When COVID-19 struck in 2020, the world as we knew it was thrown into complete chaos. Suddenly, many of us couldn’t leave our homes to complete simple tasks like grocery shopping or even taking a walk. Countless parents became tutors to their children, who were learning via Zoom calls. And when someone showed symptoms of the virus, they were encouraged to isolate themselves even further to avoid spreading the illness to others.
While some were able to heal at home, many faced COVID-related complications, such as pneumonia, sepsis, and Acute Respiratory Distress Syndrome, which often required medical care. With patient beds dwindling and an unforeseen surge of patients being admitted to hospitals, healthcare management had to quickly adjust its protocols in favor of innovative and flexible solutions.
Today, we’re exploring some of the lessons that healthcare management has learned in the wake of COVID-19 and how it’s continued to change to be more prepared for any medical challenges the future brings.
Numerous factors ensure a healthcare facility runs smoothly. During the peak of COVID-19, many of those standard practices were abandoned as the needs of patients and medical staff evolved with the virus. Fortunately, those in healthcare management roles acted quickly, adjusting protocols and policies to ensure the safety and best health outcomes for everyone involved, including:
Before COVID, if you wanted to see a healthcare provider for an illness or health condition, your options were often limited to scheduling an appointment and seeing a doctor in person. However, with the six-feet rule in place, and with the rate of infection being so high, healthcare management quickly adopted another form of healthcare for patients: telehealth visits.
With telehealth appointments, patients could receive care from medical professionals without ever having to leave their homes. This minimized the risk of transmission and also made healthcare more accessible to those in rural areas and individuals with mobility issues.
In January 2021, there were over 126,000 COVID-19-related cases in hospitals across the United States: a staggering figure when compared to the 31,000 cases reported in January 2024. When caseloads become too high to easily manage, many hospitals resorted to flexible staffing models to handle the surges in patient volume. This included:
With the help of data analytics, healthcare systems more easily leveraged several types of data that helped management predict critical information, such as:
Access to real-time data helped healthcare management teams better prepare for logistical challenges, including allocating critical supplies such as ventilators, personal protective equipment, and ICU beds.
Living in a post-pandemic world, there are numerous adaptations that healthcare facilities worldwide have made in preparation for another potential pandemic, including:
The University of Texas Permian Basis offers two unique online programs designed to give you the skills needed to excel as a leader in the healthcare industry. Below, we discuss each healthcare management degree program to help you determine which best aligns with your current skillset and interests:
BAAS in Healthcare Leadership
Our online Bachelor of Applied Arts and Sciences in Healthcare Leadership is perfect if you already have some experience in healthcare and have an associate degree in applied science. This accelerated online bachelor’s program will provide strategies and skills for complex problem solving, project management and forecasting, and overcoming common constraints in the workplace.
BBA in Healthcare Management
The online BBA in Healthcare Management is ideal for those entirely new to the healthcare field. The program consists of 120 credits: a combination of general education courses and major-related courses that will provide skills in several key areas, based on your professional goals, such as:
Both of our programs are designed with working professionals in mind. Flexible and cost-effective, these degrees can be completed at your own pace. Once you’ve selected the program that’s right for you, take the next step and apply today!
Sources:
https://ijsra.net/sites/default/files/IJSRA-2024-0291.pdf
https://ourworldindata.org/covid-hospitalizations
Cooking the books. Creative accounting. Embezzlement. These are phrases commonly used to describe accounting fraud. But what exactly does that phrase mean?
Accounting fraud is the deliberate misrepresentation of financial statements to conceal corporate transactions or fabricate a misleading picture of financial stability. A study shared by Thomson Reuters showed that each year, about 41% of companies commit accounting violations, while about 10% of major public companies commit the more serious offense of securities fraud. That amounts to a lot of lost money—more than $1 million for one quarter of companies in 2023 alone.
Accountants have many tools and tactics at their disposal for detecting and preventing fraud, though like company executives, employees, customers, competitors, and hackers, accountants themselves can also be fraudsters. Here are some of the practices that prudent, ethical companies and individuals are implementing to thwart accounting fraud:
Accounting systems are analyzing large volumes of data more efficiently than ever before. Data analytics tools can detect patterns and anomalies that might indicate fraudulent activities, such as duplicate payments, unusual vendor relationships, or suspicious transactions.
Accountants are conducting fraud risk assessments to identify areas of vulnerability within an organization, enabling them to establish preventive measures to mitigate the likelihood of fraud occurring.
Ongoing internal and external audits are fundamental in fraud detection. Auditors are examining financial records, transactions, and internal controls to identify any irregularities or signs of fraudulent behavior.
Accounting systems are ensuring that all transactions are recorded accurately and transparently, making it easier to identify discrepancies or unauthorized activities that could suggest fraud.
