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Small Business Grants: Get Free Funding

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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Small Business Advice

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | March 16, 2022

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, INDUSTRY OUTLOOK

How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | July 29, 2022

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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TECHNOLOGY, SMALL BUSINESS ADVICE

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

Article | July 16, 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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Technology

Compelling Benefits of Video Marketing for Small Businesses

Article | September 22, 2021

Video marketing has existed for an extended period of time. It is, nevertheless, a relatively recent development in the commercial sector, particularly for small businesses. The blog discusses the benefits of video marketing for small businesses in-depth. “Stop thinking of ‘video marketing’ as this separate entity that is optional for your business. Video is an effective form of communication that needs to be integrated into each and every aspect of your existing marketing efforts.” –James Wedmore. Video advertising is the fastest increasing kind of advertising. Despite this, small business owners remain wary of video marketing as a marketing strategy. Yet, small business video marketing is one of the most successful marketing strategies in today's fast-paced digital environment. According to Hubspot, 85% of firms, utilize video as a marketing strategy. But the ball doesn’t stop there. Your users prefer videos when compared to other forms of content. Explain Ninja, a leading video content creator says that YouTube presently has a mind-boggling 2+ billion users. It is equivalent to nearly 13% of the internet. The benefits of video marketing are that it helps to enhance customer acquisition, conversion, CTR, ranking, and sales. If small company owners learn to exploit the benefits of video marketing, they will significantly increase their chances of success in the internet trends. Additionally, the advantages of video marketing may vary according on the sort of video marketing used. Let us take a short look at the various types of video marketing. Brand videos Demonstrations and showcases Event videos Trailers and teasers Success stories and testimonials Webinar videos Instruction Videos Question and answer Videos Company Culture Videos Let Us Peep into Some Benefits of Video Marketing for Small Businesses Increase Brand Awareness and Better Online Presence Because videos are more entertaining and quickly attract viewers, their reach to an audience is increased. Effective video marketing may also help you boost your internet visibility. In fact, one of the primary benefits of video marketing for small businesses since it establishes a robust online presence. Videos are posted on a variety of social media platforms. Optinmonster reports that video marketers boost brand awareness by 54%. Generating Leads and Increases Visitors Campaign Monitor reports that around 54% of customers want to see more video content from companies they support. Video marketing may assist businesses in generating new leads and keeping their sales funnels filled. YouTube has become increasingly crucial for businesses' marketing efforts. According to Lemonlight statistics, video-assisted 84% of marketers in generating leads. Video marketing enables audiences to consume content in bite-sized chunks that address their problem areas. Builds Trust In comparison to other forms of marketing, videos enable you to engage with your audience on a more personal level and establish an emotional relationship, which contributes significantly to the development of trust. Creating videos for small businesses is one of the most effective methods to get recognition and earn your consumers' confidence. Hubspot research confirms that 84% of buyers purchase after seeing an explanation video.. Increases Sales and Conversions Another essential benefits of video marketing for small businesses is increasing sales and boosting conversions.When customers are convinced, having a video about your product or service on social media increases engagement and purchases. According to a Cisco study, online videos will account for more than 82% of all consumer internet traffic by 2022, 15 times the amount in 2017. In accordance with the Vidyard research, marketers reported a 34% boost in conversion rate when they used videos as part of their campaign Increased revenue and conversion rates are two of the ultimate advantages of video marketing. As a result, video marketing is in great demand in the realm of digital marketing due to its success. According to EyeWideDigital, using video on your landing page may boost your conversion rate by up to 80%. Increases Engagement on Social Media Connecting with your prospective customer is very important. Therefore, engagement plays a vital role in the digital world. Videos promote social media engagement; thus, video marketing for small businesses is of utmost importance. Videos posted on social media platforms garner a more significant amount of attention. Along with more engagement, videos have a longer lifespan in the ecosystem due to the increased interactions and sharing. According to Explain Ninja, over 93% of companies report gaining new consumers from videos shared on their social media pages. Social media is a video-centric platform. As a result, there are several benefits of video marketing on social media. Improves SEO Ranking With videos on your website, you can boost visitors and keep them engaged, improving your page views. Also, improving your page views will result in improving your SEO ranking too. This is because longer visitors stay on your site, the better the degree of trust with search engines and hence the higher the rank. If you embed your video on YouTube and your website, you will enhance your chances of appearing in search results. According to Alexa, YouTube is the world's second most popular website (after Google). If you advertise your videos on social media, you increase your chances of being discovered. One of the significant benefits of video marketing for small businesses is an increase in SEO ranking. Final Thoughts With the numerous benefits of video marketing, small company owners should prioritize video marketing above more traditional forms of promotion. Adopting video marketing for small businesses is a fantastic approach to increase brand recognition and conversions. Lastly, the marketing team may save time and resources by editing old video creative with relevant messages about fresh offers. Video marketing is a powerful performance driver for any sized business. FAQs: Why is video marketing important for small businesses? Video marketing help in understanding the product or service, increases engagement on digital and social platforms. It helps in brand awareness and reaches a larger audience quickly. Most importantly it builds a long-lasting relation with the customers and ultimately improves sales. What are the advantages of video marketing? Here few listed advantages of video marketing: Increase brand awareness and better online presence Generating leads and increases visitors Builds trust Increases sales and conversions Increases engagement on social media Improves SEO ranking { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is video marketing important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Video marketing help in understanding the product or service, increases engagement on digital and social platforms. It helps in brand awareness and reaches a larger audience quickly. Most importantly it builds a long-lasting relation with the customers and ultimately improves sales." } },{ "@type": "Question", "name": "What are the advantages of video marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Here few listed advantages of video marketing: Increase brand awareness and better online presence Generating leads and increases visitors Builds trust Increases sales and conversions Increases engagement on social media Improves SEO ranking" } }] }

