The Most Conventional Market Research Tools for Small Businesses

Sneha Hull | December 15, 2021 | 75 views

Market Research Tools for Small Businesses
Market research for small businesses is an essential aspect for a business to have seamless operations, But it is a challenging task at the same time. It helps a business to flourish, succeed and achieve its goals. Before the blog gives you insights on this, firstly, let’s talk a bit about market research.

Market research is the process of collecting data and conducting analyses on your target consumers, and competitors in the industry. As a result, market research helps small business owners develop accurate and well-planned market strategies.

"The aim of marketing is to know and understand the customer so well, the product or service sells itself." 

- Peter Drucker
 
Small businesses face a few challenges in conducting market research. They are: 
  • Unaware of consumer trends, likes, and dislikes
  • Lack of marketing strategy and objectives
  • Unaware of the target market
  • Expensive research processes
  • An improper competitor's analysis

Knowing your customers inside out is crucial to making your brand successful.  And this is possible by implementing market research tools for startups and established organizations. For this, you can opt for both, free market research tools and paid market research tools under your budget.

Let’s learn about the top market reach tools to make it easy to gather information about them.

Top Market Research Tools:


Google Trends


The Google trend is one of the most popular free market research tools. It displays popular topics and keywords when searched on the Google search engine. As it shows optimum results, it enables you to make comparisons with other regions of the world. Google Trends provides an in-depth analysis of the most popular search terms.

In addition, Google Trends provides the following features:
  • Keyword research in comparison
  • It identifies industry trends
  • Coverage of a variety of search networks and sorts of searches, including image search, YouTube search, and Google Shopping
  • Segmentation of data according to temporal and geographic characteristics
  • Analyzation of competitors

Google Trends is highly used software for marketing research by businesses.

Survey Monkey


Survey Monkey is one of the most influential and popular market research online tools. It is used to collect first-hand data on products, services, and customer demands. Additionally, it is a technique for doing free-market research. This is also an audience research tool.

The application enables you to run a short survey about your product or service using online opinion polls or questionnaires gather results. Additionally, the responses gathered might help you make an informed conclusion about whether your product or service should be created and deployed in the target market or not.

Think With Google


Think with Google is another popular free market research tool. Additionally, it is a collection of several marketing tools that assist you in conducting thorough research. Think with Google assists you with understanding your market, gives high-level market information, and enables you to follow new and persistent consumer trends.

You may sort your data country-wise and examine it weekly, monthly, or annually. As a result of this, you can facilitate your market research for small businesses.

Facebook Audience Insights


Facebook has emerged as a new medium for company development. Facebook audience insights provide data on three categories of people: those linked to your page, those on Facebook, and those in custom audiences you've previously built.

"Facebook enabled us to successfully launch our next-generation device by helping us define our target market and tell our story with useful tools, such as video and carousel ads."

- Juan Jaramillo, VP of Marketing, Skulpt 

Facebook audience insights enable you to have a better understanding of your audience, demographics, buying behavior and lives. In addition, businesses can use this data to adapt their products and services based on the information gathered.

The tool enables you to better understand your present or prospective clients through Facebook.

How Do These Tools Help in Digital Marketing for Small Businesses?


With the appropriate market research tool, you can simplify your entire marketing effort.  You may create a robust digital marketing stack by combining the various market research tools mentioned above. These tools enable you to better understand your market and audience.

Market research for small businesses is vital for a firm to stand out in the competitive business world. Additionally, the emergence of market research technologies has simplified obtaining meaningful insights. Finally, these technologies have enabled small company owners to revolutionize the digital marketing world by putting a wealth of precise information at their fingertips.

Bottom Line:


Market research for small businesses is a decisive prerequisite to reducing the risk of failure or shutdowns. Market research tools make market research much more manageable. In addition, market research provides reliable information about your potential clients, which assists you to avoid doing the wrong marketing and advertising activities that do not reach the proper individuals.

The market research tools described above are the most often employed by firms. Therefore, market research should be a critical component of your business strategy and plan.

FAQ:


What tools can be used for market research?

