Treasury management at SMEs - Still too neglected?

Joris Lochy | August 18, 2021 | 9 views

Treasury management or more generally Supply Chain Finance management is still a neglected topic at many SMEs.

While large international corporations make the investment into expensive treasury management solutions (often part of their ERP solution) and even setup their own In-House Banks, this is considerably more difficult for the mid-corp segment and even more so for the smaller segment of the SMEs. Often SMEs lack the funding, time and expertise to deploy those platforms and often those platforms lack the flexibility required by an SME.

Nonetheless in this globalized competitive market with fast moving cash, even SMEs are in need of an effective treasury management. Every SME has its own specific challenges, due to its specific payment cycles and cash reserves. Nonetheless most SMEs (estimated to about three-quarters) still do their treasury management via (complex) Excel sheets, requiring a lot of manual effort. This gap forms a big opportunity (in Europe SMEs account for more than half of all gross value added) for incumbent banks and Fintechs to offer easy and user-friendly tooling for this. In recent years, more and more Fintech players try indeed to provide an answer to this gap, often via SaaS platforms, which connect easily to the customer’s banks (via Open Banking APIs) and for which the setup cost is limited.

The gains for an SME in optimizing their treasury processes can be very substantial. A good treasury management can reduce costs in multiple ways:
  • Reduce working capital by reducing the time to collect money from customers, by reducing inventory and/or by paying suppliers only at the payment due dates.
  • Reduce unpaid invoices by a better follow-up and good debt collection techniques
  • Reduce penalties (such as administration costs or late-payment interests) due to late payments and indirectly also improve the relationship with suppliers.
  • Reduce effort (resource workload) for financial management, like the follow-up of payments of incoming and outgoing invoices, automated generation of payment instructions for incoming invoices…
  • Optimized cash management allowing to keep on your current account only the required cash amount to run your business, thus allowing to invest excess cash, but also to avoid requiring short-term debt when too much cash is invested (and blocked in medium- to long-term assets)
  • Reduce foreign currency costs and exposure risks by keeping the right reserves of foreign currencies, applying hedging (like swaps or options) techniques, correctly taking forex rate fluctuations into account in future cash flow predictions…
  • Reduce transaction commissions for bank transactions, by selecting the right banking products, but also by using the right banking partner(s) (especially for international foreign currency payments big price differences exist between different banking parties)
  • Reduce cost of fraud by improving control, transparency and accountability via a pro-active, automated monitoring of all cash flows, allowing to detect anomalies as soon as possible

This can be achieved in multiple ways:
  • Setup and optimize the processes and tooling with the help of specialized services companies (like e.g. the offering of BelPay)
  • Setup or acquire software solutions (often in the form of SaaS offerings, i.e. Treasury in a Box) for cash & liquidity management, like invoice generation and follow-up (including invoice and payment matching), debt collection, incoming invoice processing (including payment), cash pooling, cash forecasting/capital planning… These software tools allow a more pro-active treasury management and reduce manual effort by automating certain steps in these processes. Examples of such platforms are HighRadius, Gtreasury, CashForce, Kyriba, Nomentia, Monite, Pair Finance, AiVidens… But there are also more specialized tools, offering only a specific service, like debt collection (e.g. Virteo, recovr, Pair Finance, TrueAccord, CollectAI, CollectionHub, inDebted, Attunely…), digitalization (through OCR) of paper invoices (e.g. Tangentia, Contract.fit, Metamaze, Klippa, SimpleOCR…), expense management (e.g. Payhawk, Rydoo, Expensify, Spendesk, Pleo, Circula…), account aggregation and payment initiation (e.g. Isabel 6/Ponto)…
  • Capture revenue by allowing customers to pay for products or services in a way that is most efficient for them and for the SME, allowing to increase sales, but also to ensure the best possible payment ratio. This includes solutions like digital onboarding and management of Direct Debits (e.g. via Twikey or DigiTeal), including a Pay button (e.g. via Twikey or POM) in invoices which allows to pay the invoice with a pre-filled credit transfer, card payment or other payment option, integration with PSPs (like Adyen, Mollie, MultiSafePay, Ingenico, Stripe…) for online payments, digital invoicing allowing to combine invoicing and payment (e.g. PEPPOL platform or offering invoices with immediate payment option via UnifiedPost, ZoomIt or Doccle), "Buy Now, Pay Later" solutions (like Klarna or AfterPay) or new solutions like PSD2 Payment Initiation or the upcoming new scheme of SEPA Request to Pay (SRTP).
  • Improve integration between accountancy software (and/or accountant) and the cash management solutions and associated bank accounts. Solutions like Silverfin, TOCO, Yuki, OkiOki, Billit, Furoo, Clearfacts, Billtobox, sevDesk, Candis… can provide (a part of) a solution to this.
  • Usage of solutions for cash management (e.g. international cashpooling, sweep accounts…) and more general treasury management services offered by banks to their customers. These can be incumbent banks or new Fintechs, which specialize in the niche of serving SME customers. Examples are Tide, Qonto, Azlo, Arival, Fyrst…
  • Reducing costs of international payments and forex transactions via new Fintech offers, like XE.com, TransferWise, CurrencyTransfer.com, WorldFirst, iBanFirst, Ebury…, but also via specialized software tools, like Kantox, FiREapps, Money Mover, Acumatica…
  • Get cheaper financing via specialized credit institutions and banks (e.g. OakNorth, CapitalBox…), by issuing commercial paper (short-term paper) or long-term debt, via crowdfunding and peer-to-peer lending (e.g. Funding Circle, Auxmoney, LendingCrowd, Iwoca, Look&Fin, Crowdcube…), via Credit Lombard loans or inventory-based loans (e.g. Finventory) or via invoice factoring (e.g. Edebex, Previse, Optimum Finance, GapCap, BlueVine, BillFront, Crowdz…). There are also more and more marketplaces and comparators assisting SMEs to find the best financing option, e.g. Funding Options, BusinessComparison, Crowdz…
  • Improve risk management (like currency risk, interest-rate risk, market risk, credit risk, counterparty risk…) via trade finance, like bank guarantees (cfr. Ebury), via better authorization and fraud detection mechanisms (detecting patterns and anomalies) or by better assessing counterparty risk (e.g. DueDil, InsideView, PitchBook…)
  • Apply tax optimizations, by optimizing for different tax regimes worldwide and also optimizing for tax deductions (like e.g. generate revenue on entities which have collected losses in the past)

