BILL.com SPOTLIGHT
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Keeping track of accounts payable and accounts receivable is a critical business function, whether you are a sole proprietor or you have a multi-million dollar company.

It doesn’t matter how much demand there is for your products and services if you don’t get paid. And you can’t operate if the lights go out because you overlooked a past-due bill.

At one time, the entire accounts payable and accounts receivable process was paper-based, and accountants or finance professionals did this work by hand.

The rollout of accounting software like Quickbooks, Xero, Intacct, and NetSuite added some automation, but even these platforms don’t eliminate manual accounting tasks.

Bill.com integrates with popular accounting software, then takes the digitization of accounting functions a step further. 

• Invoices go out electronically, payments are made online, and the whole process of sending and receiving funds is managed through a single intuitive user interface.

It’s no wonder small and medium-sized businesses are moving away from traditional paper-based invoices, checks, and similar. For most companies, the time savings alone offsets Bill.com fees.

Accounting firms have gotten on-board with the digital service as well, and Bill.com boasts that its users include more than 80 percent of the top 100 US accounting firms.

Bill.com Integrates with Major Accounting Software Packages

Bill.com is focused on simplifying the accounts payable and accounts receivable process, and that is made clear in its long list of features. The most compelling are these:

• Electronic payments to US and international vendors
• Digital invoices
• Automated reminders
• Electronic payment acceptance capabilities
• Document storage and retrieval
• Mobile app
• Automated data entry 
• Integration of popular accounting software
• Comprehensive dashboard
• Accounts Payable Automation 

Of course, the question is, how do these features help you?

Where Bill.com Stands Out

Bill.com users can’t stop talking about the time they save through automation of accounting functions. These are the biggest advantages of the Bill.com platform:

• The move from paper checks to electronic payments means outstanding accounts payable are resolved faster. Choose from ACH payments, Vendor Direct virtual card payments, checks, or international wires.
• Digital invoices reduce the need to print and mail documents, then follow up to confirm receipt.
• When invoices aren’t paid promptly, the system sends reminders automatically – that means less time spent on administration for you.
• No need to create a costly merchant account or concern yourself with the logistics of ACH payments. Bill.com handles electronic payments behind the scenes in a process that is fast and seamless for you and your clients.
• The problem with paper is you have to put it somewhere – and chances are you will spend hours searching for specific documents when you need them. Bill.com stores accounts payable and accounts receivable data for you in a manner that makes it easy to retrieve.
• The Bill.com mobile app lets you manage billing and payments on-the-go.
• The system is built to save you time, and that means reducing the need for manual data entry. Bill.com software captures invoice details and imports them for your review.
• Because Bill.com connects with the accounting software you already use, you won’t have to enter information twice. Details are synced with the software of your choice in real-time, so both sets of data stay current.
• Your dashboard gives you visibility into the state of your accounts payable and accounts receivable at a glance, so nothing is overlooked.
• Moving money through Bill.com gives you fraud protection at a level not otherwise available to small businesses. 

Where Bill.com Could Be Better?

No platform is perfect, and some Bill.com users point out areas that still need work. These are the primary disadvantages of using the Bill.com platform.

• Occasional difficulties with the user interface have cropped up since Bill.com revamped its look and added features in 2020. The new features have been well-received, but they have caused the system to slow down a bit.
• Some users have trouble with the scanning function that is intended to import invoice information into the system.
• A minority of Bill.com users indicate customer service is not responsive.

Bill.com reviews are overwhelmingly positive, and even the negative remarks reference elements of the platform that need tweaking – not a complete overhaul.

It’s important to note that both the fans and the critics agree on one thing across the board: Bill.com’s pricing vs time saved delivers a strong return on investment.

Bill.com Pricing and Plans

There are four distinct Bill.com plans. The features expand as pricing increases, which is a benefit for small businesses.

Those who need simple accounts payable or accounts receivable software can choose a less expensive plan that provides just the right level of support.

When the business grows and needs change, upgrading is fast and easy.

Essentials Plan – $39 per user/month

The Bill.com Essentials plan focuses on basic accounts payable and accounts receivable functions. Features available in this package include the following:

• Manage either your accounts payable or your accounts receivable (not both)
• Import and export data
• Up to five standard user roles
• Access to standard approval workflows
• Unlimited digital document storage
• Payment support
• Membership in the Bill.com Business Payments Network

Team Plan – $49 per user/month

The Bill.com Team plan focuses on basic accounts payable and accounts receivable functions, but it adds the ability to sync with your accounting software.

• Manage either your accounts payable or your accounts receivable (not both)
• All features included in the Essentials plan
• Integration of accounting software like Xero, QuickBooks Pro, QuickBooks Online, and QuickBooks Premier
• Create customized user roles based on business needs

Corporate Plan – $69 per user/month

The Bill.com Corporate plan offers the option to manage both accounts payable and accounts receivable functions for one price.

• Manage accounts payable and accounts receivable
• All features included in the Essentials and Team plans
• Streamline invoices and payments through automation tools
• Create customized user roles that include “approver-only” capabilities
• Create customized approval limits.

Enterprise Plan – Custom Pricing

The Bill.com Enterprise plan is intended for larger, more complex businesses that require customized functionality for unique needs.

Virtually all of Bill.com’s features are accessible through this plan, and the pricing is tailored to how the software is used within the organization.

• Manage accounts payable and accounts receivable
• All features included in the Essentials,Team, and Corporate plans
• Integrates with NetSuite, Intacct, and QuickBooks Enterprise
• Supports accounting files in multiple entities or locations
• Offers API access to Bill.com
• Allows importing and exporting data with Microsoft Dynamics

All plans come with a free trial period, so you can explore and test the system risk-free.

Other Bill.com Fees

The monthly subscription fee covers all Bill.com features, but there are fees assessed by financial institutions and postal shipping services for certain transactions you make through the platform.

These are passed onto you separately from your monthly Bill.com fee, as follows:

• Sending or receiving an ePayment – $0.49/each
• Sending or receiving an ACH payment – $0.49/each
• Bill.com printing/mailing services for checks and invoices – $1.69 for each check or invoice processed
• Merchant fees for credit card payments – Level 3 processing rates
• International wires sent in USD – $9.99 each

These prices do not include relevant sales tax.

Bill.com Reviews by Customers

Customers are enthusiastic about the time they save through the Bill.com platform. Examples of Bill.com user comments include the following:

• “There are multiple dashboards where you can see the status of your payables on one screen which is convenient. Also, the reporting features are great.”
• “Bill.com has approval workflows. These make it easy to control your payables and avoid fraud.”
• “It notifies you of the different stages as a payment is coming through which relieves anxiety/stress of getting paid.”
• “The system is useful for companies with multiple US and international locations. Accounts payable is centralized and automated with Bill.com.”

Even the reviewers who give five stars might mention areas whether the platform could be better. Examples of Bill.com review comments that point out the need for improvement include the following :

• Bill.com recently implemented a new interface. It can be confusing at times. 
• Setting vendors up on ACH/EFT can be tough for tech-challenged folks.

The good news is that Bill.com has friendly, helpful customer service staff ready to assist with any issues.

Bill.com Security Features

Companies that have not yet transitioned to web-based accounting services point to one primary concern: security.

Cybercrime is more prevalent than ever, and managers want to avoid fraud and theft of data at all costs.

Bill.com relies on cutting-edge security features to ensure that transactions are encrypted and data is safe. It points out these ways your business is protected when you use Bill.com:

Account Security

Bill.com is committed to ensuring that your account can only be accessed by you.

The software requires strong passwords and two-factor authentication to view any confidential data, and that information is transmitted over a secure channel.

If you forget to log out of your account, don’t worry. Bill.com will log you out automatically if there is no activity.

Network Security

In addition to protecting your account from unauthorized access, Bill.com ensures that its network remains secure against intruders.

It uses state-of-the-art cyber security software that includes intrusion detection features, and the network is constantly monitored for any signs of compromised services.

Data Security

Your information is protected by several levels of encryption, preventing unauthorized users from stealing the data. As it moves through the web during digital transactions, data is protected with TLS (Transport Layer Security), which is the industry standard.

Finally, data is backed up at co-location centers, so you won’t lose your information in case of an emergency or disaster.