A few effective market research tools that every business should have as a part of their business strategy are:
  • Google keywords tool
  • Google analytics
  • Google trends
  • Soovle
  • Facebook audience insights
  • TypeForm
  • IBISWorld
  • Pew research center

Why is market research essential?

Market research helps you learn about your customers, the market, and ways to successfully reach your customers. It helps to identify the problems, redefine your marketing strategy, and plan accordingly.

Which market research tool would be best for a small business to use?

Small companies should use Facebook audience information and Google trends. Google Trends gives business owners and content producers real-time data on popular topics, keywords, industries, and geographic locations. It also allows you to target your Facebook ads more accurately thanks to Facebook Audience Insights.

Spotlight

iBeta Quality Assurance

Founded in 1999 and located in metro Denver, Colorado, iBeta Quality Assurance specializes in “QA on Demand” for software: functionality, compatibility, security, load/performance, code review, test plan engineering, automation testing, biometrics certifications, biometric system testing, and more, for websites, mobile apps, desktop/server applications, set-top boxes, and other platforms, with no subscriptions, retainers, or other long-term contracts. All work is conducted in our own secure building by highly-trained and experienced testing staff. iBeta is the trusted partner of companies across the U.S. and the world, from Fortune 500 firms to scrappy startup ventures that might one day be the next big thing.

OTHER ARTICLES
TECHNOLOGY

How Are Android Payment Solutions Changing the Game for Small Businesses?

Article | July 16, 2022

Introduction In recent years, Android payments have gained immense popularity among customers who desire faster transactions. This has required businesses of all sizes to embrace innovative and additional payment solutions. As the penetration of mobile technologies grows and the use of digital wallets becomes more prevalent, it is not surprising that the global demand for innovative Android payment solutions explodes at an impressive rate, especially in countries such as the U.S., U.K., and others. According to an exhaustive study, the overall transaction value of mobile payments is predicted to exceed the valuation of $220 billion by the end of 2023 in the U.S. alone. Hence, this is the time for small and medium-sized businesses to acquire knowledge about novel Android payment technology. Android Payment Solutions: Modern Needs of Small Businesses With a significant rise in the number of tech-savvy consumers nowadays, small and medium-sized businesses can only benefit from accepting various types of mobile payment solutions, such as mobile payments. Investing in Android payment solutions has become essential for small businesses to stay technologically updated and retain a growing customer base. Customers want merchants to accept their preferred means of payment, be it chipped cards, Google Pay, Amazon Pay, or any other Android payment method. Fewer individuals carry cash than ever before. In fact, as per a survey, nearly 16% of the customers mentioned only using digital solutions for payment. Also, around 47% of customers stated that they would not make a purchase from a shop that does not offer a cash alternative solution. The next generation of Android payment solutions can create fair competition for businesses of all sizes and give a chance to small and medium-sized businesses to offer their customers the same high-quality experience that large merchants are known for. These solutions can also provide various benefits to small businesses, such as: Access to Developers and Third Party Payment Apps Single Point of Integration Cloud Connectivity Payment Solution Security The Road Ahead With the deepening trend of digitization and a growing customer shift towards more convenient modes of payment, Android payments are becoming an essential means for small businesses to make sure they make as many sales as possible while giving customers numerous payment options and quick service. This, in addition to the introduction of innovative alternatives to conventional credit and debit card payments, the adoption of advanced Android payment solutions will become compulsory for small and medium-sized businesses in the forthcoming decade.

