Each week, Nav brings you relevant small business news from across the web that we hope you find interesting!
Pokemon Go Is Driving Insane Amounts of Sales at Small Local Businesses. Here’s How It Works [4 min]
One good thing about Nintendo’s new game for your phone, Pokemon Go, is that it combines the thrill of gaming with the fun of being outdoors.
And it can be a GREAT opportunity for small businesses, because Pokemon Go has its users roaming the streets bringing more foot traffic to your business. And the app offers built-in ways to help you bring more customers, such as purchasing Lures for $1.19/hour to create a Pokemon hotspot outside your business, or taking your business on the road to PokeStops or Gyms.
As a small business owner, it’s a good practice to keep track of opportunities, like those presented by the Pokemon Go app, that you may be able to capitalize on for your business. But it’s equally important to distinguish the noise from the signals of a worthwhile investment. Taking advantage of small, maverick growth ideas is a great way to test the waters. At $1.19/hour and about 5 minutes of invested set-up time, this would be a good opportunity to test out bringing in new customers who may end up being return visitors, even if Pokemon Go fades.
Nav Launches MatchFactor: A Radically Smarter Way to Get Business Financing [3 min]
According to the Federal Reserve Bank of New York, it takes up to 26 hours for business owners to search and apply for loans, and 72 percent of small businesses get turned down for traditional loans. Additionally, nearly a quarter of business owners have given up on applying because they’re discouraged.
Nav’s newly launched MatchFactor technology aims to solve these problems by instantly filtering through dozens of the top business loans and credit card options, and displaying those options a business owner is most qualified for. We found that small businesses using Nav’s MatchFactor technology are four times more likely to be approved for financing.
To Foster Innovation, Connect Coworkers Who Share Aspirations [10 min]
Creating an environment where employees are able to build communities of aspiration is a powerful way to help employees connect over ambitious goals.
“They have the added benefit of helping to foster ties between employees in different communities of origin and growth – ties that otherwise might not occur.”
Research conducted by IE Business School showed that employee integration is improved if horizontal mobility is encouraged across the company. This is a long read, but you’ll find actionable tips and case studies from large companies.
Utah is America’s Top State for Business in 2016 [Video]
Utah is the chosen state of CNBC’s Top States for Business ranking, outranking runner up Texas, and third place Colorado. Speaking of Colorado…
How pot businesses are getting smoked by high taxes [Video]
One Colorado-based business reports paying an effective tax rate of 80 percent, which is well above the 35 percent statutory rate for U.S. businesses. Additionally, a survey conducted last year found that over 6 percent of marijuana businesses reported being audited, which is over 4X more than the 1.4 percent average for all U.S. businesses.