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Small Business Advice

5 Must-ask Questions Before You Apply for a Business Loan

Article | March 16, 2022

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, INDUSTRY OUTLOOK

E-commerce: Creating New Roads for Small Businesses

Article | July 29, 2022

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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TECHNOLOGY, SMALL BUSINESS ADVICE

Small Businesses Migration from Cash to Digital Payment

Article | July 16, 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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Technology

Compelling Benefits of Video Marketing for Small Businesses

Article | September 22, 2021

Video marketing has existed for an extended period of time. It is, nevertheless, a relatively recent development in the commercial sector, particularly for small businesses. The blog discusses the benefits of video marketing for small businesses in-depth. “Stop thinking of ‘video marketing’ as this separate entity that is optional for your business. Video is an effective form of communication that needs to be integrated into each and every aspect of your existing marketing efforts.” –James Wedmore. Video advertising is the fastest increasing kind of advertising. Despite this, small business owners remain wary of video marketing as a marketing strategy. Yet, small business video marketing is one of the most successful marketing strategies in today's fast-paced digital environment. According to Hubspot, 85% of firms, utilize video as a marketing strategy. But the ball doesn’t stop there. Your users prefer videos when compared to other forms of content. Explain Ninja, a leading video content creator says that YouTube presently has a mind-boggling 2+ billion users. It is equivalent to nearly 13% of the internet. The benefits of video marketing are that it helps to enhance customer acquisition, conversion, CTR, ranking, and sales. If small company owners learn to exploit the benefits of video marketing, they will significantly increase their chances of success in the internet trends. Additionally, the advantages of video marketing may vary according on the sort of video marketing used. Let us take a short look at the various types of video marketing. Brand videos Demonstrations and showcases Event videos Trailers and teasers Success stories and testimonials Webinar videos Instruction Videos Question and answer Videos Company Culture Videos Let Us Peep into Some Benefits of Video Marketing for Small Businesses Increase Brand Awareness and Better Online Presence Because videos are more entertaining and quickly attract viewers, their reach to an audience is increased. Effective video marketing may also help you boost your internet visibility. In fact, one of the primary benefits of video marketing for small businesses since it establishes a robust online presence. Videos are posted on a variety of social media platforms. Optinmonster reports that video marketers boost brand awareness by 54%. Generating Leads and Increases Visitors Campaign Monitor reports that around 54% of customers want to see more video content from companies they support. Video marketing may assist businesses in generating new leads and keeping their sales funnels filled. YouTube has become increasingly crucial for businesses' marketing efforts. According to Lemonlight statistics, video-assisted 84% of marketers in generating leads. Video marketing enables audiences to consume content in bite-sized chunks that address their problem areas. Builds Trust In comparison to other forms of marketing, videos enable you to engage with your audience on a more personal level and establish an emotional relationship, which contributes significantly to the development of trust. Creating videos for small businesses is one of the most effective methods to get recognition and earn your consumers' confidence. Hubspot research confirms that 84% of buyers purchase after seeing an explanation video.. Increases Sales and Conversions Another essential benefits of video marketing for small businesses is increasing sales and boosting conversions.When customers are convinced, having a video about your product or service on social media increases engagement and purchases. According to a Cisco study, online