Read More
TECHNOLOGY

Emergence of 5G Presents a World of Opportunity to Small Businesses

Article | June 6, 2022

Together with 'artificial intelligence' (AI) and 'machine learning,' 5G has emerged as a hot topic in the tech industry over the last couple of years. There's a lot of buzz about the next generation mobile network's technological capabilities, and for good reason: faster, more consistent, and higher bandwidth mobile connectivity can open up new levels of productivity, versatility, and opportunity for small businesses. Benefits Motivating Small Businesses to Invest in 5G The world may be in for a devastating recession as a result of the war's impact and the emergence of new waves of coronavirus pandemic. This is encouraging enterprises to prioritize digital transformation. Digital innovation helps to develop tools and strategies that businesses can use to overcome challenges and solve complex problems. Improved hardware and smarter software enable data collection and analysis for scalability.With its promising strength of connectivity, exceptional frequency of data transfers, and high-speed, 5G technology can foster digital innovation, especially among small and medium-sized businesses (SMBs), allowing a wide range of highly skilled workers to work from any location or workplace. Here are some major benefits, encouraging SMBs to invest in 5G, as follows: Provide businesses with increased operational flexibility. Increasing the sales channel's productivity. Creates an intuitive supply chain. Facilitate access to cutting-edge technologies such as augmented and virtual reality (AR and VR). Improves workforce functionality and safety by lowering latency. Enhances the customer experience. A Plethora of Opportunities for Small Businesses With a projected annual growth rate of around 97 percent and 40 percent of the population around the world using internet of things (IoT) apps on a 5G network, the new digital technology has the potential to create an incremental opportunity of around $251 trillion by 2025. A large number of businesses, irrespective of size or industry, are considering preparing themselves for the deployment of advanced 5G technology to benefit them and their customers. In addition, the deepening trend of digital transformation and the incorporation of cloud technologies are presenting a wide range of opportunities for businesses to scale up their connectivity, reach, and productivity.

Read More
TECHNOLOGY

Small Businesses Migration from Cash to Digital Payment

Article | May 16, 2022

Bill payment and bookkeeping are difficult tasks for all types and sizes of business. Historically, conventional finance and accounting practices have caused headaches for all people involved, as well as financial consequences when things go wrong. Nonetheless, there is the introduction of new digital payment solutions designed to assist businesses to establish efficient processes for managing, sending, and collecting business-to-business (B2B) payments in order to stay competitive. The Shift Towards Digital Payments Of the numerous options that small and medium-sized businesses have, for improving their performance, the adoption of digital payment solutions is among the highest in terms of value for both, businesses and their clientele. From automating payment and invoice collections to providing a safe, secure customer experience and managing risk, digital payment solutions add value to the small business finance structure. Historically, complex and costly infrastructure was required to make payments safe, secure, and reliable. Hence, with the emergence of new convenient and secure types of payment solutions such as UPI, eChecks, and tap-and-go cards, a substantial increase in inclination towards the use of contactless and cashless payments has been reported. In fact, as per a study, approximately 1 in 3 customers in the U.S. choose to make contactless payments. The radical shift towards the adoption of this mode of payments around the world is presenting an opportunity for small businesses to not only address the needs of customers but also to take advantage of the many benefits of adopting digital payment solutions, including streamlining business processes. The Future Ahead Today, there is a greater-and-greater appetite from investors and innovators to modernize the financial service and transactional infrastructure.Similarly, small businesses are emphasizing on improving their payment and expense processes and adopting new digital payment solutions to benefit from their better cash flow management, increased accessibility for customers, and streamlined operations.

Read More
TECHNOLOGY,SMALL BUSINESS ADVICE

Cyberattacks: Surfacing Threat to Small Businesses

Article | July 14, 2022

The internet has transformed into a modern-day silk road that supports almost all aspects of modern life. Growing penetration of the internet has made it possible for businesses of all sizes to reach all parts of the sector and access previously inaccessible areas, increasing productivity via the use of digital tools. Any business strategy that involves using computers online, even if only for an email and a website, needs to include cybersecurity measures. The theft of data and digital information is now more common than other types of theft and is becoming one of the most commonly reported types of fraud. Impact of Cyberattacks on Small and Medium-Sized Businesses Cybersecurity is emerging as one of the most serious economic and security challenges for businesses all around the world. It is not just a threat to big businesses, multinational corporations, and governments, but they are a major problem for small businesses too. According to a recent study, nearly 22% of small businesses have been the targets of cyberattacks. Also, around 46% of the security breaches were reported across small and midsize businesses in 2021. A cyberattack can have a devastating impact on enterprises, especially on small businesses. In fact, about 60 percent of small enterprises that are attacked and experience a breach shut their business within six months. Not just this, there are more detrimental repercussions that businesses can encounter, including the following: Financial losses due to business disruption Financial losses brought on by the theft of financial data High costs to remove threats from the network Reputational harm following disclosure of data breach to customers Demand for Cybersecurity Making SMBs Hotspot for Investment The need for effective cybersecurity measures increases in lockstep with the increasing number of organizations expanding their operations online. In addition, the rising incidence of security breaches, data theft, and others in small and medium-sized businesses (SMBs) is mandating these enterprises to adopt security solutions such as data backup solutions, encryption software, and password-security software, making them the center point for investment. Attributed to this, the prominent providers of cybersecurity solutions are focusing on coming up with advanced security software specially designed for SMBs.

