7 Cost-Cutting Tips: Run your Small Business with Less Money

December 17, 2019 | 9 views

Struggling to keep your business going with less money? This is not just your problem, lakhs of businessmen in India are facing such cash-crunch problems. Some are running their businesses successfully in spite of such money issues, while many fail to! Here are 10 things you can do to cut costs and save money in your business.

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IOMEDIA

IOMEDIA is a full-service marketing agency focused on thinking broader, bolder, and bigger. We combine strategy, design, content, and technology to deliver brand-centric, multichannel experiences. IOMEDIA harnesses the power of visual storytelling to reach, educate, and evolve the customer relationship across a number of business verticals, including healthcare, sports, entertainment, and architecture.

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MANAGEMENT,BUSINESS STRATEGY

5G – An Optimal Solution for Small Business

Article | July 5, 2022

Is your business prepared to harness the potential of 5G? If not, this is the right time to do it. It would help if you prepare to implement 5G technology since it will present a tremendous chance for novel ideas, new products and services, and revolutionized business models. 5G is not just about fast internet speed for the future; it is also about faster business. 5G has the potential to increase individual productivity, boost the efficiency of sales channels, and provide various new business prospects. In the face of future hazards and uncertainties, 5G will be critical in developing stronger adaptation and resilience. Small businesses must consider how 5G will influence them and how they might benefit from it. In the future, 5G will be crucial for various sectors like automation, AI, machine learning, virtualization, and cloud computing. Because these industries are likely to experience growth in the coming years, it is essential to plan how to reap the benefits for your personnel and business operations. 5G Business Models and Opportunities for SMEs The world has witnessed the disruption in business models with the arrival of 5G for incumbent operators and verticals alike. There will be numerous good opportunities for big players in the market, who are in good position. However, the real winners may well be the SMEs that have mastered the key technologies and services that make the new business models possible. Key features like speed, ultra-low latency, high scalability, and network efficiency make 5G unique for business operations. 5G is a gateway for new opportunities, especially when integrated with Wi-Fi 6. It promises new efficiencies, greater productivity, and new ways to define your small business. SMBs need to build a robust strategy so that once the technology is available, their businesses will be well-equipped to utilize 5G and reap the benefits of the advanced network. In addition, better network connectivity will encourage the development of new products and services for customers, which will help business expansion and long-term success. Motivations for Investing in 5G Large number of SMEs are intrigued by 5G's potential security, automation, and competitiveness benefits. This indicates that companies perceive 5G as much more than just a "faster internet" and envisage ways in which a 5G-enabled future will help them survive and thrive over the next decade. A few other compelling factors encourage businesses to invest in 5G. Here are the ones listed: Improved remote working operations Improved customer experience The efficiency of operations/cost savings Enables new types of services and products Greater operational security Improved data collection and analytics Increased competitiveness Improved automation Increased productivity of the workforce Final Word 5G offers a significant opportunity for small enterprises to expand their reach. This technology allows the company to become a true digital leader. It is time to trust in the potential of creativity and collaboration and put them into practice for economic growth.