videos will account for more than 82% of all consumer internet traffic by 2022, 15 times the amount in 2017. In accordance with the Vidyard research, marketers reported a 34% boost in conversion rate when they used videos as part of their campaign Increased revenue and conversion rates are two of the ultimate advantages of video marketing. As a result, video marketing is in great demand in the realm of digital marketing due to its success. According to EyeWideDigital, using video on your landing page may boost your conversion rate by up to 80%. Increases Engagement on Social Media Connecting with your prospective customer is very important. Therefore, engagement plays a vital role in the digital world. Videos promote social media engagement; thus, video marketing for small businesses is of utmost importance. Videos posted on social media platforms garner a more significant amount of attention. Along with more engagement, videos have a longer lifespan in the ecosystem due to the increased interactions and sharing. According to Explain Ninja, over 93% of companies report gaining new consumers from videos shared on their social media pages. Social media is a video-centric platform. As a result, there are several benefits of video marketing on social media. Improves SEO Ranking With videos on your website, you can boost visitors and keep them engaged, improving your page views. Also, improving your page views will result in improving your SEO ranking too. This is because longer visitors stay on your site, the better the degree of trust with search engines and hence the higher the rank. If you embed your video on YouTube and your website, you will enhance your chances of appearing in search results. According to Alexa, YouTube is the world's second most popular website (after Google). If you advertise your videos on social media, you increase your chances of being discovered. One of the significant benefits of video marketing for small businesses is an increase in SEO ranking. Final Thoughts With the numerous benefits of video marketing, small company owners should prioritize video marketing above more traditional forms of promotion. Adopting video marketing for small businesses is a fantastic approach to increase brand recognition and conversions. Lastly, the marketing team may save time and resources by editing old video creative with relevant messages about fresh offers. Video marketing is a powerful performance driver for any sized business. FAQs: Why is video marketing important for small businesses? Video marketing help in understanding the product or service, increases engagement on digital and social platforms. It helps in brand awareness and reaches a larger audience quickly. Most importantly it builds a long-lasting relation with the customers and ultimately improves sales. What are the advantages of video marketing? Here few listed advantages of video marketing: Increase brand awareness and better online presence Generating leads and increases visitors Builds trust Increases sales and conversions Increases engagement on social media Improves SEO ranking { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is video marketing important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Video marketing help in understanding the product or service, increases engagement on digital and social platforms. It helps in brand awareness and reaches a larger audience quickly. Most importantly it builds a long-lasting relation with the customers and ultimately improves sales." } },{ "@type": "Question", "name": "What are the advantages of video marketing?", "acceptedAnswer": { "@type": "Answer", "text": "Here few listed advantages of video marketing: Increase brand awareness and better online presence Generating leads and increases visitors Builds trust Increases sales and conversions Increases engagement on social media Improves SEO ranking" } }] }

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Ideel Inc

Ideel offers its members online access to designer brands at up to 70 percent off retail every day. Ideel's limited-time sales feature the most sought-after brands in women’s and men’s apparel, shoes, and accessories, plus home must-haves. Ideel has brought the world Style Every Day since 2006 and officially joined the Groupon family in January 2014.