Read More

Spotlight

iBeta Quality Assurance

Founded in 1999 and located in metro Denver, Colorado, iBeta Quality Assurance specializes in “QA on Demand” for software: functionality, compatibility, security, load/performance, code review, test plan engineering, automation testing, biometrics certifications, biometric system testing, and more, for websites, mobile apps, desktop/server applications, set-top boxes, and other platforms, with no subscriptions, retainers, or other long-term contracts. All work is conducted in our own secure building by highly-trained and experienced testing staff. iBeta is the trusted partner of companies across the U.S. and the world, from Fortune 500 firms to scrappy startup ventures that might one day be the next big thing.

Related News

TECHNOLOGY

Cowbell joins the Small Business Digital Alliance as a National Member

Cowbell | October 06, 2022

Cowbell, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced national membership with the Small Business Digital Alliance the public-private co-sponsorship between the U.S. Small Business Administration (SBA) and Business Forward, Inc. The Alliance, which focuses on connecting small business leaders with the tools and resources needed to start, expand, and scale businesses to success, aligns with Cowbell's commitment to provide SMEs with continued cyber insurance education, encouraging continued resiliency growth through public-private sector collaboration. Recent research by Intuit QuickBooks, found that 42% of SMEs say they've already experienced a cybersecurity breach and more than one in five, around 23%, describe cyberattacks as one of the biggest threats to their business. In response to data like this, Cowbell joined the Alliance to better serve and interact with SMEs by spearheading awareness of cyber insurance and increasing SME cyber coverage. Through the SBDA, small businesses and entrepreneurs can benefit from Cowbell's extensive cyber insurance resources in the Alliance's Digital Tool Library, including: Cyber Insurance For Dummies Book The Cowbell Factors Podcast Cowbell Factors: Continuous Risk Rating Cybersecurity Awareness Training for Policyholders "Four out of five SMEs do not have financial protection from evolving cyber threats. With a constantly changing threat landscape, our approach of adaptive cyber insurance means that our coverage aligns with evolving risk, By partnering with the Small Business Digital Alliance as a National Member, we can have a greater impact on SMEs to help them learn, evolve and achieve cyber resiliency in a world full of highly sophisticated threats." Jack Kudale, founder and CEO at Cowbell Cowbell is also participating in educational webinars on a quarterly basis with Administrator Guzman and the other National Members. The Q3 webinar took place on September 27 on the topic of "Powering the American Dream: Three key elements for small business financial success." A recording of this webinar is available at https://www.smallbusinessdigitalalliance.com/live/. The next webinar will be held in November. The SBDA provides the resources - including best practices, digital tools, and industry expertise from our National Members - our small business community needs to navigate unforeseen challenges. With Cowbell, small businesses can learn how to scale up and expand into digital marketplaces without compromising security. We look forward to working together as we increase small business resiliency across the country, said Liz Fairchild, Executive Director of Business Forward. Cowbell is the first and only cyber insurance provider represented in SBDA's national membership or local allies. Other national members include: Amazon, Comcast, Google, LinkedIn, Meta, Microsoft, PayPal, Principal Financial Group, Square, TriNet, Venmo, Verizon, Visa, and ZenBusiness. About Cowbell Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) with coverage adaptable to today and tomorrow's threats along with advanced warning of cyber risk exposures. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell is backed by 15 AM Best A- or higher rated (re)insurance partners and serves SMEs in 50 U.S. states and the District of Columbia. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada and the U.K. For more information, please visit www.cowbell.insure. About the Small Business Digital Alliance The Small Business Digital Alliance (SBDA) is a joint co-sponsorship agreement between the SBA and Business Forward that brings together major players, influencers, and companies in the tech, e-commerce, benefits, and other industries to help small businesses connect with digital tools and reach new customers through expanded opportunities through trainings, tools, and expansion of their digital networks – free of charge.