Transactions are being scrutinized regularly throughout accounting processes to pinpoint discrepancies, anomalies, or irregular patterns that may indicate potentially fraudulent activities.
Accounting departments are implementing whistleblower programs that empower employees to report suspected fraudulent activities confidentially.
Accounting systems are incorporating internal controls that prevent and detect fraudulent activities through segregation of duties and authorization procedures that ensure no individual has full control over financial transactions.
Accounting professionals are being regularly trained in the latest fraud detection techniques and can educate their fellow employees about the signs of fraud.
No matter what aspects of accounting interest you, The University of Texas Permian Basin offers an online, AACSB-accredited accounting degree to match. Our programs equip you with the expertise needed for a variety of related career opportunities. Choose a program based on your education level and professional ambitions:
Online Bachelor of Business Administration in Accounting
A bachelor’s degree is typically a prerequisite for entering the field of accounting professionally. UTPB’s BBA in accounting—available online exclusively at this UT System institution—aims to provide you with the necessary skills and knowledge to pursue accounting and related positions in governmental, public, private, and non-profit organizations.
Suggested course for more information on accounting fraud: ACCT 4320 – Forensic Accounting/Fraud Examination
See where graduates of this UTPB program are working.
Online Master of Business Administration With Accounting Track
Broaden your business understanding while enhancing your proficiency in both traditional and contemporary accounting concepts, strategic analysis, and decision-making skills through our online MBA program with accounting track. Benefits of our 33- to 42-credit program include:
Suggested course for more information on accounting fraud: ACCT 6320 – Fraud Examination and Forensic Accounting
See where graduates of this UTPB program are working.
Online Master of Professional Accountancy
Refine your expertise in historical and contemporary accounting methodologies and enhance your decision-making and strategic thinking abilities with an eye toward becoming a CPA in our online Master of Professional Accountancy program. This 36-credit online program:
Suggested course for more information on accounting fraud: ACCT 6320 – Fraud Examination and Forensic Accounting
See where graduates of this UTPB program are working.
Ready to get started? Apply now!
Sources:
https://www.investopedia.com/ask/answers/032715/what-accounting-fraud.asp
Paperless paychecks have been around since the 1970s, allowing employers to electronically transfer wages into employees’ accounts on payday. Direct deposit, or ACH (Automated Clearing House), saves the time and effort of rushing to a brick-and-mortar bank location and waiting in line to deposit a check before the bank closes. It’s an early example of fintech we take for granted today.
Many more advances have emerged in recent decades, providing us with unprecedented financial autonomy and transforming the finance industry. Though we still need to keep our money somewhere secure, these innovations enable us to perform a wide range of financial transactions from a cell phone—and some sidestep traditional financial institutions altogether.
Fintech, short for “financial technology,” encompasses innovative technologies that enhance and automate the provision and use of financial services. It assists companies, business owners, and consumers in optimizing their financial operations and processes through software and algorithms deployed on mobile devices and computers. Let’s look at a few fintech examples now.
Financial institutions enable customers to access their account 24/7 from the convenience of a secure website or app. These accounts are the same ones that they can access via an ATM or a local bank branch. In fact, customers can perform most banking transactions online, from deposits to transfers, making most bank visits redundant.
A digital wallet is a financial transaction app compatible with any connected device. It securely stores payment details and passwords in the cloud. While accessible from a computer, mobile wallets, a subset of digital wallets, are predominantly utilized on mobile devices. In addition to credit cards, digital wallets can store concert or travel tickets, car keys, ID cards, and coupons.
A relatively recent addition to the world of finance, cryptocurrency gets a lot of attention, but not always for the right reasons. Criticisms of this virtual currency include slow transactions, inadequate regulation, a lack of inherent value, and potential use in criminal activities. Though controversial, cryptocurrency may be with us to stay.
Also known as P2P lending, these platforms facilitate direct connections between borrowers and lenders, establishing their own rates and terms for transactions and allowing individuals to obtain loans directly from other individuals. P2P eliminates the need for a financial institution as an intermediary.
A robo-advisor is a digital platform that delivers automated, algorithm-based financial planning and investment services, often with minimal human oversight. In a common scenario, a robo-advisor will collect information about your financial status and future objectives through an online questionnaire, enabling it to provide recommendations and execute investments autonomously on your behalf.
The University of Texas Permian Basin’s AACSB-accredited online finance programs equip you with financial management skills that can result in rewarding occupations, including leadership roles. All three highly marketable degrees are led by esteemed PhD-level faculty members boasting extensive experience within the finance industry. Explore the fintech, terminology, and trends you’ll need to know with us, online.
Online Bachelor of Business Administration in Finance
Develop essential financial management abilities applicable across diverse career paths with a BBA in finance—available online exclusively at this UT System institution. Many students use this program as a foundation for valuable Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP) professional credentials.