Clearly the Fintech market for SMEs is in full evolution, but still quite immature. As a result dozens of offers exist, making it very difficult for SMEs (which was one of the reasons in the first place they work with Excel) to select the best and right offering(s) for their company. As such there is a big market for consultancy and other services firms, specialized in helping SMEs to improve their treasury management processes.

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How to Calculate the Growth of a Company and Improve It?

Article | April 12, 2022

“Growth is never by mere chance; it is the result of forces working together.” - James Cash Penney, founder, JC Penney Is the growth of your company healthy? If you are looking for an answer to this, you must measure its growth. Small business growth can be measured by using different types of metrics. However, effective business management demands meticulous planning and strategic judgments based on your organization's past performance. Assessing your company’s growth rate gives you an understanding of the current state of your organization. It also allows you to plan for the future and effectively allocate limited resources to your small business. In this article, we will discuss how to calculate the growth of a company and the ways to improve it. What Is Company Growth Rate and Why Is There a Need to Measure It? A company’s growth rate measures how a particular variable has changed over a specified period. Growth rates are frequently used to refer to the compounded annualized rate of growth of company revenue (CAGR), earnings, dividends, and even macroeconomic variables such as gross domestic product (GDP) and retail sales. The primary objective of a company's growth rate is to illustrate the company's current state and influence future planning. Rapid growth rates help you keep your success going, whereas slow growth rates highlight areas for improvement. The growth rate can be calculated on a weekly, monthly, or yearly basis, depending on the industry and the development stage of the business. It may be computed at any business growth stage, provided the firm or investor has the necessary data. It is important to calculate the company’s growth rate to evaluate how profitable and sustainable it can be. Key Factors for Calculating Growth of a Company Calculating the growth rate enables you to have a better understanding of your company's current situation and plan more effectively for the future. The true challenge, however, is how to determine the growth rate of a business. For instance, if you want to compare overall sales growth from Q3 last year to Q3 this year, you'll need the relevant revenue figures for both the quarters. The company growth rate formula is: Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100 Define Your Business Goals and Gather Data Based on the Goals The first step in measuring your business's progress is setting your objectives. Companies can focus on various growth metrics, including revenue, increased sales, profitability, and an increased client base. Having a realistic approach will help you succeed. Data must be collected to achieve the goals after the organization has determined it. Collecting more data can help track business growth more accurately. Additional data can also assist in identifying and resolving possible business difficulties. Evaluate Sales and Earning As a small business owner, the first things that you will consider are sales and revenue generation. Therefore, a steady increase in money earned from commercial activities is an important indicator to keep an eye on. The focus should be on boosting earnings after determining the core sales figure. Various factors impact earnings, such as operational costs, financing, assets, and liabilities. Analysts frequently want a continued rise in earnings per share (EPS). A company with a high EPS is considered more profitable — a regular review of sales and profits assists in forecasting the growth rates of the business. Compute Revenue Growth Revenue growth is one of the easiest ways to track a business's progress over time. The compounded annual growth rate (CAGR) is used to calculate growth. This computation helps quantify growth over extended periods, such as five, ten, or twenty years. Let’s have a glance at the formula used to calculate the compound annual growth rate. The formula for CARG is: FV / PV)1/t – 1 = CARG However, you need to follow certain steps while calculating the compound annual growth rate: Divide the investment's ultimate value by its original value Increase the results by one divided by the number of years in the investment term Subtract one from the preceding result Use the trailing twelve-month figure to obtain the most up-to-date results. Benchmark Your Company Against Competitors While growth is critical within your organization, comparing growth to your competitors’ helps determine success in your domain. If you build your reputation in the market, you will get more clients and expand your business. You can obtain competitors’ data through various digital channels such as websites and social media platforms and compare it to your own. 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In addition, by establishing a proper channel, your clients will be able to observe how they are now engaging with your organization, which will make transactions less risky and time-consuming. Improve customer retention: Having a loyal consumer base helps you expand your business. A retention rate is the percentage of customers that continue to use your product over time and make repeat purchases. A CRM framework can aid you in maintaining control over client relationships. Conclusion It is important to measure the growth of a company regularly. Regular calculations help company owners maintain records that provide valuable insight into their business's performance, development, and expansion. Additionally, it ensures they expand at a rate, consistent with their established goals. FAQ: How do you calculate company growth? You can calculate company growth by: Defining the settings and collecting your data Subtract the revenue from the previous period from the income for the current period Divide the difference by the revenue for the preceding quarter How do you calculate the future growth rate of a company? Calculating the growth rate can be achieved by dividing the difference between the end and start value under consideration by the start value. Growth rates give insight into a firm's success and may be used to forecast future performance. What is the formula to calculate growth? Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100

