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The Building Blocks for Great Marketing Copy

Marketing

Marketers and copywriters craft the best marketing copy to guarantee more conversions and sales.

But how do you write the best copy that convinces even the most demanding consumers?

What is Marketing?

Marketing refers to creating the image a business wants to portray to their consumers and stakeholders. Marketing is all about representing your image and establishing your unique identity in the market.

Marketing content is not restricted to your products and services. A company can market its work culture to attract the best pool of talented employees. A business can also market its eco-friendly operations to show that they care for the environment we live in.

Common formats of marketing copy include:

  • Blogs
  • eBooks
  • Social media posts
  • Landing pages
  • Whitepapers
  • Video scripts
  • Infographics
  • Paid ad copy
  • CTA copy
  • Email
  • Case studies
  • Webinars

Now that you know what marketing copy is all about, here are the best ways to write an attention-grabbing marketing copy.

Focus on a Single Message

The best copy revolves around a single subject. While copywriters and marketing gurus are multi-taskers, they strongly recommend focusing on one message that is the crux of your campaign.

For instance, if you are writing a copy for a company that sells Bluetooth earphones along with other accessories, such as speakers, create unique content for each product. Whether you’re writing a blog post or creating a landing page, there should be separate information available for every product.

Brainstorm

There’s no copy without understanding the philosophy behind producing and selling a product. If you run a small business, here are a few factors to consider:

  • What are your strengths?
  • Why is your product different than other products in the market?
  • How do you aim to serve your consumers?
  • What are the channels or mediums that you want to use for your marketing campaigns?

Once you’ve identified the goals you want to accomplish with your copy, crafting the best marketing copy becomes easier. The best way to capture your audience is to address a current problem that needs to be dealt right away.

If you’re a web design and development company, base your marketing copy on statistics that reveal how much online traffic has shifted to mobile devices. This way you can pitch companies that are in need of responsible websites.

Keep it simple

No need to complicate things when all your consumers want to read is simple information. Owing to an exponentially decreasing attention span of today’s busy online visitors, the simplest copy gets the most views and shares. This is because an average user is unaware of the technical terms and jargon you might be tempted to use in our copy.

Keep it short and simple and avoid long-run sentences. Make sure you come up with adjective-rich copy that sums ups the best part of your products in just one word.

Use catchy headlines

Boring headlines and clichés are just a big turn-off.

What’s marketing without any creativity? Interesting headlines ignite interest and push your audience to skim through a blog post or open an email. A few effective ways to create your headlines are:

  • Pose a question to pique your visitors’ interest
  • Compile “Top 10” like lists related to your products and services
  • Include a current or trending subject in your headline
  • Make an irresistible offer if you’re writing a copy for your social media pages

Value-added services include complementary products and discounted services to first-time and loyal customers. We all love free offers and consumers are always looking for something they can try out for free before investing. The fun part is that a great copy makes even the smallest of offers tempting and popular among customers.

Target the Fearful Customer

Copywriters are known to play off the customers’ fears. For instance, if you’re marketing an insect repellent spray, make your reader imagine a situation where his bed is infested with bed bugs. Nobody wants to imagine ugly crawling insects making their way to their children’s beds.

You’re not doing anything wrong here. You’re just identifying a current or potential problem and offering a solution. Basically, you’re playing off the masses. Needless to say, this is one of the best ways to push more sales.

Again, do your home work to identify what troubles your target audience. What drives them during the day and what keeps them up all night.

Convince not Converse

A customer only buys a product once he’s convinced that the product is going to solve his or her problem. Let’s say you are writing a copy to sell a dietary supplement. Listing ingredients and compounds is not enough to lure someone into buying the supplement.

Make sure you also list the benefits of each ingredient. Even if your marketing copy proclaims that a product solves a specific problem, consumers will remain doubtful. However, if you tell them ‘how’ it takes care of their problem, you convince challenging customers.

Call to Action

All great marketing copies come down to a clearly visible call to action. One deadly mistake that most marketers and copywriters commit is to keep CTA at the bottom of the page. While placing the call to action button in the end is a common practice, there is no fixed rule that prevents you from initiating customer activity during any part of your copy.

Whether it’s providing free consultation, receiving a free eBook or signing up for a newsletter, remember to incorporate CTA’s throughout your copy.