Online Master of Business Administration in Finance
Once you’ve completed a bachelor’s degree, continue your studies with an MBA—highly prized in the business world for its prestige. Build broad business acumen with a special emphasis on finance by completing 33-42 credits. Graduate in as little as four semesters.
Online Master of Science in Finance
If you seek a graduate degree sharply focused on finance, consider this 30-credit program—one of select few university programs of its type in Texas to boast STEM certification. Graduate in as little as four semesters.
See potential future jobs and corresponding salaries for this degree.
Delivered in an asynchronous online format, our finance degree programs provide you with the flexibility to pursue your studies at your own pace, irrespective of your location. There’s no need to visit campus. Whether you’re balancing work, personal commitments, or both, our programs empower you to fulfill those responsibilities while earning a highly regarded, career-advancing degree.
Join the field of finance prepared to take on its changes and challenges. Apply to one of our online finance degree programs today!
Sources:
https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-fintech
https://www.investopedia.com/terms/f/fintech.asp
https://www.investopedia.com/terms/r/roboadvisor-roboadviser.asp
https://www.investopedia.com/terms/d/digital-wallet.asp
https://www.investopedia.com/terms/p/peer-to-peer-lending.asp
https://www.investopedia.com/terms/c/cryptocurrency.asp
When we consider a healthcare professional’s role in the patient experience, we might be inclined to picture a patient-facing individual such as a nurse or a patient care technician. These professionals have an incalculably beneficial effect on patients’ health and well-being. But apart from having the proper skills and disposition required to do their jobs effectively, they need strong, compassionate leadership to guide them and set them up for success.
Here we’ll discuss the vital role healthcare managers and leaders play in ensuring their facility’s patients receive the best of care.
The phrase “patient-centered care” comes up often today because of a significant mindset shift in healthcare. While physicians and other healthcare professionals may be exceptionally skilled and experienced, patient-centered care dispenses with the view that these professionals alone know what’s best for a patient in favor of a more inclusive, personalized approach.
Patient-centered care puts an emphasis on treating the patient as an individual and learning their specific healthcare needs. It seeks to engage patients and their families by providing them with the information to understand a health condition and make their own decisions regarding the course of care. This requires healthcare professionals to be excellent communicators and advocates for their patients.
Healthcare manager is not a specific role but rather a general title for a variety of different professions including clinical manager, nursing home administrator, and health information manager. While managing the day-to-day operations of their department or facility is front and center for these professionals, better healthcare outcomes and a first-rate patient experience are always at the core of their mission.
Healthcare managers drive the personalized, patient-centered care that can result in a positive patient experience by:
As a healthcare manager or leader, you’ll have the potential to improve the lives of countless patients and employees throughout your career—a challenging but ultimately rewarding endeavor. While positive patient outcomes may be their own reward, healthcare management roles can also lead to more job opportunities and higher compensation. Data shows median earnings in the six figures and an astonishing growth rate of 28%—much faster than the average for all occupations—for related careers in the coming years. The University of Texas Permian Basin can put you on a path to these leadership roles in healthcare.
UT Permian Basin’s online degrees in healthcare management and leadership lay the groundwork for fulfilling careers at the helm of a patient-centered organization.
Online Bachelor of Business Administration in Healthcare Management
Explore the application of core business principles from the AACSB-accredited BBA program within a healthcare context, including topics such as financial management in healthcare organizations, patient service strategies, and understanding legal and regulatory frameworks. See where graduates of this UTPB program are working!
Online Bachelor of Applied Arts and Sciences in Healthcare Leadership
Enhance your expertise in meeting the requirements of employees and patients while also refining your skills in financial management and quantitative decision-making. This program is designated for students who hold an AAS degree in nursing, emergency medical services, radiology, or other healthcare-related disciplines.
Choose either healthcare-focused online UTPB bachelor’s degree to experience the benefits of our asynchronous, 100% online format. Enjoy the flexibility of finishing your coursework according to your own timetable, regardless of your location, all while maintaining your professional and personal obligations. You’ll still receive guidance from our esteemed faculty, as both programs are overseen by the same distinguished educators who teach at our Odessa, Texas, campus.
Apply to your preferred program today!
What if your neighborhood stayed powered through the next hurricane? That’s exactly what happened in Babcock Ranch: America’s first solar-powered city. Built with sustainability and storm resilience in mind, this Florida town is changing the future of energy and urban design.
If you’ve ever lived in Florida or watched news coverage of hurricanes hitting its coastlines, you understand the state’s vulnerability to these storms. In 2004, Florida endured four hurricanes (Charley, Frances, Ivan, and Jeanne) in the span of a little over a month. Hundreds of thousands of residents lost power, with only 17.5% relying on portable generators to sustain basic appliances.