Read More

TECHNOLOGY,BUSINESS STRATEGY

Sage launches Sage Payroll to simplify accounting, payroll and HR processes for small businesses

Sage | August 10, 2022

Sage (FTSE: SGE), the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses, announced the Canadian release of Sage Payroll, which integrates accounting, payroll and HR functions into a single unified platform with Sage Accounting. The new, cloud-first solution from Sage is uniquely positioned to enable small businesses, HR and accounting teams, to manage payroll and employee data in one platform with employee self-serve features, to help their business flow. Delivering on its promise of continuous improvement and innovation, Sage has responded to customer needs to deliver a cloud payroll experience that helps solve today’s most pressing business challenges. With Sage Payroll, small business owners can pay their employees anytime and anywhere, with the platform automatically calculating the value of each employee’s individual payment based on their hourly pay or salary. Rather than forcing small businesses and their accounting and HR teams to juggle between multiple solutions and chase after employee data, Sage Payroll centralizes employee records and automates time-consuming HR processes with ease. This helps to minimize time-wasting, manual work and human error mistakes while empowering small businesses to focus on what matters most – their people and their customers. “For many SMBs, digital tools boost productivity and reduce cost while supporting hard-working teams to get work done more efficiently, With Sage Payroll, Canadian small business owners and accountants can now run their payroll, accounting, and HR processes from a single dashboard, making it easier to pay staff and track and manage HR information all in one place, to drive efficiencies and empower the workforce of today.” -Steve Ryujin, VP, Small Business Segment, Sage Canada And because Sage Payroll is integrated with Sage Accounting, business owners and their accounting staff need not worry about manually syncing payroll and accounting, saving them both time and effort. The software is also CRA Compliant and aligned with changing tax legislation. Sage Payroll is designed to meet the administrative needs of Canadian small businesses. As a business grows from a sole proprietorship to a thriving company with hundreds of employees and performance targets, Sage can provide the right add-ons to accommodate every stage of their business growth. About Sage Sage exists to knock down barriers so everyone can thrive, starting with the millions of small and mid-sized businesses served by us, our partners and accountants. Customers trust our finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology and experience to tackle digital inequality, economic inequality and the climate crisis. Learn more at https://www.sage.com/en-ca/

Read More

FINANCE, SMALL BUSINESS ADVICE

Amazon and Lendistry Fuel Small Business Growth with Expansion of Amazon Community Lending Program