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TECHNOLOGY

Time to Reinvent the Small Business Insurance

Article | July 16, 2022

Insurers should reconsider the SME market. Small enterprises face the recovery from disruptions with a new set of requirements. In addition, the pandemic pushed customers’ desires for a broader range of coverage, services, and distribution alternatives. As a result of the sensitivity to business insurance-related complications, business owners conduct a comprehensive analysis of the available solutions. There are various business insurance types available: Business Owner’s Insurance (BOI), Product Liability Insurance, Commercial Insurance, Directors and Officers Liability Insurance, and Workers Compensation Insurance. Insurers view disruptions as an opportunity rather than a threat; hence, they are now better prepared to adapt to a shifting market emphasis. Insurers Pay Attention to Changing Small Business Customer Needs The pandemic made small businesses aware of possible gaps in their insurance policies. The devastating impact of the pandemic on companies and the ongoing economic uncertainties present chances for insurers to take immediate and decisive action. Significant small business owners are looking for more coverage and price flexibility, additional risk management services, and new insurance providers. Insurers are strengthening their market position by launching additional commercial coverage and offering discounts in exchange. In addition, insurers are increasingly likely to offer cyber insurance coverage in a world dominated by the digital economy due to escalating concerns about cyber threats. Insurers are offering more adaptable solutions to increase affordability and satisfy the changing demands of consumers. Similarly, establish chances for differentiation by providing tailored, comprehensive risk management options. In light of the ever-evolving threat to small businesses, their insurance policies must reflect the present state of affairs. How are Insurers Enhancing Product Value as a Way Forward? Insurance is no longer only a product or commodity purchased based on price but, instead, a service solution purchased based on perceived value to decrease risk and control loss. By using data analytics and AI in different parts of their business, like underwriting, claims, marketing, and distribution, insurers can make better, more timely decisions about dynamic pricing for consumers. Below are a few more ways that insurers can enhance their product value for a better future: Redesign current plans to give additional flexibility in coverage, premium payments, and payment triggers Expand the stack by including new coverage like cyber, remote employees, climate risk, and cryptocurrencies Bundle more coverage to save time and money while increasing retention Keep automated tools easy to find, navigate, and integrate via applications and an intuitive website Go Robo offers digital solutions to assist small companies to manage their insurance portfolio, submit and follow-up on claims, and enhance risk management How Should Insurers Adjust to Win SME Market Share? Small business insurance covers everything and may be tailored to the needs of specific sectors and enterprises. However, current conditions provide incumbents with the incentive to reinvigorate their legacy companies and let new rivals enter the market and disrupt them. " Insurers must have the capabilities to understand their customers and have technical solutions allowing them to rapidly evolve and adapt solutions as the market changes." -O'Hearn, global insurance leader at PwC Below are a few ways that insurers can adjust to win SME market share: Concentrate On Prospering SME Segments The growth outlook for SMBs varied by segment and industry. Therefore, insurers must identify the businesses and market areas that will drive the next wave of development and then build products and capabilities to service them. Provincial NordWest, for instance, created a new digital attacker to aid micro and small SMEs. This method enabled Provinzial to target new markets. Develop New Products The liability of small businesses has taken on an entirely new form. The requirements of small and medium-sized enterprises (SMEs) have changed considerably; insurers should build solutions that adequately meet the new realities. Axa XL and Marsh launched usage-based, price-per-mile automobile insurance that allows businesses to pay only for their coverage. In addition, thimble permits clients in the United States to suspend their policy and payments for 30 days without termination. These product solutions directly fulfill the needs of SMEs for improved flexibility and a focus on value, while also encouraging trust and transparency. Future of Insurance for Small Businesses The game of insurance for small businesses is becoming digital. As the SME category has been primarily untouched thus far, there is a considerable possibility for profitable expansion through focused investment and a heightened emphasis on the area. The insurance sector is beginning to give the small company market its attention. The fundamental shift in efficiency and scalability brought about by digitalization, and the increased segmentation and analytical capabilities made possible by modern technology have made small business insurance far more effective. In addition, targeting the SME sector is no longer viable but lucrative. According to Fit Small Business, 36% of small businesses prefer to make an insurance claim online. Conclusion The opportunity exists for insurers to renew and update their business models to better serve small companies. For example, they may change their operating model to be more user-centric, agile, and direct. Regardless of the course insurers choose, the current market void represents a great opportunity. FAQ: Why Do You Need Small Business Insurance? Businesses require business insurance because it helps cover the expenses involved with property damage and liability claims. How much does small business insurance cost? Business insurance costs vary depending on the plans purchased and the coverage levels. Other variables include your industry, personnel count, revenue, and location. Which Type of Insurance Do Small Businesses require? Below are the different types of insurance small businesses require: General Liability Insurance Business Income Insurance Workers' Compensation Insurance

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TECHNOLOGY,SMALL BUSINESS ADVICE

