Ingredients of a Marketing Plan That Are Essential to Make an Impact

Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties.

It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail.

Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets.

A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage.

A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time.

Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan.

Importance of Marketing Plan

A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales.

Below is a few more importance of marketing plan:
  • It aids in the effective management and accomplishment of your business objectives
  • It facilitates cross-departmental collaboration and communication
  • It contributes to the avoidance of future dangers and uncertainties
  • It contributes to the success of marketing activities
  • It contributes to reducing the chance of failure
  • It enables the efficient and prudent use of resources while taking market opportunities into account

Extensive Market Research

Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market.

For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment.

Marketing research involves certain areas to be given utmost importance:
  • The dynamics and trends of the market, including seasonality
  • Vendors in whom you will place your trust
  • Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions
  • Industry benchmarks
  • What is presently available and what competitors are providing
  • Current industry sales

Robust Market Strategy

The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success.

A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements.

Below are few B2B marketing strategies:
  • Social media marketing
  • Search engine optimization
  • Content marketing
  • Search engine marketing/PPC (Pay-per-click)
  • Referral programs
  • Industry events

Appropriate Financial Planning

Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow.

For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses.

Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc.

The following points demonstrate why financial planning is essential.
  • Prudent financial management
  • Long-term view
  • Profit and loss measurements
  • To determine the value of liabilities and assets

Utilization of Marketing Channels

There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels.

Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C.

Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation.

Here are few channels that are utilized:
  • Retail or Ecommerce
  • Social media channels
  • Email marketing
  • Websites
  • Referral channels
  • SEO
  • Word of mouth
  • Pay-per-click (PPC) marketing

Analyses of Competitors

While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services.

Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition.

Competitor analysis enables the following:
  • Identify market inefficiencies
  • Identify market trends
  • Create innovative goods and services
  • Increase your marketing and sales effectiveness

Conclusion:

A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes.

FAQs:

What are the key ingredients in the marketing plan?

Here are the critical ingredients of the marketing plan
  • Extensive market research
  • Appropriate financial planning
  • Robust market strategy
  • Utilization of marketing channels
  • Analysis of competitors
  • Clear marketing objectives

What is a successful marketing plan?

A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm.

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MARKETING AND NETWORKING

Small Business Grants: Get Free Funding

Article | February 14, 2024

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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INDUSTRY OUTLOOK, IMPACT

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | July 11, 2023

Introduction With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable. In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data. The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry. Small Business Accounting Software: Emerging Financial Needs in the Industry Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others. None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth. Automate Invoicing and Billing Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses. Expense Tracking A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent. Efficient Inventory Management Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t. Bank Reconciliation Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period. The Final Thought Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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SMALL BUSINESS ADVICE, BUSINESS STRATEGY

How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | July 20, 2023

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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MARKETING AND NETWORKING, TECHNOLOGY

MSUFCU and Nymbus Unite to Elevate Services for SMBs: A Transformative Collaboration Focused on Meeting Needs of Small and Medium Businesses

