Choosing the right media channel for your small business is one of the most important steps of the digital marketing process. In order to get the best possible ROI, you need to understand that having a solid social media strategy provides valuable opportunities to connect your brand with its desired audience.

There are so many new and upcoming social media platforms in the market that it becomes difficult to know which one will work best for you. Even marketing agencies struggle to stay abreast of the latest social changes. Pinterest alone has changed its algorithms entirely in the last 3 years. Let’s examine some of the most popular social media platforms for 2021:

Facebook

One of the biggest social media channels around, Facebook sees around 2 billion users every month. This amounts to around a third of the total world population. Most of the content forms work great on this platform including stories, live videos, text, images, and videos. The Facebook algorithm ranks content that stimulates meaningful interactions and conversations between users, especially from friends and family.

YouTube

This video-sharing platform (owned by Google) is also the second-largest search platform after Google’s text-based search engine. Billions of video hours are watched every day by people all around the world. YouTube allows you to create and customize your own channel. When you upload videos, users can view, share, comment, and subscribe to your channel. YouTube is known for being one of the best options for creating cost-effective advertising campaigns. Think of it as an affordable alternative to television ads with several different ways to reach your audience.

Instagram

Known as a video and photo-sharing platform that allows you to share videos, photos, stories, and live brand stories, Instagram also recently launched reels, a new way to create and discover short videos. As a small business owner, you can start with an Instagram business profile and make use of the various analytics tools offered by the platform. Third-party tools such as Buffer, Later, or Hootsuite allow you to manage and schedule posts as well as track social media engagement. You’ll need a Facebook account to postpaid ads to Instagram. Facebook purchased Instagram many years ago.

LinkedIn

This job posting site and has now evolved more into a professional social networking platform where experts network and build their brands. Users can easily network with other professionals, read and share content posted by thought leaders, and build personal brands. LinkedIn is an excellent site for establishing your authority and thought leadership in your particular industry. This helps attract new talent to your business/company. The site offers numerous advertising opportunities like personalized ads, content boosts, and display ads.

Twitter

This is a platform for sports, news, entertainment, politics, and much more. Twitter is unique due to being the only social media channel that allows only 280 characters per post, which they brand as ‘tweets.’ It places a strong emphasis on real-time tweets and things that are happening right now. Twitter is frequently used as a customer service network. According to Salesforce, Twitter is similar to a 1-800 Customer Service number. The platform also has social media customer service tool tools like Buffer Reply which helps you manage conversations.

TikTok

TikTok is the newest social media channel. Its popularity has risen since the worldwide lockdown. Currently, it has over 1.5 billion downloads in both the App Store and Google Play Store. The app enables people to make short-form videos in a variety of genres such as education, dance, comedy, etc. The duration of the video varies from 3 to 180 seconds. The app has more recently begun transforming into a marketing and advertising haven.

Alignable

This social media platform is geared towards small business owners. It works similar to a referral network where businesses connect with other small businesses. It enables them to ask for suggestions, refer customers, shares expertise, etc. Alignable has two memberships: free and premium. With the free version, business owners can network, create a profile, seek support, etc. Currently, there are over 6 million businesses listed on Alignable.

Reddit

Reddit is considered to be the internet’s front page, where people can post questions, images, links, and vote for others. It operates like a bulletin board. Registered users may submit a variety of content like text posts, links, images, etc. These are voted down or up by other users. Posts are categorized according to communities called “subreddit”.These address numerous topics like pets, fitness, health, etc. Submissions with high votes appear at the top of the bulletin board. If they get sufficient votes, they may end up on the site’s front page.

Pinterest

Pinterest is where users go to seek inspiration and learn new things. It is quite different from others where the primary focus is on engagement. The site is primarily used by individuals and small businesses. Visitors who want to buy or try new things, often visit Pinterest. Having your small business represented on Pinterest allows you to get your brand in front of your consumers and shape their purchasing decisions.

Snapchat

The Snapchat social media app is a platform that lets users share short videos (snaps) and photos between friends. Snapchat was the first social media platform to use the stories format. Setting up a business account on Snapchat allows users to create several different types of ad campaigns. One thing that sets Snapchat apart is the ability to create ads with augmented reality experiences.

Although there are many more social media channels out there, the ones listed here are the most popular and useful for small businesses. Regardless of how big or small the platform is, select one based on where your target audience is active in order to achieve the best results.