More recently, in 2022, Hurricane Ian wreaked havoc in southwest Florida, causing widespread destruction and leaving 2.7 million people without power. Some endured a week or more without electricity, braving extreme heat and humidity.
Despite facing the same powerful 155-mile-per-hour winds as neighboring towns, a community near Ft. Myers called Babcock Ranch emerged unscathed. Thanks to meticulous planning and reliance on solar panels for electricity, all 2,000 homes in the neighborhood retained power.
But what is Babcock Ranch—and how did it come out nearly unscathed when surrounding towns were left flooded, damaged, and without power?
Let’s take a closer look.
Before we explore what makes Babcock Ranch a sustainability success story, here’s a snapshot of how this innovative town is making waves—powered entirely by the sun.
As with most grand plans, the beginning of Babcock Ranch began with a simple vision by its founder, Syd Kitson. According to VOA News, Kitson wanted to build a city that worked hand-in-hand with the environment. In 2015, his dream was realized as they broke ground on its construction, and Babcock Ranch was born.
The town, which spans over 18,000 acres of land, has become a series of distinct neighborhoods, schools, restaurants, nature trails, and more amenities that make it a desirable place to live. But what really sets it apart from other towns is the fact that it runs entirely on
So how does Babcock Ranch power 2,000 (and growing) residences and additional commercial spaces at once? Partnered with Florida Power and Light, Babcock Ranch houses a solar energy center on 440 acres of land.
Not sure what that looks like? Picture this: 333 football fields, filled with approximately 33,000 solar panels soaking up the sun’s energy all day long. Together, those panels generate about 75 megawatts of clean energy. To put this in perspective, one megawatt produces enough electricity to power approximately 200 homes. So, there’s plenty of solar energy to go around—and even some left over to serve customers living outside of Babcock Ranch.
Many of Babcock Ranch’s current residents moved there because of its potential to withstand hurricane damage. But how did its builders ensure the town’s safety ahead of the devastation wrought by Hurricane Ian on neighboring cities?
A few strategies they implemented when developing the town include:
Thanks to the careful planning involved in constructing the solar-powered town, Babcock Ranch emerged relatively unharmed from the havoc Hurricane Ian caused in Ft. Myers, Sanibel Island, and other nearby cities. Apart from minor damage like fallen trees, the town maintained power throughout and after the storm, proving that America’s first solar-powered town is, indeed, the place you want to be when a hurricane hits.
Whether you aspire to become a chief sustainability officer or a climate change policy analyst in emerging sustainable cities, The University of Texas Permian Basin offers several online graduate credentials in energy business, including:
All of our programs offer year-round start dates and affordable tuition rates and are AACSB accredited. Whether you’re new to the energy industry or interested in advancing your role, find the program that’s right for you and apply today!
Thanks to “Landman” on Paramount+, everyone’s curious about what a landman really does. Set in modern-day West Texas, the show follows Tommy Norris (played by Billy Bob Thornton), who manages a crew of roughnecks while contending with wildcatters, cartel members, and a disgruntled ex-wife. The real job is dynamic, rewarding, and essential to how the…
Powerful turbines humming in unison across a field. Solar panels floating on the ocean, their synchronized mirrors following the sun’s path. The future of renewable energy is here, and it’s gaining momentum. In fact, renewable energy sources now generate nearly 30% of the world’s electricity—a massive leap from just 20% in 2011. Solar energy is…
In the early morning hours of April 26, 1986, reactor number four at the Chernobyl nuclear power plant exploded. As the reactor building was destroyed, over 100 radioactive elements were launched into the atmosphere. Today, Chernobyl remains frozen in time. A protective radiation shield entombs the nuclear reactor’s remains. The Ukrainian city of Pripyat lies…
From tax evasion to money laundering, when it comes to unraveling financial mysteries, forensic accountants are the unsung superheroes. Combining their investigative and problem-solving skills with their prowess in data analysis, they’re able to solve the seemingly unsolvable.
But how do they do it—and what do they do, exactly?
Today, we’re doing a little sleuthing of our own as we untangle the mystery of forensic accounting.
Forensic accounting is the practice of investigating financial records to uncover evidence of fraud, embezzlement, or other financial crimes. More specifically, forensic accountants are certified public accountants (CPAs), and sometimes certified fraud examiners (CFEs), who specialize in examining the finances of individuals and businesses. They often work for insurance companies, law enforcement agencies, or financial institutions, dedicating their efforts to uncovering evidence of financial crimes.
Their daily responsibilities depend on their particular skill set and the nature of each case but generally include:
Forensic accounting and fraud examination are closely connected fields, often working in tandem to investigate financial misconduct. Both involve analyzing financial data to uncover wrongdoing, whether it’s embezzlement, fraudulent reporting, or hidden assets. In fact, many forensic accountants specialize in fraud examination and apply their accounting expertise to detect, prevent, and explain fraudulent activity.