Virtual Promotion – A New Way of Marketing for SMBs

Article | July 20, 2022

No one anticipated how businesses would adjust to the unexpected change in business operations when the pandemic struck the globe. However, businesses were successful. Small firms that explored inventive ways to bring offline services online received a robust response. Today is the age of developing campaigns across channels automatically and improving their efficacy and reach. People choose to remain online via several channels and digital gadgets. Therefore, SMEs are turning to the future of advertising, which is online. Google Ads Google advertising is one of the best decisions you can make in the internet and virtual marketing age. Google Ads is the largest and most popular online advertising platform globally, and by advertising on Google, your business may reach a potential audience of one million people. With Google Ads, you will likely receive ten times as many leads and double your conversion rate compared to traditional marketing techniques. It allows you to target a particular demographic without spending thousands of dollars. It is not only for Google's benefit but also for the companies, as more and more customers want to buy online. As a result of the pandemic, digital demand for products/services has increased, and Google has benefitted from this. Google's marketing platform provides a centralized location to see, advertise, and manage everything. Omnichannel – Integrated Approach Omnichannel marketing is a new technique that has blurred the line between physical and virtual marketing to adapt to technology's reality. The method by which customers acquire goods and services is also evolving in terms of speed and platforms. So focusing on how your customers want to be promoted and on their devices is a new path forward. The most significant benefit of a platform-based strategy for omnichannel marketing is access to unified, real-time customer data. Omnichannel marketing is effective for all businesses, regardless of marketing team size or budget. The particular choice of techniques depends on the nature of your business. However, many sorts of organizations may profit from an omnichannel marketing strategy. Traditional retailers such as Walmart, Target, Kohl's, Macy's, and many more are increasingly emphasizing this omnichannel or integrated marketing strategy. Future of Digital Marketing in The New Tech-Age The digital behaviors that customers have established over the past two years are likely to persist for the foreseeable future. The world of digital marketing is set to undergo significant changes in 2022, and businesses should be prepared to take advantage of them. Businesses search for changes in the virtual and augmented experience known as the Metaverse, which represents the future of the web. AR tools are at the top of the list of technologies that simplify small businesses’ interaction with their audience. Marketers are becoming more strategic as automation, artificial intelligence, and machine learning remove a significant portion of the menial tasks associated with digital marketing. According to the 60-second marketer, the number of Internet of Things (IoT) devices will reach 41 billion by 2027. Last but not least, micro-influencers will significantly affect the marketing industry. Conclusion Even if the investment appears substantial, SMBs should remain open to upgrades to obtain the digital transformation niche. It is time for small firms to advance gradually and adopt new technology to prevent missing out on lucrative markets. Along with getting used to new technology, people will be rewarded for new ways of thinking and doing things.

