San Diego, Calif. (December 12, 2024) – MoneyThumb, a leader in automated document evaluation and fraud detection solutions, announced today that the company is exiting 2024 with record annual growth.  MoneyThumb processed over $2B transactions, more than doubled its workforce, and achieved 60 percent year-over-year in conversions per day. The company's strong performance reflects its laser focus on streamlining workflows for financial professionals. Lenders rely on MoneyThumb’s software to manage risk while delivering more capital, faster, to small businesses nationwide.  

 “Our strong momentum is a result of our team's seamless execution and our ability to instantly convert bank statements and detect fraud in seconds,” said Ryan Campbell, chief executive officer, MoneyThumb. “MoneyThumb continues to play a critical role in the small business lending industry by eliminating the burden of manual processes, empowering lenders to focus on what truly matters—helping entrepreneurs succeed and grow."  

Automation in lending has become mission critical for staying competitive. Lenders who embrace automation position themselves to better serve their customers and expand their lending capabilities. MoneyThumb is transforming the lending industry by leading the shift from manual document processes to full automation. Its advanced technology streamlines data extraction and analysis, enabling lenders to make faster, more accurate decisions.   

The company also helps detect fraud with its Thumbprint^® product, an AI file tampering detection tool that identifies fraudulent activity in seconds, giving lenders a powerful defense against risk and loan losses. Up to seven percent of revenue, billions of dollars and thousands of hours are lost every year due to fraudulent applications in the lending industry. 

MoneyThumb announced in August 2024 that it was acquired by Iron Creek, marking another milestone for the company, which plans to expand to additional industry verticals in 2025. The company also opened its new headquartered office in San Diego.  

For more information on MoneyThumb, please visit www.moneythumb.com.

About MoneyThumb  

MoneyThumb is an advanced automation software solution that streamlines the lending underwriting process by converting bank statements instantly into actionable data. By exponentially increasing efficiency, accuracy and the detection of fraud – MoneyThumb empowers lenders and accountants to make faster, more informed and accurate decisions. MoneyThumb is headquartered in Encinitas, California, and serves customers globally. For more information visit www.moneythumb.com.

Media Contact: 

Tracy Rubin
JCUTLER media group
tracy@jcmg.com      

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So, if you're thinking about putting your entrepreneurial skills to the test and setting up shop, you'll need a solid foundation to build upon. In this article, we'll look at why finding a marketable idea will give you a head-start, how to brand that idea for your target market, and the permits you'll need to gain before you start operating.

Is Starting a Small Business Right For You?

First and foremost, there are a few basic things to consider before setting up your small business, such as…

1. Do You Have a Unique Value Proposition?

Every successful small business is built on a great idea, product, or service that satisfies a previously unmet need among customers. Most unsuccessful small businesses were also built on great ideas, so your business needs a robust, reliable, original value proposition that adapts to market changes.

When generating ideas for what your small business will do/sell, consider

• Ongoing problems you have that could be solved by a product or service—remember, most successful businesses revolve around a single, groundbreaking offering
• What are your unique strengths and skills?
• Who your potential customers might be
• Whether you have a network that could support and assist you with your idea, and who you'll need to get in touch with to make it a reality.
• Why you're the best person to set up and run your small business

Once you have a few potentially viable ideas, perform a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to refine your proposal further, and identify anything you need to address before you put your plan into action. For example, suppose your product uses unusual components in its design. In that case, you'll need to contact manufacturers to discuss whether it's possible and profitable. Or, if you have an idea for a product but need clarification on technical aspects, you'll need to contact a product design professional.

2. Will Your Business Be Physical or Digital?

In the modern world, your small business can thrive just as well, and perhaps even better, as an eCommerce store rather than a physical business. Not to mention, setting up shop online is a lot cheaper than doing so in a brick-and-mortar store. This is why entrepreneurs often wait until they've built up enough capital before buying physical premises.

However, for some businesses, such as coffee shops, having physical premises and an online delivery service is a customer expectation. This means that in addition to buying, mortgaging, or renting a commercial building, you'll need to seek extra permits and perhaps hire more staff. Remember to factor all of this into your starting capital.

3. Will you be able to put in the necessary time and effort?

Though selling handmade candles or power-washing driveways is certainly possible alongside a full-time job, your small business will take a lot longer to scale if you have other commitments that take precedence. Not to mention, you'll have to work in your leisure time and might be unable to focus completely on solving any teething problems.

While you shouldn't risk your main income stream in favor of starting a small business, it's important to be realistic about how much time and effort your idea will need before it can support you. Finding the right balance between pursuing your entrepreneurial ambitions and maintaining financial stability is vital to your small business's success.

