Time to Conduct SWOT Analysis for Small Business

Sneha Hull | December 18, 2021 | 179 views

SWOT Analysis for Small Business
As a small business owner, do you know your business's strengths, weaknesses, opportunities, and threats? Whether you are a new or established organization, you must understand this critical component of marketing strategy. SWOT-analysis helps accomplish all of this.

SWOT analysis for small business is vital and a robust process that evaluates your company and enables your future business decision-making.

According to Oberlo, more than 50% of small enterprises fail during the first year of operation, and over 95% of small startups fail within the first five years.

Before we get into the meat of the article, let us take a quick look at a few critical components. To begin, let us define SWOT analysis.

What Exactly Is A SWOT Analysis?

SWOT analysis is an approach that acts as an analytical tool to assess your business's performance or build a business strategy for any startup.

SWOT analysis comprises "Strength, weakness, opportunities, and threats. In addition, SWOT analysis includes both internal and external factors. Internal factors are those that businesses can control, and external factors are outside business control.

In the 1960s, Albert Humphrey of Stanford Research Institute created the swot-analysis method. Since then, this method has become one of the most valuable tools for business owners to start and grow their companies.

"A SWOT analysis allows you to identify the areas you could be focusing on to grow your business. You can use this insight to inform your long-term strategic planning, which will help you to draw up budgetary plans and identify hiring needs."

- Brad Touesnard, Founder & CEO of SpinupWP

A simple rule to follow is to create a SWOT analysis for small businesses when you are starting one and revise your SWOT annually. A SWOT analysis is conducted for an entire business organization or an individual project within the organization. SWOT analysis is often applied at the organizational level to accurately determine business alignment with its business goals and success benchmarks.

Why Do Small Businesses Require SWOT Analysis?

"It is impossible to accurately map out a small business's future without first evaluating it from all angles, which includes an exhaustive look at all internal and external resources and threats, and a SWOT accomplishes this in four straightforward steps that even rookie business owners can understand and embrace."

- Bonnie Taylor, chief marketing strategist, CCS Innovations

Unaware of a small business's strengths and shortcomings is a significant loss for the owners. It is essential for small business owners, as well, to anticipate both opportunities and threats.

Benefits of SWOT analysis for small businesses:
  • Gain a better grasp of your business
  • Address deficiencies
  • Ward off potential threats
  • Capitalize on opportunities
  • Leverage your strengths
  • Establish company objectives and ways for achieving them

Breakdown of SWOT Analysis:


Strengths

Strengths are the areas in which your business excels and enhances your business's success. Therefore, determining the strength of small businesses is a crucial aspect of the organization.

The following is a list of potential company strengths to consider:
  • What are your strengths?
  • What distinguishes your business?
  • What do customers appreciate about your business, product, or service?
  • In what areas does your business excel?

Consider a fictitious example of typical SWOT strength - a cake shop at the neighborhood market. The business may have several advantages, including outstanding taste, unique flavors, bespoke cakes, and helpful staff. These are only a handful of its benefits and can be highly beneficial in the long run.

Weakness

Weaknesses of a small business are another consideration to be looked at carefully. Additionally, weakness is a modifiable or controllable internal aspect of the firm. The following is a list of your business's vulnerabilities.
  • Competitors' strengths
  • Your company's weaknesses
  • Limited money and resources
  • No online presence (website)
  • No market plan

Opportunities

Opportunities are business opportunities that exist outside of your organization and that you can take advantage of to make money. You cannot influence opportunities; they are determined by industry or market conditions. However, opportunities assist you in increasing your sales. The following are a few business opportunities:
  • Is there any new market that is easy for your product or service
  • Lack of competitive areas
  • Is there any demand for your product
  • What are the possibilities of market growth
  • Social media presence

Threats

Threats are the final component of the SWOT analysis but are critical. Threats are external variables that can jeopardize the running of your organization. Recognizing and averting these dangers can save you a lot of money and time in the long run. There are a few threats to consider.
  • Changing customer needs
  • A new competitor with a low price
  • Negative press coverage of your business
  • New laws and regulations

How to Conduct SWOT Analysis?