Test your copy

There are plenty of ways to test your marketing copy. The best method to track success is to conduct A/B tests. These tests can be done for any landing page, blog post or infographic. A/B testing helps businesses expand their outreach to a wider audience. It also helps marketing teams tweak suitable changes to their current and future campaigns.

Final Thoughts

Today’s smart consumers can tell the difference between functional and fad products. Great marketing stems from incredible products. If your products don’t add any value to your customers’ lives, not even the best marketing copy can save you. Focus on creating amazing products and let your marketing copy take your business to new heights of success.

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Using the Rules of a Toast When Looking for Investors

looking

One thing you can find plenty of when looking for investors is advice. Everyone seems to have an opinion and plenty of advice to share even when they have no experience in landing business funding. The best advice you can get is actually the same advice Toastmasters International gives as toasting tips: keep your presentation personal, brief, customized and heartfelt.

Unfortunately, many entrepreneurs and businesses wait until they are desperate for cash to find investors. When it’s time to approach venture capitalists, equity partners or angel investors, the general theme is one of desperation. That is not an approach that usually works because desperation reeks of risk. If investors can detect one thing quickly it is a business or business idea that is high risk and the risk is not supported by a definitive business and marketing plan.

The personal aspect of approaching investors is quite simply – you. You are the one with the idea. You are the one who developed the business plan. You are the one who needs business funding. That makes you a business asset, and the personal aspect refers to your ability to prove business experience, ability to be productive and knowledge of the industry and market niche to be entered. Investors will also want to learn about your background.

When it’s time to present the business plan, the presentation should be brief, organized and well prepared. The investors will ask questions about any area they want more information about. However, when looking for investors, the business plan itself needs to thoroughly address all of the topics of interest. These topics include:

  • The nature of the business
  • Uniqueness of the product
  • Market definition
  • Customer demographics and needs
  • Competition
  • 5 year operating strategy
  • Repayment plan and return on investment
  • Supporting documentation
  • Collateral
  • Financial statements

The customization needed for the presentation will depend on the type of investor you are presenting too. For example, angel investors are considering a high risk investment in your early stage venture so your presentation will have to focus heavily on the management and minimization of risk. If you are presenting to potential equity partners then it will be important to address control of the business. If you are looking for large amounts of venture capital, the presentation may focus on the business plan for accelerated growth.

In all cases when looking for investors, the presentation must be heartfelt. Being heartfelt in this case means you are honest, forthright and truthful. When explaining to angel investors, venture capitalists or equity partners why you need the money, it’s important to show how the funds will be used to fuel growth.

What else can you learn from the toasting experts? You can learn to:

  • Practice your presentation and avoid embarrassing faux pas
  • Speak clearly and confidently
  • Be positive and exude success
  • Keep comments on point
  • Summarize succinctly

There are experts who can help anyone looking for investors for their business. Looking and landing are two different things though. In the final analysis, it’s up to you to do the convincing.

 

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Syky Funded $9.5M for Product and Technology Development in the Fashion Platform

Fashion

Syky is a next-generation luxury fashion platform provider based in New York. The company believes technology can be an outstanding balance, and the next generation of designers will be digital-first, revolutionizing design in digital, physical, and augmented worlds.

Syky was funded $9.5 million, led by Alexis Ohanian, angel investor of Seven Seven Six, with participation from Brevan Howard Digital, Leadout Capital, First Light Capital Group, and Polygon Ventures. The new funding intends to deploy into building up the company team, setting the designers into the community, and on product and technology expansion.

SYKY was launched and is led by Alice Delahunt, the ex-Chief Digital & Content Officer at Ralph Lauren and Digital & Social Director at Burberry. Delahunt was at Ralph Lauren and had her first countenance at the blockchain. Still, it wasn’t until years later, while working on pioneering some digital cupboard schemes with companies like Snap, Roblox, and Bitmoji, that she had a chance to see that web3 would be more than a place community for luxury fashion.

That’s when Delahunt left Ralph Lauren and started developing Syky, which she said would serve as an incubator, marketplace, and social community for the next generation of fashion designers and consumers. The company is kicking off the community part of its platform by releasing its first NFT, The Keystone, of which 987 will be available on January 20. Fifty Keystones will be reserved for and granted to aspiring designers.