Lendistry | September 30, 2022

A year after its successful pilot launch, Amazon announced today that it will roll out the Amazon Community Lending program as a long-term offering to help even more sellers grow. In partnership with B.S.D. Capital, Inc. dba Lendistry (“Lendistry”), this program will continue to support urban and rural small businesses in socially and economically distressed communities through short-term loans at competitive and affordable rates. Since its launch, the program has loaned more than $35 million to over 800 sellers—surpassing the original goal of $10 million during the pilot. Now, the program plans to loan more than $150 million in the next three years to small businesses selling in the Amazon US store. At Colsen, we have big ambitions to grow the business but a need for capital to facilitate it was critical, explains Armando Colimodio, co-owner of Colsen, an ecommerce business based in Miami, FL. By working with Amazon Community Lending, we’ve been able to invest in our business and expand our great product selection through the program’s simple and quick loan acceptance process. We expect to double our sales this year and remain committed to growing our product portfolio. Amazon sellers account for more than half of all units sold in Amazon’s store. Small businesses approved for a loan from Lendistry through the Amazon Community Lending program can use these funds to grow their business in Amazon’s US store and to cover other strategic business needs, such as staffing and operations costs, inventory, product development and manufacturing, and marketing efforts to build their brands and grow their customer base. Loans provided by Lendistry through this program will range from $10,000 to $250,000 with terms of up to five years. Businesses in our communities are often launched with limited responsible options for funding, shares Talisha Bekavac, executive vice president of U.S. Black Chambers, Inc. “The Amazon Community Lending program has created a model that helps Black-owned businesses grow and thrive with a minimum loan size of $10,000 and rates at an affordable and competitive level. Since 2011, Amazon has provided loans to small businesses selling in its stores through Amazon Lending. The company believes that an infusion of working capital at the right moment can help sellers succeed. Through its partnership with Lendistry, an established minority-led Community Development Financial Institution (CDFI), Amazon can now help reach urban and rural small businesses in socially and economically distressed communities. The majority of the funds Lendistry has historically disbursed have gone to traditionally low-to-moderate income communities, minority-owned businesses, and other historically disadvantaged business owners and the communities they serve. Amazon believes businesses of all sizes should have access to financing, payment options, and funds management tools,explains Tai Koottatep, director and general manager of Amazon B2B Payments and Lending. “The Amazon Community Lending program was developed to help provide sellers in socially and economically distressed communities with working capital as well as one-on-one coaching, education programs, webinars, and classes to help them grow now, and in the future. In addition to providing access to critical working capital, the Amazon Community Lending program provides small businesses access to supplementary resources from Lendistry, including one-on-one consulting, webinars, and on-demand educational classes. Small businesses also have access to Amazon’s Seller University and Amazon Small Business Academy to help them succeed. “When Amazon came to us with the idea for the Amazon Community Lending Program, we knew it would make a significant difference for small businesses that need responsible capital to grow, Together, we’ve done impactful work to expand opportunities for growing businesses and give them a responsible lending option.” Lendistry CEO, Everett K. Sands Each year Amazon invests billions of dollars to help sellers expand their businesses by improving the infrastructure, tools, services, and fulfillment solutions to sell in Amazon’s store. In addition to Amazon Community Lending, Amazon separately offers the Black Business Accelerator (BBA) program, which provides access to financial assistance, strategic business education and coaching, and marketing and advertising support to help Black business owners succeed as sellers in Amazon’s store. Amazon also provides a number of other financial tools to help sellers grow—now and in the future. In the last decade, Amazon has introduced convenient financing options through Amazon Lending, rewards on Amazon purchases with the Amazon Business Prime American Express Card, and automatic proceeds disbursements through the Amazon Currency Converter for Sellers (ACCS).

