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Should Your Small Business Go Cashless?

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Together with the rise of new online payment methods such as PayPal and Google Wallet, going cashless has just become more convenient. This trend is made even more essential by the global pandemic that urges individuals to practice physical distancing and heightened safety measures. In the 2018 Global Payment Report by Worldpay, usage of mobile payment channels around the world is predicted to increase to 28% by 2022, beating cash and cards. 

As we are presented with this information, it may be time to ease your business more into mobile channels and discourage cash payments altogether. It may seem like a hard turn to transition from accepting hard cash, but there are a lot of benefits that could make you reconsider. Here are the top three reasons why your small business should go cashless.

1. It makes checkout faster

People these days prefer not to waste time falling in line to check out. Therefore, high-traffic establishments such as Starbucks encourage the use of mobile order and pay apps that enable customers to accomplish their transactions. This way, customers just head to the store to pick up their orders- fast and easy. In fact, a study by eMarketer shows that 43% of internet users in the United States prefer to “scan and go” rather than falling in line.

Furthermore, going cashless will enable your business to be more flexible. If you decide to join fairs or have a pop-up shop, you won’t have to haul your register along. Mobile or online payment channels will conveniently allow you to accommodate your customers wherever they are.

2. It helps manage cash flow easier

Online payment channels automatically track and record every deposit and withdrawal made to your account. This makes it easier to manage compared to literally counting every dollar and penny from a register at the end of each day. It will save you so much time from working out your accounting manually. Plus, you will no longer have to go running to the bank for over the counter transactions.

Most importantly, there is almost no room for error because your account is updated in real-time. You can easily check your revenues and cash flow from a mobile phone. This could also help you look out for potential opportunities that you can enhance or maximize in your business.

3. It diminishes potential risks

Although we want to say that we can trust each and every person that walks in your store or even those who handle the register, leaving hard cash could increase the chances of theft. Unfortunately, some employees steal from their workplace, and robberies are unpredictable. 

Baltimore’s Park Cafe & Coffee Bar was raided at gunpoint five times in a span of 4 months. This made the owner decide on transitioning to mobile payment channels despite some loyal customers who did not have credit cards.

However, the management worked around the situation by providing other perks to their patrons in order to keep their employees safe and their money protected from burglars.

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Business

Airbnb Bounces Back amidst Covid-19 Pandemic

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It comes as no secret that the Covid-19 pandemic has severely affected the tourism industry, including the hotel and accommodation sector. Despite the initial setback, Airbnb’s are slowly starting to rise with the trendy Airbnb nomadic culture work from home individuals are starting.

Airbnb Nomads

When the Covid-19 pandemic started, the first industry to take the brink of the economic downfall was the tourism industry. With flight and movement restricted by lockdown protocols, fewer people are checking into hotels and booking at Airbnbs. While the industry initially felt the effects of the lockdown protocols, they are slowly bouncing back with the Airbnb nomad trend.

So what exactly is the Airbnb nomad trend? Because more and more companies are encouraging people to work from home to control the spread of the virus, people are ditching their apartments and are starting to hop from one Airbnb to another as an opportunity to explore the world (within the confines of their Airbnb) while they are working from home.

Working in Style

Take, for example, Tess Pawlisch, who has been working in San Francisco for four years. She can only take a few vacation leaves amidst her busy schedule in her previous office work set-up with her demanding job. However, now that she is working from home, she can balance working from her Airbnb even when she is on a sunny beach in Mexico sipping tropical-flavored shakes. Pawlisch is only of the many individuals who decided to seize the opportunity to “travel” while working from home.

Bouncing Back

With the initial setback to minimal to zero bookings for Airbnb during the early half of the year, this trend comes at a perfect time for the accommodation giant as Airbnb sales skyrocketed to twice their original sales start of the year. Airbnb’s market value is almost at par with another booking giant, booking.com, with the Bnb having $83.2 billion and booking having $85.6 billion. Airbnb has been doing so well in the past few months in terms of shares and stocks that they even surpassed Marriott hotel, which has a projected $41.7 billion valuation.

Exciting Opportunities Await

The work from home set-up is advantageous for people who are bitten by the wanderlust bug, but it is also advantageous for individuals with families or those who want to be nearer their families during these trying times. For example, Trey Ditto was working in Brooklyn, New York, because of his job. Because his company encouraged him to work from home, he decided to move in with his wife (who was also working from home) and their 2-year-old son when they found a bigger apartment near the upstate portion of New York City for about two months. When they realized this would be the new normal soon, they moved to another Airbnb in Texas to be closer to their families—an opportunity that would not have been available if they were back in the office.

Pain Points

However, hopping from one Airbnb to another is not all luxury and glamor. First, the stress of hauling all your things to settle for a month and then moving to another house the next. It can be extremely exhausting. Second, there will always be the element of surprise. For example, even if the unit’s photos are very enticing (it’s called marketing for a reason), the actual unit may be smaller or more run-down than earlier anticipated and can be quite stressful for picky individuals. Lastly, since the Wi-Fi connection is essential for work from home individuals, not all Airbnb units have the best Wi-Fi access to work with. In fact, the Wi-Fi connection is the number one complaint of individuals who are slowly adapting to this lifestyle.