The key difference lies in focus and scope. While forensic accounting is a broad discipline that includes any financial investigation used in a legal setting, fraud examination specifically zeroes in on identifying and resolving allegations of fraud. In other words, all fraud examiners may use forensic accounting methods, but not all forensic accountants work exclusively in fraud examination.
One of the enticing aspects of forensic accounting is that there are numerous types of crimes to investigate, and no two cases are exactly alike. Whether they work for the FBI or a private financial firm, forensic accountants help solve a diverse range of financial crimes:
Those aren’t the only types of financial crimes that forensic accountants tackle. Other common types include:
In addition to soft skills like attention to detail and problem-solving, forensic accountants are specially trained in relevant areas to ensure they can effectively solve complex financial mysteries, including:
Wondering what it takes to become a forensic accountant or how they help solve financial crimes? Below are answers to some of the most common questions about this exciting and impactful field:
Whether you’re passionate about forensic accounting, guiding clients toward long-term financial success, or exploring another area of accounting, UTPB offers three online programs designed to equip you for a broad range of roles in the industry:
Choose the program that aligns with your professional aspirations and apply today!
Sources:
https://www.investopedia.com/terms/f/forensicaccounting.asp
https://www.investopedia.com/terms/w/white-collar-crime.asp#toc-money-laundering
Other articles you may be interested in:
Entrepreneurship can take many forms. Sometimes, it looks like building software companies from scratch; other times, it involves reshaping an entire culture, changing how we experience entertainment, or turning one big idea into a brand that ends up everywhere. Black entrepreneurs have been doing all of that for decades. From media and tech to sports…
Businesses can’t survive on guesswork alone. To make informed decisions and stay competitive, companies must be data-driven. While analytics tools give us vital, actionable information, that data only has value when business leaders know how to read and use it. This critical skill is called data literacy: turning raw numbers into smart decisions. Here’s what…
A safe blood supply, steady heartbeats, and early breast cancer detection: Black Americans helped make these and other medical breakthroughs possible. This Black History Month, we’re shining a spotlight on healthcare heroes who changed patient care forever. Black Medical Heroes: Yesterday and Today How many medical heroes can you name? People like nurse and hygiene…
Robots are taking over the world, but not in the way science fiction writers imagined.
Welding robots assemble our cars. ATMs and online banking handle our deposits. And where overworked retail cashiers once asked, “Did you find everything okay?” there now stands self-checkout terminals.
Automation has long promised to revolutionize blue-collar work, which is repetitive and sometimes dangerous. Now, artificial intelligence (AI) is shaking things up for white-collar workers. Jobs like technical writing, web development, and budget analysis—roles once thought safe from automation—could be at risk.
Will AI take over your job? Let’s find out.
Generative AI, such as ChatGPT, Google Gemini, DALL-E, and Midjourney, are deep-learning models that mimic human decision-making processes to create new content, including:
Ask ChatGPT to write a children’s book in the style of Dr. Seuss and the large language model (LLM) will generate whimsical rhymes in seconds. Tell DALL-E to paint a picture of Nosferatu in RuPaul’s Drag Race or Darth Vader ice fishing and that’s exactly what you’ll get.
The truth is that no one knows how generative AI will affect jobs, only that it will.
No one can compete with the speed and efficiency of these AI tools, which have come out of (seemingly) nowhere to threaten office jobs. “To be brutally honest, we had a hierarchy of things that technology could do, and we felt comfortable saying things like creative work, professional work, emotional intelligence would be hard for machines to ever do,” said Erik Brynjolfsson, a professor at the Stanford Institute for Human-Centered AI. “Now that’s all been upended.”
The truth is that no one knows how generative AI will affect jobs, only that it will. A 2023 study conducted by OpenAI, ChatGPT’s parent company, looked at 923 occupations and found that:
So, unless you’re a world-class athlete or a skilled tradesperson, your world is about to change.
“You can replace people, you can augment people, and you can create new opportunities for people. But you do have winners and losers.”
—Mary Daly, CEO of the Federal Reserve Bank of San Francisco
AI, particularly generative AI, is inherently disruptive. However, technological advancements of this kind have consistently fueled economic and employment growth.
Some jobs may be lost, but most will benefit from integrating AI technologies. No matter how sophisticated generative AI may be, human expertise remains irreplaceable. There will always be work for people; only now, it will be like everyone has an AI-powered assistant, making it easier to perform advanced tasks and closing the gap between entry-level and experienced workers.
Chances are AI won’t take over your job: your rivals will. Professionals who are more willing to embrace AI tools will almost certainly gain a competitive edge. “When I think of generative AI—or AI writ large—what I see is an opportunity,” explained Mary Daly, CEO of the Federal Reserve Bank of San Francisco. “You can replace people, you can augment people, and you can create new opportunities for people. But you do have winners and losers.”