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MANAGEMENT

Know the Why’s and How’s of Small Business Registration

Article | April 1, 2022

“Do I need to register my business?” “How do I go ahead with my small business registration?” These are some of the most commonly asked questions. Business registration is the first step toward publicizing your enterprise. Establishing a business and the registration requirements may vary according to the firm type, size, and stage of business development. To protect the legal security of both your personal and commercial assets, you must register your business with the government. It is not necessary to register if you run a business under your legal name. However, business registration is strongly recommended to prevent losing out on personal responsibility protection, legal perks, and tax benefits. Let's delve into the specifics of how to register, what are the registration requirements, and why it is necessary. Pre-business Registration Requirements Before you register, there are a few small business registration requirements that must be considered. 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However, documentation requirements vary according to the business structure and location. If you use your brand name instead of your legal name, there are some jurisdictions that might require you to register under a DBA (doing business as) name. Here is one example: Kat launched a business with a vintage clothing line. She formed an LLC and registered "Kat's Vintage Resale, LLC." The concern here was that the LLC does not reflect her store's branding; she would prefer to operate under the name "Kat's Vintage Resale." In this case, she can file for a DBA name. Once your DBA is registered with your state or county clerk, the name becomes inaccessible to others. However, it may be used to execute contracts and establish a company bank account. Register with the Internal Revenue Service (IRS) Internal revenue service (IRS) business registration is required to receive an employer identification number (EIN). It helps you recruit staff and open a business bank account. As a result, this registration step is deemed critical. For tax purposes, the EIN is used in the same way as a social security number. If you own a small business as a sole proprietor, you do not always require an EIN. However, it is advisable that you register with the IRS and receive an EIN to take advantage of the benefits that come with it. Apart from this, it also includes the following: Increases business credibility helping you to enrol vendors, suppliers, and creditors Ability to apply for government contracts Obtain Business Licenses/Permits You may need to obtain certain federal, state, or local business licenses or permits. The licenses you need will depend on your company’s structure. A business license is a vital document that allows you to run your firm. As a business owner, to receive a license as a business owner, you must register. Licenses are generally granted after thoroughly inspecting them. Most small enterprises require a mix of federal and state licenses and permits. All the above steps are important in registering businesses and should be seriously looked into. Why Do You Need to Register Your Business? "Do I need to register my business?" It depends on the type of firm you have, its location, and sector. Business registration benefits the firm in a number of ways, from providing an advantage in the marketplace to securing its legal stability and from reducing tax liabilities to limiting liability. Moreover, registering businesses brings numerous advantages. Some of them are as follows: It ensures that you comply with applicable federal, state, and/or local laws By registering a trademark, you can safeguard your business's unique logo and brand identity against infringement Can prevent the legal hassle It enables you to exert control over how the government perceives your firm Conclusion Small business registration has a significant role to play as it offers numerous benefits. Now that you know why and how to proceed with small business registration, go ahead and register your firm. Once the registration procedure is completed, your business will be regarded as a legal entity. Registration will ensure the hassle-free, smooth, and seamless operation of a business and its growth. FAQ Why is business registration important? Registration of a business is important for the formation of a brand identity. Additionally, it helps to build a brand reputation among consumers and stakeholders. What are the advantages of registration? The biggest advantages of registration are: Legal entity Limited liability Getting loans What is business registration? Registration of a business entails submitting an application with pertinent information about the enterprise. Thorough research to ensure no one else is using the same name.