4. Can You Afford the Starting Capital?

Finally, you may have heard the adage that businesses take two, five, or even ten years to become profitable. While there's very little data to back these claims up, your small business will need to operate at a loss for a certain amount of time. After all, unless your marketing is top-notch, you won't break even on your opening day.

The potential for ongoing losses is why it's essential to consider how much money you're willing to put into your business. You can start building up an estimate for your necessary starting capital by:

• Identifying one-time startup costs, such as equipment and inventory, by checking suppliers' sites.
• Estimating recurring expenses, including rent, utilities, and insurance, by looking at LoopNet and Forbes Advisor.
• Using the above estimates, determine how much it will cost to make one of your products, or perform an hour of work as part of your services. With this information, you can work out a profitable product price or hourly rate.
• Performing a break-even analysis using your prospective selling price. This will give you an idea of how much you'll need to sell before you can start generating a profit. A break-even analysis is also a good reference point for any other goals you have, like introducing more products or hiring a second-in-command. For more information, check out this breakdown from FreshBooks.
• Researching industry benchmarks and financial projections to gauge the typical investment required for similar businesses. For example, Shopify research shows new business owners spend an average of $40,000 in their first year.
• Explore funding options, such as personal savings, loans, grants, or private investors, to secure the necessary capital for your business venture. The US Small Business Administration offers a list of potential lenders depending on your zip code.

Remember, doing all the above will only give you a rough estimate of your starting costs. It's always beneficial to have excess starting capital just in case things go wrong. It's also worth deciding sooner rather than later when you'll cut your losses and leave your business behind.

Finding and Building Your Small Business's Brand 

Now that your idea is fleshed out, you've got a good idea of what you'll need to spend, and you may have even started reaching out to potential advisors, it's time to find your brand. Essentially, this is how your business communicates with its customers and advertises its products. It includes things such as your business's name, logo, and slogan, down to the colors you use on your website.

You can start to find your brand through:

Market Research

Get out there and talk to people about your small business idea. Not only will this identify demand for your offerings, but it'll also give you a sense of your potential customers. You can start to build your brand depending on who these individuals are and the type of marketing that captures their attention.

Bear in mind that market research doesn't just apply to potential customers, but also to other businesses that sell similar products or services. Take a look at the websites of companies you'll be in competition with and analyze what works about their branding.

Choosing a Niche

A niche is like a cheat code for your small business, making branding much more straightforward. For example, if you plan to look after plants for vacationers in an affluent neighborhood, your business niche might be luxury housekeeping services. This niche will inform the clean appearance of your marketing materials, how you sell yourself by showcasing your botany PhD, and the polite, professional tone of voice you use in customer communications.

Being part of a niche also opens doors to collaborations with similar businesses. And, once you've built up a reliable profit stream, you can use the journeys of other businesses in your niche for inspiration to expand your offerings.

Setting Up Your Site and Social Media

Finally, the simplest way to build and showcase your brand to your customers is by setting up a website and social media profiles on Facebook, Instagram, X, and TikTok. Though it might seem like another thing on your plate, these are essential for running a successful business in today's digital world, especially if you plan to sell your offerings online.

A branded site and social media pages make it easier for customers to find you among the myriad businesses online, and quickly learn everything they need to know about your products. You can also use your site and social media to reach out to customers and provide them with ways to reach out to you. There are countless organizations out there that will help you create a beautiful website and manage your social media pages. But, of course, these will all cost money, which you'll need to factor into your initial expenses.

Compliance and Regulatory Considerations

Hopefully, you're filled with inspiration for your new business and ready to get going. But before you start listing products, taking payment, and shipping to customers, you'll need several licenses and permits to keep you on the right side of the law. Here's a summary:

Company registration: You’ll need to choose your business's structure. If you're operating a Limited Liability Company (LLC) or Corporation, you'll need to register with your state government. However, if you're a sole proprietor, you may be able to skip this step. Be sure to check the regulations in your state.

Tax identification: If you plan on employing individuals through your business, you must fill out Form SS-4 and mail it to the IRS to get an Employer Identification Number (EIN). Also, if your state collects sales tax, you must apply for a sales tax permit with your state's Department of Revenue.

Business license: Depending on your business, you might need to obtain a license from several agencies. To start, check with your City Clerk's Office, Secretary of State's Office, or Department of Revenue. Remember, applying for a business license has a filing fee, so factor that into your expenditure.

Permits: Again, your business's permits will depend on what you do/sell. For example, real estate businesses often need a real estate license, broker's license, and signage permit to erect 'for sale' signs outside properties. Also, if you do business out of your home, you'll likely need a Home Occupation Permit.

For more in-depth information on the specific permits you'll need, take a look at this breakdown of permits by industry from the US Small Business Administration.