All data centers are operated by industry experts, and all Bill.com employees go through a background check and data security training upon hire.

Payment Fraud Protection

When you use Bill.com’s digital payment and check services, you don’t have a book of blank checks hanging around. That is, itself, a critical measure for reducing fraud and theft.

Bill.com Review Summary

When it comes to overall features, pricing, and popularity, Bill.com is the top choice for small and medium-sized businesses.

The platform simplifies and streamlines processing of accounts payable and accounts receivable, reducing the time spent on manual data entry and follow-up. That’s a win for businesses of any size.

The article Bill.com Review was originally posted on Investormint

Attracting clients to your business is an expensive endeavor. Startups often invest a significant portion of early revenues to bring customers on board – and that’s just the beginning. The expense isn’t much lower for established businesses who are always working to retain existing clients, expand relationships, and grow market share.

Spending that marketing budget wisely is a challenge. There are a variety of traditional marketing methods that appear, on the surface, to be effective. However, a deeper dive into results shows that many standard advertising techniques like print ads and radio commercials are all but obsolete.

The fact is that according to one survey, only 33 percent of consumers consider paid advertising to be a credible source of information.

Marketing professionals are exploring new ways to reach their target audience, and they are experimenting with social media, experiential marketing, and cause marketing. While these can be highly effective, they tend to be pricey, which means lower overall returns on investment.

One of the best – and least expensive – marketing methods has deep roots and a long history of success. Unfortunately, it is often overlooked. Word of mouth advertising, otherwise known as referral marketing, offers stronger results at a lower cost than just about any other option. 

Your potential clients trust their friends and family to provide honest feedback. In fact, according to one survey, 92 percent of consumers have confidence in product reviews and recommendations provided by their peers. If you don’t already have a referral rewards program in place, now is the time to start.

Is a Referral Program Worth It?

No matter how you look at referral program results, it is clear that this method of marketing is worth every penny you invest. These are just a few of the benefits of attracting customers through word-of-mouth:

• Referred customers are 25 percent more profitable than customers attracted through other marketing methods.
• Roughly 76 percent of consumers say they are more likely to be persuaded by feedback from your existing customers, “real people”, than they are by the advertising you create.
• Customers who come to you through referrals are 4x more likely to buy
• The lifetime value of referred customers is 16 percent higher than others on your list.
• Retention rates for referred customers are 37 percent higher.
• Referred customers are four times more likely to send their own friends and family your way.

When you develop a referral rewards program for your business, you harness the power of word-of-mouth marketing by incentivizing clients to share their experience with others.

This is an important point, as research shows that while 83 percent of consumers are happy to refer others to you, only 23 percent actually take action. That number rises dramatically when there are incentives involved.

Calculate the Value of a
Referral Program

If you aren’t yet convinced that a referral program is right for your business, have a look at the numbers.

You can calculate the potential returns of your own referral program like this:

# customers * Value Per Customer * Referral Rate (e.g. 1,000) * $500 * 5%

This formula shows the value of a referral program. More importantly, you can see how much money you are leaving on the table every day you don’t have a referral program in place.

Step-by-Step Guide to Creating a Referral Program

It is possible to build your own referral program from the ground up. This step-by-step plan can be tailored to the specific needs of your business, and it offers an opportunity for your clients to collect rewards for sharing their feedback about your products and services with friends and family.

Step 1: Create a Target Customer List

There’s nothing wrong with launching your referral program to your entire customer database, but most businesses find that the process goes more smoothly by starting small.

As with any pilot program, this gives you an opportunity to work out the kinks along the way, and it ensures that you aren’t overwhelmed with responses before you are prepared to handle them.

Remember, if your clients (or the new customers they refer) have a bad experience early on, they won’t use the program again.

These are some of the criteria to use when developing your initial list of participants:

• Clients that you have done business with for a long period of time.
• Those that have shown loyalty through repeat purchases.
• Customers who have expressed their satisfaction with your products and services.
• Clients who have spent more than average with your business.
• Customers who have referred friends, family, and/or colleagues to you in the past.

You can sort your current customer database using one or more of these measures to create your list for the initial launch of your referral program.

Step 2: Choose a Reward for Customers

The incentive or reward you offer for successful referrals is something of a balancing act.

It has to be enough to generate interest, without being so much that it negates any profits realized from the new customers.

You can use figures for marketing spend to calculate the initial reward, then tweak the amount based on effectiveness during your pilot program.

For example, if your profit/loss statement shows the value of each customer is $1,000 and marketing spend comes out to 20 percent, the referral reward you offer should be no more than $200.

You may wish to start lower and test the response before increasing to the full $200 figure.

Step 3: Create Messaging

Once you have selected the clients who will be included in your initial outreach, it is time to craft a communication that encourages them to take action.

The goal is to let them know that their referrals are critical to your success, and that you are offering a reward for their participation in the program.

The best referral requests are customized to the client, so when you are launching on a small scale, personalize your message. Mention a unique moment in your business relationship before jumping into the details of your referral program. These are a few examples:

• “We have enjoyed serving you for the past five years. As a thank you for your loyalty, we are offering a $200 cash reward for every client you refer to us.”
• “Thank you for trusting us with your financial service needs. We look forward to working with you to reach your financial goals in the coming years, and we would like to provide the same great service to your friends and family. You can now earn $200 when you refer others to us.”
• “Thank you for your recent purchase of our advanced technology. You can now share the benefits of this product with your colleagues at a reduced rate. When you refer others, they get a 20 percent discount, and you get an entire month free.”

Keep in mind that the timing of your communication can make a big difference in how your clients respond.

While you can simply send out a blanket referral request to everyone on your list at once, you might have greater success if you customize your requests.

Ask for referrals just after clients have completed a purchase or mentioned that they are delighted with your service. Instead of sending your referral request out of the blue, include it when you are contacting them for another reason – one that is more about them than you.

For example, send a follow up after their purchase is complete, asking whether there is anything else you can do to be of assistance. Add a line about the importance of referrals and make a direct request that they share your information with friends, family, and colleagues.

Don’t forget to clearly outline the reward they will receive as a result of successful referrals.

The downside to this approach is that it takes longer to get your referral program off the ground. The upside is that you are far more likely to get positive responses along the way.

Step 4: Track Responses

Now that you have put the ask out there, the hard part begins. It is up to you to carefully track responses, so you can ensure rewards are issued as promised.

This step is critical, as an error in your records can lead to missing referrals and rewards. If you fail to deliver on promised incentives, you can be sure that impacted clients won’t send others your way.

You will also need the data you collect in this step to measure the effectiveness of your outreach, so you can refine your messaging and work out any snags in your program.

Many referral plan administrators use standard spreadsheet or database software to keep records up-to-date.

You should be tracking email open rates, the number of recipients who click through for more details, and how many clients respond.

Most importantly, you must note who responds and the specifics on who they referred.

Step 5: Record New Referrals

If you aren’t using an automated referral system or one that connects referring clients with those they refer through a unique code, it is up to you to match new customers with the clients who referred them.

Ideally, your current clients have given details on those they referred, and your new customers are reminded to share the name of the referring client when they complete their new customer registration form. This makes matching referrers and referees a bit easier.

Your spreadsheet or database software can help with making the necessary connections, so you can ensure new and existing clients get the rewards you promised. As a precaution, you may want to run the names of all new clients against your referral database, so that you don’t miss any connections.

Step 6: Reward Your Referrals and Customers

As referrals start coming in, your job is to get rewards paid as soon as possible. You don’t want your referring clients to feel the need to follow up.

Credit their accounts or send out their cash bonuses as soon as program requirements are fulfilled, then pay close attention to providing your new customers with exemplary service.

Your goal is to ensure that these new customers go back to the clients who referred them to thank them for the great tip, which is sure to lead to more referrals in the future.

By the way, don’t forget to thank referring clients for taking action when you send their reward. A customized message sharing your gratitude goes a long way towards building relationships.

Step 7: Measure Success

All of that data you collected is necessary for measuring the success of your efforts.

At first, you may wish to calculate your return on investment monthly to see whether you need to make any adjustments. Over time, you can complete these calculations quarterly.

Start by looking at each number individually. Are people opening your emails? If not, why not?

Of those who read the message, how many responded by clicking through to the program details?

If the rate is lower than expected, your messaging might need some tweaks.