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BUSINESS STRATEGY

Small Business Owner Titles – Pick The Right One

Article | March 30, 2022

“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” - Jack Welch, Chairman and CEO of General Electric (1981-2001) What's in the name? This is the most common mindset that many small business owners have. However, choosing an appropriate small business owner title for your role can help you establish yourself as a leader among your clients and consumers. When selecting titles for small business owners, make sure titles align with business aims and objectives. Your business title should undoubtedly represent the kind of responsibilities you hold in an organization. Once your business expands and scales, it is critical to focus on narrowing your duties and getting your business to the next level. Therefore, choosing the appropriate title enables you to establish who you are, the structure of your business, and your organization's culture. Around 80% of business success is determined by the title of the ideal business owner. (Source: BD Task) This article will help you select the right one from a long list of small business owner titles. Why Are Small Business Owner Titles Important? Determining the appropriate business job titles can be challenging for a small business owner. As the leader of an organization, you will frequently be referred to as a business owner, although this term may not accurately represent your roles and responsibilities. The small business owner job title you pick should reflect your personality and your organization's culture while also clearly indicating your affiliation to the business to customers and clients. There are several reasons why choosing the ideal small business owner title is critical for both you and your firm. Having the right title gives you and your company credibility, authority, and validity. Giving oneself a title might help you understand your obligations as your organization grows. Business position titles help your co-workers and employees understand your designation in the system and how you might support them. Therefore, titles significantly influence you and people in your immediate vicinity. Popular Titles for Small Business Owners That Make a Difference Founder This title unequivocally refers to the person who founded or created the firm, from business concepts to product or service development. The term “founder” denotes that the organization is your brainchild and you have been associated with it from its very inception. While using this title suggests who you are, it does not convey much information about your day-to-day role in the firm. As a result, the term “founder” is frequently used in conjunction with a secondary firm owner title. For instance, "Founder and Chief Executive Officer" or "Founder and Creative Director." CEO CEO is the most commonly used title in any company and it implies that you are a strategic thinker. CEOs have a holistic view of the business and have the last word before any signature move. However, the titleholder is not involved in the firm's daily operations. Often, there is an unsaid understanding that the position of a CEO is reserved for larger organizations. Small business owners wait until they reach a specific size before incorporating this position. The CEO of a corporation reports to a board of directors comprised of shareholders. The primary function of a CEO is to develop a well-established company and build a strong and large workforce. C-Suite Titles C-Suite titles are lower in the hierarchy and less formal, but they give an impression that you are at the top of the firm. Various C-level titles that highlight your roles, responsibilities, and your importance to your business's executive team. For example, Chief software developer Chief designer Chief operation officer Chief technology officer Whatever may be your key area of focus within the business organization, there is a C-level title that corresponds. A C-level is the most valuable business position title. If your primary objective is to have your title that accurately reflects your role in the organization, it is the best alternative. President If the principal goal of the small business owner’s title is to give the impression that you are in a powerful position, the title “president” is unquestionably significant. The title confers a sense of authority, power, and respect on you and ensures your words and decisions are taken seriously. If your organization does not have a board of directors, you may choose to be president, as this title does not imply that you report to the committee. Keep your corporate legal organization in mind when deciding between a president and a CEO. How Real-world Entrepreneurs Came up with Their Business Names? Reagan Jobe's position at the software startup EasyCheck includes the title "chief solver." The business title he chose established his position inside the corporation. As a result, when consumers encounter challenges or roadblocks, they know who to turn to for assistance. Another example, Paige Arnof-Fenn, who used the title of “Founder and CEO” since the inception of her marketing firm, Maven & Moguls, in 2002. Her goal was to ensure that everyone knew they were speaking with the CEO. It is a common belief that people respect the position even before meeting the individual. Tips for Choosing Small Business Owner Titles There are a few things to be considered when thinking of business owner titles as your business grows. The following are tips for picking suitable business job titles: Your title should clearly define your role in the company Ensure your title indicate that you at the top of the company hierarchy Your title needs to be aligned with your company culture Your title should be understandable to both customers and employees Choose titles according to your area of expertise The small business owner titles should be assigned considering the future needs and expertise Conclusion Find the best-suited business job titles. Evaluate how they perform for you and whether the title is appropriate for your company's culture. Using the ideal small business owner titles from the above list may shape your organization. FAQ What is the business title? The business title is also referred to as a job title. Titles usually determine an employee's status within an organization and define their roles. What is the best title for a business owner? The best title for a business owner will be CEO, the highest-ranked position in an organization. What are some business title examples? A few business title examples are: CEO President Managing Director Founder What is the top position in a company? The Chief Executive Officer (CEO) is the highest-ranking official in a company and is ultimately responsible for managerial decisions that affect the day-to-day operations.