In Conclusion…

Starting a small business is a big commitment, but the independence, income, and sense of fulfillment it brings are well worth the time and effort. To ensure you have as strong a start as possible, refine your idea, reach out to relevant professionals, and work out how much capital you'll need to raise.

Once you have your idea, it's time to get stuck into market research, find your brand, and set up your website. Then, when you're happy with your business plan and have the infrastructure in place, you can apply for licenses and permits.

Though starting a small business is a lengthy process, it's best to spend as much time as possible laying the groundwork. Rushing during these all-important first months will mean more problems to solve later down the line, so make sure to do your research and seek help when you need it. Good luck!

Sources and Resources

• https://mailchimp.com/resources/how-to-create-business-idea/
• https://www.forbes.com/sites/allbusiness/2014/09/25/you-just-got-a-great-idea-for-a-new-business-so-now-what/
• https://www.thehartford.com/business-insurance/strategy/how-to-start-a-business
• https://www.forbes.com/uk/advisor/business/
• https://www.sba.gov/business-guide/10-steps-start-your-business
• https://business.adobe.com/blog/basics/how-to-build-a-brand
• https://www.shopify.com/uk/blog/how-to-build-a-brand
• https://www.entrepreneur.com/starting-a-business/business-the-basics-of-branding/77408
• https://www.thehartford.com/business-insurance/strategy/starting-business/licenses-for-business/
• https://www.legalzoom.com/articles/starting-a-business-a-license-and-permit-checklist

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Especially if you sell a product, you MUST have a web presence if you are going to reach maximum success. You are missing out on so many sales! The sad truth is that most small business owners who sell products offline are only avoiding setting up an e-commerce business because they are afraid. They are overwhelmed by what they don't know and consider the internet and e-commerce something outside their reach because of their lack of knowledge.

Today the Rules of Thumb blog from MoneyThumb would like to assure any small business owner who knows they need to start selling online to increase their profits but is not sure about how to begin that setting up an e-commerce store is really not that hard. For those of you who do not have the technical know-how to create your own e-commerce store, there are professionals on sites like Fiverr who can handle the job at very little cost.

To help you understand more about e-commerce and get you started on the road to bigger success by selling online, we advise you to attend this free webinar being held by Magento. They are an Adobe owned company and a very popular e-commerce platform.

Here is a description of and details about the free webinar:

The post Tips for Creating a Successful E-Commerce Business appeared first on MoneyThumb.

Calculate Your Estimated Tax Payments

The IRS requires that you pay at least 90% of your taxes during the year, which can be difficult to calculate precisely. For a quick way to calculate your payments, pay at least 100% of the taxes owed on your previous year's return, split into four quarters. If your adjusted gross income is over $150,000, you will need to pay at least 110% of the tax you owed for last year's filing.

Make Sure You Understand the Underpayment Penalty

If you've underpaid taxes as of the annual April 15 filing date, then you may have to pay a penalty for underpayment. The penalty is imposed on the amount you owe for the number of days it remains unpaid. You can expect a steep penalty of an annualized 4% as long as your payment is late. For example, if you owe $10,000, you can expect an annualized underpayment penalty of $400. The longer it takes for you to pay off the debt, the more the fees will accrue. This may seem like a hefty fine for some people, but others prefer to take the penalty so that they don't need to worry about making estimated tax payments every quarter.

Keep in mind that it's very important you pay each quarterly payment by the due date. You can easily pay online, over the phone, through a direct transfer, with a debit or credit card, or by using a check or money order.

Is the Penalty Worth It?

Most people agree that paying the penalty simply isn't worth it. While you can put off all your payments until April 15th, avoiding your estimated tax payments will rack up more in penalties then you could likely make by placing the money in a savings account. Paying hundreds of dollars for a penalty that can be easily avoided will probably just hurt you in the end.

Know the Payment Due Dates

You will need to make payments four times a year, in the following intervals:

Quarter 1: January 1 – March 31, Payment due 04/15
Quarter 2: April 1 – May 31, Payment due 06/15
Quarter 3: June 1 – August 31, Payment due 09/15
Quarter 4: September 1 – December 31, Payment due 01/15

Other Income to Consider

Most often, estimated tax payments are something self-employed workers need to worry about. However, you may also owe estimated taxes if you receive additional income, such as  interest, dividends, gains from sales of stock, business earnings, alimony

Exceptions

There are some exceptions when it comes to making quarterly payments. If any of the following apply to you, then you don't need to worry about estimated tax payments.

1. You expect to owe less than $1,000 in taxes for the tax year.
2. You expect your federal income tax withholding to account for at least 90% of the tax you will owe for this tax year.
3. You expect your income tax withholding to be at least 100% of the tax from last year's return.