The company plans for the future marketplace to be a revenue driver. It will allow rising and unestablished designers to sell and trade their collections with consumers. It will also be where designers and consumers can curate spaces to showcase their fashion desires.

By: K. Tagura

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How To Keep Cash Flow Positive As A Business Startup

cash flow

One of the biggest challenges for any business startup is the ability to have positive cash flow at all times throughout the year. When times get lean,and profits go down, you can feel a pinch in your working capital and need a way to build these monetary reserves back up to their peak. The reverse holds true when profits are soaring and you are making bank – you feel the beneficial weight of some added funds sitting in your cash flow reserves ready to be spent. But, you need to even out this cyclical trend with a positive cash flow all year-round. Here are some ways you can keep your working capital positive throughout your sales cycle.

Prevent Overspending

One of the easiest ways to get your cash flow in check is to stop overspending when the need is really not there. It can be tempting to buy the latest and greatest of everything for your business,but if tomorrow’s sales take a dip, you will find your reserves a little slimmer than normal. Spend cautiously on what you need for your business startup to survive each day. This can help you have the cash you need when an issue arises without having to struggle to come up with the funding.

Stay On Top Of Invoicing

Getting paid for the work you have completed is an arduous task for any startup. It is no fun chasing down late payments, but it is your responsibility as a business startup owner to make sure your invoicing goes out on time and gets paid. Getting your invoicing in order can make sure you have a steady flow of income coming in and can make sure money is left over for positive cash flow at the end of each and every month.

Track Daily-To-Day Costs

Keeping a good record of your costs all throughout the year can help you better identify where you are overspending. You may need to reign in your expenses, but without tracking them, you have no way of knowing where your cash flow is going each day. Keep a record of all the expenses you make every single day and review them to see where you can cut back. You may be making unnecessary purchases that are costing are adding up and affecting your working capital.

Keep A Cushion

If you know your business startup struggles from time-to-time with its working capital, you can plan for these times by setting aside a cushion of funds that you can rely on when you need it. This can make your slower months easier to bear and provide you a solid reserve that you can count on when an emergency arises. It can give you some added security that you have the funds when profits dip and keep you in the black all throughout the year.

Estimate Future Earning Conservatively

When you look ahead, it can be easy to overestimate what your earning will be the following year. You may anticipate sales that don’t come to fruition or unexpected circumstances could take hold. To keep your cash flow positive, be realistic in your future earnings and plan for the unexpected, so you don’t wind up in a situation where your working capital vanishes without warning.

Increase Sales

While it goes without saying that increasing your sales can help grow your cash flow, but this is one area that business startups can lag in. Think about the ways that you can add value to your offerings and entice customers to buy more than ever before. Bundles and add-ons are simple ways to get a customer to spend more with you and help increase your sales in any given month. You need to consider all the ways that you can get each transaction to its maximum value so you can have that extra working capital after your receivables, payroll, and expenses have been paid.

Secure A Short-Term Investor

Short-term angel investors are a sure-fire way to jump start your business startup and get the funding you need to help with your cash flow problems. They can help provide funding when times are tough and allow you to breathe a little easier with their financial support. A short-term angel investor can provide you money to grow your business while still maintain the day-to-day flow. Paid back over a shorter amount of time, these seed investors help to give you more flexibility and provide an alternative means of securing funding for your business startup.

Create Loyal Customers

Turning your customers into to loyal fans that frequent your business on a regular basis can help you grow sales and increase your profits all throughout the year. These repeat customers can give you business start up the boost it needs while also helping your working capital to balloon with each purchase. When you can count on a customer to return to your business, not only does it ensure another sale but it makes it easier to project future sales and keep your cash flow from dipping into the red.

Keep Inventory Lean

Making sure that you don’t overstock your inventory can also prevent a negative cash flow for your startup business. Practice being lean and only have the inventory you need at any given time. This can make a difference in your business’ bottom line and improve your cash flow situation. Having product and materials on hand may be nice,but it can affect your ability to have the cash reserves when you need it most. Keeping inventory to a minimum takes a special knack, but you will find that your operations are just as efficient and you are not waiting months to sell your backlog, affecting your monthly working capital.