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FINANCE

Fintech Lending Trends Transforming the Small Businesses

Article | May 13, 2022

Fintech lending trends are enabling small business owners to access fresh funding through AI, machine learning, and big data. Fintech is a fast-growing section of the financial industry, yet little is known about its performance. For an extended period, borrowing from banks was difficult for startups, small companies, and entrepreneurs; however, the expansion of industry and Fintech solutions has prompted lenders to assist small businesses using the newest AI and data analytics technologies. “Many of the processes associated with running an SMB have traditionally been very paper-based, difficult and slow. But with the advent of new technological solutions, all of these processes will be transformed.” - Karen G. Mills, a senior fellow at Harvard Business School and author of the book Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity. The global financial industry is predicted to reach US$26.5 trillion in 2022, growing at a 6% compound annual growth rate. (The Business Research Company, 2020) From 2021 to 2025, the worldwide Fintech market is expected to increase at a CAGR of 23.58%. (Research and Markets, 2020) Small companies encounter a few significant challenges when it comes to financial management. Let us take a quick look at a few of them. Pain Points for SMEs Bank lending is frequently constrained because it takes more time and knowledge to comprehend small businesses than to grasp more standardized consumer enterprises. Also, due to the smaller loan amount, the typical relationship-based corporate banking model is expensive when dealing with small enterprises. Frequently, small businesses lack the required information, such as a history of audited financial statements, for banks to accurately analyze their cash flow position. In addition, banks are reducing their exposure to small firms due to regulatory requirements. Future of Fintech: B2B Lending By reorienting customer expectations, Fintech lenders have changed the future loan ecology. Fintech loan approval enables businesses to grow their assets, employment, and sales. Financial technology adoption is critical for small business growth and results in a greater return on investment. What’s Changed in B2B Lending Fintech? Offline businesses have historically relied on traditional financing, but online enterprises have always relied on equity. There are several trends that organizations should monitor, including the following: Cross-Border Payments B2B Lending Solutions Conversational Artificial Intelligence Accounts Payable Automation Electronic B2B Payments Smart Contracts BlockChain Emerging Fintech lenders are addressing this issue by doing more sophisticated creditworthiness assessments using real-time analysis of more data inputs. OnDeck is one such fintech lender. In addition, it uses machine learning to determine the creditworthiness of small enterprises. Debt vs. Equity in Financing Your Business Things with a return on investment of less than one year may make sense to finance using debt, as the return will be reasonably soon. On the other hand, it makes sense to fund long-term investments through stocks. Direct debt is a relatively new phenomenon in the world of Fintech firms. However, Fintech firms have various financing options, and depending completely on debt may be a sensible financial decision. How Can Businesses Take Advantage of Fintech Innovations? "In order to achieve the most from Fintech opportunities, companies in financial services need to treat Fintech innovation as a mainstream activity — and incorporate it within and across their entire organization." - Tek Yew Chia, Fintech Leader for KPMG in Singapore. Fintech organizations use AI and machine learning to automate manual processes such as risk modeling and credit decisioning. The adoption of Fintech solutions is having a profound effect on business operations. The following are the top three reasons why small and medium-sized businesses should invest in Fintech services: The scope of its capabilities and features The services are available for 24 hours a day The service's simplicity of installation, configuration, and use According to Weforum research, equity investment in FinTech startups doubled from $4 billion to more than $12 billion between 2013 and 2014. Due to the efficiency and effectiveness of FinTech solutions on a smaller scale, small firms will be one of the primary beneficiaries of FinTech's disruptive impact. Numerous firms benefit from enhanced, innovative Fintech solutions; here are a few highlighted examples. Reduced Costs Through the use of Fintech, the integration of physical and digital payment methods has been consolidated by combining bank account cards and client ids. This strategy enables organizations to operate more efficiently and at a lower total cost. Financial technology makes it possible for companies to send and receive money in different currencies without having to pay a lot in conversion fees. This speeds up the process of Fintech lending. Compliance and Security Many users disagree that Fintech Lending is secure. However, Fintech solutions are far more secure and safe than traditional banks. In addition, Fintech companies frequently invest heavily in their security infrastructure, both online and off. As a consequence, clients have confidence in the security of their data. Regulatory actions assure sound finances, governance, risk management, and compliance capabilities, therefore minimizing threats to the public safety net and potential harm to customers. Fintech firms do adhere to these regulatory requirements. Increased Transparency With the widespread use of Fintech in traditional banking, the phrase "transparency" is no longer a buzzword. Transparency in the payment sector also entails providing better visibility on payment timelines and outlining the path a customer's money will take during the payment journey. International payment solutions are redefining how the worldwide remittance process is seen. Notifying customers at critical points in the payment process, such as when money is received from a client and when it reaches a beneficiary's account. Overview of a Provider Amazon Amazon Lending was formed in 2012 to extend finance to small businesses selling on Amazon. Amazon's internal algorithms choose vendors based on data elements such as merchants' frequency of out-of-stock situations, the popularity of their items, and inventory cycles. Amazon provides retailers with three- to six-month loans ranging from $1,000 to $600,000 to assist with inventory purchases. According to reports, the firm charges up to 13.6% yearly interest rates. Conclusion Fintech has the potential to significantly and sustainably change small business finance, hence stimulating economic development. Furthermore, by integrating into the Fintech ecosystem, small businesses may access a variety of previously unavailable options. Disrupting the closed-door world of traditional financial institutions and mainstreaming alternative, technology-driven solutions creates a new industry while also enabling more entrepreneurs to start and grow their businesses. FAQ How is Fintech impacting the business? Fintech is transforming payment processing, money transferring, funding, accounting, and e-commerce. It helps businesses improve the process and create operational efficiencies. Why is Fintech so popular? Fintech helps businesses gain a share of online and offline markets, increase the customer base and achieve ambitious business goals. Which technologies are utilized in Fintech? There are some critical technologies in the focal point of discussion: Blockchain, Artificial Intelligence (AI), Security, the Internet of Things (IoT), and the cloud.