Sometimes, this means changing the language in your communication, and other times, it is an indication that the reward you are offering isn’t enough of an incentive to prompt participation.

Finally, when current clients do click through to review the details of your referral program, how many took action?

If the figure is low, the issue could be that your referral process is too complex. You may need to simplify your referral form to prompt greater participation.

Analyzing this data helps you understand whether your initial attempt at a referral program is generating results. If you discover that you aren’t seeing the success you anticipated, rework your messaging, the details of the reward, and/or the referral process, then try again.

If you are seeing success, consider rolling your program out to your entire customer base.

Include a link to your referral program in your email signature, and mention it on invoices and forms.

Spread the news of your referral reward far and wide to achieve your goals for growing and expanding your business.

Highly Effective
Referral Reward Programs

As you begin designing your own referral reward program, consider how the most successful programs gained traction. These are examples of referral reward programs that transformed small startups into industry leaders:

• PayPal – Referral programs were harder to launch in the era before social media, but that didn’t stop PayPal from achieving astonishing success. The company gave cash to those who referred friends and family to the service – a wildly popular incentive. While the program ran, PayPal grew its customer base by seven to ten percent per day. As a result, many companies used PayPal’s methods as a model for their own programs.
• Dropbox – When the subject of referral programs comes up, many people think of Dropbox. This company dramatically increased its user base by giving referrers and those they referred free storage space. The program was modeled on PayPal’s highly successful methods, and it inspired millions of customers to invite friends, family, and colleagues to Dropbox.
• Airbnb – A small home sharing startup didn’t seem to be a match for the massive hospitality industry until it harnessed the power of referral rewards. Airbnb offered current clients discounts on their own trips for referring others to the service, which resulted in a major boost to the number of available properties and the number of active Airbnb clients.
• Uber – In the spirit of the new referral programs that redefined the practice, Uber set up a version that rewards current users and those they refer with free rides. The system offers current clients a customized link that they can share through email and social media. When friends and family click through, both accounts are credited automatically.

The common thread that links the success of these programs is the fact that they offered appealing rewards and made it easy to share information.

To collect incentives, current clients simply clicked on a button to bring up pre-filled referral emails or launch pre-filled social media posts.

The payoff for a few seconds of effort was enough to persuade current clients to participate.

Referral Reward Program In A Box

If you have come this far, you are most certainly convinced of the benefits offered by referral programs. However, if you are still hesitant about launching your own, you aren’t alone.

The truth is, building a referral rewards program from the ground up isn’t easy, and staying on top of on-going tracking and analysis requirements requires a large investment of time – something that is in short supply for most business owners.

Fortunately, there is an alternative that gives you all of the benefits without the hassle.

Get Referral Rewards is a fast, easy way to get your referral rewards program off the ground in minutes.

The platform is designed to manage your program from start to finish. It uses advanced technology to enroll, track, and analyze referral activity, so you can spend your time where you are most needed – managing your business.

It only takes a moment to enroll in Get Referral Rewards, but the benefits are on-going. The software makes it simple to create messaging, and it automatically tracks open rates, click rates, sign-ups, and payouts.

Visit getreferralrewards.com to get started in three quick steps:

• Step One – Enter your business information.
• Step Two – Email your customers and/or place a button on your website.
• Step Three – Follow your progress on the Get Referral Rewards dashboard.

In today’s fiercely competitive marketplace, you can’t afford to overlook word-of-mouth marketing to grow your client base.

A referral rewards program transforms your current customers into brand ambassadors who bring new business to you.

Get started today >>

The article Step by Step Guide: How Do I Create A Referral Program? was originally posted on Investormint

Groupon used the power of digital networking to get great deals for consumers while helping small businesses grow.

Pinterest took the concept of social media in a new direction, and Airbnb reinvented how people vacation.

These projects and others like them didn’t turn into global success stories through traditional marketing. They used a very specific technique to attract new users and grow their organizations: referrals.

The Power of Referral Rewards

The list of start-ups that credit their rapid growth to referrals is long. Before social media became popular, PayPal launched a referral program that worked entirely through email. Essentially, the company paid people to persuade their friends to join, and it worked.

PayPal was rewarded by customer growth of 7 percent – 10 percent per day during this program. That’s right – per day.

Dropbox modeled its own referral program on PayPal’s wild success, offering users free space for bringing friends into the fold.

In just 15 months, Dropbox grew its customer base from 100,000 users to an extraordinary 4 million. Uber used referral incentives to gain new clients and new drivers, and Airbnb did the same.

Even Tesla relied on referrals to bring new clients in. While the program was active, customers who encouraged friends and family to purchase a Model S electric sedan got a $1,000 reward, and those they referred enjoyed a $1,000 discount on their vehicle.

Better yet, there were special rewards for those who made five referrals, and those who brought ten new customers into the Tesla family were granted the option to purchase a special limited-edition Model X.

>> How To Create Brand Ambassadors

Why Small Businesses Miss Out

For many small businesses, these examples aren’t persuasive. After all, the average business owner doesn’t have the resources necessary to develop and track a quality referral program, because in today’s social media-driven world, a successful referral program has to be digital.

It is very common for consumers to conduct online research before making a purchase. They are likely to check existing feedback and ask their networks for recommendations on everything from which toothbrush is best to where they should book their next vacation.

Studies show that 71 percent of consumers are influenced by the products and services their social media connections recommend, so your goal is to be on that list of recommended businesses.

That means you need smart referral technology that allows users to share your information far and wide, while still ensuring that rewards get to your customers on-time, as-promised.

That’s a tall order for companies operating on a shoestring budget.

The good news is that advanced referral services are now available to businesses of every size without a massive cash investment.

Tools like those available at Get Referral Rewards make it fast and easy to offer referral rewards to your customers with just a few clicks.

The biggest costs you face are the rewards you give your customers, and as you will quickly discover, the increase in revenue far outweighs the expense of rewards.

Referred customers generate 25 percent more profit than your current clients, and they are four times more likely to turn around and refer their own friends and family to you. In short, without investing in an expensive – and minimally effective – advertising campaign, you can grow your business effortlessly.

>> Clients Make The Best Referrals

5 Ways Referral Programs Grow Your Business – Fast

If you aren’t convinced that a referral program will help you grow revenues, consider the research:

• Between 20 percent and 50 percent of all purchasing decisions are driven primarily by word-of-mouth advertising.
• Millennials rely on feedback from friends and family to make their purchase decisions. In one survey, 28 percent said they flat out won’t try a product if their social network doesn’t approve.
• Referred customers spend more with you than your other clients do. The lifetime value (LTV) of referred customers is 16 percent higher than those acquired through other marketing methods.
• Referred customers are far more likely to stick around. In fact, you are 37 percent more likely to retain a referred customer long-term versus there traditionally sourced peers.
• Business-to-Business companies benefit from referrals as much as – perhaps more than – Business-to-Consumer companies. B2Bs have learned that conversion rates are 70 percent higher with referred prospects, and sales close 69 percent faster.

E-commerce has transformed business, removing barriers to entry and dramatically increasing the number of competitors trying to capture a share of your market.

You can’t afford to overlook tools that have the potential to grow your customer base. Launch your referral program in three easy steps with Get Referral Rewards.

>> How To Create A Referral Program For Accounting Firms

How to Create a Referral Program and Grow Your Business

The team at Get Referral Rewards has developed advanced technology to encourage and track referrals. The beauty of this system is that it is simple for you and your clients to use.

• Step 1: Start by signing up at getreferralrewards.com.
• Step 2: Email your customers or place a button on your website where your customers will be sure to see it.
• Step 3: Keep track of your new customers – and make sure all rewards are paid as promised – through the user-friendly Get Referral Rewards platform.

There is no cost to get started, and so no reason to wait. Once you sign up, your current customers will become your most effective brand ambassadors.

The article Grow Your Business: Increase Revenues with Referrals was originally posted on Investormint

As of 2018, the American Bar Association reports there are a total of 1,338,678 licensed, active attorneys in the United States. When compared to the number of licensed, active attorneys just a decade earlier, that figure represents a ten-year increase of 15.2 percent.

At any given moment, more than 100,000 students are enrolled in JD programs, and law schools confer tens of thousands JD degrees every year. In other words, it’s a crowded, highly-competitive field, which makes it hard for a single firm to stand out.