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MARKETING AND NETWORKING

Top 4 Email Marketing Services to Invest in 2022

Article | March 28, 2022

Despite the growth of social media marketing strategies, email marketing remains the most preferred channel of communication to boost consumer loyalty. An email marketing strategy is something that you shouldn't ignore in 2022. Here are some of the top email marketing platforms. Email marketing is one of the oldest and most cost-effective forms of marketing strategy. According to the Direct Marketing Association, email generates $42 for every $1 spent, which is an astounding 4,200% ROI, making it one of the most effective options available. The comprehensive implementation of email marketing services among small businesses is due to its easy management, which gives complete control and allows direct contact with the customers. A good email marketing platform will let you: Connect with your site visitors Convert them into happy customers Build a strong and long-lasting relationship Through email marketing, you can target your existing and future customers without spending much, and you can make more money. Top Email Marketing Services - 2022 Constant Contact Constant Contact is an excellent email marketing service for small business owners that are just getting started in the realm of email marketing. It is renowned as the industry's best drag-and-drop email builder. It helps you to create new emails that look great and are consistent with your brand, and it does not require technical experience. In fact, you can add text, photos, videos, surveys, vouchers, and events to any kind of message. Here is one such successful email marketing campaign using the constant contact platform. Treat Cupcake Bar is a bakery located in Needham, MA, that quickly shifted its business from offline to online at the start of the pandemic. They linked their email and social marketing tools with Constant Contact to communicate critical company changes to new and existing consumers. They also included new DIY kits and an easy-to-use online purchasing system, ensuring that their delectable sweets were always available to customers. Their online sales are booming now, more than ever. HubSpot Hubspot is a well-known customer relationship management (CRM) software and the industry's most exceptional supplier of automated email marketing services. HubSpot enables you to create an entire lead generation funnel. Personalization is another strength of HubSpot. You can also A/B test your subject lines and content to improve your email open and click rates. Take a peek at one of HubSpot's email marketing campaigns. Re-engagement campaign RunKeeper - RunKeeper used this strategy to re-engage lost users with a nice, informative email. The content encouraged recipients to give the app another opportunity by highlighting recent updates and features. It also mentioned new perks that the receiver may not be aware of. The “Hi friend” welcome and “You rock” closure make the email feel more friendly and less confrontational. SendinBlue SendinBlue is a feature-rich SMS and email marketing platform designed specifically for businesses. It is a robust email service provider that enables organizations to leverage email marketing campaigns and automation to foster stronger relationships. In addition, SendinBlue is the only company that gives you unlimited contacts and emails, no matter what plan you choose. Chef Nuit Regular and her husband Jeff run some of the best and most influential Thai restaurants in Toronto, including PAI, Kiin, Sabai Sabai, and Sukhothai. After the COVID-19 crisis in early 2020, the team needed email marketing tools to help them diversify their online channels, keep in touch with existing consumers, and promote their new e-commerce vertical. So, they used SendinBlue for their email marketing campaign. Here's what PAI's Marketing & Communications Manager, Bonita Mok, had to share: "Our experience with Sendinblue has been great so far. We are happy to be able to reach our customers and maintain a close relationship with them. We normally have a 30 to 40% open rate which means great engagement!" Converkit Convertkit is a scalable and effective email marketing service provider for influencers, bloggers, writers, publishers, and digital marketers. They create registration forms, popup forms, course signups, and landing sites using customizable themes. ConvertKit also allows you to quickly separate subscribers into those considering buying and those who have already bought. This enables you to enhance conversions with more personalized automated emails. Monica formerly managed Affilimate, an affiliate dashboard and analytics solution for bloggers and affiliate marketers. Everything was fine until the pandemic hit. Her travel blog's earnings ceased, and both Affilimate and its customers suffered. She chose ConvertKit because it did not require her to learn how to create and format an eBook. All she required was an intuitive interface for creating her email course. She gained over 1,000 subscribers in less than two weeks, confirming she was on the right track with her specialization. What Features to Look for While Selecting the Service? Selecting the best email tool for your smallbusiness requires some research. Because what works for one firm in terms of mass email distribution may not necessarily work for others. It might be overwhelming if you are unsure of what to search for. Here are the top features to look for when choosing an email marketing service for your small business: Excellent deliverability-made email designs Email automation Price Analytics and reporting Opt-in forms List segmentation Multi-inbox previews Landing page builders Omnichannel messaging Customer data If you work in sales, email is the third most powerful source of information for B2B audiences, trailing only personal workplace relationships and industry thought leaders' recommendations. Email Marketing Is Still a Strong Marketing Base According to Statista, the global email marketing industry was worth $7.5 billion in 2020 and is expected to reach $17.9 billion by 2027. Similarly, 4 billion people use email on a daily basis. According to the same source, this figure will rise to 4.6 billion by 2025. By looking at the above statistics, the tried and tested method of email marketing will continue to offer a lot in 2022 and beyond. In addition, email marketing continues to outperform other forms of internet marketing in terms of return on investment. 64% of small businesses communicate with clients via email. (HubSpot) 31% of B2B marketers believe email newsletters are the most effective strategy to nurture leads. (HubSpot) Email marketing is still the most direct communication channel to internet users today, and it is also the most effective. It has the potential to increase your sales, enhance your brand image, and increase consumer engagement, among other things. The importance of email marketing for small businesses should be self-evident. Conclusion So, the best email marketing service for your small business certainly depends on your business needs. This article has identified and covered the top ones. Email lets the item speak for themselves. You can implement the above mentioned top email marketing services to reap the benefits of email power. FAQ: What are the best services for high-volume email marketing? Some of the top email marketing services for small businesses are: Constant Contact HubSpot SendinBlue Convertkit GetResponse What is the future of email marketing? According to Statista, by 2023 it is estimated that there will be 4.3 billion email subscribers worldwide. This implies that the email marketing should have personalization, email triggers, segmentation, and database management tools. Thus, securing the future of email marketing for small businesses. How effective is email marketing? Email marketing outperforms social media by 40 times. Email marketing may boost revenue, get new customers, and keep existing ones.