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Spotlight

IOMEDIA

IOMEDIA is a full-service marketing agency focused on thinking broader, bolder, and bigger. We combine strategy, design, content, and technology to deliver brand-centric, multichannel experiences. IOMEDIA harnesses the power of visual storytelling to reach, educate, and evolve the customer relationship across a number of business verticals, including healthcare, sports, entertainment, and architecture.

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FINANCE,SMALL BUSINESS ADVICE

Small Businesses Are Raising Capital Through SMBX and the DC Rebuild Bond Program

SMBX | August 05, 2022

Five new Washington, DC small businesses are giving local investors the opportunity to invest in them through SMBX and the DC Rebuild Bond program—a partnership with DC Mayor Muriel Bowser and the Deputy Mayor’s Office of Planning and Economic Development (DMPED) to drive $5 million in investment in DC small businesses. “Our first-in-the-nation partnership with Mayor Bowser’s administration continues to bring investment to DC small businesses while giving local investors more control over their money,” said Ben Lozano, CEO and co-founder of SMBX. “We’re committed to bringing investment to small businesses in DC’s underserved communities to keep wealth creation local." The new DC small businesses listed on the SMBX marketplace include: Aurora Market—The veteran-owned organic market near Howard University is raising $250,000 to add staff, new equipment and working capital. Style Bar DC—The Black-owned Dupont Circle neighborhood salon is raising $250,000 to expand its staff and marketing efforts. Arepa Zone—The traditional Venezuelan eatery with 6 locations in DC is adding a 7th by raising $500,000 to fund construction and new equipment. Zeleno—The healthy café plans to expand to a new DC location by raising $250,000 for construction and working capital. Toolbox— The Pilates studio and event space is raising $250,000 to build a second location in Union Market. “Aurora Market is known as ‘The Modern Mom & Pop Shop’ and we believe that the DC Rebuild Bond Program and the SMBX marketplace can help others raise the capital needed here and in other underserved communities, SMBX Small Business Bonds empower communities to support local, buy local, and invest local. It’s a win-win for all involved; DC improves the economy, small businesses remain open, and the community keeps their favorite places while earning a profit from their investment. Why donate, when you can invest?” -Pablo Ortiz, founder of Aurora Market Through the DC Rebuild Bond program, businesses can issue Small Business Bonds with no origination fees. Their customers and local investors can invest in their business by purchasing their Bonds for as little as $10 each and be repaid monthly principal and interest.* Since it was launched in September 2021, thirteen (13) businesses have raised over $1.3 million in investments, with more small businesses joining the program and investors buying Small Business Bonds daily. "Our partnership with SMBX is a valuable tool that allows residents to invest in our local businesses, It is so important for small businesses to have access to funding, specifically entrepreneurs of color, and SMBX provides a viable option to convert customers to investors." -Deputy Mayor for Planning and Economic Development John Falcicchio SMBX is the Small Business Bond marketplace that connects qualified small business owners with everyday investors. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business. SMBX was founded by Ben Lozano, Chief Executive Officer; Bhavish Balhotra, Chief Technology Officer; and Jackie Chan, Chief Operating Officer. They created the SMBX marketplace and the Small Business Bond after the SEC implemented Title III of the JOBS Act in 2016, making it easier for people to invest in startups and small businesses as non-accredited investors.

