented rate! The number of your clients doubled, and, in effect, so did your workload—so much that your in-house marketing team is starting to struggle and create strategies to keep up. Looks like you need support.