The Top 4 Small to MediumSized Business Trends in 2019

Marketing is one of the aspects of your business that takes a lot of your revenue. Business owners are sort of blackmailed into spending too much cash just because they have to outweigh their competitors and sort of 'steal' customers away from them. That's how the world of business works. However, a small business is already short on funds, and they can't pour that much money into marketing without affecting operational costs. If you find yourself in a situation where you need to up your marketing game but don't have the funds to do so, you're at just the right place. Here are five things you need to know about marketing small businesses on a budget.

1.   Stay Active on Social Media

Social media is one of the best forms of marketing that you have, and it's totally free. A lot of businesses look at social media as a tool just for outreach. It's a lot more than a way just to communicate with your audience. Social media provides your business with access to millions of people all over the world. The best part is that it doesn't matter what kind of business you have. You'll find tons of customers through social media.

2.   Focus on Loyal Customers

Finding new customers is something that every business has to do to survive. You have to scale your business to grow substantially, and that can only happen when you have new customers. However, in an effort to obtain them, companies often overlook their current loyal customers. We consider that a huge opportunity being missed. You can offer rewards, dedicated customer support, and discounts to ensure that these people stay interested.

3.   Think of Local Communities

Many businesses can take advantage of their local communities for growth and brand recognition. The best part is that you can advertise your business at some charity events, major gatherings, fairs, etc.

4.   Reward Programs

Your current customers can be a gateway to obtaining brand-new clients as well. Reward programs are an amazing incentive that encourages people to recommend your company or service to their friends and family. Word of mouth drives an average of $6 trillion in revenue for businesses globally. That's more than enough incentive you need to start a rewards program.

5.   Merchant Cash Advance

If you're planning to ramp up your marketing efforts but don't necessarily have the budget on-hand to make it happen, there are many financial organizations in the market that provide merchant cash advances. These MCAs are a lot different as compared to standard business loans. Instead of having to pay the money back in a lump sum, you’ll be returning the money through a percentage of your profits.

Closing Thoughts

Marketing does work, especially when it's carried out effectively and with consistency. Many will argue that it's one of the most profitable and, if you can’t seem to get your marketing done on a budget, 2M7 financial solutions is here to help you. We offer merchant cash advance to businesses in Canada. So, if you need some extra cash to fund your marketing campaigns, give us a call today to learn more.

Today’s small businesses don’t need to rely on big banks for financing options. Over the past decade, there has been a rise in alternative MCA Industry that make it easier and faster for startups and small businesses to find the cash they need when they need it.When business owners consider applying for a merchant cash advance (MCA), it is usually because they are in need of cash flow immediately, have poor credit, or haven’t had success with traditional loan applications. MCAs give business owners flexibility as funds can come through to their bank accounts within days and the transaction requires no personal guarantee. This is because MCAs are not considered loans, so there is no need to put up collateral to receive an advance.Merchant cash providers are strictly offering an immediate cash infusion for a portion of a business’s future earnings through repayment plans or a percentage of upcoming credit card transactions. As credit card use has expanded, this type of lending has become increasingly popular with businesses whose sales often come via card, not cash.As the MCA industry continues to grow, what will the future of MCA lending look like?

Collaboration with Commercial Banks

The success and growth of the merchant cash advance industry have led commercial banks to reevaluate their lending requirements to become more competitive with MCA providers. While banks must maintain strict lending standards, they may begin to partner or collaborate with MCA industry leaders like investors, advisors, or partners.Commercial banks are noticing the simplicity and necessity of offering small businesses quick and easy financing but may not be able to provide it themselves. By working with an MCA provider, they can give their clients additional options that have been vetted by the bank.

Changes in Oversight

One of the main differences between merchant cash advances and other more traditional forms of funding is that MCAs are exempt from state and federal oversight. This means MCA providers with poor reputations can go unchecked and there are no set standards in place for interest rates or procedural best practices.With the recent boom of the MCA industry, it may be necessary for an increase in oversight to help clamp down on lenders who are mistreating clients or to set standards for this growing sector. This would help protect small businesses, as well as lend credibility to those MCA providers that are doing the best work for their clients.

Additional Offerings

Some MCA providers are beginning to diversify their offerings to compete with new financing options offered by prominent names like PayPal and Square. This means some MCA providers may consider offering more traditional loans, lines of credit, and cheaper rates than their larger competitors.In addition, since small businesses are beginning to have more and more confidence in the MCA process, the interest of venture capitalists and other investors has grown. This might mean the creation of new technology and credit score models that may disrupt how financing has previously been regulated.

2M7 Financial Solutions is proud to announce its annual Forward Thinkers Scholarship to support Canadian post-secondary students in Business, Finance, or equivalent programs who are forward-thinking individuals dedicated to making a difference in their fields. The selected recipient will have demonstrated excellence in their studies and will receive $2,500.00 CAD towards their continued success.“

Students are the future of our industry and we welcome the new perspectives and fresh ideas they bring to the table,” said Avi Bernstein, CEO of 2M7 Financial Solutions. “We’re proud to support passionate and talented individuals in the pursuit of their education, and we welcome all Business and Finance majors to apply for an opportunity to receive the Forward Thinkers Scholarship in 2022.”

As one of Canada’s leading merchant cash advance providers, 2M7 Financial Solutions helps Canadian small and medium businesses secure the funding they need to accelerate their growth. As a client-centric company, 2M7 values the entrepreneurs who are the backbone of the Canadian SME economy and believes in empowering business owners and enabling them to achieve their full potential. Similarly, 2M7 believes it’s important to give students the opportunity to excel in their fields and bring cutting-edge ideas that will help drive the industry forward.

The selected recipient will encompass 2M7’s values of innovation and demonstrate a genuine desire to make innovative strides within their respective field.

To learn more about the scholarship or to start the application, please visit the Forward Thinkers Scholarship page here.

Applications will be accepted beginning June 1^st, 2022, and the deadline to apply is 11:59 PM on August 31, 2022. Winners will be announced in the Fall of 2022.

About the “forward thinkers scholarship” by 2M7

The ”Forward Thinkers Scholarship” by 2M7 is an annual scholarship program, established in 2022 by 2M7 Financial Solutions. It recognizes outstanding students who are pursuing or entering full-time studies in Business, Finance, or an equivalent program. For those interested in applying for the 2022 scholarship, please make sure to follow 2M7 on Facebook for further announcements.