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FINANCE

Caary Capital Partners With Ceridian to Enhance Its Small Business Payments Offering

Caary Capital | August 04, 2022

Caary Capital announced a joint effort with Ceridian, a global leader in human capital management (HCM) technology, to extend its value to Ceridian’s Powerpay customers.Powerpay, a cloud-based payroll and HR solution, is designed to meet the needs of Canada’s small business segment. Together with Caary Capital’s credit and spend management platform, the two companies will better meet the needs of Canadian small and medium-sized businesses by offering enhanced services. “Ceridian is a global software leader and champion for Canadian businesses, Shared values are an integral component of any partnership, and we are pleased to join forces with Ceridian to continue to offer solutions for the small business community, a long-underserved segment.” -John MacKinlay, CEO of Caary Capital. According to recent research from Caary Capital, the Canadian Lenders Association and Xero, Canadian small and medium-sized enterprises struggle with access to corporate credit and financial products and services, often having to rely on a personal guarantee or a personal credit card. This is compounded by the administrative aspects of payroll that take small business owners’ focus away from business growth. “At Ceridian, we’re driven to extend our Makes Work Life Better™ brand promise to our customers and their employees. Today’s announcement marks the start of a meaningful collaboration with Caary Capital and will deliver benefits for small and medium-sized business in Canada,” -Ettan Romm, Director of Product Management at Ceridian. By delivering corporate credit without the usual required personal guarantees and credit checks, Caary Capital is enabling greater access to financial services. Caary Capital looks at a business’ cash flow and assets to assess risk and make corporate credit an option for small and medium-sized businesses. The fintech platform provides no-fee credit cards, 1.5 per cent cash back on all spend and administrator-managed virtual cards to streamline employee and supplier expenses. The new partnership with Ceridian will provide access to Caary Capital’s product and services to Ceridian’s Powerpay customers, giving easier access to joint products, discounts for customers and continued collaboration. For more information visit caary.com or ceridian.ca. About Caary Capital Ltd. Caary is a fintech platform for small and medium-sized enterprises (SMEs) led by the Caary Business Mastercard®. With Caary, SMEs can better control their spending and automate expense management. The Caary platform comes with 1.5% cash back on all spend, no fees, no foreign exchange fees and self-directed employee and supplier cards. 98% of Canadian businesses are SMEs. Accessible credit cards, capital and fintech products are the tools to help them compete, grow and thrive. Visit caary.com for more information.

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MARKETING AND NETWORKING,TECHNOLOGY

Thryv and Google Partner to Streamline Communication for Small Businesses

Thryv and Google | August 04, 2022

Thryv Holdings, Inc. (NASDAQ:THRY), the small business platform for growing small- to medium-sized businesses (SMBs), is pleased to announce a new integration with Google’s Business Messages to help streamline communication for small businesses who have a growing number of inbound contact options. Thryv is a partner of Google’s Business Messages, a mobile conversational channel that combines entry points on Google Maps, Search and brand websites to create rich, asynchronous messaging experiences that customers find easily accessible and drive business results. Google’s Business Messages integrates within Thryv’s real-time, centralized inbox, which launched last year and allows businesses to have a single thread of communication rather than relying on pockets of data located in individual applications. “Rapid expansion of communication technologies has helped usher in a new era of communication when it comes to customer service for businesses, But only businesses with robust customer service teams and constant availability are benefiting from these advances. Local, service-based businesses, like a local roofing company, may not be able to respond to web chat messages quickly enough for customer satisfaction because they’re on the roof. Thryv’s integration with Google’s Business Messages helps small businesses benefit from said advancements too. These local businesses don’t have to decide between losing revenue and running their business (implying it’s a trade-off by example). The 2020s will continue to be about small business cloud adoption, and we will be there along the way with product updates to support our small business customers.” -Ryan Cantor, Chief Product Officer at Thryv The rise of messaging platforms has created more lines of communication for businesses than ever before, and small business owners are being pressured to adopt these new tools or lose business. Sending messages to businesses has become the new normal. A 2020 Juniper Research study found that global mobile business messaging traffic would reach 2.7 trillion messages by the end of that year, up 10% from the previous year. Companies with 24/7 customer service availability are built to dominate in a market where speed is key, but small businesses are offline more than they’re online. Thryv’s latest integration helps businesses make sure they’re not missing out on critical communications. Thryv provides automation capabilities enabling businesses to respond to customers quickly and keep track of ongoing conversations. For more information and to take advantage of Thryv’s offerings, visit thryv.com. About Thryv Holdings, Inc. Thryv Holdings, Inc. (NASDAQ:THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (SMBs), franchises, and agencies to grow and modernize their operations so they can compete and win in today’s economy. Over 46,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end customer experience, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for over 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and print directories. For more information about Thryv Holdings, Inc., visit thryv.com.