How FINSYNC Can Help

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

For many small business owners, accounting terminology can be challenging. The concepts make sense but the phrases don’t. Most owners started a business out of a passion for a product or service, and not necessarily because they love administrative tasks. That said, you’ll need reliable accounting books frequently.

If you haven’t brushed up on your accounting terminology lately, here are some concepts you will want to review:

Accounts

This term can mean what you are probably accustomed to bank accounts, credit card accounts, etc, where you have a number issued by your financial institution. However, ‘Accounts’ also refer to the various categories that are part of your Chart of Accounts.

Chart of Accounts

Your chart of accounts is a series of ‘categories’ that various transactions can be applied to. Your chart of accounts is specific to your business and is often set up when you adopt accounting software for the first time. Each account in your Chart of Accounts typically has a numerical code that can vary in terms of the number of digits.

Cash Basis

Your business’s ‘Basis’ is like a setting for your books. When set to ‘Cash,’ everything revolves around when money moves. You recognize income when you receive money versus getting a deal signed. You recognize an expense when you pay it, not when you get billed.

Accrual Basis

When you are using ‘Accrual’ as your basis, you will recognize income as soon as you earn it in a category/account called ‘Accounts Receivable.’ You’ll recognize expenses as soon as you get billed in a category/account called ‘Accounts Payable.’ See below for more on these two general ledger accounts.

Assets

At the top of your Balance Sheet, ‘Assets’ represent stores of value for your company. Cash, real estate, and equipment are assets but so are rights to value in the future. Your accounts receivable (money owed to you by clients) is an asset. If your company has made loans to others, that loan or note receivable is an asset as well.

Liabilities

On the right side of your Balance Sheet, liabilities are what your company owes. Bills are represented by ‘Accounts Payable’ while money owed overtime or multiple installments would fall into a ‘note payable.’

Equity

Equity is the value of shares held by owners. It can be thought of as what would be left over if all Assets were sold and then all liabilities were paid off.

The Accounting Equation

The interaction of the three Balance Sheet sections is often referred to as ‘The Accounting Equation: Assets=Liabilities + Owner’s Equity.

Revenue

What is revenue?  Revenue, sometimes called sales or turnover, is the total income generated by a business from the sale of goods or services. Revenue is the money that your company receives selling goods or services.

Expenses

Also known costs, there are several categories of small business expenses to stay in business. The two categories in cost accounting are a variable and fixed cost. The fixed costs differ in that these numbers stay the same regardless of the company’s output. When we calculate variable costs, these numbers fluctuate week after week, depending on the sales volume.

Profit

When you have more revenue than expenses, your company is running at a profit or sometimes what is referred to as ‘in the black.’ If you have more expenses than revenue, you are running the company at a loss, which is also referred to as ‘in the red.’

Gross Profit is the revenue from sales minus the costs to achieve those sales. The cost associated with sales is known as “Cost of Goods Sold” or “COGS” and is often in its own section on your income statement. This number tells you exactly how much your company would have made if you didn’t have administrative or other expenses that weren’t directly associated with the product or service you provide.

Retained Earnings

When a business runs a profit, cash accumulates within the business. Owners may decide to pay dividends (which reduce retained earnings), or they may keep the money on hand for reinvestment in the company. Some companies consider the statement of retained earnings the fourth financial statement.

Accounts Receivable (A/R)

If you are using the accrual basis of accounting, you’ll show an account/category called ‘Accounts Receivable’ which represents all of the money that is owed from sales such as invoices you have sent to clients but that have not been paid yet. When the client pays you, your ‘A/R’ total goes down and your cash goes up.

Accounts Payable (A/P)

Sticking to the accrual basis of accounting, ‘Accounts Payable’ is the money you owe vendors who have already billed you but you have not paid yet. When you pay a bill, your ‘A/P’ goes down and your cash goes down.

Learn these concepts, and you will be in good shape to have an informed conversation with your accountant or banker if you’re seeking financing.

Stay up-to-date with the latest trends and other tips and tricks FINSYNC’s blog brings to small businesses.

The latest trends in digital marketing show that social media platforms are quickly evolving into online marketplaces. Moving beyond the realms of creativity and connectivity, they offer a vast customer base for businesses. While there are multiple social media channels across the internet, each platform comes with its own set of advantages and disadvantages. Moreover, there are differences in content types, formats, and audiences.

For businesses seeking to get started with social media, choosing a single platform that best aligns with your product or service is a great first step. Then comes the formulation of an effective social media strategy.

Let’s explore some social media trends that businesses can leverage in 2021, from e-commerce to Social Commerce.