Businesswire | August 03, 2023

Nymbus, a premier provider of cloud-based financial technology solutions, is proud to announce that Michigan State University Federal Credit Union (MSUFCU) has partnered with Nymbus to deliver Nymbus SMB, a feature-rich, compliant, “bank in a box” solution designed to enable Credit Unions to serve the rapidly growing Small and Medium Business (SMB) market. Recognizing the dominance of three megabanks that hold 47% of the market and the significantly smaller market share of community banks and credit unions at just 18%, Nymbus has identified a pressing need for its Nymbus SMB initiative to help level the playing field and amplify the competitiveness of credit unions. The collaboration between MSUFCU and Nymbus will pioneer a next-generation approach, enabling credit unions and regional banks to gain an edge in the intensifying SMB banking market. Through this partnership, Nymbus and MSUFCU are stepping up to fill the void left by traditional banking tech providers, which have struggled to evolve and adequately equip credit unions to capitalize on emerging market opportunities such as the rapidly expanding SMB sector. In the wake of its recent $70 million Series D funding round—where MSUFCU also participated as an investor—Nymbus is ramping up its support for credit unions, working diligently to bridge the digital divide. Through its Nymbus SMB solution, Nymbus equips credit unions with essential digital tools to better serve SMBs, consequently expanding their market presence and establishing them as key strategic partners for SMB growth. This solution includes cost-effective services like invoicing, cash management tools, cash flow analytics and a modern digital banking platform operating through a standalone technical infrastructure. Jeffery Kendall, CEO of Nymbus, expressed his enthusiasm about the collaboration. "This partnership represents a pivotal opportunity for credit unions as we equip them with the modern tools and services they need to effectively meet the needs of the growing SMB market," Kendall said. "Our Nymbus SMB solution is a game changer that delivers value and fills the gap left by legacy credit union technology providers." April Clobes, President and CEO of MSUFCU, also shared her insights. "Aligning with Nymbus on this vital project is a strategic move for MSUFCU, as it allows us to enhance our product offerings and deliver top-tier services to small business owners. Through this collaboration, we’re showing our dedication to the businesses that are the connectors of our communities,” remarked Clobes. The partnership with MSUFCU underscores Nymbus’ position as a frontrunner in the fintech arena, understanding that credit unions can serve small and medium businesses at a lower cost than the current market offerings and with a level of service that keeps those costs down. Nymbus continues redefining the future of financial services, fostering growth and creating unparalleled value for credit unions and the small business community. About Nymbus: Nymbus has disrupted the financial services market as an alternative to legacy business models. With Nymbus, any size financial institution can quickly launch a full-service digital bank or migrate to our award-winning core. Whichever growth strategy is right for you, Nymbus buys back decades of lost time to engage and support the entire digital customer journey. About MSUFCU: Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the fifth year, a Top Workplace by the Detroit Free Press for 11 consecutive years, a National Best and Brightest Companies to Work For® winner for six consecutive years, and was named one of the top five Michigan credit unions in Forbes’ Best-in-State Credit Unions 2021 list. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years and has been certified as a Great Place to Work® for nine consecutive years. MSUFCU has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., has 24 branches, nearly 350,000 members, more than $7.5 billion in assets, and nearly 1,100 employees.

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Marketing and Networking

Rootstock Software Recognized as an ERP Leader in the Nucleus Research 2023 SMB ERP Value Matrix

Businesswire | July 06, 2023

Rootstock Software today announced that it has earned a “Leader” ranking on Nucleus Research’s Small and Midsize (SMB) ERP Value Matrix. “We’re thrilled to have been named an ERP Leader on the Nucleus Value Matrix for the second year running,” said David Stephans, CEO of Rootstock Software. “This achievement is due in large part to our amazing customers who have given our manufacturing ERP high marks in terms of supporting their unique growth objectives. For this report, several of our customers stepped forward to share their success stories, illustrating how they’ve used our cloud ERP to achieve value and a return on investment. This ranking is also a testament to our product team that has worked tirelessly to deliver ongoing innovation to the ERP space.” According to this report, ERP leaders like Rootstock have successfully catered to the needs of their small- to mid-sized customers by providing industry-specific capabilities, self-service analytics, and easy-to-configure functionality. In this regard, Rootstock’s ERP is purpose-built for manufacturers, offering industry-specific workflows, reports, and dashboards pre-configured for manufacturing use cases. Since the last Nucleus ERP Value Matrix, Rootstock has made significant product enhancements, including the launch of Enterprise Insights, a set of end-to-end business intelligence apps for manufacturers, and Digital Supplier Collaboration, which helps customers streamline sourcing, supply chain monitoring, and real-time supplier coordination. Isaac Gould, research manager at Nucleus and lead author of the report, said, “Businesses prioritize quick time-to-value and a manageable total cost of ownership (TCO) from their ERP systems, especially in the midmarket. We recognize Rootstock as a leader this year for delivering core functionality for manufacturers to run their businesses with the added value of the Salesforce Platform. Rootstock customers demonstrate strong proficiencies in getting the most out of their ERP for production, quality management, project management, analytics, and workflow automations on their own without a deep IT bench.” About Rootstock Software Rootstock Software provides the leading Manufacturing Cloud ERP, which empowers hundreds of manufacturers to turbocharge their operations in today's dynamic, post-pandemic world. Natively built on the Salesforce Platform, Rootstock delivers a futureproof solution. With it, manufacturers gain the agility to continually transform their businesses to meet evolving customer needs, navigate emerging challenges, and accelerate success. In addition, the "connectability" of Rootstock Cloud ERP gives manufacturers 360° visibility to collaborate with suppliers, trading partners, and the broader value chain.