Apply Your Refund

If you receive a tax refund this year, consider applying it towards your quarterly estimated tax payments. This will help you to get a head start and allow you to pay less during the coming year.

Tax Installment Agreements

If you simply cannot afford to make the estimated tax payments and are not able to pay your tax debt upfront, then you may want to consider tax installment agreements. This will allow you to set up a monthly payment plan with the IRS for the amount owed and you will have up to 72 months to pay the debt. While this will provide you more time, keep in mind that there is a fee to set this arrangement up and you will continue to accrue penalties and interest for as long as you're paying off your tax debt.

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Unlike the information on your personal credit report, which can only be accessed by authorized individuals, business credit reports are available to anyone—including prospective investors, customers, partners or suppliers. Selecting a lender that reports to one of the major business credit bureaus, like Experian, Dun & Bradstreet, or Equifax, and making all payments as agreed will strengthen your business profile. It might also help you borrow at lower rates and get improved credit terms with suppliers.

As you can see, making sure the lender you choose reports to business credit bureaus can highly affect your future business. To help you make sure you are choosing a lender who reports to business credit bureaus, the Rules of Thumb blog from MoneyThumb has listed below five small business lenders who fit this criterion, courtesy of Fundera:

OnDeck

Specializing in small business loans, alternative lender OnDeck offers a variety of lending options. Short-term loans of up to $250,000 are available for 3 to 12 months, perfect for financing smaller projects. Longer term loans come in terms ranging from 15 months to 36 months, and you can borrow up to $500,000. Or, keep things flexible with a business credit line of up to $100,000. In any case, OnDeck reports your payment credit history to business credit bureaus.

Lending Club

If you’ve been in business for at least 2 years, have $75,000 or more in annual sales, own at least 20% equity in your business, and keep fair or good credit with no recent liens or bankruptcies, Lending Club could be a good fit. Need-to-know information: loan or credit lines up to $300,000, no prepayment penalties, and your payments are reported to the business credit bureaus. However, make sure to watch out for origination fees that range from 0.99% to 6.99%.

Funding Circle

International alternative lender Funding Circle has lent over $1.5 billion to business owners worldwide using funds from individual investors. Founded by small business owners, satisfied customers say the application process is fast and easy, and the cost is competitive.

Fundation

Fundation is an especially fast-working alternative lender. According to their website, loan proceeds from Fundation could hit your bank account in as little as three business days. Their conventional fixed-rate loans of up to four years can be paid off at any time without penalty, and they report your payment history to business credit bureaus.

BlueVine

For small businesses struggling with cash flow issues and earning at least $70,000 in annual revenue, BlueVine offers credit lines with advances based on your outstanding invoices. Your application takes just a few minutes, and you choose which invoices to submit. When you’re approved, BlueVine advances you 85% of the invoice amounts submitted, less their fee, plus an additional “rebate” amount when your client pays your invoice through your BlueVine account.

A healthy business credit report can help you get better rates and terms on borrowing and credit arrangements with suppliers, as well as raise your profile with customers and the business community.

However, choosing a lender that reports to the business credit bureaus is just one aspect of improving your business credit profile. To build strong business credit, also update and review your own business credit regularly, apply for trade credit with suppliers, and be sure to make all payments in full and on time.

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It is critical that the content contained on your e-commerce website is of the highest quality so that you can more easily rank in search engines for the keywords related to your niche. This is the main function of any website content; to help the customers who need and want your product or service to find you more easily. One great way to check that your e-commerce website content is up to par is to conduct a content audit. We found a guide to help you do this at Small Business Promote. The Rules of Thumb blog from MoneyThumb would like to share that guide with you today. The guide does a wonderful job of explaining exactly how to conduct a content audit of your e-commerce store/website:

A well-executed content audit will help you discover what content needs to be removed from your e-commerce website, what content needs to be updated and help you find the strongest pages on your domain. This knowledge will lead you to create new and fresh content for your e-commerce store that generates more results and pays off the time you usually spend brainstorming, copywriting and editing before an article or blog post is finally published.

How to Conduct an E-commerce Content Audit

Content audits should be done at least once a year; however, we recommend doing one every six months so your website is optimized. Here are the steps to perform a successful content audit. It will be worth it!

1. Create a Spreadsheet with all of your Content

Use a spreadsheet to keep the process neat and organized. I like to use Google Sheets because they can be easily shared with the whole team!

Include the following basic information:

• Title of every publication
• Type of publication: blog post, homepage content
• Link URL to the content
• Call to action

There are other columns that can be added. It depends on how in-depth of an analysis you’re planning to make and how much time are you willing to invest. Some of the other columns you can add are the following: Primary Keyword, Word Count, Average Time Spent on Page, Entries & Exits, Social Shares. See the sample template below to get an idea of the breakdown. More columns can be added as needed, but this is a good start.