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my selections is a fashion E-commerce Company based India. personalised shopping experience to Indian shoppers and help them look good, founded on 2015.

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Norma: Turkey’s First Neobank for Freelancers, Sole-Traders, and Micro-SMBs Launches Platform to Help Manage their Business and Finances

Norma | June 24, 2022

Norma, an all-in-one banking, accounting, and business services platform, has seen interest from members early on with more than 2000 small business pre-registrations for its services. Norma moved from its closed beta to public launch in Turkey and is quickly onboarding small businesses on its list while also acquiring new members. Norma wants to onboard thousands of small businesses in the country before the year end and collect feedback from them to release new features to enhance and automate their financial experience. Norma completed two successful fundraising rounds within the span of one year; a $350k pre-seed round from various angel investors in Turkey and a seed round of $1,8m led by Global Founders Capital, and joined by MSA Novo, Finberg, D4 Ventures. The founder Hakan Gonca, a seasoned executive in the Fintech space, is excited about the product release and explains why Turkey is the right place to launch, emphasizing on the crucial role Norma will play in the lives of SMBs and freelancers. Norma wants to build an internationally impactful company, while partnering with globally recognized brands and bringing customer-oriented solutions for small businesses to increase their visibility in the banking system, and to support their financial efficiency. “All around the world, banking is focused on individual users and the needs of large companies, while ignoring small businesses that need these products the most. Moreover, the products offered to these businesses come with no advantages in terms of segmentation or pricing. Norma offers a next-generation experience by focusing on the needs of these businesses while creating a community where members can learn from each other as well. Norma distinguishes itself from the traditional banking approach by combining all company finance and accounting information on a single platform, while expanding the scope of banking services offered to these businesses. The interest international investors has given us even further assurance that we will make a great deal of difference in banking for small businesses with our customer-oriented vision. Norma is keen to become a multi-regional player and grow both in Turkey and new markets.”

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TECHNOLOGY,FINANCE

NerdWallet To Acquire On The Barrelhead

NerdWallet, Inc. | June 24, 2022

NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small- and mid-sized businesses (SMBs), announced the entry into an acquisition agreement with On the Barrelhead, Inc., a data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. Through this acquisition, On the Barrelhead will fully integrate into NerdWallet’s existing teams, brand, products and technology. NerdWallet’s trusted brand and knowledgeable financial guidance paired with On the Barrelhead’s proprietary data and technology solutions will enable consumers and SMBs to match with better financial products and make smarter money moves. “Our vision for a trusted financial ecosystem means we’re able to provide consumers and SMBs with a trusted platform to learn about various financial topics, shop for products, connect their data and receive data-driven nudges, On the Barrelhead’s data and technology solutions will help us advance toward our goal by enabling us to leverage consumer information to provide users with relevant financial guidance and more personalized and compelling product recommendations. Their differentiated technology solutions and NerdWallet’s trusted brand and reach will also strengthen our footprint in the lending space by providing significant value to our partners.” -Tim Chen, CEO and Co-founder of NerdWallet. On the Barrelhead was founded with a goal to help consumers and SMBs understand and navigate their loan options to improve their finances. Their platform provides consumers and SMBs with highly personalized credit recommendations by intelligently matching customer credit information with financial partner data. By leveraging data analysis, On the Barrelhead’s platform also helps users improve their finances by surfacing new product recommendations to manage their debt and save them money. “Finding trustworthy guidance and recommendations on how to access capital and consolidate debt is hard to come across for consumers and SMBs, We are excited to be joining NerdWallet’s dedicated and knowledgeable team to unlock more ways for our users to optimize their finances.” -Sam Yount, CEO and Co-founder of On the Barrelhead. NerdWallet expects that its trusted brand and massive reach combined with On the Barrelhead’s differentiated technology will unlock profitable growth at scale and help advance toward becoming a trusted financial ecosystem. In addition to NerdWallet’s ongoing expansion into new financial categories and geographies, this acquisition reinforces NerdWallet’s ability to vertically integrate, as proven with its successful acquisition of Fundera. For the twelve months ended December 31, 2021, On the Barrelhead generated approximately $38 million in revenue, growing roughly 90% year-over-year, and $5 million in net income. NerdWallet believes the acquisition of On the Barrelhead would have been accretive to NerdWallet’s revenue and adjusted EBITDA for the year ended December 31, 2021. NerdWallet expects the acquisition will be accretive to NerdWallet’s 2022 revenue and adjusted EBITDA and reconfirms previously announced expected year-over-year increase in its 2022 annual adjusted EBITDA margin. About NerdWallet NerdWallet (Nasdaq: NRDS) is on a mission to provide clarity for all of life’s financial decisions. As a personal finance website and app, NerdWallet provides consumers with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., UK and Canada. About On the Barrelhead, Inc. Founded in 2017, On the Barrelhead is a data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. On the Barrelhead’s platform is built on four sophisticated technology solutions: Plinko, Maestro, Recast and Squid, which combine to create an engine that leads to better outcomes for consumers, partners and their business.