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Marketing and Networking

Interise and the Urban League Bring NextStage Minority Business Entrepreneur Academy & NextStage Accelerator to Massachusetts Gateway Cities

PRnewswire | May 31, 2023

Interise, a national non-profit headquartered in Boston, has partnered with The Urban League of Springfield and Urban League of Eastern Massachusetts to offer NextStage Minority Business Entrepreneur Academy and NextStage Accelerator powered by Interise."We are excited to bring these programs to our small business community as they are the heart of each town and city in the region", said Urban League of Eastern Massachusetts Interim CEO & President Dr. Keith Motley. "NextStage Minority Business Entrepreneur Academy and NextStage Accelerator will provide a welcomed boost to Springfield area minority-owned small business, and we are grateful for this partnership with Interise and Urban League of Eastern Massachusetts," added Urban League of Springfield Consultant/CEO & President Yvette M. Frisby. The programs will use Interise's StreetWise MBA curriculum with an emphasis on procurement readiness and provide minority-owned small businesses with the knowledge, know-how and networks needed for business growth and expansion."These programs are yet another way to provide much-needed assistance to minority-owned small business owners located in key cities throughout the state of Massachusetts," said Interise CEO Darrell Byers. "We are honored to partner with Urban League of Springfield and Urban League of Eastern Massachusetts on this important initiative." Nationwide approximately 10 to 18% of small businesses are BIPOC-owned, while less than 1.5% of BIPOC-owned small businesses are successful in securing contracts. Securing long-term contracts provides predictable revenue, a critical success factor for any small business.Historically, Interise companies become-contract ready through StreetWise'MBA' program. Companies that have completed these programs have achieved greater success procuring contracts with an average increase in revenue of 36% and a job creation rate 4x that of the private sector. Byers added, "We have a once-in-a-generation opportunity to develop a more inclusive economy in Massachusetts by helping BIPOC-owned small businesses secure government and corporate contracts. The Federal Infrastructure Bill alone comprises a total spending of more than $3 trillion over the next five to ten years." The program will be offered throughout the Commonwealth with a focus on Gateway Cities and is funded through a $3 million earmark from the Federal American Rescue Plan Act in a spending bill signed by former Massachusetts Governor Charlie Baker.The first cohorts began in April in Holyoke, Worcester County and Merrimack Valley and subsequent cohorts will launch in Pittsfield, Fall River, New Bedford, Lynn, and Springfield in the next few weeks. The programs will also launch in Boston and Brockton later this year. NextStage Accelerator will be offered in both English and Spanish while NextStage Minority Business Entrepreneur Academy will be in English only. About Interise Interise builds diverse and inclusive local economies through small business development, supporting the growth of minority-owned small businesses and small businesses located in low- and moderate-income communities. Interise contributes to inclusive economic development through its national research on the growth of established small businesses and its award-winning business development programs. As Interise companies grow, they contribute to local job creation and build community wealth. Interise companies historically create new jobs at five times the rate of the private sector and are responsible for the creation of over 30,000 new jobs. Interise partners with government agencies, anchor institutions, and business associations to offer the StreetWise 'MBA'™ program in more than 80 cities nationwide. Strategic Growth Partners include the Kauffman Foundation, the TD Bank Foundation, the Wells Fargo Foundation and the Prudential Foundation. About The Urban League of Springfield, Inc. The Urban League of Springfield, Inc., serves the African American Community in Greater Springfield by advocating for and providing model services that enhance the academic and social development of young people and families, promoting economic self-sufficiency, and fostering racial inclusion and social justice. About The Urban League of Eastern Massachusetts The Urban League of Eastern Massachusetts (ULEM) is a 501c3 nonprofit organization and one of the oldest affiliates within the National Urban League movement. Since 1919, the doors opened to the at-large Boston community and surrounding metropolitan area residents, ULEM has been employing a multi-point strategy to deliver services and programs which aim to increase self-reliance, specifically in the area of workforce and economic development.

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MARKETING AND NETWORKING, TECHNOLOGY

MSUFCU and Nymbus Unite to Elevate Services for SMBs: A Transformative Collaboration Focused on Meeting Needs of Small and Medium Businesses