This task can be easily delegated to a team member or a freelancer to save time.

2. Content Analysis

At this point, you must have filled out the entire spreadsheet with data from your eCommerce site. Now it’s time to analyze the content. To do so, it’s important to answer the following list of questions:

• What’s the focus topic of the content at hand?
• Is the content accurate and organized?
• Is it relevant to customers, their goals, and motivations?
• Is the content up-to-date?
• Is it written in an appropriate language according to the field it belongs to?
• Is the voice consistent?
• Is there anything missing that is relevant to your business?

Google Analytics will help you answer some of these questions, such as average time users spent on a determined page.

This step is key to making the audit successful. After filling out this data, take some time to grade each publication. Yes, grade them with either an A, B or C–or even an F, if necessary. This step will come in handy later.

3. Fill in the Call to Action Tab with either Keep, Update or Remove

Publications that got either an A or B should fall into the A category, which means that there is nothing to be done. This content is perfect as it is in terms of visits, customer satisfaction, grammar, SEO, etc. Content that fell into the C category should be refreshed. It might be outdated or poorly written; however, the topic is relevant so you need to fix it in order to get the most out of it!

Now, the content that got a D or an F in the grading process needs a lot of work. Find out ways to refresh the content to deliver better results. Some of the most common optimizations I do for my content include:

• Add calls to action with links. Does the content have a call to action that is visible and stands out? Try to add a call to action buttons whenever possible to make them stand out.
• Add a focus keyword. Does your content have a focus keyword? Make sure your focus keyword is spread throughout your content to help with organic rankings.
• Add images or video whenever possible. Does your content look too heavy on words? Add images or video to make the content more engaging, decrease the bounce rate and encourage visitors to take action.

Once the audit is completed, start by focusing on promoting on social media the content that was highly rated. This can be done while optimizing the rest of the content and come up with new ideas to write about based on your research. You can start by creating four posts that are similar in style to those with the most visits and an average time of stay.

Doing a content audit will provide you with a clear view of what clients want and what works and what doesn’t, which can translate into a fresh start. Setting up deadlines or creating a content calendar is a great way to start new. You know what you need to publish. Now, publish it! Make the effort to post once a week, for example, and write content that is unique, fresh and strong. Use the right keywords, catchy titles and add attractive images. If you took the time to conduct a content audit, it is now time to make use of this effort.

The Rules of Thumb blog from MoneyThumb hope this guide to conducting a content audit of your e-commerce store or website helps you improve your small online business. Another way to improve your small business is by using the best PDF financial file converters on the market. You will save so much time and headaches with the ability these MoneyThumb products give you to easily convert your small business bank statements, and so much more.

The post Small Business: Does Your E-Commerce Website Need a Content Audit? appeared first on MoneyThumb.

April 29 to May 5, 2018, is National Small Business Week (NSBW). Since 1963, the Small Business Administration (SBA) has sponsored this week, which recognizes and highlights the impact of small businesses across the US. What a wonderful time to show your appreciation for your own small business and your support of others!

Small Business truly is the lifeblood of America. Without small mom and pop stores, what kind of world would we live in any way? We think a pretty sad one. The quote below from the Small Business Development Center agrees with our sentiment that American small business is the true engine of economic growth.

A great read for small business owners is this article from the Small Business Administration, which tracks the history of that very important organization. Here is the first portion of that article:

"Early Versions of SBA

The Reconstruction Finance Corporation (RFC), created by President Herbert Hoover in 1932 to alleviate the financial crisis of the Great Depression, was SBA's "grandparent"; The RFC was basically a federal lending program for all businesses hurt by the Depression, large and small. It was adopted as the personal project of Hoover's successor, President Franklin D. Roosevelt, and was staffed by some of Roosevelt's most capable and dedicated workers.

Concern for small business intensified during World War II when large industries beefed up production to accommodate wartime defense contracts and smaller businesses were left unable to compete. To help small business participate in war production and give them financial viability, Congress created the Smaller War Plants Corporation (SWPC) in 1942. The SWPC provided direct loans to private entrepreneurs, encouraged large financial institutions to make credit available to small enterprises, and advocated small business interests to federal procurement agencies and big businesses.

The SWPC was dissolved after the war, and its lending and contract powers were handed over to the RFC. At this time, the Office of Small Business (OSB) in the Department of Commerce also assumed some responsibilities that would later become characteristic duties of SBA. Its services were primarily educational. Believing that a lack of information and expertise was the main cause of small business failure, the OSB produced brochures and conducted management counseling for individual entrepreneurs.