According to experts, more than 50% of sales across 14 major sectors are happening through social media. In a way, there is a thin line between E-commerce platforms such as Shopify, BigCommerce, or WooCommerce integrated with WordPress and social media. Platforms such as Facebook and Instagram are offering separate business profiles for dedicated campaigns and direct sales. The integration of payment gateways and fintech applications is making the process much easier.

*Instagram is owned by Facebook, and Facebook Ads Manager must be used to advertise on Instagram.

Create Follower Communities

A loyal social media follower group is just as powerful as a team of sales executives. Proper interactions and responsiveness are crucial in creating a robust customer retention management system within the platform.

Make your followers brand ambassadors of your product/service. The user-generated content, such as testimonials, feedback, etc., can help more than you think in your business expansion. Consumers increasingly respond to relatable stories over rote advertising copy.

Influencers and Collaborations

The power of social media lies in its multiplier effect. Likes, shares, and comments from your network can reach any corner of the world, especially if your content goes viral. At times, it requires a push from someone with massive social media influence to spread the word. Influencer marketing is a buzzword in the digital marketing arena. One way to promote your business is by paid collaborations and reviews with influencers across different social media channels. There are even influencer marketplaces where you can read about what industries they promote and how successful they are.

Effective Analytics

Real-time marketing analytics is one of the best rewards of digital marketing. The fact that you are a small business should not drive you away from dealing with analytics. All platforms offer graphical analytics tools that even someone without a statistics background can understand.. Leveraging this data allows you to optimize your strategy and content over time. This will make your marketing campaigns successful by reaching out to a larger, more targeted customer base.

Leveraging New Platforms

With the reduction in average internet bandwidth cost, video platforms are becoming increasingly popular. In content marketing, short videos are grabbing users’ attention faster than other mediums. This clearly explains the rising popularity of mediums such as TikTok. Many companies are already leveraging TikTok influencers to promote business through short-format videos. These videos can cover product descriptions, reviews, or creative ad campaigns.

Small business owners often struggle with low marketing budgets. However, the new social media trends suggest that it can be a very effective low-cost marketing alternative. As you get familiar and grow success with your first platform, you can add others that are relevant to your business.

No matter what platform(s) you choose, remember to optimize your profile:

◦ Use crisp, clear, well-lit photos.

◦ Spell-check your written content and be sure you are using terminology your intended audience can understand.

◦ Avoid a “ghost town” by posting frequently.

◦ Respond to comments, likes, etc., quickly to let your audience know you care.

Now, it’s time to choose your social media platform. Here are some choices:

◦ Facebook

◦ Instagram

◦ LinkedIn

◦ Twitter

◦ TikTok

◦ Alignable

◦ YouTube

◦ Tumblr

◦ Reddit

◦ Snapchat

◦ Pinterest

How FINSYNC Can Help

There are 3 primary ways FINSYNC helps business owners. (1) CO.STARTERS courses through FINSYNC can help turn your business idea or side hustle into a thriving business. (2) On our website, you can also apply for a business bank account. (3) In addition, the FINSYNC software allows you to run your business on One Platform – invoice customers, pay bills, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

Setting goals for your business helps identify opportunities for success. Achieving success without having a plan in place first is much harder. With 2021 right around the corner, it is time to embrace change and develop a goal-setting strategy for you and your business. A good first step for your business to achieve is to begin setting clear and realistic goals.

Get Started Setting Goals

The process of setting goals begins with determining what you want to accomplish in a time period. Business goals or Key Performance Indicators (KPIs) should be objectives tied to the vision for your business.

It may sound cliché, but writing down your goals on pen and paper makes it more likely for you to achieve them. According to an article by Inc., you are 42% more likely to achieve your goals if you write them down.

In case you feel stuck about where to get started, these are some easy goals you can set for your small business:

◦ Reduce business expenses

◦ Increase your website traffic with SEO

◦ Hire your next employee

◦ Improve your social media presence

◦ Introduce a new product or service

To help you set the most effective types of goals, we strongly recommend using the SMART goal-setting method. You can find several step-by-step blog posts on how to set SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goals by doing a quick Google search.

Don’t Lose Track of Your Progress

Keeping track of progress allows you to monitor whether you’re on the right track or need to make adjustments. With many different ways to track your progress towards your goals, let’s discuss some of the methods you can use to start tracking your progress:

◦ Planning and organizing. Develop a plan on how you will accomplish your goals. It can be as simple as setting dates to check back on your progress or listing out the steps you need to take.