Read More

TECHNOLOGY

Cowbell joins the Small Business Digital Alliance as a National Member

Cowbell | October 06, 2022

Cowbell, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced national membership with the Small Business Digital Alliance the public-private co-sponsorship between the U.S. Small Business Administration (SBA) and Business Forward, Inc. The Alliance, which focuses on connecting small business leaders with the tools and resources needed to start, expand, and scale businesses to success, aligns with Cowbell's commitment to provide SMEs with continued cyber insurance education, encouraging continued resiliency growth through public-private sector collaboration. Recent research by Intuit QuickBooks, found that 42% of SMEs say they've already experienced a cybersecurity breach and more than one in five, around 23%, describe cyberattacks as one of the biggest threats to their business. In response to data like this, Cowbell joined the Alliance to better serve and interact with SMEs by spearheading awareness of cyber insurance and increasing SME cyber coverage. Through the SBDA, small businesses and entrepreneurs can benefit from Cowbell's extensive cyber insurance resources in the Alliance's Digital Tool Library, including: Cyber Insurance For Dummies Book The Cowbell Factors Podcast Cowbell Factors: Continuous Risk Rating Cybersecurity Awareness Training for Policyholders "Four out of five SMEs do not have financial protection from evolving cyber threats. With a constantly changing threat landscape, our approach of adaptive cyber insurance means that our coverage aligns with evolving risk, By partnering with the Small Business Digital Alliance as a National Member, we can have a greater impact on SMEs to help them learn, evolve and achieve cyber resiliency in a world full of highly sophisticated threats." Jack Kudale, founder and CEO at Cowbell Cowbell is also participating in educational webinars on a quarterly basis with Administrator Guzman and the other National Members. The Q3 webinar took place on September 27 on the topic of "Powering the American Dream: Three key elements for small business financial success." A recording of this webinar is available at https://www.smallbusinessdigitalalliance.com/live/. The next webinar will be held in November. The SBDA provides the resources - including best practices, digital tools, and industry expertise from our National Members - our small business community needs to navigate unforeseen challenges. With Cowbell, small businesses can learn how to scale up and expand into digital marketplaces without compromising security. We look forward to working together as we increase small business resiliency across the country, said Liz Fairchild, Executive Director of Business Forward. Cowbell is the first and only cyber insurance provider represented in SBDA's national membership or local allies. Other national members include: Amazon, Comcast, Google, LinkedIn, Meta, Microsoft, PayPal, Principal Financial Group, Square, TriNet, Venmo, Verizon, Visa, and ZenBusiness. About Cowbell Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) with coverage adaptable to today and tomorrow's threats along with advanced warning of cyber risk exposures. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell is backed by 15 AM Best A- or higher rated (re)insurance partners and serves SMEs in 50 U.S. states and the District of Columbia. Founded in 2019, Cowbell is based in the San Francisco Bay Area with employees across the U.S., Canada and the U.K. For more information, please visit www.cowbell.insure. About the Small Business Digital Alliance The Small Business Digital Alliance (SBDA) is a joint co-sponsorship agreement between the SBA and Business Forward that brings together major players, influencers, and companies in the tech, e-commerce, benefits, and other industries to help small businesses connect with digital tools and reach new customers through expanded opportunities through trainings, tools, and expansion of their digital networks – free of charge.

Read More

TECHNOLOGY,BUSINESS STRATEGY

Sage launches Sage Payroll to simplify accounting, payroll and HR processes for small businesses

Sage | August 10, 2022

Sage (FTSE: SGE), the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses, announced the Canadian release of Sage Payroll, which integrates accounting, payroll and HR functions into a single unified platform with Sage Accounting. The new, cloud-first solution from Sage is uniquely positioned to enable small businesses, HR and accounting teams, to manage payroll and employee data in one platform with employee self-serve features, to help their business flow. Delivering on its promise of continuous improvement and innovation, Sage has responded to customer needs to deliver a cloud payroll experience that helps solve today’s most pressing business challenges. With Sage Payroll, small business owners can pay their employees anytime and anywhere, with the platform automatically calculating the value of each employee’s individual payment based on their hourly pay or salary. Rather than forcing small businesses and their accounting and HR teams to juggle between multiple solutions and chase after employee data, Sage Payroll centralizes employee records and automates time-consuming HR processes with ease. This helps to minimize time-wasting, manual work and human error mistakes while empowering small businesses to focus on what matters most – their people and their customers. “For many SMBs, digital tools boost productivity and reduce cost while supporting hard-working teams to get work done more efficiently, With Sage Payroll, Canadian small business owners and accountants can now run their payroll, accounting, and HR processes from a single dashboard, making it easier to pay staff and track and manage HR information all in one place, to drive efficiencies and empower the workforce of today.” -Steve Ryujin, VP, Small Business Segment, Sage Canada And because Sage Payroll is integrated with Sage Accounting, business owners and their accounting staff need not worry about manually syncing payroll and accounting, saving them both time and effort. The software is also CRA Compliant and aligned with changing tax legislation. Sage Payroll is designed to meet the administrative needs of Canadian small businesses. As a business grows from a sole proprietorship to a thriving company with hundreds of employees and performance targets, Sage can provide the right add-ons to accommodate every stage of their business growth. About Sage Sage exists to knock down barriers so everyone can thrive, starting with the millions of small and mid-sized businesses served by us, our partners and accountants. Customers trust our finance, HR and payroll software to make work and money flow. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology and experience to tackle digital inequality, economic inequality and the climate crisis. Learn more at https://www.sage.com/en-ca/