Congress created another wartime organization to handle small business concerns during the Korean War, this time called the Small Defense Plants Administration (SDPA). Its functions were similar to those of the SWPC, except that ultimate lending authority was retained by the RFC. The SDPA certified small businesses to the RFC when it had determined the businesses to be competent to perform the work of government contracts.

By 1952, a move was on to abolish the RFC. To continue the important functions of the earlier agencies, President Dwight Eisenhower proposed the creation of a new small business agency -- Small Business Administration (SBA)."

MoneyThumb would love for our Rules of Thumb blog readers to chime in with a comment on this post, letting us know what YOUR small business is doing to celebrate Small Business Week. If you are looking for ways to make the financial aspects of your small business run more smoothly, check out our PDF Financial File Converters. They truly do save small business owners a lot of time and headaches, which gives you more of what you need the most, time to make your small business even more successful.

The post What Are You Doing To Celebrate National Small Business Week? appeared first on MoneyThumb.

What do you need to do to succeed as a small business owner in 2018? What tactics and strategies should you hop on this year? How can you get a leg up on your competition?

The good news is that 2018 brings an entirely new set of trends, tips, and techniques that can breathe new life into your small business.....

As a small business owner, it’s important to take the time at the beginning of the year to evaluate your past strategies and techniques, make new checklists, and update the way you think and strategize for the coming year.

The small business world of marketing, finance, planning, and strategy is rapidly expanding, and it’s important that you and your business stay up to date on the latest methods to keep up with your competitors.

If you’re unsure what key ideas, trends, and predictions could be useful and lucrative for your business in 2018, you’re in luck. We’ve outlined our top three favorite trends and strategies that can help you and your business have the best year yet.

If you’re hoping to enter 2018 with a bang and reach the goals you’ve always wanted to, keep reading!

Trend # 1: Live Video Feeds and Engagement

It’s no longer enough to incorporate neat content on your social pages. Status updates and images are good, but if you’re not doing live streaming video, it’s time to embrace this trend.

The social sites you’re already using — Facebook, Instagram, Twitter, Snapchat, Tumblr — all have options for live streaming video that can be beneficial for your audience engagement, marketing, hard sales, ROI, and more. When your audience views your live video, they feel involved in what you’re doing in real time.

As Kalin Kassabov notes, there’s a certain excitement that’s generated from live videos that you can take advantage of for marketing purposes and it can act as a powerful branding tool that aids in engaging with your audience.

Additionally, Facebook is making it really difficult for brands to get traction on their platform. The one exception to this is live video, which they promote much more heavily than any other types of status updates.

How This Can Help:

Live videos are more than just a neat feature that social media sites have added to their repertoire. They’re direct routes to getting an increase in audience interaction, engagement, and following.

Facebook Live, Instagram Stories, and other streaming tools like these, allow you to target your personal network and keep your audience in the know, excited, and involved.

In fact, Facebook shared recently that they noted Live videos will drive engagement with about 10 times more comments because of the real-time connection between users.   Informal, transparent, and authentic live videos can help bring your business-customer relationship further into the future!

Trend #2: Upgrade Your Technology

It’s no secret that technology is constantly, and rapidly, changing. While constant innovation is a great resource for businesses, it’s important that you’re always staying up to date so that you don’t miss out on ways to make your business work best.

For 2018, it’s time to take a look at some of the technology you’re using and consider a few new resources.

Here are three tools you should be using:

Tool #1: Slack

Slack is a communication tool that can take your team’s communication to the next level. If your company is lacking a direct system for staying in touch at all times, then Slack is the perfect app for you. It creates shared space for all members of your team, enabling you to align your goals, communicate instantaneously, and keep everyone in the loop.

Tool #2: Buffer

Buffer is another great tool for social media marketing. It allows you to schedule posts and keep track of your content. This app takes all of your accounts and puts them in one place, making your tracking, scheduling, and managing a breeze.

Tool #3: Calendar

Calendar is a great resource for businesses who are struggling to manage their time and schedules well. With this app, you’ll receive smart suggestions, keep track of your appointments, and figure out what times and dates work best for making your meetings work.

How This Can Help:

Holding on to old technology and refusing to evaluate, assess, and embrace the new won’t just keep your business from advancing; it can actually make your company obsolete. Running a quick check on the technologies you were using in 2017 is the perfect start to determining areas that need improvement.

With new technologies, you can:

• Increase productivity
• Reduce operational costs
• Develop new systems that will attract new audiences
• Solve problems
• Continue your company’s growth

Trend #3: Personalize and Upgrade Your Marketing to Include Micro Environments

Marketing is getting far more detailed and is constantly changing — much like the technology we discussed above — so, it’s just as important to consider your marketing tactics for the past year and consider new ways to target your audiences.

There are several new strategies coming into play this year that you should pay attention to.