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FINANCE,SMALL BUSINESS ADVICE

Small Businesses Are Raising Capital Through SMBX and the DC Rebuild Bond Program

SMBX | August 05, 2022

Five new Washington, DC small businesses are giving local investors the opportunity to invest in them through SMBX and the DC Rebuild Bond program—a partnership with DC Mayor Muriel Bowser and the Deputy Mayor’s Office of Planning and Economic Development (DMPED) to drive $5 million in investment in DC small businesses. “Our first-in-the-nation partnership with Mayor Bowser’s administration continues to bring investment to DC small businesses while giving local investors more control over their money,” said Ben Lozano, CEO and co-founder of SMBX. “We’re committed to bringing investment to small businesses in DC’s underserved communities to keep wealth creation local." The new DC small businesses listed on the SMBX marketplace include: Aurora Market—The veteran-owned organic market near Howard University is raising $250,000 to add staff, new equipment and working capital. Style Bar DC—The Black-owned Dupont Circle neighborhood salon is raising $250,000 to expand its staff and marketing efforts. Arepa Zone—The traditional Venezuelan eatery with 6 locations in DC is adding a 7th by raising $500,000 to fund construction and new equipment. Zeleno—The healthy café plans to expand to a new DC location by raising $250,000 for construction and working capital. Toolbox— The Pilates studio and event space is raising $250,000 to build a second location in Union Market. “Aurora Market is known as ‘The Modern Mom & Pop Shop’ and we believe that the DC Rebuild Bond Program and the SMBX marketplace can help others raise the capital needed here and in other underserved communities, SMBX Small Business Bonds empower communities to support local, buy local, and invest local. It’s a win-win for all involved; DC improves the economy, small businesses remain open, and the community keeps their favorite places while earning a profit from their investment. Why donate, when you can invest?” -Pablo Ortiz, founder of Aurora Market Through the DC Rebuild Bond program, businesses can issue Small Business Bonds with no origination fees. Their customers and local investors can invest in their business by purchasing their Bonds for as little as $10 each and be repaid monthly principal and interest.* Since it was launched in September 2021, thirteen (13) businesses have raised over $1.3 million in investments, with more small businesses joining the program and investors buying Small Business Bonds daily. "Our partnership with SMBX is a valuable tool that allows residents to invest in our local businesses, It is so important for small businesses to have access to funding, specifically entrepreneurs of color, and SMBX provides a viable option to convert customers to investors." -Deputy Mayor for Planning and Economic Development John Falcicchio SMBX is the Small Business Bond marketplace that connects qualified small business owners with everyday investors. By issuing a Small Business Bond, businesses can borrow money from existing customers and their community at competitive rates, raising the funds needed to expand their business. SMBX was founded by Ben Lozano, Chief Executive Officer; Bhavish Balhotra, Chief Technology Officer; and Jackie Chan, Chief Operating Officer. They created the SMBX marketplace and the Small Business Bond after the SEC implemented Title III of the JOBS Act in 2016, making it easier for people to invest in startups and small businesses as non-accredited investors.

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FINANCE

Caary Capital Partners With Ceridian to Enhance Its Small Business Payments Offering