Taking stock of your cash flow on a daily basis can make sure it is positively flowing each and every month. These simple tips can help you stay in the black and make your working capital less of a worry for your business startup. Planning  ahead, staying lean, and growing your sales will ensure you have the cash reserves you need to keep your business startup afloat year-round.

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Understanding Venture Capitalists: How to Get Their Attention… And Approval

venture capitalists

It might be surprising, but a lot of venture capitalists understand the situation of would-be entrepreneurs who are looking for investors who will finance their startups. The reason for this is simple: these people who now have millions of venture capital funds stashed in banks also started as a small company owner who experienced the challenges of looking for someone who is interested in providing financial support.

They might have followed the traditional venture capitalist model or used personal means – such as credit cards and personal guarantees – to raise significant amount of money. But one thing is clear – most venture capitalists understand the position of startup owners. And this shows their true nature when it comes to dealing with these kinds of partnerships.

Unlike the common conception that they are all too powerful and very difficult to please, venture capitalists are also human. And because most of them have experienced and succeeded in this industry, the requirements that they ask from startup owners should be seen as reasonable and realistic. Here are some of the traits that startup owners applying for financial support should have:

Passion – Those who are passionate, enthusiastic, and confident with their startups usually get not only the attention, but also the approval of investors.

Intelligence – Knowledgeable would-be entrepreneurs always have the advantage. Venture capitalists think that intelligence is tied with the success of the company.

Defensibility – Having a great concept is one thing, but being able to defend it at different levels is another. Most of the time, investors will point problems on the concept submitted by the startup owner. He or she must be able to defend the idea and convince venture capitalists that the problems can be resolved.

Contrarianism – Investors are waiting for the next big thing. Thus, unique ideas that have huge potential almost always get the nod of venture capitalists. After all, nobody wants another social networking site, not if we already have Facebook. We want something new.

Perseverance and Persistence – Startup owners who exhibit determination on their ideas always get the attention of investors. Consistent follow-ups and immediate response to queries sent by the potential investors show how important the deal is for the entrepreneur.

Humility – Despite the need for passion and determination, startup owners also need to have an ounce of humility. One must keep in mind that even the best actors or athletes have to follow the orders of their directors and coaches, respectively.

Aside from the traits enumerated above, would-be entrepreneurs should also understand what goes in the mind of venture capitalists. Usually, it only involves two things: fear and greed.

As noted earlier, investors want to put money on proposal that will be as big as Facebook. Because of this, they are afraid of letting a potential project go (fear). Also, venture capitalists look at the things that they will get once they finance a startup. This includes profit, recognition, and a powerful position within the company, among other benefits (greed).

In the end, it all comes down to these two. And startup owners might want to use these to their advantage. Of course, it would not be easy. Venture capitalists are experienced people who will know if they are being manipulated. But having the knowledge of what they want is something that could spell the difference between failure and success.

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Array Behavioral Funded $25M for Virtual Health Care and Innovative Technology Enhancement

Behavioral

Array Behavioral Care, a Mount Laurel, New Jersey-based provider of telepsychiatry assistance to alter access to quality behavioral health care through innovative technology applications. The company’s services include assessment, screening, diagnosis, consultations, and medication management, which can implemented and executed in various settings, enabling hospitals to provide convenient, affordable, and readily accessible mental health services to their patients.

Array Behavioral Care was funded $25 million led by CVS Health, which entered Wells Fargo Strategic Capital, Health Velocity Capital, Harbour Point Capital, OCA Ventures, HLM Venture Partners, OSF Healthcare, and other prestigious angel investors.

The company plans to use the budget to rise in new and existing markets through improved service offerings and operations, innovative technology, and new levels of partnership to develop access to high-quality behavioral care.

The Array has consistently been a strong mental health care provider within Aetna’s network. Array uniquely provides psychiatry and therapy across the continuum of care by serving hospitals, clinics, and individuals directly at home. Array will scale faster to give more keys to quality, convenient behavioral care in new and existing markets through improved benefit offerings and procedures, innovative technology, and the development of the training team.

CVS Health Ventures, Managing Partner and co-founder Vijay Patel said Array’s long record in virtual behavioral maintenance and its commitment to quality stand out. In addition, their partnership and investment can enhance entry to these services, which is essential, with the need for mental health services increasing enormously in recent years.