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SMALL BUSINESS ADVICE

Intuit Unveils QuickBooks Money Redefining Small Business Finance

Intuit | September 18, 2023

Intuit has introduced QuickBooks Money, an all-in-one payments and banking solution tailored for small businesses. QuickBooks Money is a refined version of the "Money by QuickBooks" service launched in 2021. A report by PYMNTS Intelligence reveals that 65% of medium-sized businesses spend 14 hours per week on administrative tasks, emphasizing the need for automation and digital tools. Intuit, a leading global technology platform, has recently introduced QuickBooks Money, an all-in-one payment and banking solution that comes with no monthly fees or minimum balance requirements. This innovative offering empowers small businesses by providing them with complete control over their finances from anywhere. While QuickBooks Money may seem like a new addition, it's actually a refined version of the previously launched "Money by QuickBooks" service from 2021. The revamped solution comes with enhanced features, including a web experience and additional banking and invoicing capabilities. Intuit's future plans for QuickBooks Money include granting subscription-free access to other QuickBooks small business solutions such as bill payment, in-person payments, and lending. With QuickBooks Money, small and medium-sized businesses (SMBs) can offer their customers a variety of payment options, including Google Pay, Apple Pay, or Venmo, in addition to traditional methods. Transactions can be settled on the same day, ensuring fast access to cash while also allowing businesses to track their income and expenses. This updated solution consolidates two other Intuit-owned financial services, QuickBooks Checking and QuickBooks Payments, into one seamless offering. David Talach, Senior Vice President of the QuickBooks Money Platform at Intuit, commented, QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools. [Source: PYMNTS] A recent report titled "Tapping the Payments Opportunity in SMB Retail," by PYMNTS Intelligence, underscores the significance of digital payment adoption and the use of modern solutions for SMBs survival and meeting evolving customer expectations. The report highlights that a substantial 65% of medium-sized businesses spend 14 hours per week on administrative tasks related to payment collection. Automation and digital solutions are poised to make an immediate impact in streamlining these processes. Intuit has long been recognized for its suite of products, including Quickbooks, TurboTax, Credit Karma, and Mailchimp. On September 6, 2023, the company also introduced Intuit Assist, a generative artificial intelligence (AI) tool designed to assist its small business customers.

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Small Business Advice

B20 and C2FO Collaborate on Solutions for Micro, Small and Medium-Sized Businesses