• Micromarketing, for example, is essential for targeting your audience and identifying your customer needs, according to Forbes. Advertising and marketing toward your small, specific audiences, as well as your large audiences (macro), can help tweak your 2018 strategy.
• Location-based marketing is a new idea that small businesses are capitalizing on. This simply means that you’re targeting your customers based on GPS tracking, with their consent. This type of marketing is hyper-focused on mobile marketing and geolocation marketing strategies.

• Focus your marketing on building your brand, too. In this day and age, your customers are looking for an authentic, personalization and distinction when it comes to your brand. Create personal messages for your customers that outline your brand and what you’re all about.

How This Can Help:

Updating these marketing strategies will draw attention to your brand, increase your sales and ROI, and help you grow as a company. With updated approaches, like micromarketing and location-based marketing, you’re better able to send relevant messages to your customers, as well as get new customers at a lower cost.

For example, when you use location-based marketing, you can alert nearby customers to special sales or promotions when they’re near, in, or around your store. This unique ability to hyper-target customers and send specific messages will undoubtedly increase your sales.

When it comes to micro marketing, you’ll be better able to target your customers and determine their individual needs, wants, and desires. Personalizing your marketing trends this way can appeal to your customers, continue their desire to work with you, and even increase the possibility of them sharing your brand with friends and family, your future customers.

Don’t Get Left In 2017

While it’s always important to look at your year in review business planning, it’s especially important to ensure you’re truthfully assessing the tools and strategies you’ve been using and then make room for new ones.

The latest social media approaches, technologies, and marketing plans can benefit your business far more than you know.

Don’t be afraid to embrace the old adage, “out with the old and in with the new.” As 2018 continues, it’s important to evaluate ways that your business can constantly improve, grow, provide a better work environment, and target your customers best.

If you’re a small business owner, it’s even more vital to stay-up-to-date and ahead of the competition because your market is so competitive. Take these 2018 tips, techniques, and trends and hop on them fast — these changes and adjustments are likely to impact the general business world, and specifically, your small business’ success.

This guest post is courtesy of Floship.

The post Guest Post: The Top Three Small Business Tactics of 2018 You Should Use Immediately appeared first on MoneyThumb.

If you know you need to be networking with other small businesses but have been procrastinating, this new year is a great time to remedy that. Here are seven helpful strategies to successfully network with other businesses to get you started off on the right foot:

1. Find Small Businesses Online

Find other small business owners to connect with online. They can be from your industry or within your community. If you don't have a Facebook Page for your small business, create one, then follow other small business owners on social media to show interest in their business. Even better, mention their business or product in a tweet or Facebook post. This creates goodwill among other entrepreneurs, and they might return the gesture in your favor.

Another way to make online friends is to blog and join other small business bloggers to network with. You may even find that you want to trade guest posts between your two businesses. This helps build your brand by creating your credibility your industry. You can also blog about other small businesses you admire and this builds friendships as well as back links.

2. Join Organizations

Your time is limited, but participating in an industry-specific organization, small business associations, or your local chamber of commerce can be beneficial for your business. Be sure to consider your goals, customer needs, and what you want to gain from the membership when selecting an organization to join. You also want to consider how many active members are in the group, how many events are hosted each year, and (if applicable) the cost of the annual dues.

These groups can connect you to influencers in your industry, offer development opportunities, and help you find resources if you find yourself in an unfamiliar situation. In addition, you’ll be able to attend the group’s events for more networking opportunities. Some groups also help members receive discounts on common services such as shipping and handling or insurance. Others will contact state and federal lawmakers on behalf of their members regarding legislation that could impact business.

If you have time, consider taking on a leadership role in the organization. This will get you and your business more exposure among the members and keep you among the first to know about changes in your industry.

3. Attend Conferences

Attending conferences does take time and money, but if you choose the right ones, you will find that the cost is well worth it in the returns you gain from networking. Do you research. Find out how many people typically attend the event and the caliber of speakers who present. Google the event to find social media posts from previous years to see what people said about it.

A large conference or event also connects with many more people in your field, including prominent influencers. It’s also a good time to catch up with people from your field you haven’t spoken with in a while.

You could attend classes to learn something new or boost your skills. Check out the itinerary before arriving to make sure you can get into the sessions that will be most valuable. Although conferences can get expensive, you might be able to split the cost of a hotel or carpool if someone else you know is going, too. Or check the social media page of the conference to see if anyone near you is attending. Looks like the value of those other tips already is paying off.

In addition to the extra networking you’ll be able to do, attending a conference has another benefit: It gives you a change of scenery. As small business owners, it’s easy to get in the rut of only going home or to work. This quick change could give you a creative boost or refresh your mind.

Be sure to attend some of the social events too. It’s a good way to network in a different setting and recharge your batteries.