Virtual resolutions can also help psychiatrists, therapists, and other clinicians who are often loaded with excessive administrative work that detracts from the time finished providing direct patient care. At Array, clinicians have a help team of clinical, functional, managerial, and specialized specialists who support providers operating at the top of their licenses, combined with care units, and likewise practice as they would if they were physically present with the patient.

By: K. Tagura

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Qualytics Funded $2.5M to Empower the Data Quality for Enterprise

Enterprise

Qualytics an Orlando, FL-based developer of an enterprise data quality surveillance platform designed to monitor and actively defend against data pipeline corruption. The company’s technology includes a data firewall that captures erroneous data at the source and prevents it from entering downstream. Data platforms combine it with data pipelines, data flows, and surveillance hubs and use machine learning to automatically create data rules and adapt those rules through supervised workflows, enabling firms to detect and respond to anomalies in real time with active measures such as message-level quarantining.

Qualytics was funded $2.5 million led by Tech Square Ventures, with participation from Engage, SaaS Ventures, Knoll Ventures, and GRI Ventures. Including Inner Loop Capital, Propel Baltimore Fund, Maryland Momentum Fund, The LegalTech Fund, Gaingels, and prominent angel investors. The new investment will raise the company to meet increasing demand from Fortune 500 enterprises deploying Qualytics as their data quality platform.

Gorkem Sevinc, co-founder and CEO of Qualytics, said most companies need to learn the quality of their data. Managing enterprise data quality at scale is an ever-growing need in a world of data-driven findings, insights, and innovations. Their unknown approach applies ML-generated record-level data quality rules to determine anomalies as close to the source as possible. It enables our customers to address their data quality proactively. As they partner with impressive investors, they will resume catering to enterprise customers’ needs and fuel the growth of Qualytics on their exciting journey.

The partner of Tech Square Ventures, Bill Nussey, said they are excited to invest in Qualytics to address significant issues in enterprise data quality. The Qualytics team has built a fantastic product to support data teams and subject matter experts to manage and collaborate on data quality at scale. Qualytics is a rare early-stage company launched by veteran founders with startup and enterprise experience working on a large and growing problem.

By: K. Tagura

Author statement:

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Unique Ways to Funding Your Small Business

funding

If you’re a startup, there is nothing surprising in facing teething troubles.  But none of these challenges or troubles is as big or critical as funding your business. That means finding investment to get your business off the ground is, without a doubt a daunting task.  From production space, buying goods to renting office, and hiring staff, turning a simple idea into a business practically requires funds and money.

Unless you are wealthy enough to finance your business or your benevolent relative has left you a lot of money, you probably have to find ways to fund your business.  Luckily, there are some smart ways you can resolve this problem. Here are some of those unique ways to help you fund your business.

How Can You Fund Your Small Business?

1.     Crowdfunding

One of the easiest way to find your business enough funds is crowdfunding- which is a practice of raising funds from different forums or people.  It is an alternative finance and a kind of crowd sourcing.   Luckily, there are plenty of crowdfunding options available for you right on the internet.

When asking for investment funds for your businesses from a variety of investors, it is highly recommended to come up with an impressive pitch. The success of your crowdfunding campaign depends more on how you pitch the idea than it does on the idea itself. Of course, you need a team with you to plan out your crowdfunding campaign.

A common reason why startups choose this method of funding is because of the flexibility of options. Venture capitals are known for being strict with their investments. They will demand more equity in your business than you will ever have to offer through a crowdfunding model. They usually focus more on their returns than the success of the startup. The situation is quite the opposite when you go with the crowdfunding option.

2.     Angel Investors

Angel Investors is no doubt one of the unique funding options among all as they are always looking for innovative ideas to invest in the business. Originally business giants like Yahoo and Google were also used this funding option. It is worth noting that taking funds from Angel Investors requires entrepreneurs to give them some equity share in the company.

3.     Small Business Loans (SBA)

This funding option is a result of the U.S government’s interest in rampant growth of the small business industry.  The s Small Business Administration, in this regard, offers a wide range of loan types and business investments to help business owners get started.  Exploring the SBA loan options is a great way to kick start your business, if intend to run an educational institute or non-profits set-up.   For easy funding, you might want to request for SBA grants.

