Tuesday, 31st December 2019 | Marketing

Three small business marketing must-haves for 2020

Stop putting marketing on the back burner! Here are three must-haves for your business in 2020.

As we head into a new year, now’s the time to revisit our business plans and make improvements. Typically lower on the priority list than time-sensitive tasks like inventory or cash flow, marketing is frequently put on the back burner. The downside, of course, is marketing feeds into your bottom line, so keeping it fresh and current will actually help the business prosper. The good news is marketing doesn’t have to be onerous. These three must-haves are quick, simple, and effective. Set aside the time and make your business shine in 2020.

  1. Have a Google My Business profile
    It’s super simple and free to set up a Google My Business profile and it’s one of the most effective ways to increase your visibility to prospective buyers. This is because once you have a profile, your listing can show up on maps, in search, and across other Google platforms. Additionally, your profile will give you more channels to communicate with your customers and an easy way to receive customer reviews—both crucial elements to your marketing strategy. And, Google will send you statistics every month that can help you fine-tune your efforts.
     
  2. Ask for Google reviews
    Google is one of only a few places buyers check before they patronize your business. Indeed, 99% of businesses are assessed this way. By adding a "Give us a review" ask to the end of your sales process, you’re likely to solicit more reviews and leave a great impression as a business that cares, even in those customers who don’t post. Even if only a small portion of customers review the business, by asking for the review you’re establishing that you are interested in their feedback, which will go a long way towards building trust and warm feelings.
     
  3. Have a (good) website
    If you don't have a website, or if your site doesn’t look good or perform well, you're losing business. It’s as simple as that. Buyers are fickle. They're impatient. And they want the information they want when they want it. Your website—even a simple one—needs to provide people with the information (or functionality) that they want, on-demand. This will keep your business in the running with your competitors.

None of these tactics are earth-shattering yet without them you’re missing valuable opportunities to get your name out there, build your credibility and do more business. If you don’t already have these three things in place, put them on your first-quarter of 2020 to-do list.

 

 

Read Also

Three cash flow strategies for Canadian small businesses

All small business owners know that maintaining a steady and sufficient cash flow is key to success. While planning for expected costs like inventory and wages is straightforward, the unexpected expenses like equipment repairs trip people up. And those of us working in a seasonal industry face a whole extra set of challenges. There’s no way around it—healthy cash flow is crucial, so today we’re sharing three strategies small businesses use to successfully manage cash flow.

  1. Adjust for lean times
    Timing is everything. Perhaps the trickiest tip on this list, managing timing may also be the most effective. Every business experiences an ebb and flow. Some of these changes can be anticipated like seasonal differences, for example, or payroll. As a small business owner, it’s up to you to understand these cycles and plan against lean times. This is a skill that gets better with practice, but there are certain immediate steps you can take to help. If, for example, you have the opportunity to adjust the timing on delivery of the products or services you provide, consider working out a staggered schedule so you are receiving payment as regularly as possible.
     
  2. Invoice differently 
    There are several strategies around payments and invoicing that can help you manage your cash flow. When taking on a new client, include payment terms and late fees upfront. Establish a standard payment window (net 30 is typical but in some cases, you might want to ask for net 15) and invoice immediately on project completion. When negotiating for a new project or contract, particularly if it is involved and longer-term, ask for a deposit and milestone payments so you aren’t left waiting for income until the very end.

     
  3. Minimize expenses 
    Reducing expenses is the other side of handling cash flow. Fewer expenses mean less money leaving your accounts. Take the time now to analyze whether or not your business is operating as lean as it can. If you use equipment, for example, consider leasing rather than buying. Not only will this standardize the expense into smaller payments, but it’s a tax write-off. Selling unused equipment or inventory can also free up cash for your operation. Finally, if you work with vendors, consider negotiating with them. Just as you would consider a price break for a loyal and paying customer, so might your suppliers.

Like any other Canadian small business owner, you’re going to have to plan to keep a steady cash flow but if you follow these strategies you’ll be ahead of the game.


 

 

Accounting ,Management

5 important considerations when applying for a business loan

Managing money is one of the key tasks of running a small business. Changes in facilities or staff, acquiring inventory, or just the natural ebb and flow of your industry can all affect your cash flow. This is why business loans are commonplace. They play an important role in financial viability. This said, deciding to take a loan—and selecting the institution to take it from — shouldn’t be done lightly. Before you decide, here are five things you should consider.

1. What do you need the loan for?

This is a question to ask yourself, not to justify that decision to take out a loan, but to clarify the best products and terms for your needs.  Once you’ve determined the purpose of your loan you can pinpoint your best option.

2. How much do you need?

While carrying debt is not, in and of itself, a bad business practice, taking as much as you can get is risky. Your debt load can affect everything from day-to-day operations to your credit score, so after you identify what you need the loan for, put a realistic number on your project.

3. How much time do you have?

If you need funding quickly, you’re going to want to work with a lender that’s equipped to meet your timeline. Traditional bank loan applications are cumbersome to complete, and it can take a long time before you’ll have access to the funds. Private lenders simplify their application process and can get your funding, fast—sometimes as soon as 48 hours, however, the rates tend to be higher than with the big banks.

4. Do you need a lump sum or are incremental amounts better?

Your answer to this question will help you decide the type of loan that’s best for you. Traditional banks offer lines of credit where you can take out payments on an as-needed basis, but if you need your money upfront, you’ll probably want to apply for a term loan. This is a loan that granted in a lump sum with regular repayments until the balance is paid.