PR News Wire | September 01, 2023

C2FO, the world's on-demand working capital platform, is proud to announce its collaboration with the Business 20 (B20) and inclusion in a major policy paper published at the 2023 B20 meeting in New Delhi, India. The B20 is the official dialogue forum between the global business community and the G20, the key forum for intergovernmental leaders around the globe. The paper addresses the challenges micro, small and medium-sized enterprises (MSMEs) face in accessing working capital and provides global leaders with actionable recommendations for achieving sustainability targets with inclusive long-term employment and economic growth. This initiative was led by the vice-chair of the Business at OECD (BIAC) Finance Committee, Gianluca Riccio, CFA, with guidance from other leaders across the private and public sectors globally. This is the second consecutive year that a major policy paper from the B20 highlights C2FO's platform as a critical solution for the biggest challenges faced by MSMEs and the global economy. "The importance of MSMEs to the global economy cannot be overstated, and it's incredibly important to see both the challenges and solutions being addressed in this global forum," said Alexander "Sandy" Kemper, C2FO's founder and CEO. "We work hand in hand with MSMEs, and increasingly with governments, around the world every day to address the need for working capital to drive economic growth and prosperity, and we've seen the power of solutions, like ours, that work. As the paper's recommendations are incorporated, the global economy will benefit." The paper highlights several global studies that show the pivotal role working capital plays in fostering economic growth and job creation. A recent study from the Bank of Italy suggests that increasing working capital could lead to a boost of 0.5% to 0.7% in economic growth. Similarly, a 2022 McKinsey Global Institute study commissioned by C2FO found that Mexico could experience a 1.1% growth in its gross domestic product (GDP) by implementing a working capital platform on a national scale. According to an International Finance Corporation study, $1 million in funding to small and medium enterprises (SMEs) is connected to the creation of 16.3 permanent jobs on average. C2FO's impact on MSMEs goes far beyond research, however. The tangible impact of working capital programs is evident through the $300 billion in funding C2FO has provided to businesses worldwide since its founding, a milestone it achieved in July 2023. In the past three years, more than $25 billion of that low-cost working capital went to nearly 30,000 businesses in 41 countries categorized by the United Nations as "economies in transition." "We are dedicated to solving the challenges MSMEs face in every country," said C2FO's head of India, Basant Kaur. "As a key demonstration of our National Platforms for Working Capital initiative, last year C2FO received approval from the Reserve Bank of India to become an official trade receivables discounting system (TReDS). Our customers and the nearly 200,000 suppliers on our platform in India know that when they partner with C2FO, they are working with a recognized global leader dedicated to creating opportunity for businesses." In addition to C2FO's work with the B20, the company is an active member of the SME Finance Forum. As a member of this global network, C2FO engages in dialogue about policy changes to promote SME financing worldwide. Kemper will speak on Sept. 12 during the organization's premier conference in Mumbai, India, focusing on the role of digital platforms in SME financing. C2FO remains committed to ensuring every business has access to the capital it needs to thrive. To learn more, visit c2fo.com. About C2FO C2FO is the world's on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world's largest enterprises — unlocking billions in risk-free capital. With a mission of ensuring that every business has the capital needed to thrive, C2FO has delivered more than $300 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day.

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BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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SMALL BUSINESS ADVICE

Intuit Unveils QuickBooks Money Redefining Small Business Finance

Intuit | September 18, 2023

Intuit has introduced QuickBooks Money, an all-in-one payments and banking solution tailored for small businesses. QuickBooks Money is a refined version of the "Money by QuickBooks" service launched in 2021. A report by PYMNTS Intelligence reveals that 65% of medium-sized businesses spend 14 hours per week on administrative tasks, emphasizing the need for automation and digital tools. Intuit, a leading global technology platform, has recently introduced QuickBooks Money, an all-in-one payment and banking solution that comes with no monthly fees or minimum balance requirements. This innovative offering empowers small businesses by providing them with complete control over their finances from anywhere. While QuickBooks Money may seem like a new addition, it's actually a refined version of the previously launched "Money by QuickBooks" service from 2021. The revamped solution comes with enhanced features, including a web experience and additional banking and invoicing capabilities. Intuit's future plans for QuickBooks Money include granting subscription-free access to other QuickBooks small business solutions such as bill payment, in-person payments, and lending. With QuickBooks Money, small and medium-sized businesses (SMBs) can offer their customers a variety of payment options, including Google Pay, Apple Pay, or Venmo, in addition to traditional methods. Transactions can be settled on the same day, ensuring fast access to cash while also allowing businesses to track their income and expenses. This updated solution consolidates two other Intuit-owned financial services, QuickBooks Checking and QuickBooks Payments, into one seamless offering. David Talach, Senior Vice President of the QuickBooks Money Platform at Intuit, commented, QuickBooks Money represents an incredible opportunity to expand the reach of our fintech platform and give more small businesses access to powerful cash flow management tools. [Source: PYMNTS] A recent report titled "Tapping the Payments Opportunity in SMB Retail," by PYMNTS Intelligence, underscores the significance of digital payment adoption and the use of modern solutions for SMBs survival and meeting evolving customer expectations. The report highlights that a substantial 65% of medium-sized businesses spend 14 hours per week on administrative tasks related to payment collection. Automation and digital solutions are poised to make an immediate impact in streamlining these processes. Intuit has long been recognized for its suite of products, including Quickbooks, TurboTax, Credit Karma, and Mailchimp. On September 6, 2023, the company also introduced Intuit Assist, a generative artificial intelligence (AI) tool designed to assist its small business customers.