Businesswire | August 03, 2023

Nymbus, a premier provider of cloud-based financial technology solutions, is proud to announce that Michigan State University Federal Credit Union (MSUFCU) has partnered with Nymbus to deliver Nymbus SMB, a feature-rich, compliant, “bank in a box” solution designed to enable Credit Unions to serve the rapidly growing Small and Medium Business (SMB) market. Recognizing the dominance of three megabanks that hold 47% of the market and the significantly smaller market share of community banks and credit unions at just 18%, Nymbus has identified a pressing need for its Nymbus SMB initiative to help level the playing field and amplify the competitiveness of credit unions. The collaboration between MSUFCU and Nymbus will pioneer a next-generation approach, enabling credit unions and regional banks to gain an edge in the intensifying SMB banking market. Through this partnership, Nymbus and MSUFCU are stepping up to fill the void left by traditional banking tech providers, which have struggled to evolve and adequately equip credit unions to capitalize on emerging market opportunities such as the rapidly expanding SMB sector. In the wake of its recent $70 million Series D funding round—where MSUFCU also participated as an investor—Nymbus is ramping up its support for credit unions, working diligently to bridge the digital divide. Through its Nymbus SMB solution, Nymbus equips credit unions with essential digital tools to better serve SMBs, consequently expanding their market presence and establishing them as key strategic partners for SMB growth. This solution includes cost-effective services like invoicing, cash management tools, cash flow analytics and a modern digital banking platform operating through a standalone technical infrastructure. Jeffery Kendall, CEO of Nymbus, expressed his enthusiasm about the collaboration. "This partnership represents a pivotal opportunity for credit unions as we equip them with the modern tools and services they need to effectively meet the needs of the growing SMB market," Kendall said. "Our Nymbus SMB solution is a game changer that delivers value and fills the gap left by legacy credit union technology providers." April Clobes, President and CEO of MSUFCU, also shared her insights. "Aligning with Nymbus on this vital project is a strategic move for MSUFCU, as it allows us to enhance our product offerings and deliver top-tier services to small business owners. Through this collaboration, we’re showing our dedication to the businesses that are the connectors of our communities,” remarked Clobes. The partnership with MSUFCU underscores Nymbus’ position as a frontrunner in the fintech arena, understanding that credit unions can serve small and medium businesses at a lower cost than the current market offerings and with a level of service that keeps those costs down. Nymbus continues redefining the future of financial services, fostering growth and creating unparalleled value for credit unions and the small business community. About Nymbus: Nymbus has disrupted the financial services market as an alternative to legacy business models. With Nymbus, any size financial institution can quickly launch a full-service digital bank or migrate to our award-winning core. Whichever growth strategy is right for you, Nymbus buys back decades of lost time to engage and support the entire digital customer journey. About MSUFCU: Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the fifth year, a Top Workplace by the Detroit Free Press for 11 consecutive years, a National Best and Brightest Companies to Work For® winner for six consecutive years, and was named one of the top five Michigan credit unions in Forbes’ Best-in-State Credit Unions 2021 list. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years and has been certified as a Great Place to Work® for nine consecutive years. MSUFCU has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., has 24 branches, nearly 350,000 members, more than $7.5 billion in assets, and nearly 1,100 employees.

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Marketing and Networking

Rootstock Software Recognized as an ERP Leader in the Nucleus Research 2023 SMB ERP Value Matrix

Businesswire | July 06, 2023

Rootstock Software today announced that it has earned a “Leader” ranking on Nucleus Research’s Small and Midsize (SMB) ERP Value Matrix. “We’re thrilled to have been named an ERP Leader on the Nucleus Value Matrix for the second year running,” said David Stephans, CEO of Rootstock Software. “This achievement is due in large part to our amazing customers who have given our manufacturing ERP high marks in terms of supporting their unique growth objectives. For this report, several of our customers stepped forward to share their success stories, illustrating how they’ve used our cloud ERP to achieve value and a return on investment. This ranking is also a testament to our product team that has worked tirelessly to deliver ongoing innovation to the ERP space.” According to this report, ERP leaders like Rootstock have successfully catered to the needs of their small- to mid-sized customers by providing industry-specific capabilities, self-service analytics, and easy-to-configure functionality. In this regard, Rootstock’s ERP is purpose-built for manufacturers, offering industry-specific workflows, reports, and dashboards pre-configured for manufacturing use cases. Since the last Nucleus ERP Value Matrix, Rootstock has made significant product enhancements, including the launch of Enterprise Insights, a set of end-to-end business intelligence apps for manufacturers, and Digital Supplier Collaboration, which helps customers streamline sourcing, supply chain monitoring, and real-time supplier coordination. Isaac Gould, research manager at Nucleus and lead author of the report, said, “Businesses prioritize quick time-to-value and a manageable total cost of ownership (TCO) from their ERP systems, especially in the midmarket. We recognize Rootstock as a leader this year for delivering core functionality for manufacturers to run their businesses with the added value of the Salesforce Platform. Rootstock customers demonstrate strong proficiencies in getting the most out of their ERP for production, quality management, project management, analytics, and workflow automations on their own without a deep IT bench.” About Rootstock Software Rootstock Software provides the leading Manufacturing Cloud ERP, which empowers hundreds of manufacturers to turbocharge their operations in today's dynamic, post-pandemic world. Natively built on the Salesforce Platform, Rootstock delivers a futureproof solution. With it, manufacturers gain the agility to continually transform their businesses to meet evolving customer needs, navigate emerging challenges, and accelerate success. In addition, the "connectability" of Rootstock Cloud ERP gives manufacturers 360° visibility to collaborate with suppliers, trading partners, and the broader value chain.

