Posts

8 Benefits On How Social Media Impacts Your Business

Social media has contributed to immense development in the business sector. It is a fact that a good number of companies have benefited so much from social media. Whether they are a start-up business or an online enterprise or store, social media has greatly helped them.

Many businesses with excellent social media experience are more likely to recommend it to others. This shows the importance of social media in companies. In this case, businesses should interact with their customers and build their reputation as much as possible.

Social media links you with your customers, exposes your brand to the public for marketing purposes and increases your leads and sales. We have mentioned some benefits of social media in business below.

Customers Themselves Help Market Your Brand

Through social media, happy customers can do the advertising for you. It would help to encourage your clients to share reviews and experiences on your page. Not only that, but they may share their knowledge on their social media accounts, marketing your businesses to their network and contacts.

Your brand authority strengthens if you get satisfied customers who share their positive experiences with your network. Positive testimonials help reinforce the idea that when people choose to work with you, they make the right decision.

Easy Communication

In the past, brand interaction with customers was done once a year when a company launched its new products. But then, social media has made everything easier. Therefore, customer and brand interaction can be done quickly and more frequently. Customers can talk with their brands at any time they wish through social media platforms like Twitter, Facebook and Instagram. Apart from airing their grievances, they can also review products.

Also social media uses a lot of memory in your phone, which may cause overheating. To solve this issue, you can get the CleanUp app to clean more memory on your device and remove unnecessary apps and files. This iPhone clean up app cleans your memory and makes your device faster and more effective. It also has a smart cleaning device which keeps your phone’s activities organised. On the other hand, it can help you delete duplicate contacts and files on your phone. Therefore, your device memory will be boosted, and you won’t have overheating issues.

Help In Reporting And Analytics

Proving return on investment is the greatest challenge for most marketers. But then, with helpful tracking and analytics tools available on social media accounts, you will know everything about your business with just a click. You will monitor and find feedback from your followers and also monitor purchases when using social media for businesses.

Tools like Hootsuite Impact and Google Analytics will help you to track website traffic on emails and social media platforms. This applies to both paid and organic social media campaigns.

Improve Brand Awareness

Social media marketing aims at improving the brand’s visibility for marketing purposes. It is about informing people that you are there for them and can solve their problems. But then, it entails more than that. Social media will keep your clients updated and take action on time. And if you build your reputation through your brands, clients will advocate your brand. Most social media platforms have an option where you can endorse your brand.

Reputation Management

Your customers will speak about your brand on social media whether or not you are available to reply. If you and your team are available, it is important to find out what the customers think about you, whether positive or negative. This will help you address issues faster before it is too late.

For instance, customers may be commenting on the bad experience they had. Social media will help you solve everything in time.

Expand Your Network

As the name suggests, social media will help you share your ideas with people with your interests. But this doesn’t imply that you and your customers will only meet.

An active social media page will attract other investors who have noticed you.

You Can Save Money

If you were to invest the least amount of money in marketing, social media is the best tool for you. The most exciting thing about social media is that most social media services are free. You can only spend a little money if you fund a paid advert on social media premium features.

Keep An Eye On The Competition

Social media is quite important because it will help you to remain at a bar with your competitors, this is because you will know what people are saying about you and also your competitors. For instance, your competitors’ negative comments will help you make the right decisions and win new customers. You will also know the brand launch dates of your competitors so that you can get more knowledge from them.

In the long run, the networking ability for social media is satisfying. You must know what your customers want and how best to contact them through social media. You too, can build your marketing strategy through social media. We hope that all we have mentioned was helpful.

Navigating Economic Substance Tests: A Comprehensive Impact on Global Commerce

In this blog post we will be navigating economic substance tests. In an era of increasing globalisation and interconnected economies, governments worldwide are taking steps to ensure that businesses conduct operations in a manner that aligns with economic realities and genuine value creation within their jurisdictions. One such mechanism is the implementation of Economic Substance Tests (ESTs). This article delves into how these tests impact commerce, shedding light on their significance, implications, and effects on the business landscape.

Understanding Economic Substance Tests (ESTs)

Economic Substance Tests are regulations designed to combat base erosion and profit shifting (BEPS) by ensuring that entities registered in a jurisdiction engage in substantial activities that genuinely contribute to economic value within that jurisdiction. The main objective is to prevent businesses from exploiting tax havens to artificially reduce their tax liabilities without any real economic activity taking place.

The Importance of Economic Substance Tests

Enhanced Tax Fairness: Economic Substance Tests promote fair taxation by requiring businesses to have substantial operations and value creation within a jurisdiction in order to avail tax benefits. This levels the playing field, ensuring that all entities contribute their fair share of taxes based on the actual economic value they generate.

Preventing Tax Avoidance: Multinational corporations have often been criticized for exploiting legal loopholes to minimize their tax obligations. Economic Substance Tests close these loopholes by demanding that companies demonstrate real economic activities that align with their claimed profits, leaving little room for artificial profit shifting.

Boosting Local Economies: When companies engage in genuine economic activities within a jurisdiction, they create jobs, invest in infrastructure, and contribute to overall economic growth. Economic Substance Tests encourage businesses to become active participants in the local economy, fostering sustainable development.

Impact on Global Commerce

Operational Restructuring: Businesses subject to Economic Substance Tests may need to restructure their operations to meet the substantial activity requirements. This can involve relocating certain functions, assets, and personnel to the jurisdiction in question, resulting in a redistribution of resources and potential adjustments to supply chains.

Compliance Costs: Adhering to Economic Substance Tests necessitates documentation, reporting, and compliance procedures. While this may increase administrative costs for businesses, it also contributes to transparency and accountability in financial operations.

Foreign Investment Shifts: Jurisdictions with robust economic substance requirements could attract increased foreign direct investment (FDI). Investors may favor jurisdictions where businesses can prove their genuine economic activities, reducing the risk of future disputes over tax obligations.

Innovation in Tax Strategies: As businesses adapt to meet the requirements of Economic Substance Tests, they may also innovate new ways of conducting cross-border operations that align with these regulations while maintaining efficiency and profitability.

Legal and Financial Services Demand: The implementation of Economic Substance Tests has led to a surge in demand for legal and financial advisory services. Businesses seek guidance on restructuring, compliance, and risk management, creating opportunities for specialised service providers.

Re-evaluation of Jurisdiction Selection: Companies that previously established entities in low-tax jurisdictions solely for tax benefits are now re-evaluating their choices. Economic Substance Tests have compelled businesses to consider whether a jurisdiction aligns with their genuine operational needs.

Conclusion

Economic Substance Tests have emerged as a critical tool in reshaping the global commerce landscape. By insisting that businesses engage in genuine economic activities within the jurisdictions where they operate, these tests promote tax fairness, prevent base erosion, and contribute to local economic growth. While they may necessitate operational changes and compliance costs, their long-term impact includes more equitable taxation, enhanced transparency, and a shift towards sustainable, value-driven commerce. As businesses continue to navigate the complexities of economic substance regulations, the true potential of these tests to reshape the world of commerce remains to be seen.