Once you have a firm grasp on all four categories of SWOT analysis, you can go on to the next phase of posing a few questions that will assist you in developing a well-structured business plan for future growth. You will be able to weigh the advantages and disadvantages of your business initiative or organization.

Once you've completed SWOT analysis for small businesses and gathered all of the results, analyze each in terms of company requirements.

With the compiled information, you will be able to:
  • Create a plan that can enhance your strength as a small business
  • You can work over the weaknesses of a small business.
  • Utilize your strengths to be well prepared to diminish threats
  • Can take a deeper understanding of weaknesses and opportunities and identify the areas of improvement
  • Establishes a clear path for small businesses to challenge their competitors' marketing efforts and grow their consumer base

Once you learn the art of SWOT analysis and get well-versed with it, you will plan your business strategically. In addition, you will be able to explore new opportunities and improve your decision-making process.

Amazon Success Story – SWOT analysis

Amazon recently recognized the retail industry's limitations through SWOT analysis and stretched its borders to a more deconstructed form. Along with cloud computing and intelligent voice, Amazon reached out to third-party platforms such as suppliers and logistics to test the waters in the film and television sector. As a result, the company's business strategy is broadening. In 2008, Amazon began offering original material on Prime Instant Video, the company's mainstream media video platform available to Prime subscribers. It has done so by attracting new users and accelerating the growth of e-commerce and other new enterprises.

Bottom Line:

As illustrated in the preceding example, SWOT analysis for small businesses is a complete strategy for the growth and expansion of a corporation. We live in a competitive business world, where new business possibilities and risks emerge daily. As a result, corporate entities must perform it and analyze their strengths and weaknesses to prosper in the new normal and beyond.

FAQ:


Why do we conduct a SWOT analysis?

A SWOT analysis of a business organization identifies areas for improvement and areas of strength. A SWOT analysis paints a comprehensive picture of a business's strengths, weaknesses, opportunities, and threats.

When should a business conduct a SWOT analysis?

SWOT analysis is essential before taking up any new business activities, considering expansion or modification, taking up any new initiatives, changing internal policies, changing the business plan or strategy, and many more.

How often should we conduct a SWOT analysis?

Threats and opportunities are inherently dynamic. A SWOT analysis is done every six months according to established corporate standards. However, it should be considered before embarking on any new company venture. It would be best to do it regularly, depending on your business's needs.

Spotlight

Hyblack Online Shopping

To Make Available High-End Fashion @ Comfort Price, Eternal With The Style & Luxury In Quality.

OTHER ARTICLES
TECHNOLOGY, SMALL BUSINESS ADVICE

How to Choose the Right Small Business Accounting Software?

Article | July 16, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

Read More
TECHNOLOGY

How Are Small Business Accounting Software Meeting the Industry Needs Today?