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World’s Most Underrated Food You Should Try Out in the Future

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Everyone raves about how Paris, Rome, and Tokyo are the places when it comes to food, but there are cities that can offer the same quality of food too.

A lot of people will tell you that Rome, Tokyo, and Paris is where you should go for good food, but what about the cities that have great food? A lot of other cities offer delicious cuisine but are unknown for reasons such as misconceptions, lack of global knowledge, and the small diaspora. Here are the world’s most underrated food places that you should try sometime.

Most Underrated Countries Every Foodie Must Visit At Least Once in Their Lifetime

Philippines

A lot of people are aware of how good Asian cuisine is, but the Philippines hasn’t made a big impact on the world, which is why we’re trying to give it a little more recognition.

Vietnam

Anyone that knows about pho knows that Vietnam has a lot to offer when it comes to the flavor profile. From the sourness of the lime to their spicy chili garlic, you’re sure to enjoy some banh mi from time to time.

Mexico

Everyone loves Hispanic cuisine; tamales and Taco Bell are some things people enjoy, but people fail to realize that there are more flavors to try when it comes to Mexican food.

Croatia

Croatia has some interesting flavors. If you’re looking to eat rice meals but make it like pasta, then Croatia is where you should try their recipes.

Thailand

Thailand is a great country to visit, it’s also very adventurous because you can eat fried bugs here if you’re not too afraid of creepy crawlies.

Australia

Everyone worries about having to eat vegemite, but it is something to try at least once in your lifetime. The land under has a lot of interesting cuisines if you’re tired of the usual fast food combinations.

Jamaica

Jerk meals are all the rage when it comes to Jamaican cuisine, and that’s because it comes from them. One of the most common jerk meals that are served around the world is jerk chicken, and you can replicate this on your own because of all the available recipes.

Norway

If you’re a fan of cheese and lamb meals, then you’ll enjoy dishes from Norway. It’s easy to find a lot of recipes to enjoy. Norway is known to have brunost, otherwise known as brown cheese. Norway is also known for strange meat combinations, so you can try it if you’re looking to try new viands.

We know that there are lots of interesting food choices in infamous places, but it’s always good to know about undiscovered food places that you should visit. We hope you try out some of these places and let us know which food profiles you’re looking for and which ones you are willing to try out in your kitchen. 

Sometimes you can find hidden gems, and you’ll see that these meals are more fun than your usual food choices. 

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Holiday Shoppers Want Their Money to Go to Good Businesses

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More shoppers are looking to buy local products and support companies that align with their values, like Black Lives Matter and other movements.

A lot of small businesses got hurt when the coronavirus pandemic hit. The death of George Floyd has shed more light on racial inequality, and the result is that almost 60% of consumers are highly likely to shop in local stores or neighborhood shops for the holiday season. 

Many US consumers have responded to a survey saying that they are looking to buy locally sourced items this year, and some are looking to support companies that align with their values, as well. 

4 out of 10 respondents say that they’re looking to shop from minority-owned stores, and the same amount says that they support retailers that reinforce the Black Live Matter movement.

The pandemic has brought about difficult times for everyone, which is why most consumers are ensuring that the companies they buy from work hard to create a world where they want people to live. 

According to Aurora James, spending a dollar somewhere is voting for that item to keep existing, and in this pandemic world, a lot of companies aren’t going to be able to survive anymore, which is why every dollar spent really matters.

Major companies have taken notes and are now supporting small businesses by carrying their products in their store. Lowe’s has started a pitching contest to look for entrepreneurs who stand out and also provided millions of dollars for grants to minority-led businesses and small shops. 

James, a Brooklyn-based business owner, says that the pandemic has pushed consumers’ desire to shop local, whether through a major retailer holding products from a local shop or through a mom-and-pop store.

Most holiday shoppers want to give gifts that make them feel good about buying it because they know that they supported a small business and because they chose a gift that is appropriate for the person receiving it. 

Now, James is pushing big companies to assist Black-owned businesses because she was upset by the disruption of the pandemic towards these businesses. Aurora James pitched that major companies pitch at least 15% of their shelves for small businesses. 

Since the start of that petition, some companies like Sephora, Macy’s, and Rent The Runway have joined the pledge.

The support of consumers towards small businesses will decide if these stores can keep their business alive. 

Some shoppers have decided that they will shop from local businesses on Saturday, which people are now calling Small Business Saturday. This shopping event was pitched by American Express and was created to encourage shoppers to buy from their communities. 

Knowing how corporate America turns a blind eye towards some of these small businesses, but being sustainable and equitable is really good for businesses, and they’re still the right thing to do. 

So when you go shopping for your Christmas gifts, we hope you consider buying from local minority-owned businesses. 

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