Attorneys who operate a solo practice have the highest risk of failure, but that doesn’t mean larger firms are immune. It’s common to see partnerships dissolve seemingly overnight, with little or no warning.

When Old-School Networking Isn’t Enough

Law firms rarely close their doors because they lack the knowledge and expertise to provide exceptional service. In most cases, the issue comes down to cash flow.

Many practices take on debt to keep the doors open while they work through lengthy cases, and at some point, there simply isn’t enough coming in to pay the bills.

The answer is, of course, to bring in new clients, but traditional marketing methods aren’t as effective anymore. No one wants the reputation of being an “ambulance chaser”, but most alternatives to blanket advertising are extremely time-consuming.

Everyone knows that referrals are the best source of new business, but it’s tough to generate enough of these to make a difference.

Participating in professional networking events is a start, but this tends to generate a trickle of business when you need a flood. More importantly, there is no easy way to track the success of your efforts, so you can’t be sure which of your activities is worth your valuable time.

What if there was a way to get more clients through word-of-mouth without investing endless hours in networking and one-on-one calls? Is it possible to persuade your current clients to network on your behalf? Believe it or not, the answer is yes.

Activate Your Client Network

Satisfied clients are sure to send their friends, family members, and colleagues your way if the opportunity presents itself, but most aren’t proactively looking for referral opportunities – at least not when it comes to legal services.

That’s a shame, because social media has made it common practice for consumers to provide feedback on brands and products in almost every other industry.

The secret is to develop a structured referral program that automates the process. With the right platform, your clients need only click a button and answer a few questions to participate. Referral tracking and data analysis is done for you, so you aren’t investing time and energy into managing the program.

Such a program nets far more quality referrals for your firm than traditional networking chats, and your cost per referral is far lower than the value of time you would otherwise spend making calls to clients one-by-one.

5 Reasons Why Every Law Firm Needs a Referral Program

If you aren’t already convinced that a structured referral program is a must-have for your legal practice, consider these facts:

Fewer Clients for Family Lawyers

Yes, many marriages still end in divorce, but that doesn’t mean you can look forward to plenty of clients for your family law practice.

The number of US adults who are married has decreased by 8 percent since 1990.

Americans are staying single longer, and they are much more open to living together before tying the knot. While that is promoting more stability in the marriages that do take place, it doesn’t bode well for your firm.

Lower Crime Rates

Despite the media’s best efforts to persuade you that there is a crime wave sweeping the nation, the fact is that crime rates are going down.

Over the past 20 years, the number of arrests decreased by a third, though the total population has increased substantially.

While that makes the nation a safer place to live and work, it means less business for criminal lawyers.

Safer Roads, Workplaces, and Businesses

Attorneys who specialize in personal injury may feel confident that there will always be clients who need services, but that’s not necessarily the case.

Product safety standards are more strict, businesses are more attentive to preventing injuries, and cars are better equipped to protect passengers.

Insurance companies and legislators are working together to crack down on fraudulent claims, and arbitration agreements are on the rise, reducing the likelihood of massive cash awards for damages.

Certainly, there is still a brisk business for attorneys who focus on this area of law, but personal injury cases are far less lucrative than they used to be.

Increased Reliance on Social Media

Meanwhile, technology has been integrated into every corner of the business world, ushering in the digital age.

Consumers depend on social media and mobile devices to manage their work and their personal lives. Platforms like Facebook, Instagram, Twitter, and Yelp are go-to resources when people are seeking information on products and services.

Brands are relying on influencers and brand ambassadors to connect with their target market.

A full 58 percent of social media users regularly post about their purchases, and one survey showed that just 33 percent of consumers give any credibility to paid advertising.

On the other hand, 92 percent say they trust recommendations made by members of their networks.

Higher Expectations for Referral Programs

When you offer high-quality legal services and you create exceptional experiences for your clients, a majority are likely to share your information with friends and family who are in search of an attorney.

However, it’s unlikely that these clients will go out of their way to help you build your business.

In one study, 83 percent of participants indicated they are glad to refer others to their favorite brands and businesses, but only 23 percent actually do so.

This is likely due to the fact that consumers have high expectations for referral programs.

While they will help you out if the opportunity comes up and takes no effort on their part, they aren’t going to put any time into being an unpaid spokesperson for you.

In one survey, 50 percent of respondents indicated they are motivated to actively refer others to a business when they are promised rewards and financial incentives.

Another survey showed 39 percent of respondents take action when incentives are offered.

How to Create a Referral Program for Your Law Firm

Get Referral Rewards offers the advanced technology you need to implement an automated referral program in minutes. All you do is sign up. The platform makes it easy for you to place buttons on your website, and then the software does the rest.

Your clients are motivated to share your information, and the platform tracks all of the details.

You have full visibility into where your referrals come from through the specialized analysis tools.

There is no cost to enroll and no sales-ey onboarding – the entire process can be completed at getreferralrewards.com.

The article How Can Law Firms Grow and Increase Profitability? was originally posted on Investormint

Word-of-mouth advertising has always been an effective way to build your business. Marketing experts have determined that the effectiveness of their efforts increases by up to 54 percent when they persuade current customers to get involved.

Before social media, you could count on happy customers sharing their experience with a few friends and family members. A small number of those would eventually become your customers, too.

Today, there are billions of people using platforms like Facebook, Instagram, and Twitter. Each of your customers has connections with dozens, if not hundreds or even thousands, of potential clients.

When your customers become brand ambassadors for your business, word-of-mouth referrals can be a powerful way to attract new clients, grow your revenue, and increase your profits.

What is a Brand Ambassador?

Consumers don’t like to spend their money with faceless organizations. They want to patronize companies with whom they have a relationship. Brand ambassadors put a human face on your business by sharing their experiences and building relationships with people in your target market. 

The value of brand ambassadors comes down to changing consumer expectations. Your customers are no longer satisfied with one-way relationships. Chances are, they won’t even see your traditional advertising efforts, as a majority ignore, block, or completely disregard blatant solicitations.

Brand ambassadors help potential customers develop an emotional attachment to you, your products, and your services, and they promote trust between members of their network and your business.

When your prospective clients see your standard ads, they view your promises with a certain amount of skepticism. When they see and hear positive feedback from members of their social networks, they tend to assign far more credibility to the message.

The good news is that consumers are already primed to share positive feedback about your business on social media. Approximately 58 percent are in the habit of posting about their experiences with various brands, as well as asking their social networks to make recommendations and provide feedback on their own purchases.

From a financial perspective, the value of brand ambassadors can’t be overstated. The retention rate of referred customers is 37 percent higher than that of customers attracted through other means, and their lifetime value is 16 percent higher. Not convinced? These are seven statistics that are sure to change your mind.

7 Reasons Why You Need Brand Ambassadors Now

For you, the benefits of brand ambassadors are virtually unlimited. This sort of marketing is priceless, yet it costs you almost nothing.

These seven statistics show what you can expect when you develop a strong collection of clients-turned-brand-ambassadors to promote your business:

• According to one survey, just 33 percent of consumers stated they find paid advertising credible. A remarkable 92 percent indicated they trust peer recommendations.
• Another survey showed that 70 percent of respondents have made purchase decisions based on suggestions from friends and family members.
• Researchers determined that average consumers have conversations (digitally or otherwise) about specific brands approximately 90 times per week. When the data is sliced another way, it comes to an astonishing 2.4 billion brand-related conversations per day in the United States alone.
• Millennials, the largest consumer group in today’s marketplace, put word-of-mouth at the top of the list when it comes to how they make purchasing decisions in many categories of goods and services. Baby Boomers also place a lot of credibility on word-of-mouth referrals when it comes to financial products and certain big-ticket purchases.
• Studies show that 81 percent of social media users state they are influenced by information shared by people in their networks.
• In one survey, more than 50 percent of respondents said they are motivated to make referrals when they are offered rewards and incentives.
• In another survey, 39 percent of participants indicated financial incentives make it highly likely they will refer people in their networks to a brand.

Clearly, in today’s digital world, you can’t afford to be without brand ambassadors. The question is, how do you get these conversations started?

How To Create Brand Ambassadors – Instantly

A majority of your current customers are already open to sharing their experiences with others.