Read More

Marketing and Networking

Interise and the Urban League Bring NextStage Minority Business Entrepreneur Academy & NextStage Accelerator to Massachusetts Gateway Cities

PRnewswire | May 31, 2023

Interise, a national non-profit headquartered in Boston, has partnered with The Urban League of Springfield and Urban League of Eastern Massachusetts to offer NextStage Minority Business Entrepreneur Academy and NextStage Accelerator powered by Interise."We are excited to bring these programs to our small business community as they are the heart of each town and city in the region", said Urban League of Eastern Massachusetts Interim CEO & President Dr. Keith Motley. "NextStage Minority Business Entrepreneur Academy and NextStage Accelerator will provide a welcomed boost to Springfield area minority-owned small business, and we are grateful for this partnership with Interise and Urban League of Eastern Massachusetts," added Urban League of Springfield Consultant/CEO & President Yvette M. Frisby. The programs will use Interise's StreetWise MBA curriculum with an emphasis on procurement readiness and provide minority-owned small businesses with the knowledge, know-how and networks needed for business growth and expansion."These programs are yet another way to provide much-needed assistance to minority-owned small business owners located in key cities throughout the state of Massachusetts," said Interise CEO Darrell Byers. "We are honored to partner with Urban League of Springfield and Urban League of Eastern Massachusetts on this important initiative." Nationwide approximately 10 to 18% of small businesses are BIPOC-owned, while less than 1.5% of BIPOC-owned small businesses are successful in securing contracts. Securing long-term contracts provides predictable revenue, a critical success factor for any small business.Historically, Interise companies become-contract ready through StreetWise'MBA' program. Companies that have completed these programs have achieved greater success procuring contracts with an average increase in revenue of 36% and a job creation rate 4x that of the private sector. Byers added, "We have a once-in-a-generation opportunity to develop a more inclusive economy in Massachusetts by helping BIPOC-owned small businesses secure government and corporate contracts. The Federal Infrastructure Bill alone comprises a total spending of more than $3 trillion over the next five to ten years." The program will be offered throughout the Commonwealth with a focus on Gateway Cities and is funded through a $3 million earmark from the Federal American Rescue Plan Act in a spending bill signed by former Massachusetts Governor Charlie Baker.The first cohorts began in April in Holyoke, Worcester County and Merrimack Valley and subsequent cohorts will launch in Pittsfield, Fall River, New Bedford, Lynn, and Springfield in the next few weeks. The programs will also launch in Boston and Brockton later this year. NextStage Accelerator will be offered in both English and Spanish while NextStage Minority Business Entrepreneur Academy will be in English only. About Interise Interise builds diverse and inclusive local economies through small business development, supporting the growth of minority-owned small businesses and small businesses located in low- and moderate-income communities. Interise contributes to inclusive economic development through its national research on the growth of established small businesses and its award-winning business development programs. As Interise companies grow, they contribute to local job creation and build community wealth. Interise companies historically create new jobs at five times the rate of the private sector and are responsible for the creation of over 30,000 new jobs. Interise partners with government agencies, anchor institutions, and business associations to offer the StreetWise 'MBA'™ program in more than 80 cities nationwide. Strategic Growth Partners include the Kauffman Foundation, the TD Bank Foundation, the Wells Fargo Foundation and the Prudential Foundation. About The Urban League of Springfield, Inc. The Urban League of Springfield, Inc., serves the African American Community in Greater Springfield by advocating for and providing model services that enhance the academic and social development of young people and families, promoting economic self-sufficiency, and fostering racial inclusion and social justice. About The Urban League of Eastern Massachusetts The Urban League of Eastern Massachusetts (ULEM) is a 501c3 nonprofit organization and one of the oldest affiliates within the National Urban League movement. Since 1919, the doors opened to the at-large Boston community and surrounding metropolitan area residents, ULEM has been employing a multi-point strategy to deliver services and programs which aim to increase self-reliance, specifically in the area of workforce and economic development.

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