Small and medium-sized enterprises represent more than 99% of U.S. businesses – and they’re well-represented in fitness and wellness. Brands like Mastercard are helping SMEs thrive in an ultra-competitive landscape
This story is part of “The Playbook,” a weekly column that takes a deep dive into the future of business, management and technology, with an eye toward practical applications for fitness and wellness executives
Multimedia Plus’ latest retail executive insights report looks at the “strategy gap,” which the company said is where well-designed initiatives fail to translate into consistent execution across stores and teams.
Multimedia Plus said this gap is caused by unclear communication, lack of training and fragmented tools. Common breakdowns in execution include inconsistent messaging, lack of accountability, siloed systems and slow response times, which weaken brand integrity and momentum.
To ensure effective execution, Multimedia Plus’ playbook move is to ensure that alignment and clarity are embedded into the company culture. Employees at all levels need clear expectations, confidence in execution, and transparent measures of success. This requires more than directives — it demands integrated tools and systems that enable real-time feedback, adjustments and performance tracking. Only by prioritizing execution as an ongoing process can strategies achieve their intended impact. And, of course, Multimedia Plus said it can help with its next-generation communications and training platform.
It’s a Big Small World
Mastercard notes that small and medium-sized enterprises (SMEs) “represent more than 99 percent of U.S. businesses and are the beating heart of local economies. For the people behind them, running a small business is more than a job – it’s their passion; 50 percent of small business owners in North America define prosperity as feeling fulfilled in their career and enjoying their work, while 51 percent say it means doing what they love every day.”
But that love comes at a price.
Owners of SMEs, also referred to as SMBs (small to medium-sized businesses), suffer from long hours, stress and never-ending competitive pressure. This is why Mastercard has rolled out a new program to help them: the Mastercard Small Business Navigator, which the company describes as a program “designed to equip U.S. entrepreneurs with the tools, data and education they need to fuel and protect their passion and growth.”
The company said that Mastercard tools and resources “are built to simplify and fortify daily operations, so small business owners can focus on opening their doors each day to serve their customers and enrich their communities.” The company went on to describe its Small Business Navigator as a new “curated offering of education, insights, protection and planning tools to help entrepreneurs grow and thrive with confidence.”
Ginger Siegel, head of small business in the U.S. at Mastercard, said SMEs “are the backbone of our economy, and they deserve more than just encouragement — they need real, actionable support.. With Small Business Navigator, we’re delivering a powerful combination of insights, protection and financial tools that help business owners build toward long-term success.”
To learn more about the Mastercard program, click here.
What’s in Your Wallet? For Millennials, It’s Not Cash
A new study by PXP, the omnichannel tech platform provider, showcased insights about Millennials’ desire for digital wallets as they prioritize security while also showing that preferences vary and depend upon the context of the purchasing.
The company said its study “reveals that 64 percent of Millennials – those born between 1981 and 1996 – value digital wallets, especially for international travel, and 40 percent consider security their top priority when choosing payment methods.” The report’s authors said this generation is balancing “traditional payment solutions with emerging technologies as they shape an increasingly complex payment ecosystem.”
The research showed that mobile wallets are becoming increasingly popular, “with 20 percent of younger Millennials using mobile wallets like Apple Pay daily, though many Millennials still rely on more traditional payment methods for everyday spending.”
The researchers found that variation in payment preferences are based on context – “from everyday essentials to high-value purchases,” the report stated, also noting that debit cards remain the most popular choice for everyday shopping, “with 40 perent of Millennials using them as their primary payment method in grocery stores, while 24 perent opt for credit cards for high-ticket online purchases.”
And for certain transactions, 20 percent of Millennials polled said they prefer to pay with cash when dining out, “often for splitting bills in group settings.”
“Online shopping continues to dominate, with 80 percent of Millennials conducting the majority of their shopping online,” the report stated. “When it comes to travel and accommodation, 38 percent of Millennials use debit cards for hotel bookings, while 26 perent prefer credit cards to access rewards, insurance, or cashback benefits.”
For businesses servicing this generational cohort, the playbook move is to offer payment options that are innovative and flexible while being trustworthy.
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