When 74% of small businesses don’t have any e-commerce and 29% of them don’t even have a website, it may seem like your online sales are already a leg above the competition.
In truth, your small business starts a tiny fish in an endless ocean.
The good news? You can increase your visibility and on and offline through marketing. Marketing tools for a small business may not be exactly the same as those used by retail giants such as Amazon, but you can learn to use similar tools and strategies to see big returns.
Looking for the best small business marketing tools to boost your revenue and visibility? Read on to find out which ones will move you up the food chain!
The return on investment for email marketing is higher than almost any other marketing strategy you can use today. It’s crucial that you take advantage of this opportunity to be repeatedly invited into your customers’ inboxes.
MailChimp offers an easy way to create and manage newsletters, email campaigns, and mailing lists. This platform will have you creating beautiful and informative email marketing in a flash.
What’s more, sophisticated options such as geotargeting allow you to curate your marketing strategies to suit your demographic. Advanced analytics help you determine the most effective timing and schedule for profitable email outreach.
HubSpot handles the SEO, marketing, social media, email, website management and analytics in one easy format. What’s more, this awesome software personalizes your website content depending on the visitor.
Want to use a service like MailChimp with your HubSpot account? Take advantage of tools like PieSync’s HubSpot MailChimp integration to really streamline your online management.
Even if you’re no graphic design pro, the tools in Canva will allow you to create engaging and professional graphics with the click of a button. This free site comes standard with default size choices to make it easy for you to custom design platform-specific banners, ads, graphs, and more.
Drag-and-drop design makes creation a breeze. Your account can store files for editing, and a single click converts your Twitter graphic into the perfect size for your next Instagram post.
Canva offers many free images, backgrounds, fonts, and pictures. You can upload and store your own graphic elements to customize your designs even further.
Best Marketing Tools for a Small Business
When you’re marketing your small business online, you need tools that have a big return for your buck. That’s why we’ve suggested these comprehensive tools that can grow with you as your business expands.
Don’t be content as a small fish in the big digital ocean. The right marketing tools for a small business can be the investment that takes you from local news to global success story.
Looking for more advice on how to be a small business rockstar? Check out the BiggerPockets blog post on 4 Tips for Business Success.
Construction Factoring: How Invoice Factoring Works
Cash flow is tight in construction. Payments come slowly, and that makes it hard to sustain a business – not as grow it. To combat this dilemma, there are several legal tools available, such as prompt payment laws, mechanics lien laws, and retainage laws, to mention a few. There are several business-oriented tools available, too. One tool is construction invoice factoring. Factoring is an intimidating topic, but at its core, it couldn’t be simpler.
What is Construction Factoring?
Construction factoring allows a subcontractor to borrow against their receivables. Factoring is a procedure by which businesses (in construction – typically subcontractors) obtain cash advances for his or her invoices. When factoring a building invoice, a building company will assign its invoice to the factoring company. In exchange, the factoring company provides the construction company cash on the spot.
How do you Factor Construction Invoices?
First, construction invoice factoring requires a party providing work will follow a factoring construction company to factor their invoices. Typically, a factoring company will agree to pay for out 70-80% of the value of the invoice to the subcontractor before payment could have otherwise been received. Then, the bill becomes the factoring company’s burden to collect. Once that factoring company is taken care of the subcontractor’s work, the factoring company will probably pay the subcontractor that remaining 20-30% without the factoring company’s fee.
Types of Construction Factoring
Generally, there are two primary approaches to factor construction invoices – spot factoring and contract factoring.
Spot factoring refers to a “one-off” situation. When spot factoring, building business is factoring a specific invoice to float the cash they need right then. Spot factoring might create a sense where the company generally doesn’t have a lot of cash flow problems factoring construction, but a specific event or situation job causes a hiccup with financials. Spot factoring construction invoices are commonly higher priced than contract factoring, and this is designed to get a company out of a bind.
Through contract factoring, cash is likely to be provided in exchange for every single progress payment, much in precisely the same way as spot factoring (but on a bigger scale). Generally, the rate that the factoring company charges should go down when a larger number of invoices have been in play. When utilized for your life of the contract, factoring construction invoices can assure steady cash flow for the duration of the job. Each time an invoice for a progress payment goes out, the construction company can obtain practical most of the cash at an earlier date.
Why Do Construction Companies Factor Their Invoices?
Construction payments come slowly. By factoring invoices, construction companies can obtain compensation for some of their invoice 20, 30, even 40 days sooner than they’d otherwise. Plus, so long as a subcontractor’s factoring company gets paid completely, the subcontractor is only going to lose a comparatively small percentage of the invoice when it’s all said and done.
Let’s look at some of the specific reasons that make construction factoring worthwhile for a few construction businesses.