5. What is your existing debt load?

Before applying for a loan you’ll need to inventory your current debt load. If you’re already carrying debt, you must first calculate how much more you can afford. Taking on debt is normal—but taking on too much debt will put the company in a precarious financial situation. At iCapital, we’ve helped dozens of small business owners make this calculation. It’s surprising how many people apply for additional funding when it would be the business is an extremely precarious position. Ensure that you are on the path to success rather than bankruptcy by doing the math before submitting your financing application.

In the end, selecting the right institution to borrow from, and amount to ask for, comes down to identifying what you need, what you can get approved for, and what you can realistically pay back. With this approach, you’ll be taking on healthy, planned debt rather than putting your company at risk.

 

Small business financing Canada ,Accounting

Food Trends in Canada

Is there a secret to success in the restaurant business? We’re not sure, but if you have it, we’d like to chat.

Until then, it helps for you to stay informed about the ongoing changes in the marketplace. The sooner you identify and take advantage of new trends, the more you will benefit and the easier it will be to adapt to future changes.

Below are five trends worth watching:

  • Fewer Menu Items - With customers valuing the ‘experience’ of dining out, more restaurants will stop trying to cater to every taste. Instead they will look at menu themes or focus on a few dishes that they do exceptionally well.
  • Now You Need to Satisfy Both Boomers and Millennials - One wants healthier options and the other wants to deal with more connected and responsible businesses. And both of them have money to spend. Boomers will appreciate more gluten-free, low-salt and vegetarian options. Millennials will need to hear about you on Instagram or other social media, and they want to know that you offer socially responsible foods, like free-range chicken.
  • Beverages Refined - While different, more exotic dishes have been an ongoing trend, in 2015 that trend will shift to your beverage menu. You will see a wider variety of teas and coffees (even Tim Horton’s now has its Dark Roast option), exotic juices and alcoholic options that include ciders (gluten-free), low-alcohol choices and oil-infused cocktails.
  • More Hybrids - It started when chef Dominique Ansel combined croissant and donut pastry dough to create the Cronut in 2013. In 2015, the hybrid trend will grow to include dishes like ramen burgers, brioche/souffle mix (another mash-up from Ansel) and dessert pizza.
  • Localization & Personalization - In 2015, local restaurants will continue to battle their big-box cousins for the hearts and tastes of diners. Two powerful weapons in that fight will be menu items made from local foods and offering customers more ‘choose your items/ingredients’ options.

Remember, no matter how hot the trend, what works for one restaurant doesn’t always work for another. Stay informed, talk to your customers and find out what works best for your business.

Source: https://blogs.technomic.com/technomic-spots-five-2015-food-trends-for-canadian-restaurants/

Marketing ,Management

What to do if a bank won't give you a business loan

It’s the nature of business to need funding on occasion. Renovations, new hires, inventory purchases, and slow days can send business owners in search of a loan. But what if the bank won’t approve you, or you don’t have time to go through their cumbersome application process? Suddenly, “business as usual” is a much bigger, more stressful problem. This is why private lenders are a go-to for Canadian small businesses—they present fewer hurdles and get money into your hands faster. 

Private lenders vs banks

When considering lenders, it’s a mistake to think of banks and nobody else. While banks enjoy name recognition and a reputation for longevity, there are other, modern options. Private lenders like iCapital are an excellent alternative for small business owners, in many cases exceeding what’s on offer from the big banks.

Banks tend to be extremely risk-averse, even refusing to loan to businesses in riskier sectors like restaurants and retail. And, even if they will consider your company, their application processes are onerous and slow, causing an additional time burden while you wait for an answer. Private lenders like iCapital operate very differently. Using a simple, less restrictive, online application, we strive to make the process easy and fast. Applicants can expect their approval within 24 hours and funding the day after. And, private lenders’ standards are less strict and more inclusive, so we lend to more businesses—even people with low credit scores.

What are the different types of business financing?

If you’re approaching a private bank for a business loan, the first decision you’ll want to make is what kind of funding product is best for you and your situation. The three most common funding options are:

  • Merchant cash advance - Companies that do a lot of debit or credit transactions might benefit from this kind of lending option because repayment is on a percentage of the day's sales. If your business has a quiet day (or even season), you won’t be stuck trying to come up with repayment while you have no money coming in.
  • Term loan - This is a very standard kind of loan where you receive a certain amount of funding and repay a set amount on a set schedule until your loan is discharged. This works well for those who want to know exactly how much they owe and when payments are due.
  • Secured loan - With the pledge of an asset, you can take out a secured loan. In general, you can get a better rate with a secured loan, but unsecured loans can be the way to go for small amounts as they are uncomplicated to negotiate. Your decision between secured or unsecured funds will depend on your specific situation.

Taking out a loan shouldn’t be a job in and of itself. If a bank turns you down, or if you need money quickly, consider a private lender. Their faster, simpler application process means you can put your energy where it belongs—back into your business.

Small business financing Canada ,Business loans for bad credit

Do I Qualify?

Check Eligibility

Do I Qualify?

Unfortunately you are not eligible at this time, but things change! Let's stay in touch.
We will contact you if our requirements change and will keep you up to date with our latest services so you wont miss out.
ENTER YOUR INFORMATION BELOW