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TECHNOLOGY

Interlaced.io Announces Acquisition of Grove Technologies

Interlaced.io | June 23, 2022

Interlaced.io, a leading managed IT services provider, announced today the acquisition of Grove Technologies, a high-performing IT Service Provider based in the DC Metro Area. Founded by Jon Brown in 2014, Grove has grown to be a staple name in providing services to Apple-integrated and cybersecurity-focused small businesses. “Partnering with Jon Brown and the Grove Technologies Team will improve our ability to bring Interlaced’s world-class IT services to innovative and fast-growing SMBs in the DC Market. We’re excited about the strong Mac-focus and cybersecurity expertise the Grove team brings to the table. I look forward to seeing our combined capabilities serving both Grove and Interlaced clients, current and future,” -Jeff Gaines, President of Interlaced.io. Grove will continue to operate as a stand-alone brand with close collaboration and mutual support with Interlaced. This acquisition serves to deepen the technical and non-technical capabilities available to both Grove and Interlaced clients across the country. Jon Brown, Founder of Grove, will remain on staff and continue to oversee the DC Market, and the rest of the team at Grove Technologies will remain in their current roles servicing Grove’s innovative group of clients. This new partnership is going to help us continue to grow and provide world-class IT support services to our clients. We’re really excited to be backed by such a well established team and brand that can help take Grove Technologies to the next level, said Brown. About Interlaced Interlaced was founded in 2009 with the goal of transforming how small businesses leverage Apple Technology. Since then, Interlaced has grown into a modern MSP, adding capabilities and expertise in both Apple and PC management, project management, cloud, security, and mobile device management. In 2018, Interlaced joined the Evergreen Services Group portfolio and joined the Executech Family of Companies in November of 2019. In October of 2021, Interlaced acquired Three18 Inc., a Los Angeles based MSP. The acquisition of Grove Technologies represents the second acquisition Interlaced has completed in recent months. To learn more about Interlaced, visit https://interlaced.io/. About Grove Grove Technologies was started in 2014 out of a desire to provide amazing Apple-focused IT support services to the Washington DC area. What set Grove apart early on was its client-focused approach to IT support, offering outsourced IT made easy. Grove’s approach to IT is to match the right technology solutions for our clients’ needs. In 2020 Channel Futures ranked Grove Technologies the #17th best IT Service Provider nationwide and in 2021, Grove was ranked #6 on its IT Companies to watch via the Channel Futures NextGen 101 list. To learn more about Grove Technologies and our core offerings check out our website at https://grovetech.co/.

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TECHNOLOGY

Norma: Turkey’s First Neobank for Freelancers, Sole-Traders, and Micro-SMBs Launches Platform to Help Manage their Business and Finances

Norma | June 24, 2022

Norma, an all-in-one banking, accounting, and business services platform, has seen interest from members early on with more than 2000 small business pre-registrations for its services. Norma moved from its closed beta to public launch in Turkey and is quickly onboarding small businesses on its list while also acquiring new members. Norma wants to onboard thousands of small businesses in the country before the year end and collect feedback from them to release new features to enhance and automate their financial experience. Norma completed two successful fundraising rounds within the span of one year; a $350k pre-seed round from various angel investors in Turkey and a seed round of $1,8m led by Global Founders Capital, and joined by MSA Novo, Finberg, D4 Ventures. The founder Hakan Gonca, a seasoned executive in the Fintech space, is excited about the product release and explains why Turkey is the right place to launch, emphasizing on the crucial role Norma will play in the lives of SMBs and freelancers. Norma wants to build an internationally impactful company, while partnering with globally recognized brands and bringing customer-oriented solutions for small businesses to increase their visibility in the banking system, and to support their financial efficiency. “All around the world, banking is focused on individual users and the needs of large companies, while ignoring small businesses that need these products the most. Moreover, the products offered to these businesses come with no advantages in terms of segmentation or pricing. Norma offers a next-generation experience by focusing on the needs of these businesses while creating a community where members can learn from each other as well. Norma distinguishes itself from the traditional banking approach by combining all company finance and accounting information on a single platform, while expanding the scope of banking services offered to these businesses. The interest international investors has given us even further assurance that we will make a great deal of difference in banking for small businesses with our customer-oriented vision. Norma is keen to become a multi-regional player and grow both in Turkey and new markets.”