Article | September 30, 2022

Introduction Every business owner wishes to become financially independent when starting a business. To achieve that, it is crucial for the owners to manage their finances in an efficient manner. When done wrong, financial management, which is supposed to make a company's budgeting processes more efficient, has led to the loss of funds in many cases. Without sound financial management, small businesses may struggle to meet their objectives and might even suffer losses that could push them into insolvency. Financial management assists businesses in maximizing their market share, minimizing capital expenditures, maintaining proper cash flow, and improving profits. Accounting software plays a significant role in proper financial management and has become a vital need for all businesses today. With a better understanding of the inefficiencies of manual bookkeeping and the increased chances of error in finance tracking, business owners are increasingly shifting from managing finances manually to leveraging innovative solutions, such as accounting software, to improve their financial management. Why Is Small Business Accounting Software a Need for the Industry Today? In the course of a typical day, there are numerous tasks and responsibilities that must be managed and accomplished by small businesses by the end of the day. From planning to managing finances and accounting, a small business owner's back is full of a plethora of day-to-day tasks. As a result, keeping track of every last detail is nearly impossible for them, especially in accounting, where keeping track of every transaction is critical for managing business operations. Accurate and reliable accounting management is critical for small businesses and start-ups to ensure stable cash flow. As accounting software helps small business owners keep track of every single transaction along with other benefits, such as managing business finances, understanding profitability, and preparing tax statements, among others, it is becoming a necessity for small business financial management. Here are some of the other reasons why small business accounting software is becoming a necessity in the industry. Overcoming Manual Records With the growing number of transactions in the small business sector, it is becoming increasingly difficult for business owners to track and record income and expense data. As accounting software assists these owners to overcome manual work by recording the data directly into the page in real time and keeping a daily update of all the transactions, it is increasingly being sought by small businesses. Ease in Maintaining Transaction Due to the increasing customer inclination towards the adoption of digital payment solutions, small businesses are encountering numerous obstacles in maintaining all transactions from different online portals. Accounting software helps businesses leverage the bank feed feature to connect credit card accounts and the business bank, thereby centralizing and maintaining all transactional data in one place. Preparation of Reports and Financial Statements Keeping track of all small and large transactions and preparing financial statements, such as profit and loss statements and balance sheets, of these transactions manually is a tedious task and prone to errors. Accounting software automates the preparation of these financial statements and allows comparing transaction activity from prior months and years. As a result, it is increasingly gaining acceptance among small business owners. Increases Efficiency Accounting software allows small businesses to manage invoices and expenses, prepare for taxation, and keep tabs on all the financials, including payments, bad debts, upcoming dues, employee salaries, and others. Delegating all these financial management responsibilities to accounting software enables small business owners to focus on tasks that require their undivided attention, thereby boosting business efficiency. Bottom Line Regardless of the size of the business, every company strives to optimize its financial management, improve efficiencies, minimize costs, and simplify complex and tedious tasks. Accounting software can help small business owners achieve these objectives, along with eliminating time-consuming manual processes and redundancies, by automating accounting practices. Following this, the growing introduction of advanced cloud-based accounting software capable of providing real-time data access to business owners from anywhere at any time and on any device is expected to change the ways accounting is done in the small business industry in the coming years.

Read More
FINANCE

5 Tax-Related Resolutions for Smarter Small Business Accounting in 2020

Article | November 25, 2022

Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.

Read More

7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | February 11, 2020

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

Read More

Spotlight

Hyblack Online Shopping

To Make Available High-End Fashion @ Comfort Price, Eternal With The Style & Luxury In Quality.

Related News

SMALL BUSINESS TRENDS

mdf commerce Partners with Acumatica to Provide SMBs a Unified E-commerce Solution

mdf commerce | January 31, 2023

On January 30, 2023, mdf commerce inc., one of the SaaS leaders in digital commerce technology, announced a collaboration between its ecommerce solution, k-e-commerce, and Acumatica. The products, when combined, provide a full offering to SMB clients and extend the reach of mdf commerce's e-commerce solution. The k-e-commerce ERP-integrated e-commerce platform designed for Acumatica Cloud ERP customers comprises a CMS, cloud hosting, and post-implementation servicing and training. In addition, k-e-commerce assists B2B businesses by providing a PCI Level 1 compliant environment. Vice President of partner solutions at Acumatica, Christian Lindberg, said, "With over 20 years of experience in the B2B ecommerce industry, built specifically for manufacturing, wholesale and distribution businesses, k-ecommerce checks off all the boxes for providing Acumatica Cloud ERP users with a robust and scalable B2B ecommerce platform. The integration to k-ecommerce also means Acumatica customers can maximize the return on their current technological infrastructure." (Source – GlobeNewswire) President of k-e-commerce, powered by mdf commerce, Pascal Cardinal, said, "Acumatica has been the world's fastest growing Cloud ERP company for more than six years. We are proud to support the Acumatica Cloud ERP business by providing the fully integrated ecommerce experience that is key to partners in the channel and end users within the Acumatica ecosystem." He added, "We are excited to introduce the new solution in exclusivity during the Acumatica Summit 2023." (Source – GlobeNewswire) About mdf commerce inc. mdf commerce Inc., previously known as Mediagrif Interactive Technologies Inc., facilitates the flow of commerce by offering a comprehensive suite of SaaS solutions that optimize and speed up commercial transactions between buyers and sellers. The firm's infrastructure and services enable companies all over the globe to produce billions of dollars in yearly transactions. Its procurement, e-commerce, and e-marketplace solutions are backed by a strong and devoted workforce of over 700 professionals in Canada, the United States, Denmark, Ukraine, and China. About Acumatica Acumatica is among the world's top innovators in cloud-based enterprise resource planning (ERP). Acumatica ERP provides adaptive cloud and mobile technologies with a one-of-a-kind, all-inclusive user licensing model, providing a comprehensive, real-time picture of your company at any time and from any location through its global network of partners. The technology is based on a future-proof platform with an open architecture for quick integrations, scalability, and user-friendliness, allowing it to give unmatched value to small and mid-sized businesses. The company has its headquarters in Kirkland, Washington, and is owned by EQT Partners, one of the world's most prominent investment firms.