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Small Business Advice

B20 and C2FO Collaborate on Solutions for Micro, Small and Medium-Sized Businesses

PR News Wire | September 01, 2023

C2FO, the world's on-demand working capital platform, is proud to announce its collaboration with the Business 20 (B20) and inclusion in a major policy paper published at the 2023 B20 meeting in New Delhi, India. The B20 is the official dialogue forum between the global business community and the G20, the key forum for intergovernmental leaders around the globe. The paper addresses the challenges micro, small and medium-sized enterprises (MSMEs) face in accessing working capital and provides global leaders with actionable recommendations for achieving sustainability targets with inclusive long-term employment and economic growth. This initiative was led by the vice-chair of the Business at OECD (BIAC) Finance Committee, Gianluca Riccio, CFA, with guidance from other leaders across the private and public sectors globally. This is the second consecutive year that a major policy paper from the B20 highlights C2FO's platform as a critical solution for the biggest challenges faced by MSMEs and the global economy. "The importance of MSMEs to the global economy cannot be overstated, and it's incredibly important to see both the challenges and solutions being addressed in this global forum," said Alexander "Sandy" Kemper, C2FO's founder and CEO. "We work hand in hand with MSMEs, and increasingly with governments, around the world every day to address the need for working capital to drive economic growth and prosperity, and we've seen the power of solutions, like ours, that work. As the paper's recommendations are incorporated, the global economy will benefit." The paper highlights several global studies that show the pivotal role working capital plays in fostering economic growth and job creation. A recent study from the Bank of Italy suggests that increasing working capital could lead to a boost of 0.5% to 0.7% in economic growth. Similarly, a 2022 McKinsey Global Institute study commissioned by C2FO found that Mexico could experience a 1.1% growth in its gross domestic product (GDP) by implementing a working capital platform on a national scale. According to an International Finance Corporation study, $1 million in funding to small and medium enterprises (SMEs) is connected to the creation of 16.3 permanent jobs on average. C2FO's impact on MSMEs goes far beyond research, however. The tangible impact of working capital programs is evident through the $300 billion in funding C2FO has provided to businesses worldwide since its founding, a milestone it achieved in July 2023. In the past three years, more than $25 billion of that low-cost working capital went to nearly 30,000 businesses in 41 countries categorized by the United Nations as "economies in transition." "We are dedicated to solving the challenges MSMEs face in every country," said C2FO's head of India, Basant Kaur. "As a key demonstration of our National Platforms for Working Capital initiative, last year C2FO received approval from the Reserve Bank of India to become an official trade receivables discounting system (TReDS). Our customers and the nearly 200,000 suppliers on our platform in India know that when they partner with C2FO, they are working with a recognized global leader dedicated to creating opportunity for businesses." In addition to C2FO's work with the B20, the company is an active member of the SME Finance Forum. As a member of this global network, C2FO engages in dialogue about policy changes to promote SME financing worldwide. Kemper will speak on Sept. 12 during the organization's premier conference in Mumbai, India, focusing on the role of digital platforms in SME financing. C2FO remains committed to ensuring every business has access to the capital it needs to thrive. To learn more, visit c2fo.com. About C2FO C2FO is the world's on-demand working capital platform, providing fast, flexible and equitable access to low-cost capital to nearly 2 million businesses worldwide. Using patented Name Your Rate® technology and a suite of working capital solutions, companies can get paid sooner by the world's largest enterprises — unlocking billions in risk-free capital. With a mission of ensuring that every business has the capital needed to thrive, C2FO has delivered more than $300 billion in funding around the world. Founded in 2008 and headquartered in Kansas City, USA, with offices around the globe, C2FO is working to build a better, more inclusive financial system every day.

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BUSINESS STRATEGY

Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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