Read More

TECHNOLOGY,FINANCE

NerdWallet To Acquire On The Barrelhead

NerdWallet, Inc. | June 24, 2022

NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small- and mid-sized businesses (SMBs), announced the entry into an acquisition agreement with On the Barrelhead, Inc., a data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. Through this acquisition, On the Barrelhead will fully integrate into NerdWallet’s existing teams, brand, products and technology. NerdWallet’s trusted brand and knowledgeable financial guidance paired with On the Barrelhead’s proprietary data and technology solutions will enable consumers and SMBs to match with better financial products and make smarter money moves. “Our vision for a trusted financial ecosystem means we’re able to provide consumers and SMBs with a trusted platform to learn about various financial topics, shop for products, connect their data and receive data-driven nudges, On the Barrelhead’s data and technology solutions will help us advance toward our goal by enabling us to leverage consumer information to provide users with relevant financial guidance and more personalized and compelling product recommendations. Their differentiated technology solutions and NerdWallet’s trusted brand and reach will also strengthen our footprint in the lending space by providing significant value to our partners.” -Tim Chen, CEO and Co-founder of NerdWallet. On the Barrelhead was founded with a goal to help consumers and SMBs understand and navigate their loan options to improve their finances. Their platform provides consumers and SMBs with highly personalized credit recommendations by intelligently matching customer credit information with financial partner data. By leveraging data analysis, On the Barrelhead’s platform also helps users improve their finances by surfacing new product recommendations to manage their debt and save them money. “Finding trustworthy guidance and recommendations on how to access capital and consolidate debt is hard to come across for consumers and SMBs, We are excited to be joining NerdWallet’s dedicated and knowledgeable team to unlock more ways for our users to optimize their finances.” -Sam Yount, CEO and Co-founder of On the Barrelhead. NerdWallet expects that its trusted brand and massive reach combined with On the Barrelhead’s differentiated technology will unlock profitable growth at scale and help advance toward becoming a trusted financial ecosystem. In addition to NerdWallet’s ongoing expansion into new financial categories and geographies, this acquisition reinforces NerdWallet’s ability to vertically integrate, as proven with its successful acquisition of Fundera. For the twelve months ended December 31, 2021, On the Barrelhead generated approximately $38 million in revenue, growing roughly 90% year-over-year, and $5 million in net income. NerdWallet believes the acquisition of On the Barrelhead would have been accretive to NerdWallet’s revenue and adjusted EBITDA for the year ended December 31, 2021. NerdWallet expects the acquisition will be accretive to NerdWallet’s 2022 revenue and adjusted EBITDA and reconfirms previously announced expected year-over-year increase in its 2022 annual adjusted EBITDA margin. About NerdWallet NerdWallet (Nasdaq: NRDS) is on a mission to provide clarity for all of life’s financial decisions. As a personal finance website and app, NerdWallet provides consumers with trustworthy and knowledgeable financial information so they can make smart money moves. From finding the best credit card to buying a house, NerdWallet is there to help consumers make financial decisions with confidence. Consumers have free access to our expert content and comparison shopping marketplaces, plus a data-driven app, which helps them stay on top of their finances and save time and money, giving them the freedom to do more. NerdWallet is available for consumers in the U.S., UK and Canada. About On the Barrelhead, Inc. Founded in 2017, On the Barrelhead is a data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their financial lives. On the Barrelhead’s platform is built on four sophisticated technology solutions: Plinko, Maestro, Recast and Squid, which combine to create an engine that leads to better outcomes for consumers, partners and their business.

Read More

TECHNOLOGY

Interlaced.io Announces Acquisition of Grove Technologies

Interlaced.io | June 23, 2022

Interlaced.io, a leading managed IT services provider, announced today the acquisition of Grove Technologies, a high-performing IT Service Provider based in the DC Metro Area. Founded by Jon Brown in 2014, Grove has grown to be a staple name in providing services to Apple-integrated and cybersecurity-focused small businesses. “Partnering with Jon Brown and the Grove Technologies Team will improve our ability to bring Interlaced’s world-class IT services to innovative and fast-growing SMBs in the DC Market. We’re excited about the strong Mac-focus and cybersecurity expertise the Grove team brings to the table. I look forward to seeing our combined capabilities serving both Grove and Interlaced clients, current and future,” -Jeff Gaines, President of Interlaced.io. Grove will continue to operate as a stand-alone brand with close collaboration and mutual support with Interlaced. This acquisition serves to deepen the technical and non-technical capabilities available to both Grove and Interlaced clients across the country. Jon Brown, Founder of Grove, will remain on staff and continue to oversee the DC Market, and the rest of the team at Grove Technologies will remain in their current roles servicing Grove’s innovative group of clients. This new partnership is going to help us continue to grow and provide world-class IT support services to our clients. We’re really excited to be backed by such a well established team and brand that can help take Grove Technologies to the next level, said Brown. About Interlaced Interlaced was founded in 2009 with the goal of transforming how small businesses leverage Apple Technology. Since then, Interlaced has grown into a modern MSP, adding capabilities and expertise in both Apple and PC management, project management, cloud, security, and mobile device management. In 2018, Interlaced joined the Evergreen Services Group portfolio and joined the Executech Family of Companies in November of 2019. In October of 2021, Interlaced acquired Three18 Inc., a Los Angeles based MSP. The acquisition of Grove Technologies represents the second acquisition Interlaced has completed in recent months. To learn more about Interlaced, visit https://interlaced.io/. About Grove Grove Technologies was started in 2014 out of a desire to provide amazing Apple-focused IT support services to the Washington DC area. What set Grove apart early on was its client-focused approach to IT support, offering outsourced IT made easy. Grove’s approach to IT is to match the right technology solutions for our clients’ needs. In 2020 Channel Futures ranked Grove Technologies the #17th best IT Service Provider nationwide and in 2021, Grove was ranked #6 on its IT Companies to watch via the Channel Futures NextGen 101 list. To learn more about Grove Technologies and our core offerings check out our website at https://grovetech.co/.

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