Read More

TECHNOLOGY

Grasshopper Bank Partners with MANTL to Better Serve Its SMB Clients

MANTL | January 30, 2023

Grasshopper Bank, the leading digital bank serving the business and innovation economy, recently announced a new partnership with MANTL, a renowned provider of account origination solutions, to achieve efficiencies that will better serve its SMB clients. Grasshopper Bank will utilize Commercial Deposit Origination by MANTL to enhance its digital deposit origination platform for businesses and provide a better client experience. The bank will also work with MANTL to establish an entirely automated online business loan origination solution, which is currently in development. MANTL was chosen by Grasshopper Bank to improve and streamline its existing online business account opening process, enabling the bank to access new revenue streams and efficiently scale while providing best-in-class digital banking experiences to the SMB market. The MANTL solution is entirely digital and automates up to 97% of application decisions, including customer and enhanced due diligence (EDD), to provide organizations with an intuitive, straightforward, and speedy digital onboarding experience. In addition, this collaboration will streamline Grasshopper Bank's document collection by eliminating manual processes and enabling business applicants to upload and examine documents digitally. After assessing the available loan solutions on the market, including technology vendors that offer both loan and deposit origination, Grasshopper Bank decided to join MANTL to develop a brand-new digital business loan origination solution. This solution, which is expected to launch in the second half of 2023, will extend MANTL's product line and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, filling a crucial technology gap in the loans market. Key MANTL features for Grasshopper Bank include the ability to personalize the underwriting, intuitively manage risk thresholds and KYC, enhanced back-end data processing, and an industry-leading time to market. About MANTL Founded in 2016, MANTL is an enterprise SaaS firm that assists traditional financial institutions in modernizing and growing. The company's Commercial Deposit Origination is a first-of-its-kind solution that automates up to 97% of application decisions, reimagining account creation for businesses of all sizes. Its Consumer Deposit Origination is one of the market's fastest and most efficient solutions, allowing net-new prospects to open accounts in just 2 minutes and 37 seconds, enabling existing account holders to open additional accounts with a single click, and reducing fraud by up to 67%. In addition, its software transforms the cost structures of banks and credit unions, facilitating expansion that is up to ten times more cost-effective than opening a brick-and-mortar branch.

Read More

MANAGEMENT

Nuula Acquisition Helps Nav Lead Small Business Financial Health Platform

Nav Technologies, Inc. | January 27, 2023

On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses. This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data. Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth. Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners." (Source – Cision PR Newswire) Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways." (Source – Cision PR Newswire) About Nav Technologies With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.

Read More

SMALL BUSINESS TRENDS

mdf commerce Partners with Acumatica to Provide SMBs a Unified E-commerce Solution