Read More

FINANCE, SMALL BUSINESS ADVICE

Amazon and Lendistry Fuel Small Business Growth with Expansion of Amazon Community Lending Program

Lendistry | September 30, 2022

A year after its successful pilot launch, Amazon announced today that it will roll out the Amazon Community Lending program as a long-term offering to help even more sellers grow. In partnership with B.S.D. Capital, Inc. dba Lendistry (“Lendistry”), this program will continue to support urban and rural small businesses in socially and economically distressed communities through short-term loans at competitive and affordable rates. Since its launch, the program has loaned more than $35 million to over 800 sellers—surpassing the original goal of $10 million during the pilot. Now, the program plans to loan more than $150 million in the next three years to small businesses selling in the Amazon US store. At Colsen, we have big ambitions to grow the business but a need for capital to facilitate it was critical, explains Armando Colimodio, co-owner of Colsen, an ecommerce business based in Miami, FL. By working with Amazon Community Lending, we’ve been able to invest in our business and expand our great product selection through the program’s simple and quick loan acceptance process. We expect to double our sales this year and remain committed to growing our product portfolio. Amazon sellers account for more than half of all units sold in Amazon’s store. Small businesses approved for a loan from Lendistry through the Amazon Community Lending program can use these funds to grow their business in Amazon’s US store and to cover other strategic business needs, such as staffing and operations costs, inventory, product development and manufacturing, and marketing efforts to build their brands and grow their customer base. Loans provided by Lendistry through this program will range from $10,000 to $250,000 with terms of up to five years. Businesses in our communities are often launched with limited responsible options for funding, shares Talisha Bekavac, executive vice president of U.S. Black Chambers, Inc. “The Amazon Community Lending program has created a model that helps Black-owned businesses grow and thrive with a minimum loan size of $10,000 and rates at an affordable and competitive level. Since 2011, Amazon has provided loans to small businesses selling in its stores through Amazon Lending. The company believes that an infusion of working capital at the right moment can help sellers succeed. Through its partnership with Lendistry, an established minority-led Community Development Financial Institution (CDFI), Amazon can now help reach urban and rural small businesses in socially and economically distressed communities. The majority of the funds Lendistry has historically disbursed have gone to traditionally low-to-moderate income communities, minority-owned businesses, and other historically disadvantaged business owners and the communities they serve. Amazon believes businesses of all sizes should have access to financing, payment options, and funds management tools,explains Tai Koottatep, director and general manager of Amazon B2B Payments and Lending. “The Amazon Community Lending program was developed to help provide sellers in socially and economically distressed communities with working capital as well as one-on-one coaching, education programs, webinars, and classes to help them grow now, and in the future. In addition to providing access to critical working capital, the Amazon Community Lending program provides small businesses access to supplementary resources from Lendistry, including one-on-one consulting, webinars, and on-demand educational classes. Small businesses also have access to Amazon’s Seller University and Amazon Small Business Academy to help them succeed. “When Amazon came to us with the idea for the Amazon Community Lending Program, we knew it would make a significant difference for small businesses that need responsible capital to grow, Together, we’ve done impactful work to expand opportunities for growing businesses and give them a responsible lending option.” Lendistry CEO, Everett K. Sands Each year Amazon invests billions of dollars to help sellers expand their businesses by improving the infrastructure, tools, services, and fulfillment solutions to sell in Amazon’s store. In addition to Amazon Community Lending, Amazon separately offers the Black Business Accelerator (BBA) program, which provides access to financial assistance, strategic business education and coaching, and marketing and advertising support to help Black business owners succeed as sellers in Amazon’s store. Amazon also provides a number of other financial tools to help sellers grow—now and in the future. In the last decade, Amazon has introduced convenient financing options through Amazon Lending, rewards on Amazon purchases with the Amazon Business Prime American Express Card, and automatic proceeds disbursements through the Amazon Currency Converter for Sellers (ACCS).

Read More

Events