4.      Venture Capitalists

Much like angel investors, the funding option invest money in up-and-coming- businesses that have high potential to not only grow but also monetary returns.  In addition to that, Venture Capitalist looks for equity share in the business it invests money in. The investors are also interested in getting a right in company’s directorial decisions.  In short, VCs make money through their investments and consider having some control or authority in the business is the best way to do that.  It is always better to investigate this funding option thoroughly before opting it.

5.     Microloans

 Reserved specifically for small non-profit businesses, finance institutions grant microloans to entrepreneurs who don’t qualify for a bank loans. Microloan organizations, instead of giving donations to the non-profit companies allow entrepreneurs to invest in various economic opportunities.  Microloans are also a popular financing option in developing nations.

6.     Personal Financing

There is no denying that investing in a startup entails a lot of risks and these risks are what prevent traditional lenders from giving loans to business owners. This becomes even more skeptical if business owner doesn’t invest his/her own money in the startup.

7.     Purchase Order Financing         

 There is an array of factors that affect the cash flows of any business. These factors may include supply and demand and seasonality.  For examples, sometimes a company is unable to complete the orders due to fewer funds to buys inventory and material to make the products.

In situations like these, purchase order financing can be the panacea to the problems. It helps companies extend advance to purchase material they need to make products. Purchase order financing collect back money when products are sold.  If your business deals in manufactured goods, it stands a chance to makes 20% more on its sales by opting purchase order financing.

8.     Vendor Financing

If your bill payment record is contingent on your product selling record, you may take the benefits by negotiating longer payment terms with the vendors.  Vendors, typically require payments on invoices within thirty days before imposing penalties and late fees.  Negotiating longer payment terms will allow you work with more cash in the interim.

This is even more important if your business has a longer sales cycle than thirty days. That means if sales cycle takes  forty to forty-five days from  purchasing to selling goods, you will not be able to make invoices payment within a  month.  In that case, you need negotiations to avail vendor financing to benefit your sales cycle.

Final Thoughts

In a nutshell, investments and business funding are of paramount importance no matter what industry you want to get into. If you lack sufficient finances, it is important to weigh all options you can choose to give a kick start your business.  Given that, the mentioned funding options are great to consider if they suit your requirements.

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How to Avoid Financial Problems for Your Startup?

Startup

There is no denying that starting your own business in an established niche is exhilarating. However, at the same time, you cannot eliminate the risk factors involved. As a startup, you have to deal with a plethora of problems, with an endless stream of administrative tasks. Not only does it require a lot of your attention but also time and critical thinking to manage business finances.

When you launch a new business, you require sufficient capital to cover all the expenses, and also funds to run your business before it turns a profit. This reason is why it is important that you work with a proper financial plan that can ensure your leap into the business world that is secure and realistic. Once you are sure that your business has enough finances, you will be able to maximize the chances of success.

Here are some tips to help startups and entrepreneurs manage financial problems:

Tips to Avoid Financial Problems for Startups

Avoid Taking Expensive Credits

Whether you’re an established brand or thinking to set up a startup, you need to make optimal use of your business funds. You need to establish some financial goals that can help you build a progressive business portfolio to benefit your business.

Remember that it is the growing period of your business, and the credit cost plays an important role. Your foremost financial goal must be to set up interest core at a minimum price to attain profitability and reduce costs.

Keep Expenses Low

Business is in the survival stage in the initial phase, so keeping expenses fixed or low is a wise move. Expenses play a critical role in helping you maintain steady business revenue. 

Always try to plan large expense, including taxes, payrolls, and cost materials for products, interest, utilities, and operating expenses in advance. Managing these expenses may help you reduce the financial burden. Moreover, low expenses will ensure your cash flow is running smoothly, even on a tight budget.

Keep a Balance between Personal and Business Finances

This important step can help you avoid financial problems. Once you register your business, make sure you set up a commercial business account. To put it simply, use different banks for your business and personal accounts.

Keeping business and personal financial accounts separate can make accounting straightforward throughout the year. Also, you can easily calculate your taxes as well as eliminate the cash crunch situations startups face due to unexpected withdrawals. This also means you need to avoid withdrawing money for personal use from the business account.

You can use different credit cards and loans for your startup but avoid using them for personal expenses.