In one study, 83 percent of satisfied clients said they were willing to refer others to exceptional businesses through word-of-mouth and social media. However, only 23 percent of consumers actually take action when it comes to sharing their feedback.

Your job is to get that figure higher by persuading your clients to speak up, but how do you do that?

As with any business initiative, the key is KISS (Keep It Simple, Silly). You can create brand ambassadors instantly with an easy three-step strategy.

• First, ask your clients to take action.
• Second, provide incentives.
• Third, leverage the power of referral technology to make sharing your information effortless.

Integrate your referral program into multiple touchpoints, so it is an on-going part of customers’ journeys. This technique makes it four times more likely that your customers will share their experience. Don’t forget to highlight your call-to-action on your post-purchase page. This placement multiplies the likelihood of referrals by 16 times.

Get Referral Rewards is an end-to-end solution for creating brand ambassadors. The platform is driven by powerful technology that enrolls, tracks, and analyzes your clients’ referral activity, so that you can focus on the core operations of your business.

All you have to do is sign up online at GetReferralRewards.com and put a button on your website that encourages participation – for example, “Earn $100 When Friends Join”.

The technology does the rest. Within weeks, sometimes days, your clients will become your most passionate brand ambassadors and your greatest salespeople.

The article How To Create Brand Ambassadors from Existing Customers was originally posted on Investormint

Competition is fierce in the accounting business, and it’s not enough to offer the same services as others, you need to differentiate yourself.

When it comes to basic advice and filing standard returns, clients are likely to hire the first firm that gets their attention – as long as the fees are reasonable.

Clients with complex needs might spend a little more time researching options, but in the end, they choose accountants based on reputation.

Your job is to make sure your firm’s reputation is beyond reproach, then to find creative ways to put your story in front of potential clients. Again and again, marketing research shows that the best way to connect with a new audience is through referrals from your existing clients.

Why Old-School Networking Is A Thing of The Past

There is a common misconception that getting referrals means attending events to meet other professionals, then exchanging contact information. 

The theory is that you will trade referrals with each other when current clients need services you don’t offer. However, this type of activity doesn’t really qualify as true word-of-mouth referrals. It is better defined as networking to build your professional connections.

True referrals don’t come from this sort of casual business relationship. The referrals you want are the result of providing such high-quality service that your clients and professional contacts enthusiastically promote your firm to others. 

These kinds of referrals are more about who you are than what you do, and they lead to lasting, long-term relationships with your current clients and the clients they refer.

The fact is that old-school networking is a painfully slow way to grow, and it’s not easily scalable. Today’s social media platforms make it easy to get feedback and recommendations for just about any product or service.

Those in search of an accountant are unlikely to ask other professional service providers like those you meet at networking events. Instead, they will post a request to their social media connections asking about quality firms in their area.

But how do you make sure you are the first accountant that comes to mind when your clients see that post?

Activate Your Client Network

Research shows that 83 percent of satisfied clients are willing to refer members of their network to you, however just 23 percent actually do.

Clearly, boosting your business by waiting for clients to mention your firm to friends who inquire isn’t going to result in rapid growth. Instead, you are likely to see a trickle of new business that eventually turns into a steady flow. If you want to increase business quickly and effectively, you must take action by activating your client network. 

Some firms encourage referrals through one-on-one contacts with existing clients. They call, email, or send solicitations politely requesting that clients refer family and friends. However, there are problems with this approach.

First, one-on-one conversations and messages are simply too time-consuming. After all, how can you possible provide exceptional service to your current accounts if you are constantly focused on drumming up new business?

Second, when you choose these sorts of techniques, there is no efficient way to track your success. Was your email a factor in a client’s decision to refer a family member, or was it the call you made? You can’t be sure.

Finally, if you decide to incentivize clients to refer others to you (and you should) you must manually track each interaction.

You have to record how new clients got your information, and you must follow up with the referrer in a timely manner to maintain your credibility. Again, such a process is time-consuming, and it is easy to make errors in administration. A poor experience with your referral program is sure to deter clients from sending you business in the future.

Automated referral platforms offer technology-based solutions that make it possible to reach your entire client list at once. Better yet, they track data from your program, so you know what’s working, and you can be sure referral rewards are delivered when promised, as promised.

5 Reasons Why Every Accounting Firm Needs a Referral Program

If you still aren’t convinced that you need a referral program, these five evidence-based statistics are sure to persuade you:

• Before making a decision to buy a product or service, 82 percent of consumers request referrals from friends, family members, and social network connections.
• Advertising is less effective at attracting customers than ever before. In today’s digital environment, approximately 76 percent of consumers indicate they put much more weight on feedback from “regular people” than they do on a company’s promotional material.
• Approximately 55 percent of consumers regularly share information about their purchases through social media.
• Between 20 percent and 50 percent of all purchasing decisions are influenced by peer-to-peer marketing.
• Clients who are referred to you stay longer and spend more. The total lifetime value of a referred client’s relationship with your firm is 16 percent higher than that of clients you attract through traditional marketing methods.

The bottom line is that referrals create more revenue, and the best way to get them is to develop an easy way for current clients to share your information. When you choose a referral platform that handles the logistics for you, you can count on getting more referrals for your firm without investing an excessive amount of time.

How To Create A Referral Program For Your Accounting Firm

Magnify the power of your referral program by tapping into your client base and rewarding clients for sending you business.

Before you know it, your current clients will become your biggest brand ambassadors. You can launch your referral program easily and effectively with Get Referral Rewards, the number one referral platform for professional services.

With Get Referral Rewards, all of the logistics are taken care of, from initial sign-up to reporting and analysis. Better still, it is scalable, so it will keep up as your business grows.

Simply enroll with the service and place a button on your website that GetReferralRewards provides; it will say something like “Refer Friends, Earn $100” or whatever amount you choose. Everything else is managed for you.

Get on board before your competition and sign up to Get Referral Rewards, the fastest, easiest way to grow an existing book of business.

The article How To Create A Referral Program For Your Accounting Business was originally posted on Investormint

Technology has changed how business is done, but certain foundational principles remain the same:

• Offer a high-quality product
• Hire top talent
• Put your customers first

The first two address what you sell and how you position your company for success, and the third is all about execution. When your customers are fully satisfied, they buy again – and they buy more.

Retaining an existing client relationship is five times less costly than attracting new customers. Better yet, increasing customer retention by just five percent has been shown to drive up profits by an astonishing 25 percent to 95 percent, depending on the industry.

As a bonus, happy clients do your marketing work for you. They tell friends, family members, and professional contacts about your products and services, effortlessly delivering new business to your doorstep.

How Businesses Overlook Money On Their Doorstep

If you are spending a fortune and spinning your wheels on a marketing strategy intended to attract new customers, you may be focusing your attention and resources in the wrong place. Your existing customers will do the work for you if you treat them right.

These are just a few of the benefits you will enjoy when you keep your current customers top of mind, earning their loyalty and trust:

• Current customers are more likely to buy. The success rate of selling to your existing clients is between 60 percent and 70 percent, while new customers only commit to purchasing services 5 percent to 20 percent of the time.
• Loyal customers are five times as likely to come back to you when the need arises, rather than shopping around.
• When your relationship has a strong foundation, loyal customers are five times as likely to forgive when something goes wrong.
• Satisfied clients are four times as likely to refer others to you.

Nationwide, US businesses lose $136.8 billion per year due to customers switching to competitors as a result of poor service.

On the other hand, businesses who retain clients due to exceptional service enjoy revenue growth, thanks to increased business from existing customers and the people they refer.

The best way to get customer referrals is to make sure each interaction clients have with you is a positive, memorable experience worth sharing. Then, make it easy for them to refer new business to you, and reward them when they do.

Maximizing Revenue Through Referrals

It’s smart to be skeptical about marketing techniques that seem a little too good to be true. However, when it comes to increasing revenue through customer referrals, the data is clear and compelling. Referred customers are more profitable than those you attract through traditional marketing. 

• Referred clients are four times more likely to make a purchase from you.
• Profits from referred customers are, on average, 16 percent higher than profits from clients acquired through alternative means.
• The retention rate for these clients is 37 percent higher than the rate for clients you acquired on your own.