The future of work remains uncertain, but it will be intensely competitive. If you hope to keep up, your best bet is to embrace AI tools like ChatGPT and DALL-E, which will serve as valuable additions to your repertoire of skills. Only by honing your technical and interpersonal abilities can you accomplish things that neither your competitor nor AI can achieve.
That’s where the online Bachelor of Business Administration in Marketing program from The University of Texas Permian Basin comes into play.
Through our online program, you’ll master both traditional and digital marketing, equipping you with the skills you need to leave the competition behind. Not only will you explore the latest marketing trends, you’ll also learn what it takes to thrive in a competitive landscape increasingly reliant on AI.
Our online BBA in marketing courses include:
Join The University of Texas Permian Basin’s online BBA in Marketing program to stay ahead of the curve. Apply today!
Sources:
https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america
https://www.forbes.com/sites/bernardmarr/2024/01/15/generative-ai-probably-wont-take-your-job-but-it-will-change-how-you-work/?sh=326dceb8267c
Did you know that there are approximately 33.2 million small businesses in America? About 46% of workers in the United States are employed by these tiny but very mighty companies. However, larger businesses employ numerous expensive marketing strategies to increase their visibility, customer base, and revenue, so how are small businesses supposed to keep up?
Enter social media marketing, a digital marketing strategy that has the potential to bring buyers to small businesses in droves. With 5 billion social media users worldwide, small businesses can use social media to reach a significantly higher number of potential customers (along with a slew of other worthwhile benefits).
Interested in learning more about how social media is revolutionizing the small business landscape? Sit back and relax as we discuss five positive impacts social media marketing can have on small businesses.
If your small business isn’t leveraging social media, your ability to introduce yourself to potential customers decreases significantly. However, by incorporating various forms of social media marketing, such as content marketing, influencer marketing, and paid advertising, you can showcase your brand to individuals within your target market locally and globally.
So, how exactly does social media enhance brand awareness? It provides a popular platform to integrate multiple marketing strategies, including:
Many small businesses use websites as a platform to showcase—and sell—their products or services. And with online shopping bringing in more than $800 billion in annual sales, we can understand why so many companies are joining the bandwagon. But without taking advantage of social media, they’re missing a huge opportunity to bring more traffic (a.k.a. potential customers) to their website.
Let’s imagine you own a crystal company, offering a variety of crystals from rose quartz to labradorite. Despite launching your website, you haven’t seen a significant increase in traffic. However, after a colleague suggests creating a business account on your target audience’s preferred social media platform, you begin to notice a rise in the number of people visiting your site.
As you incorporate customer testimonials, include links to your website in your social media posts, and actively engage with your audience, website traffic continues to grow. This increase ultimately leads to a boost in sales and revenue for your crystal company, proving that social media’s ability to increase traffic also translates to tangible success for your business.
Social media provides an excellent opportunity to promote many types of content, including blog posts, videos, infographics, and podcasts.
Let’s say you wrote a brilliant listicle titled “Ten Healing Crystals That Will Change Your Life.” While you might attract some organic clicks via search engines, consider the potential for increased clicks if you promote it on one or more social media accounts. As your following increases, you’ll be creating a larger platform to showcase your content, simultaneously highlighting your industry expertise. It’s a win-win for your marketing strategy and your business.
Once you jump on the social media marketing bandwagon, you’ll realize that you’re not the only crystal connoisseur out there. While you may have found a specific niche of customers to target your efforts towards, other small businesses selling similar products have also identified their own target audience and are implementing their own marketing strategies to attract potential customers to their content and website.
Social media provides valuable insights into your competitors’ activities and keeps you updated on current industry trends. By monitoring your competitors’ marketing strategies, you can identify what’s working for them and what isn’t, enabling you to adapt and refine your own marketing approaches accordingly.
The impact of social media on small businesses can be profound, whether you’re implementing it for your own business or pursuing a marketing role where you offer your expertise to multiple small businesses. And social media is just the tip of the iceberg. There are numerous digital and traditional marketing strategies you can use to help small businesses grow.
The University of Texas Permian Basin offers an online Bachelor of Business Administration in Marketing that prepares you for all of the above, from social media and other digital marketing strategies to more traditional methods, such as print and broadcast advertising.
What’s more, we understand that many of our students are working professionals. That’s why we’ve created an online program that caters to adults with busy professional and personal lives. You can take the courses at a pace that’s convenient to you, earning a bachelor’s degree that will strengthen your marketing prowess and give you the tools to help you build businesses from the ground up.
Browse our course offerings, and when you’re ready, start the next chapter in your career by completing an application.