◦ Set objectives. This can be especially important if you have employees. Fully understanding expectations increases the likelihood of embracing tracking goals.

◦ Create milestones. Think of this as breaking your larger goals into smaller pieces. This will help you assess how far you’ve come and figure out the next steps in achieving your larger goals.

◦ Celebrate the small wins. Doing so will help you avoid getting burned out. We live in such a fast-paced world; we always begin focusing on the next big thing. Taking the time to celebrate small achievements helps you appreciate the process towards the right path. In addition, this helps build more confidence.

Build Good Habits

Accomplishing your goals is a direct relation to the habits you form. Building good habits helps you reach your goals more effectively and efficiently. For example, you can begin by improving your time management or setting a work routine. Think of these habits as incremental steps to reaching your goals.

Taking the time to look at your organization from a broader perspective will give you greater confidence to reach the next level in your business. Keep in mind you will need to rethink and refocus your business goals as you make progress and your situation changes.

How FINSYNC Can Help

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.

As the economy starts to reopen and you look to rebuild your business, gaining control of your cash flow management can help you make the most of your financial resources.

Many small business owners are starting to ask, “How are we going to get back on our feet?” While there are endless ways to rebuild, many business owners face limited financial resources and simply can’t afford to experiment. That’s why we’ve put together a three-step process you can follow, which is rooted in one of the most important concepts for business success: Cash Flow Management. 

Cash is the lifeblood of any small business, and in times of crisis, it’s especially important to understand how you make and spend your cash. Let’s take a look at how you can effectively adjust to your new business reality.

Step 1: Assess the Damage

Before you make plans for rebuilding your business, you need to fully understand your current situation.

Start with the financial side of the business. Before you sit down to do a cash flow projection, look at your P&L statement, and compare it to previous months or years. This will provide you with a concrete number (rather than guesswork) that reflects how much your small business has actually changed. Consider hiring an accountant to help you with this step to ensure an accurate result.

Secondly, you need to look at other changes in your business: layoffs, vendor relations, lost customers, etc. Factors like these will have an impact on how fast you can rebuild your business. 

Step 2: Identify What Changes to Make Going Forward

There is no doubt that COVID-19 has changed your business landscape significantly. The way you and your competitors operate and your customers’ needs have changed significantly. To understand how your business is going to adjust to these new circumstances, ask yourself the following questions:

What are my new strengths and weaknesses?

Take a look at the parts of your business that are working and those that need to be adjusted. Perhaps you need to diversify your products, offer your clients digital bill payment, or invest further in an online presence. 

How are my competitors doing?

Benchmarking your organization against other players in the same industry can provide valuable data.

There will be market gaps left by businesses that have closed down. You may decide your company can fill those gaps by itself, or there may be opportunities to partner with past competitors as you try to rebuild your businesses.

What do my customers need?

Now is a good time to start planning out how you are going to rebuild your customer base. Depending on your industry, the exact process is going to look different. Some customer groups will need urgent attention, while others will need some space.

How has my industry changed?

An overall analysis of your industry is probably a good idea as well. What has changed? What do you need to do to adapt to new circumstances, and how much will it cost? 

Step 3: Look at Your Future Cash Flow

Now, for the most important part of rebuilding your small business: cash flow analysis. The information from the previous steps will influence how you project cash flow and ultimately guide your decisions.

Perhaps you decide to invest in new marketing campaigns, rehiring employees, or stocking up on inventory for a new product line. Before making any of these decisions, you need to evaluate how these investments will impact your expenses and revenue. Chances are, you have several things you want to implement, and a cash flow projection will tell you if you can afford them or not. 

Cash flow projections can also help you see how long funding will last. This can be useful if you are weighing different funding options, such as SBA loans, credit cards, or small business loans.

To get the most out of cash flow projections, capture each course of action in a financial scenario. This way, you will be able to see how each option will impact your business. You can do this in a spreadsheet, but cash flow management software will make the process easier. Ultimately, you want to be able to compare different cash flow projections and make educated decisions.

FINSYNC provides cash flow management tools, projections, and “what if” scenarios that tie into your accounting and bookkeeping to help you assess your financial health and adjust accordingly. With FINSYNC Payments, you can improve your cash flow by paying vendors with credit cards even when they traditionally don’t accept credit card payments.

Rebuilding your small business can seem daunting. If you think there are too many things to take care of right now, we recommend making a cash flow projection immediately. This exercise will help you make informed decisions about the future of your business.

How FINSYNC Can Help

FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.