Government Support of Business Startups
Starting a new business is a challenging but fulfilling endeavor. As a startup, you can use all the help you can get to boost revenue and manage cost. Thankfully, the government has many initiatives to help new businesses grow so you can focus on doing what you do best.
Why Does the Government Support New Businesses?
There are many government agencies, such as the Small Business Administration, to help new businesses gain traction. Here's why the government invests in fostering a startup-friendly environment:
- Job creation: small- and mid-size businesses are the largest employer in the US and they play a critical role in creating new jobs. Not only do they hire workers but they also create employment opportunities in supporting industries.
- Tax base and tax revenue: new businesses support the tax base by paying business taxes. In addition, they help increase tax revenue by paying wages to employees who in turn, pay income taxes.
- Economic growth: new businesses attract workers to the community. The economic development can help revive depressed areas and support the growth of the local economy.
- Innovation: the nimble structure and creative environment of many startups often encourage the development of innovative solutions that can have a lasting impact.
- Diversity: as more and more new businesses are owned by women and minorities, the government can encourage diversity by supporting these enterprises.
- A sense of empowerment: business owners tend to be more satisfied and fulfilled. They're more likely to have higher self-esteem, happier, and healthier -- thereby contributing to the general well-being of the society.
The Government Supports Startups With the Right Tools
The government supports new businesses by offering advice and providing loans -- which help startups get off the ground with the right resources, e.g., by purchasing the appropriate tools and software to support growth and improve efficiency.
Here are some essential software applications startups need:
- Project management software: manage timeline, budget, personnel, and resources to ensure that projects are delivered on time and on budget.
- Collaboration software: facilitate team communication and collaboration by managing workflow, assigning owners, and streamlining communication with a centralized platform.
- eCommerce or website platform: most businesses need an online storefront. Whether you choose to have an eCommerce component or not, it's essential to have a website so you can attract more customers.
- Email marketing software: email marketing is a very affordable way to deliver personalized content so you can cultivate relationships with your customers and promote your products or services.
- Customer relationship management (CRM) platform: manage relationships with prospects and customers so you can reach out at the right time with the most relevant offers to increase sales.
- Customer service software: whether your customers are contacting you via email, live chat, or messaging apps, a customer service software can effectively direct the inquiries so you can provide the best support to increase sales and improve retention rate.
- Content research tools: content marketing is a cost-effective strategy to boost SEO ranking and build relationships with your audience. Proper research can help you find the right topics and rank for the best keywords to improve results.
- Social media tools: from interacting with your followers and conducting social listening to scheduling posts and discovering industry trends, social media tools can help manage your social media presence efficiently.
- File storage and file sharing applications: by storing your files in the cloud, you can easily share them with your team and partners to ensure that everyone has access to the latest information.
- Invoicing, payment processing, and bookkeeping software: by combining the various activities involved in the billing process, these applications help streamline the invoicing process and account tasks.
- HR software: many startup business owners are stumped by payroll and employee benefits. These applications help demystify the process and make sure nothing falls through the crack.
Don't Forget To Use a Secure Communication Platform
You may take your phone service for granted but it's not something to ignore when you're starting a new business. By choosing the right secure cloud communication platform (e.g., VoIP,) you can increase productivity while reducing setup and ongoing costs.
With voice calls, video conferencing, file sharing, instant messaging, and other features, these applications help facilitate internal communication to support team collaboration and enhance external communications to deliver outstanding customer experience.
In addition, the many security features such as authentication and access control offered by these platforms allow you to effectively protect sensitive information from data breaches, which can lead to costly downtime and erode customer trust.
Businesses rely on their technology to empower them to be as productive as possible. With 8x8's world-class technology you get everything your business needs in one place. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.