If you can save money and increase revenue through an effective referral program, you have more cash to reinvest in growing your business – and more profit to put in your pocket. The question is, how do you encourage your clients to spread the word?

Your Customers Are Loyal, Reward Them

Choosing a product or service based on referrals from trusted friends and family members is nothing new. In fact, it is probably the method of marketing that has been around longest.

In today’s social media-driven culture, word of mouth advertising and referrals have been amped up considerably. Research shows that word of mouth is the number one driver of between 20 percent and 50 percent of all purchasing decisions.

E-commerce sites allow customers to provide feedback, and consumers regularly review and refer services to their social networks. This practice has become so commonplace that your potential clients are likely to check with their social media connections before making any buying decisions. In fact, 28 percent of Millennials say they won’t even try a product if their friends don’t give it a stamp of approval.

The good news is that if your clients are pleased with your service, they are generally happy to spread the word. In one survey, 83 percent of respondents said they would refer others to a business if they had a good experience. However, you can’t count on referrals if sharing the information is too complicated.

When you integrate referral opportunities into multiple points of contact, your clients are likely to act. In other words, the best way to get client referrals is to make it simple for them to share your information. This, combined with a tempting incentive or reward, will have your customers working as your most compelling brand ambassadors.

How To Create a Referral Program

Get Referral Rewards is an easy way to launch a referral program that works. With the help of this user-friendly platform, you can implement your own client referral system in minutes.

This platform allows existing customers to earn rewards for referring friends, family members, and colleagues to you. When a referral signs up with you as a new customer, both the referrer and the referee get paid.

Get Referral Rewards is the number one referral program for professional services, because it takes the tracking and reporting out of your hands. You don’t have to worry about writing code or maintaining software. All of that is done for you. Get Referral Rewards handles your referral program from start to finish, so you can focus on what you do best: providing excellent service to your clients.

The article Your Clients Are Your Best Source of Referrals was originally posted on Investormint

With the advent of technology, visual advertising has changed. It moved from being something that centered on magazine ads and billboards to being focused just as readily on social media, websites, and more.

These mediums are easily accessible and low cost compared to other advertising outlets, but they can also be challenging. Not everyone has design experience or someone on staff who knows how to create professional-grade graphics, especially smaller businesses.

A variety of design tools have launched in recent years, each trying to capitalize on this problem. Canva falls into this category.

Canva Spotlight

What is Canva?

Canva is a design tool that is very user friendly. It uses a drag-and-drop method for design, so it is very straight-forward – users effectively plug-and-play.

To simplify things, Canva includes a variety of templates. Canva templates often follow themes, so users can create a cohesive look across posts and platforms.

However, this is at its most basic. Canva can be a useful tool for small businesses or larger companies that don’t want to spend hours developing graphic assets – but it can do more than that.

Canva is actually a fairly robust tool.

Creating Graphs

One of the great unsung things that Canva can do is help you develop graphs.

From graphic-intensive bar charts and line graphs to the more complicated, Canva can give you the type of artistic freedom that a spreadsheet tool cannot.

For instance, you can use Canva to create Venn diagrams, organizational charts, or mind-maps.

Editing Photos

Canva is known for its ability to help users put photos into templates, but Canva has other capabilities, some of which could replace more professional editing software for some users.

Photo Straightener and Crop

It has a photo straightener, so you don’t have to worry if you accidentally took a shot askew.

Plus, you can see the impact of your edits live, so you can make whatever artistic decisions you find appropriate. It has a cropping feature too.

Add Text

Canva also features the ability to add text to photos. From speech bubbles (like cartoons or graphic novels) to fancy fonts in custom colors, Canva can handle it.

Image Filters

Image filters are everything. They let you save a photo that turned out too dark, too washed, or just off – and people like them.

While many customers do not want photoshop, they do like filters. Whether you decide to bring out the color blue or give everything a faint purple tint, filters help you create a brand for your company images or invoke an emotional reaction to the images.

Transparency, Blur, and Masking

Many brands like to give a design depth by adjusting the transparency. It gives the photo a faded appearance.

Canva can also selectively blur an image, so that your followers focus on the parts you want them to see, or mask it with a shape, so that your photo becomes a circle or some other shape.

Templates

Canva offers a variety of templates that let you combine a photo with vector images and choice fonts.

This could be your own picture or a stock photo from the Canva library – or you could stick with the vector images and leave a photographic image out of your design.

However, what some people don’t know about Canva is that it also offers design grids, so you can take several photos and combine them on the same image, like a collage that follows a grid.

Icons

Icons are an important part of competing in social media. They provide a complement to your brand image and are featured prominently on places like your Instagram profile or possibly on your website.

These trendy graphics combine vectors with your choice of font and/or color so that you can create custom icons.

Webpages

If you are designing your own website in-house, Canva can help. Its designs can be used as web wireframes, allowing you to plan out your designs, complete with widgets and sidebars.

Once you have a web design you like, you can create a fully-functioning mockup of the website.

Printing

Canva offers a printing service as well. Whether you need a business card or a flyer, letterhead or signage for your store, t-shirts or rack cards, gift certificates or loyalty cards, Canva can help you design it and receive a high-quality printed version.

What is Canva Good For?

Canva is good for basic design. It will let your company create a brand and develop assets that reflect your unique identity across platforms.

You can make a website, design business cards, create a logo, and print whatever you need easily.

Best of all? Accessing these basic features is completely free.

The basic version of Canva will give you access to a library of stock photos and the ability to use a selection of fonts.

If you’ve ever played around with WordPress, that’s what it’s like. For some businesses, this is absolutely enough. You may be able to find a style you like and run with it.

If you have your own photography assets or you aren’t too picky with the stock photos, Canva Free may be enough – but some people want more.

There is another offering from Canva called Canva Pro that takes everything we’ve explained about Canva and takes it to the next level.

Canva Pro Features

Canva Pro offers a lot more than Canva Free. It is truly for a company that wants to tailor their brand image and develop images that are entirely unique.

Let’s look at what you get:

More Photos and Design Elements

The first thing you may notice in Canva Pro is that you get more photos and design elements – around four million more.

If you ever struggle with finding stock photos or you do a lot with social media, this feature alone may make you love Canva Pro.

Thousands of Fonts

Canva Pro also gives you access to over 1,000 fonts. If you still don’t see anything you like, the upgraded version of Canva gives you the ability to upload your own font.

Templates

Canva Free has a limited number of templates whereas Canva Pro offers over 8,000 templates that you can use as a starting point for your graphics.

Brand Kit

Canva Pro has something called a Brand Kit.

It distills all of those designs you made into a single info sheet that you can share with your web designer, marketing team, or sales.

Your Brand Kit includes your selected fonts, the colors in your palette, and your logo so your material is consistent and you don’t need to upload your logo or find the right color every time.

Think of it as an effortless way of developing a consistent brand image for your company.

Resizing

For some companies, you may need to resize images to use in different places.

While you could shrink a Canva Free image using whatever basic photography tool you have, you may not be happy with the result. Images often pixelate and end up looking unprofessional.

With Canva Pro, you can resize your images to any size you like. This is one of those advantages that may not be apparent, but you’ll realize its true value when you actually go to resize something.

Folders

Canva Pro lets you create a wide range of graphic assets, but it also helps you organize them.

The design tool lets you create unlimited folders when you have a premium subscription.

Animations

Have you ever seen a company with animated images and gifs? That could be you if you had Canva Pro.

The design tool guides you through the process for creating these graphics.

Support

Finally, Canva Pro gives you priority support. While Canva is very easy to use, you may run into hurdles.

Canva Pro gives you access to the people who can help.

Is Canva Easy To Use?

There are lots of reasons to love Canva

Is Canva Easy to Use?

Canva is extremely to use. Its drag-and-drop technology means that what you see is exactly what you get. No exception. Plus, you can easily change your design.

Canva is extra easy when you choose Canva Pro because you don’t have to make any compromises.

You have thousands of fonts to choose from and millions of photos, so you always get exactly what you want.

Canva Pricing

Canva’s premium packages are priced monthly or annually.

Choosing the month to month option gives you a chance to try out Canva’s premium features or use its premium services on a temporary basis, but it will cost more.

Billed annually: $9.95 per month (billed in one payment)

Billed monthly: $12.95

Canva Enterprise

If you have a large team, it may be pricey to give everyone a license.