Consider Insurance

You might not like the idea of insurance and paying a big amount for your startup, but you cannot deny that your business actually needs it. Do some research about what suits your business needs for managing business finances and building a profitable portfolio. This step is imperative to evaluate which type of insurance can provide your business with long-term financial security.

Prioritize Payments

To keep financial problems at bay, entrepreneurs need to draw a line between less important and essential costs for at least the first six months. This helps entrepreneurs project where they need to inject the cash flow. They can start by reducing unnecessary expenses and adjusting the budget.

Prioritizing payments may also help you determine the key issues, such as business overspending. Once entrepreneurs take a closer look, they will find ways to become more cost-savvy with their business expenditures.

Invest in Advanced Technology

The next important thing to avoid financial problems is to invest in the right technology. To retain a prominent position in the business world, analyze your competitors’ strategy, and upgrade business operations. Use online software to track finances and also establish a strong online presence.

Using bookkeeping software for developing budgets, paying taxes, and understanding your business financial position is a great idea. Almost, all large-scale businesses have a separate finance department that uses professional software.

However, your business is in its infancy, but if you don’t embrace technological advancements gradually,   running a business efficiently will become challenging.

Manage Money Movement

Regardless of what stage your business is at, outlining payment terms is important to manage business finances efficiently. The best way to do this is to track money movements, from supplier costs to product purchasing. Make sure you consider both the legal and the financial sides of monetary transactions to trace money movements.

This way, you can figure out which business areas are performing efficiently and where you need to invest fewer funds. The data is useable for not only tracking progress but also developing a reasonable budget.

Negotiate Your Business Needs with Vendors before Finalizing a Contract

Don’t hesitate to negotiate whenever you are signing a deal. Successful entrepreneurs know what rates can benefit their business and how they can achieve them. They carefully examine purchase terms, such as grace periods or payment penalties, which can help them negotiate a great deal.

Maintain an Emergency Fund

Once you know how important it is to negotiate the right prices with vendors for managing business finances, you need to set aside emergency funds to ensure the success of your startup entity. Know that your sales will not be consistent throughout the year. This part is where you need to have some emergency funds, particularly for the off-season, to maintain a steady cash flow. 

For emergency funds, take out a proportion of your profits or income every month (particularly during high sales) and keep it for off-month expenses.

Bottom Line

While starting your own business is exciting, it entails a myriad of challenges, especially when it comes to handling business finances. If you’re facing these same issues and want to be prepared, try implementing the tips mentioned above to help you move towards a bright future.

Financial stability in business leads to better money management and success opportunities, and thus, these factors are crucial for the success of any startup.

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Parallel Bio Funded $4.3M to Enable Advancement of Biotechnology through Human Immune System

Immune

Parallel Bio, a Cambridge, MA-based Operator of a biotechnology company, intended to design and engineer tools to change how diseases are cured. The company’s platform deploys human immune organoids to rapidly accelerate the discovery and development of immunotherapies, cell therapies, antibody therapies, and vaccines, enabling medical professionals to access novel insights into human biology.

Parallel Bio was funded $4.3 million led by Refactor Capital, with participation from Y Combinator Jeff Dean and other strategic angel investors of Breakout Ventures. The acquisition capital has helped it to establish the viability of its immune-system-in-a-dish venue and accelerate the rate of drug discovery and development—several biotech-focused reserves: and senior executives at global pharmaceutical companies.

CEO Robert DiFazio and chief scientific officer Juliana Hilliard, Parallel Bio has developed a platform replicating the human immune system in a drug discovery and development dish. Parallel Bio’s platform merges immune organoids with artificial intelligence and robotics to uniquely illustrate organoids as people. As a result, its platform is the leading technology of its type to model the immune systems of entire people and the only immune technology that has the needed complexity.

Parallel Bio achieved important scientific and business milestones this year, enabling it to get its immune venue to market to medicine and biotechnology partners.

Zal Bilimoria, the founding partner at Refactor Capital, said Parallel Bio has the idea and technology to cure the disease, which starts entirely through the human body. In addition, it is building a new drug discovery and development platform that upends a century-old support for animal testing. Parallel Bio’s method promises to shave billions of dollars of waste and years of extra waiting from the drug development procedure.

By: K. Tagura

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