Sources:
https://www.uschamber.com/small-business/state-of-small-business-now
https://datareportal.com/reports/digital-2024-global-overview-report
https://www.census.gov/library/stories/2022/04/ecommerce-sales-surged-during-pandemic.html
From groceries to furniture to Friday night entertainment, more and more of our purchases happen with a tap or a click. Digital commerce—once a novelty—is quickly becoming the default way people buy and sell products and services. But what is digital commerce exactly, and why does it matter so much today? Simply put, digital commerce…
No one likes to admit it, but we’ve all been drawn into purchasing a product or service by the subtle techniques advertisers use. Most of the time you may not even be aware of these efforts, but many of these tricks have been around for years and transitioned seamlessly from traditional advertising into the digital…
A traditional MBA path often means finishing your bachelor’s degree, entering the workforce, then returning to school years later for your MBA: an expensive and time-consuming journey that can take six or more years in total. At The University of Texas Permian Basin, we offer a smarter, faster option: our online 4+1 MBA program. In…
Astute business decisions play a central role in bringing a business back from the brink, whether that predicament is due to bankruptcy or scandal. Here we’ll look at a few celebrated businesses and brands that were once in serious trouble but have come back to thrive. We’ll conclude with a discussion of the skills necessary to lead a company out of a crisis and how you can develop them.
Below are some notable instances of companies confronting dire prospects and then clawing their way back to success. See what they were facing and what they did to change course.
It may be difficult to fathom, but Starbucks—yes, that Starbucks—hit hard times in the early 2000s. The ubiquitous, astonishingly popular coffee chain had grown too quickly and made changes that didn’t resonate with customers. After shutting down 600 stores and reestablishing its focus on coffee, the chain pivoted from an immense drop in stock value in 2007 to record profits by 2010.
Known for decades as a comic book and trading card giant, Marvel went bankrupt in 1996 owing to a variety of factors. The company had long been licensing its characters to movie studios, but its decision to go into movie production changed its fortunes significantly. Marvel has had some major successes (and a few disappointments) as a film and TV studio since its comeback, but the enduring power of its parent brand, The Walt Disney Company, is likely to keep it alive for many years to come.
The popular and profitable Tex-Mex restaurant chain took a huge financial and reputational hit in 2020 when the U.S. Justice Department fined Chipotle Mexican Grill $25 million for safety violations—the largest fine to date for a case of its kind. Between 2015 and 2018, more than 1,100 Chipotle customers became ill due to health and safety violations. To avoid criminal charges, the company paid the fine and began a food safety compliance program that included food safety audits and extensive employee training. These efforts must have helped: In 2023 the company saw a 14.3% revenue increase over 2022.
Though its products are loved by children worldwide, the block toy company was saddled with debt by the early 2000s. To turn the situation around, Lego sold off a majority stake in their pricey theme parks; moved production from Denmark to cheaper locales; created specialized Lego sets aligned with major brands such as “Star Wars” and “Harry Potter”; and branched out into movies, TV, and video games.
Many big-box stores struggled under competition from online retailers, and Best Buy—for years the go-to store for audiovisual equipment, computers, appliances, and physical media—was no exception. By 2012, the company was losing billions. To compete with Amazon, Best Buy introduced a price-match policy, incorporated in-store showrooms for well-known consumer electronics brands, and started an in-home technology consultation service.
How did all these companies come back from the brink? In every case, people in leadership positions made strategic and often difficult decisions that helped set a new course for the organization: the very definition of crisis management. Such are the actions of leaders possessing the acumen and vision to reorganize, leverage their organization’s advantages and, when possible, do what the others can’t.
Learn to effectively lead any organization through good times and bad. Crisis management, a core capability of effective business leaders, requires strong strategic-thinking skills complemented with broad business knowledge encompassing marketing, management, finance, and accounting concepts. Earning an MBA is a proven way to build this expertise and put it to use in coveted, high-level leadership positions.
But don’t just choose any MBA program! Here’s why you should consider The University of Texas Permian Basin’s online MBA:
UTPB’s tuition rates are some of the most affordable among accredited universities. U.S. News & World Report has even ranked UT Permian Basin one of its Best Value Schools.
Our College of Business is AACSB-accredited, a distinguished designation awarded to only 5% of business programs worldwide.
Our institution is a proud part of the renowned UT System, a distinction highly valued on a resume.
Our program empowers you to complete your studies on your schedule from nearly anywhere in the world.
U.S. Bureau of Labor Statistics data makes it clear: Median annual earnings of master’s degree holders are about 16% higher—roughly $11,900—than those of individuals with a bachelor’s degree alone. MBA holders can work in a variety of rewarding roles and industries. See examples, including where UTPB’s MBA graduates are working, right now.
Master crisis management and other business leadership skill sets. Our online MBA program has what you need. Apply today.
Sources:
https://www.cbinsights.com/research/corporate-comeback-stories/
Women hold only 8.2% of CEO positions at large corporations, despite making up half of the population. But don’t let that get you down. Women are making strides in the business world.