Instead of only giving a handful of employees the proverbial keys to the castle, you could try Canva for Enterprise. It works just like Canva Pro except you can lock down certain design elements, like your chosen font or a favorite color, so that your employees can’t accidentally change your look.

Pricing is very individual. Contact Canva for more info (link here)

Is Canva Available for Mac?

Canva doesn’t rely on an operating system.

The graphic design tool features an online platform, so users can access it from anywhere.

There are also apps. It is available for iPhone and iPad as well as Android smartphones and tablets.

Can You Work on Canva Offline?

Canva is an online platform, so without an Internet connection, you won’t be able to use it.

If you lose your Internet connection while you are working in Canva, you will not be able to use all of its features. For instance, your designs will not automatically save. You also may not be able to access additional templates, fonts, graphic elements, or stock photos.

When it comes to sharing designs on Canva, you have a few different options. You can share your design with a single person, your team, or select people on your team. The process is the same in either case.

Start by clicking the Share button. You will see a pop-up. Type the email addresses of the person or people to whom you would like to share your creation or look for the drop-down and toggle the arrow next to the name of the person or group. You can choose to give these people the ability to view your design or edit it.

In some cases, you may want to transfer one of your designs to another user. To do this, share the design to the desired person. They will receive an email with an invitation link to your design.

Tell that person to click “Take a closer look” on the email. When the image opens, the recipient should go to File then “Make a copy.”

This will create a copy of the image that the recipient can edit as desired without impacting your original version.

The article Canva Review – Design Made Easy was originally posted on Investormint

You don’t have to be a military veteran to get a loan from StreetShares but it sure doesn’t hurt to be one.

StreetShares provides small business funding, lines of credit, and alternatives to VA small business loans to veteran and civilian-owned companies.

Business loans and lines of credit of up to $100,000 are available for term lengths that span anywhere from 3 months to 3 years.

If you are looking for fast access to cash and a small business lending alternative, StreetShares is well worth checking out.

StreetShares Spotlight

STREET SHARES SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 3.5 out of 5 stars	Loans & Lines of Credit: Up to $100,000 Loan Durations: 3 months → 3 years APR Rates: 9%+ Get Started via Street Shares secure site

How StreetShares Works

StreetShares is a marketplace lending platform that connects borrowers with investors.

Unlike a peer-to-peer lending platform, like Prosper, which pairs borrowers seeking financing with investors who want to earn a return, StreetShares makes connections mainly between veterans or military-affiliated personnel.

By matching borrowers and lenders who have served their country, a greater onus is placed on borrowers to pay back their loans.

But that doesn’t mean it’s a cake walk for veterans to secure a loan.

How To Qualify For A Loan or Line of Credit

You must be a U.S. citizen, have been in business for at least a year and be generating sufficient revenue to qualify for APR rates that start at 9%.

Businesses must generated a minimum amount of revenues over the past 12 months (or 6 months in some cases) and provide a business guarantor with reasonable credit.

Once you and your business have jumped through the pre-qualifying hoops, you will have the opportunity to pitch your loan to investors who evaluate the pros and cons of approving financing.

If you are offered a loan, you are under no obligation to accept it. And if you do decide to move forward, you will not be charged a prepayment penalty fee later if you change your mind.

Similarly, no fee is applied to undrawn lines of credit and no prepayment penalty fees apply

Apply Now

What Small Business Funding Solutions Are Available?

Whether you are starting a brewery or a bike shop, StreetShares has a range of financing options available, including term loans, lines of credit, and contract financing.

When you are approved for a loan, funds will be deposited into your account. However, you will pay interest on the full amount right from the get-go.

A line of credit is often more attractive because no fee is applied to unused funds. So, if you are approved for a line of credit of $100,000 but only use $20,000 of it, interest costs apply only to the $20,000.

Companies with lots of inventory may find contract financing to be a good fit. As long as you can provide a legitimate invoice, StreetShares may fund as much as 90% of it.

So, if you don’t have the cash to buy inventory needed to support a spike in sales over say the holiday season, contract financing provides fast access to financing so your revenues aren’t impacted by lack of cash.

Apply Now

Is StreetShares Right For You?

While most StreetShares members are affiliated with the military, you don’t have to be a veteran in order to qualify for a loan, line of credit or contract financing.

StreetShares co-founders Mark Rockefeller and Mickey Konson got their start in the military and wanted to create a funding option for servicemen and women who had returned from duty to set up small businesses.

Fast Application, Fast Funding

Recognizing that small businesses often need cash fast, StreetShares is ideal if speed is a priority for you. It only takes a few minutes to apply and you can receive funding in just a couple of days.

No Application or Prepayment Penalty Fees

StreetShares won’t hit you with application or prepayment penalty fees so there is no risk to submitting an application.

In fact, some businesses may even find that investors become customers who help them grow because a social loyalty exists whereby vets support each other.

What Information Do You Need To Provide When Applying?

StreetShares needs to know when your business began and how much revenue it is generating.

To understand your financial statements, StreetShares will ask you to provide the last 6 bank statements.

You will also need to furnish all your total outstanding business debts so the risk department can assess whether sufficient cash flows exist to manage new debts.

In some cases, income statements and balance sheets will be required too.

Lastly, your tax social security or EIN number, business federal tax returns, and/or personal tax returns will be needed to complete your application.

Apply Now

StreetShares Pros and Cons

StreetShares Review Summary

StreetShares specializes in providing financing for small businesses and entrepreneurs who have a military affiliation.

While you don’t have to be a veteran or have ties to the military to qualify, the majority of StreetShares members fall into that category.

You can apply for a loan or line of credit up to $100,000. However, if you need an advance on funds based on an invoice or payments on a contract, contract financing of up to 90% is available.

Where StreetShares earns brownie points is in providing fast access to funding. In as few as a couple of days, you could have cash in hand.

And while you won’t pay application fees and won’t be stung with prepayment penalty fees, the cost of financing is not cheap so run the numbers to make sure the financing costs makes sense for your business.

Apply Now

StreetShares Lending Alternatives

Company Name	Financing Option / Small Business Loan	Description
	Lines of credit by Kabbage	Kabbage provides small business lines of credit up to $250,000.
	Intermediate Term Loan by OnDeck	Business term loans up to $500,000.
	Loans by LoanBuilder	Loans up to $500,000.
	Line of Credit by BlueVine	Interest charged only on balances and no early payoff penalty fees.
	Short-term Loan by RapidAdvance	Get up to $500,000 in as few as 3 days.
	Line of Credit by OnDeck	Business lines of credit up to $100,000.
	Line of Credit by LendSpark	Lines of credit based on equipment and accounts receivables.
	Intermediate-Term Loan by Fundation	Commercial, fixed-rate loans up to $500,000.
	Equipment Financing by LendSpark	Businesses of all sizes and stages can access creative, ethical financing solutions.
	Intermediate-Term Loan by Credibly	Small and medium business lending solutions issued by leveraging Data Science.
	Short-Term Loan by The Business Backer	Alternative financing and lines of credit offered too.
	Short-Term Loan by LendSpark	Bridge loans for expansion, new hiring, new projects, and working capital.
	Line of Credit by Headway Capital	Revolving line of credit that allows businesses to draw up to their limit, borrow more, and then repay.
	Line of Credit by Fundbox	Qualify for up to $100,000 in credit.
	Business Cash Advance by Swift Capital	Funding based on future projections and sales.
	Short-Term Loan by Lendistry	Expect to repay loan within 6-12 months.
	SBA Loan by Lendistry	SBA loans no higher than 10.25% for up to 10 years.
	Monthly Remit Loan by Breakout Capital	Small business loans up to $250,000 with 12-24 month repayment terms.
	Long-Term Loan by Lendistry	Long-term loans are designed for small businesses planning long-term growth.

The article StreetShares Review – Fast Business Loans was originally posted on Investormint

If you are a business owner looking for affordable financing, Nav is a good place to start your search.

Nav was built to help you find the right funding for your business, which begins by knowing your business and personal credit scores.

If you are looking for a quick summary of your credit information, beginning to establish business credit, or considering financing options for your business in the near future, Nav provides three plans to cater to your needs, called Standard, Essential, and Premium respectively.