4. Cross-Promote and Partner Up

A great way to network with another small business is to partner with it. This will get your brand in front of a whole new audience. Cross-promoting could be anything from pooling your resources to sponsoring an event to bundling your products together.

It can be as simple as printing joint promotional messages on each other’s receipts or hanging signs or posters to advertise for one another in your respective businesses. You also could drop each other’s flyers in your customers’ shopping bags.

If you want to step it up, you can create promotional videos to post on each other’s social media or create a joint ad to put in local shopping papers. If the partnership works out, you can use it as a successful example to partner with another business later.

5. Volunteer

Volunteering is a great way to get out in the community and network with people. Not only does it put you in direct contact with other small businesses, but it could make your brand more visible in the community.

One way to volunteer is to take a seat on the board of a local nonprofit organization. Often, these boards are comprised of other business leaders, and having the organization as a common interest is a great way to break the ice to connect with them.

You also could partner with local businesses for a philanthropic event such as a neighborhood cleanup day, school supply giveaway, or food drive. Give your employees matching T-shirts featuring participating businesses’ logos to wear at the event as a way to build brand awareness.

Don’t forget to send a press release to local media to let them know about your upcoming event and to make sure you get a larger turnout.

6. Follow Up

There’s more to networking than exchanging business cards and contact information. It’s important to take the extra time to build those relationships and nurture those connections if you want your networking attempts to be successful.

Did you want to have a deeper conversation with a particular someone? Be sure to make some sort of contact with 48 hours of the first meeting so they don’t forget about you. Emails can get lost in cyberspace or a cluttered inbox, so consider sending a personalized thank you note with your business card or a sample of your product. Explain how much you enjoyed meeting them and ask to meet again to continue the discussion.

Can’t meet in person? Set up a virtual meeting through Skype or Meetup.

When you do communicate again, don’t put the focus on yourself. See what you can offer to help first. Most people are likely to reciprocate when you have a need, and it will help foster a positive reputation.

Like most things, when it comes to networking, you get what you put in. It’s up to you to determine how you want to spend your time and money, but if you follow some of these tips, you could get more bang for your buck.

The post 6 Ways to Network With Other Small Businesses Successfully appeared first on MoneyThumb.

Eighty-eight percent of those surveyed are optimistic about the near-term outlook on the national economy, up from 71 percent in the fall and 56 percent last spring. Eighty-nine percent are optimistic about their local economy, up from 77 percent in the fall of 2016, the survey showed.

“The hope we noted in the fall survey, has for many, turned into enthusiasm and is consistent with other indicators of improved confidence,” said Gus Faucher, chief economist of The PNC Financial Services Group. “It remains to be seen, however, if this increase in optimism will convert into improvement in real economic activity.”

Economic Optimism Translates to Personal Positivity

Among survey participants, expectations for the performance of their own company also markedly have improved. Ninety-four percent are optimistic about their own company’s outlook for the next six months, compared to 85 percent in the fall and last spring.

Further, 62 percent of the business owners surveyed anticipate sales increases in the next six months, the highest since spring 2007; 57 percent anticipate an increase in profits, the highest since spring 2005 and 28 percent expect increased full-time hiring, the highest proportion of businesses since spring 2012.

“Though economic fundamentals have not changed appreciably since the fall, it is encouraging that business owners are anticipating greater sales and profits,” Faucher said. “These are key indicators we look for when predicting broader economic growth.”

Businesses Casting Hopeful Eye Toward Washington

The survey also examined business owners’ thoughts on the new Congress and Administration in Washington, and their view is somewhat mixed. Overall, four in 10 (42 percent) say they expect the policies of the new administration and Congress, in general, to have a positive impact on their business this year. One-third (32 percent) say it’s too early to predict and 17 percent say it will have no impact. Only nine percent anticipate a negative effect.

“Business owners are hopeful about the pro-business stance they are seeing from Washington, and are eager to see what regulation and policy changes may be ahead,” Faucher said. “But they seem to be taking a wait-and-see attitude, as it takes time for these kinds of changes to generate longer-term impacts.”

In fact, only 44 percent of business owners surveyed say they would anticipate a bump in profits if regulations were eased or eliminated. When it comes to hiring, one-third (32 percent) say reductions in regulations would have a positive impact.

Corporate Tax Reform Tops Business Owners’ Agenda

When asked specifically about potential policy reform, survey respondents cited corporate tax reform as the single most anticipated change, viewed favorably by nearly seven in 10 business leaders.

But business owners are more evenly divided when it comes to the impact of potential trade restrictions or tariffs: 33 percent are in support, 32 percent oppose and 31 percent are unsure.

The post Small Business Owners Report Record-High Confidence in Economic Future appeared first on MoneyThumb.