We have a long way to go until female entrepreneurs are on equal footing with their male counterparts, but there are an increasing number of successful business women who are setting out to change the narrative. Today, we look at seven of these remarkable women who have not only shattered glass ceilings but also paved the way for future generations of aspiring business leaders.
Taylor Swift is a force of nature. Swift’s success comes from her business savvy, eye for marketing, and willingness to invest in herself. Her Eras Tour, which pays homage to the 33-year-old singer-songwriter’s illustrious career, has brought joy to hundreds of thousands of attendees and has boosted the U.S. economy by nearly $5 billion. We can’t wait to see what she does next, assuming we can get tickets.
Growing up under a communist regime, Zhang Xin’s life was dull, uniform, and gray. Gray buildings. Gray uniforms. There were even sandstorms that turned the sky gray. Xin and the company she cofounded, property developer SOHO China, are credited with bringing lights and colors to the city of Beijing. After becoming “the woman who built Beijing,” Xin went on to found the New York-based film production company Closer Media.
Starting a business is challenging enough without having to worry about sexism, stereotypes, and glass ceilings. To even the playing field, there are numerous resources available for female entrepreneurs.
Small business grants, like those offered by Grants.gov, can help you kick off your business and, best of all, don’t have to be repaid. Small business loans do have to be repaid but can nonetheless be a lifeline. Check out the U.S. Small Business Administration and its Office of Women Business Ownership for loans and additional programs, including training, counseling, and access to credit. Finally, look for mentoring and networking opportunities. Groups like the National Association of Women Business Owners can make a key difference in the professional lives of young female entrepreneurs.
As an engineering student, Debbie Sterling was outnumbered by her male counterparts. Asking herself, “why should boys have all the fun?” Sterling set out to change the status quo. Enter GoldieBlox: an innovative toy company with a mission to ignite girls’ passion for science and engineering. GoldieBlox has been a smash hit, becoming the first small business to be featured in a Superbowl ad.
Stepping into the world of business is already a challenge, and women in business often face the added stumbling blocks of sexism, sexual harassment, and unequal pay. That’s why it’s so important for aspiring female entrepreneurs to hit the ground running. A business degree can help, providing the foundation women need to advance in their careers or even start their businesses and leave the rest behind.
Sara Blakely was looking for the perfect undergarment to go under a pair of white pants. Armed only with a pair of scissors, she made her own from a pair of pantyhose, and from that moment of invention came SPANX. SPANX now has retail shops around the world, and Blakely can be counted among the world’s youngest self-made female billionaires.
Jessica Alba was at the top of her acting career when, in 2008, she gave birth to her daughter, Honor, and decided to take her life in a new direction. Alba launched The Honest Company in 2012, a wellness brand specializing in eco-friendly products. Alba was willing to pivot in her career and dared to imagine a better life than the one she had.
Winfrey was born poor in rural Mississippi. From her humble beginnings, she built a media and business empire, developing and hosting the “Oprah Winfrey Show,” starring in “The Color Purple,” and creating multimedia production company Harpo Productions. She remains an inspiration and a powerful force across multiple industries.
Whitney Wolfe Herd created not one tech giant but two, cofounding Tinder and later its rival, Bumble. With Bumble, Herd wanted to change the gender dynamics of dating, inspired by the advances women had made in the workforce. She took the dating app public in 2021, making her the youngest female CEO to take a U.S. company public.
The inspiring stories of these female entrepreneurs highlight the transformative power of determination, innovation, and resilience. These women have shattered glass ceilings and paved the way for future generations of aspiring business leaders.
If you aspire to make your mark in the world of business, consider taking the next step in your entrepreneurial journey by continuing your education. The University of Texas Permian Basin offers online business programs that will provide a comprehensive foundation for success in the dynamic business landscape.
UT Permian Basin’s AACSB-accredited College of Business offers these online Bachelor of Business Administration programs:
Professionals who want to build upon their foundational knowledge and learn to stand out as a business leader can pursue a Master of Business Administration:
Take the lead. Apply to one of our online business programs and, regardless of where your entrepreneurial interests lie, prepare for future success.
Sources:
https://www.forbes.com/sites/melissahouston/2023/12/01/what-taylor-swift-teaches-women-about-business/?sh=6e5aada2310a
https://www.etonline.com/jessica-alba-shares-why-she-stopped-acting-at-the-top-of-my-career-162904
https://goldieblox.com/pages/our-story
https://spanx.com/pages/about-us
https://closermedia.com/team/zhang-xin
https://www.cnbc.com/2017/08/11/from-factory-worker-to-real-estate-billionaire-soho-chinas-zhang-xin.html
https://www.businessinsider.com/meet-bumble-ceo-whitney-wolfe-herd-net-worth-family-ipo-2020-9