With over 200,000 businesses served and an A+ rating from the Better Business Bureau, Nav is the de facto standard for any business looking to review and improve its credit health and access financing.

Nav Spotlight

How Nav Works

Nav helps you find affordable financing for your business by matching you to the best credit card provider or lender based on your personal and business credit histories.

As a business owner, finding affordable financing can be a challenge because your personal and business credit histories are usually both scrutinized by lenders.

Nav simplifies the process of sourcing business funding options. It is the only place online where you can access both business and personal credit histories in one place.

With your credit histories in hand, Nav connects you to its financing marketplace so you can find the best business funding choices for you – as opposed to for lenders.

For example, a line of credit may be the best financing option for your business while another might fare better with a business credit card or SBA loan.

In the Nav financing marketplace, over 100 leading business credit cards and loans are available and your best match is shown based on your credit and business profile.

Where Nav shines is that its marketplace is lender-neutral, meaning that it doesn’t favor one lender or credit card provider over another. Because Nav doesn’t actually issue the loans, it can remain independent and match you to the best financing option to meet your specific needs.

No lender pays Nav to be featured more prominently so you can be assured that the financing options provided to you are based on what is best for you, not for the lender nor Nav.

Open a Nav Account

How Does Nav Make Money?

Nav makes money when you request detailed information about your personal and business credit histories, but if you want summary access you can get it for free.

Nav provides three plans for businesses looking to access business and personal credit histories.

The free plan gives you a personal credit score from 1 bureau along with letter grades for your business from 2 bureaus plus a summary of VantageScore 3.0 credit reports.

If you want more detail, you will need to pay for either the Essential or Premium plans. Although the Premium plan is just $5 more, Nav value stacks it with a lot more detailed information than the Essential plan.

In both the Essential and Premium plans, you get insights on factors affecting your credit score, $1M of identity protection, identity recovery services, dashboard access anytime, email alerts, and live customer support.

Where the Premium plan shines is by providing you phone access to lending and credit experts as well as giving you a personal VantageScore 3.0 score and business credit score from 4 bureaus – you get a VantageScore 3.0 personal report from Experian and Transunion only as part of the Essential plan.

Open a Nav Account

What Business Credit Cards Does Nav Feature?

Based on your business needs and preferences, Nav will match you to the credit card that best suits you.

Once you sign up and get your credit score, Nav lets you select the categories that work best for your business and then features the best business credit cards for you.

You get to choose among Rewards cards, Charge cards, and Balance Transfer cards.

Next you can choose which benefit you want: a low APR, no annual fee, or introductory offer.

You can also select among various Reward options. For example, you can choose among Miles, Points, or Cash Back.

And if you want to narrow down your search to a financial institution, such as American Express, Bank of America, Capital One, or Chase, you can do so easily.

Once you have selected your preferences, a list of appropriate credit cards will be featured to match your needs.

Some of the credit cards on the Nav marketplace platform include:

Credit Card	Card Type	Highlight
	Ink Business Cash ℠ Credit Card	$300 cash back when you spend $3,000 in first 3 months.
	The Blue Business ℠ Plus Credit Card from American Express	Earn 2x points on everyday purchases.
	SimplyCash® Plus Business Credit Card from American Express	Earn up to $400 cash back and $200 statement credit after you spend $5,000 in qualifying purchases in first 6 months.
	The Business Platinum®  Card from American Express OPEN	Earn up to 75,000 Membership Rewards® points.
	The Business Gold Rewards Card®  from American Express OPEN	Earn 50,000 Membership Rewards® points after you spend $5,000 within first 3 months.
	Capital One® Spark®  Miles for Business	Earn 2 miles for every $1 spent on everyday purchases.
	Capital One® Spark®  Cash for Business	Earn 2% cash back on everyday purchases.
	Ink Business Preferred Card ℠	Earn 80,000 points after you spend $5,000 on purchases within the first 3 months.
	Business Green Rewards Card from American Express OPEN	Earn 5,000 membership rewards points after your first purchase on the card.
	Capital One® Spark®  Miles Select for Business	Earn 1.5 miles per $1 on every purchase plus a one-time bonus of 20,000 miles when you spend $3,000 within first 3 months.
	Capital One® Spark®  Cash Select for Business	Earn 1.5% cash back plus a one-time cash bonus of $200 when you spend $3,000 within first 3 months.
	Gold Delta SkyMiles® Business Credit Card from American Express	Earn 30,000 bonus miles after you make $1,000 in purchases within first 3 months.
	The Plum Card® from American Express OPEN	Carry a balance for 60 days and pay no interest or pay early and get 1.5% cash back.
	Starwood Preferred Guest® Business Credit Card from American Express	Earn 25,000 bonus Starpoints® after spending $5,000 in new purchases in first 3 months.
	Platinum Delta SkyMiles® Business Credit Card from American Express	Earn 35,000 bonus miles and 5,000 Medallion®  Qualification Miles after spending $1,000 in first 3 months.
	GM BuyPower Business Card from CapitalOne®	3% earnings on purchases from gas stations, restaurants and office supply stores.
	Capital One® Spark® Classic for Business	No annual fee plus 1% cash back on everyday purchases.
	Bank of America® Business Advantage Cash Rewards MasterCard® credit card	Earn a $200 credit after $500 in purchases within 60 days.
	Bank of America® Business Advantage Travel Rewards World MasterCard® credit card	Earn 1.5 points for every $1 on purchases.
	The Kabbage Card	The convenience of a card. The benefits of a loan.

Open a Nav Account

What Small Business Loans Does Nav Feature?

Beyond credit card offers, Nav features a host of small business loans and financing options for your business, including:

Company Name	Financing Option / Small Business Loan	Description
	Lines of credit by Kabbage	Kabbage provides small business lines of credit up to $250,000.
	Intermediate Term Loan by OnDeck	Business term loans up to $500,000.
	Loans by LoanBuilder	Loans up to $500,000.
	Line of Credit by BlueVine	Interest charged only on balances and no early payoff penalty fees.
	Short-term Loan by RapidAdvance	Get up to $500,000 in as few as 3 days.
	Line of Credit by OnDeck	Business lines of credit up to $100,000.
	Line of Credit by LendSpark	Lines of credit based on equipment and accounts receivables.
	Intermediate-Term Loan by Fundation	Commercial, fixed-rate loans up to $500,000.
	Equipment Financing by LendSpark	Businesses of all sizes and stages can access creative, ethical financing solutions.
	Intermediate-Term Loan by Credibly	Small and medium business lending solutions issued by leveraging Data Science.
	Short-Term Loan by The Business Backer	Alternative financing and lines of credit offered too.
	Short-Term Loan by LendSpark	Bridge loans for expansion, new hiring, new projects, and working capital.
	Line of Credit by Headway Capital	Revolving line of credit that allows businesses to draw up to their limit, borrow more, and then repay.
	Line of Credit by Fundbox	Qualify for up to $100,000 in credit.
	Business Cash Advance by Swift Capital	Funding based on future projections and sales.
	Short-Term Loan by Lendistry	Expect to repay loan within 6-12 months.
	SBA Loan by Lendistry	SBA loans no higher than 10.25% for up to 10 years.
	Monthly Remit Loan by Breakout Capital	Small business loans up to $250,000 with 12-24 month repayment terms.
	Long-Term Loan by Lendistry	Long-term loans are designed for small businesses planning long-term growth.

Open a Nav Account

Nav Pros and Cons

Get access to extensive financing solutions, including credit card offers, lines of credit and small business loans that are independently served to you based on your financing needs.

Nav Summary

Nav helps businesses to find affordable financing by matching them to the best credit card providers and lenders based on personal and business credit histories.

The only place online where you can get access to both your personal and business credit histories is Nav, and you can view summaries at no cost.

If you want more detailed information on your credit history from multiple bureaus and get insights into what factors affect your credit score then one of Nav’s paid products will be a better fit.

The pricing is very affordable and the matching algorithm is top notch. So much so that after serving over 200,000 businesses Nav still has an A+ rating from the Better Business Bureau.

The bottom line is if you want affordable financing from lenders or credit cards that best serve your business needs, Nav will evaluate your credit history and independently connect you based on your credit score and preferences.

Open a Nav Account

The article Nav Review 2020 – Business Financing Made Easy was originally posted on Investormint