mdf commerce | January 31, 2023

On January 30, 2023, mdf commerce inc., one of the SaaS leaders in digital commerce technology, announced a collaboration between its ecommerce solution, k-e-commerce, and Acumatica. The products, when combined, provide a full offering to SMB clients and extend the reach of mdf commerce's e-commerce solution. The k-e-commerce ERP-integrated e-commerce platform designed for Acumatica Cloud ERP customers comprises a CMS, cloud hosting, and post-implementation servicing and training. In addition, k-e-commerce assists B2B businesses by providing a PCI Level 1 compliant environment. Vice President of partner solutions at Acumatica, Christian Lindberg, said, "With over 20 years of experience in the B2B ecommerce industry, built specifically for manufacturing, wholesale and distribution businesses, k-ecommerce checks off all the boxes for providing Acumatica Cloud ERP users with a robust and scalable B2B ecommerce platform. The integration to k-ecommerce also means Acumatica customers can maximize the return on their current technological infrastructure." (Source – GlobeNewswire) President of k-e-commerce, powered by mdf commerce, Pascal Cardinal, said, "Acumatica has been the world's fastest growing Cloud ERP company for more than six years. We are proud to support the Acumatica Cloud ERP business by providing the fully integrated ecommerce experience that is key to partners in the channel and end users within the Acumatica ecosystem." He added, "We are excited to introduce the new solution in exclusivity during the Acumatica Summit 2023." (Source – GlobeNewswire) About mdf commerce inc. mdf commerce Inc., previously known as Mediagrif Interactive Technologies Inc., facilitates the flow of commerce by offering a comprehensive suite of SaaS solutions that optimize and speed up commercial transactions between buyers and sellers. The firm's infrastructure and services enable companies all over the globe to produce billions of dollars in yearly transactions. Its procurement, e-commerce, and e-marketplace solutions are backed by a strong and devoted workforce of over 700 professionals in Canada, the United States, Denmark, Ukraine, and China. About Acumatica Acumatica is among the world's top innovators in cloud-based enterprise resource planning (ERP). Acumatica ERP provides adaptive cloud and mobile technologies with a one-of-a-kind, all-inclusive user licensing model, providing a comprehensive, real-time picture of your company at any time and from any location through its global network of partners. The technology is based on a future-proof platform with an open architecture for quick integrations, scalability, and user-friendliness, allowing it to give unmatched value to small and mid-sized businesses. The company has its headquarters in Kirkland, Washington, and is owned by EQT Partners, one of the world's most prominent investment firms.

Read More

TECHNOLOGY

Grasshopper Bank Partners with MANTL to Better Serve Its SMB Clients

MANTL | January 30, 2023

Grasshopper Bank, the leading digital bank serving the business and innovation economy, recently announced a new partnership with MANTL, a renowned provider of account origination solutions, to achieve efficiencies that will better serve its SMB clients. Grasshopper Bank will utilize Commercial Deposit Origination by MANTL to enhance its digital deposit origination platform for businesses and provide a better client experience. The bank will also work with MANTL to establish an entirely automated online business loan origination solution, which is currently in development. MANTL was chosen by Grasshopper Bank to improve and streamline its existing online business account opening process, enabling the bank to access new revenue streams and efficiently scale while providing best-in-class digital banking experiences to the SMB market. The MANTL solution is entirely digital and automates up to 97% of application decisions, including customer and enhanced due diligence (EDD), to provide organizations with an intuitive, straightforward, and speedy digital onboarding experience. In addition, this collaboration will streamline Grasshopper Bank's document collection by eliminating manual processes and enabling business applicants to upload and examine documents digitally. After assessing the available loan solutions on the market, including technology vendors that offer both loan and deposit origination, Grasshopper Bank decided to join MANTL to develop a brand-new digital business loan origination solution. This solution, which is expected to launch in the second half of 2023, will extend MANTL's product line and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, filling a crucial technology gap in the loans market. Key MANTL features for Grasshopper Bank include the ability to personalize the underwriting, intuitively manage risk thresholds and KYC, enhanced back-end data processing, and an industry-leading time to market. About MANTL Founded in 2016, MANTL is an enterprise SaaS firm that assists traditional financial institutions in modernizing and growing. The company's Commercial Deposit Origination is a first-of-its-kind solution that automates up to 97% of application decisions, reimagining account creation for businesses of all sizes. Its Consumer Deposit Origination is one of the market's fastest and most efficient solutions, allowing net-new prospects to open accounts in just 2 minutes and 37 seconds, enabling existing account holders to open additional accounts with a single click, and reducing fraud by up to 67%. In addition, its software transforms the cost structures of banks and credit unions, facilitating expansion that is up to ten times more cost-effective than opening a brick-and-mortar branch.

Read More

MANAGEMENT

Nuula Acquisition Helps Nav Lead Small Business Financial Health Platform

Nav Technologies, Inc. | January 27, 2023

On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses. This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data. Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth. Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners." (Source – Cision PR Newswire) Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways." (Source – Cision PR Newswire) About Nav Technologies With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.

Read More

Events