Caary Capital | August 04, 2022

Caary Capital announced a joint effort with Ceridian, a global leader in human capital management (HCM) technology, to extend its value to Ceridian’s Powerpay customers.Powerpay, a cloud-based payroll and HR solution, is designed to meet the needs of Canada’s small business segment. Together with Caary Capital’s credit and spend management platform, the two companies will better meet the needs of Canadian small and medium-sized businesses by offering enhanced services. “Ceridian is a global software leader and champion for Canadian businesses, Shared values are an integral component of any partnership, and we are pleased to join forces with Ceridian to continue to offer solutions for the small business community, a long-underserved segment.” -John MacKinlay, CEO of Caary Capital. According to recent research from Caary Capital, the Canadian Lenders Association and Xero, Canadian small and medium-sized enterprises struggle with access to corporate credit and financial products and services, often having to rely on a personal guarantee or a personal credit card. This is compounded by the administrative aspects of payroll that take small business owners’ focus away from business growth. “At Ceridian, we’re driven to extend our Makes Work Life Better™ brand promise to our customers and their employees. Today’s announcement marks the start of a meaningful collaboration with Caary Capital and will deliver benefits for small and medium-sized business in Canada,” -Ettan Romm, Director of Product Management at Ceridian. By delivering corporate credit without the usual required personal guarantees and credit checks, Caary Capital is enabling greater access to financial services. Caary Capital looks at a business’ cash flow and assets to assess risk and make corporate credit an option for small and medium-sized businesses. The fintech platform provides no-fee credit cards, 1.5 per cent cash back on all spend and administrator-managed virtual cards to streamline employee and supplier expenses. The new partnership with Ceridian will provide access to Caary Capital’s product and services to Ceridian’s Powerpay customers, giving easier access to joint products, discounts for customers and continued collaboration. For more information visit caary.com or ceridian.ca. About Caary Capital Ltd. Caary is a fintech platform for small and medium-sized enterprises (SMEs) led by the Caary Business Mastercard®. With Caary, SMEs can better control their spending and automate expense management. The Caary platform comes with 1.5% cash back on all spend, no fees, no foreign exchange fees and self-directed employee and supplier cards. 98% of Canadian businesses are SMEs. Accessible credit cards, capital and fintech products are the tools to help them compete, grow and thrive. Visit caary.com for more information.

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MARKETING AND NETWORKING,TECHNOLOGY

Thryv and Google Partner to Streamline Communication for Small Businesses

Thryv and Google | August 04, 2022

Thryv Holdings, Inc. (NASDAQ:THRY), the small business platform for growing small- to medium-sized businesses (SMBs), is pleased to announce a new integration with Google’s Business Messages to help streamline communication for small businesses who have a growing number of inbound contact options. Thryv is a partner of Google’s Business Messages, a mobile conversational channel that combines entry points on Google Maps, Search and brand websites to create rich, asynchronous messaging experiences that customers find easily accessible and drive business results. Google’s Business Messages integrates within Thryv’s real-time, centralized inbox, which launched last year and allows businesses to have a single thread of communication rather than relying on pockets of data located in individual applications. “Rapid expansion of communication technologies has helped usher in a new era of communication when it comes to customer service for businesses, But only businesses with robust customer service teams and constant availability are benefiting from these advances. Local, service-based businesses, like a local roofing company, may not be able to respond to web chat messages quickly enough for customer satisfaction because they’re on the roof. Thryv’s integration with Google’s Business Messages helps small businesses benefit from said advancements too. These local businesses don’t have to decide between losing revenue and running their business (implying it’s a trade-off by example). The 2020s will continue to be about small business cloud adoption, and we will be there along the way with product updates to support our small business customers.” -Ryan Cantor, Chief Product Officer at Thryv The rise of messaging platforms has created more lines of communication for businesses than ever before, and small business owners are being pressured to adopt these new tools or lose business. Sending messages to businesses has become the new normal. A 2020 Juniper Research study found that global mobile business messaging traffic would reach 2.7 trillion messages by the end of that year, up 10% from the previous year. Companies with 24/7 customer service availability are built to dominate in a market where speed is key, but small businesses are offline more than they’re online. Thryv’s latest integration helps businesses make sure they’re not missing out on critical communications. Thryv provides automation capabilities enabling businesses to respond to customers quickly and keep track of ongoing conversations. For more information and to take advantage of Thryv’s offerings, visit thryv.com. About Thryv Holdings, Inc. Thryv Holdings, Inc. (NASDAQ:THRY) is a global software and marketing services company that empowers small- to medium-sized businesses (SMBs), franchises, and agencies to grow and modernize their operations so they can compete and win in today’s economy. Over 46,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end customer experience, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for over 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and print directories. For more information about Thryv Holdings, Inc., visit thryv.com.

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