If you aren’t willing to embrace AI digital assistants as a marketer, you’re going to have a tough time competing with everyone else. While you’re drowning in the tsunami of daily, weekly, and monthly tasks, your competition will swim laps around you. What if you could: Spend more time in your zone of genius. Stop …
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If you aren’t willing to embrace AI digital assistants as a marketer, you’re going to have a tough time competing with everyone else.
While you’re drowning in the tsunami of daily, weekly, and monthly tasks, your competition will swim laps around you.
What if you could:
Just like Alexa brings you the best jams on-demand and Siri helps you find the nearest Starbucks, AI digital assistants can help you become a better marketer.
In this guide, we’ll discuss the benefits of AI digital assistants and the tools you can use to put your marketing tasks on autopilot.
But, to do that, we need to first look at what AI personal assistants really are.
You’ve probably already come into contact with Siri and Alexa, two of the world’s most famous AI personal assistants.
Maybe you’ve dabbled with a few more on your laptop, smartphone, or wearables without even realizing it.
AI digital assistants are software programs that help you complete and automate tasks with a tap, click, or voice command.
How do these programs understand and complete such complex tasks?
By using artificial intelligence like voice recognition and natural language processing (NLP) to understand requests and machine learning to collect data, identify patterns, and “learn” user preferences.
With the right digital assistant in your back pocket, you’ll have a secret marketing weapon tailored to your brand’s needs. You’re going to make better marketing decisions for your audience in seconds.
Remember when millennials disrupted the way we work with remote work and telecommuting?
Well, artificial intelligence is doing the same thing.
The Salesforce State of Marketing Report noted that AI adoption with marketers is up by a whopping 186% from 2018, with 84% using AI technology.
And late adopters? You’re getting left behind.
“But what about our jobs?!” you cry.
“Won’t AI make us obsolete?” you ponder.
I’m here to tell you the truth — no.
A report published by ManpowerGroup found that 87% of employers anticipate increasing or maintaining their human workforce due to AI automation.
So what does it all mean?
Robots are creating MORE jobs, and AI digital assistants are not here to replace you.
If you no longer have to spend time finding relevant content to share with your audience or scrolling through countless Instagram profiles to find the “perfect” influencer for your next campaign, you get to focus on what you do best:
Creating, implementing, and fine-tuning your marketing strategy.
Plus, you’re going to have mountains of data to back up your decisions, which will get you better results, a higher ROI, and more sales.
With 75% of marketers planning to implement AI in their businesses within the next three years, the big question is:
What’s all the fuss about?
Why should you care about using AI in your job as a marketer?
Here are just some of the benefits you can reap with an AI digital assistant:
What do you hate most about your job?
Is it those dull, repetitive tasks?
Or the hours spent hunched over data trying to make sense of it?
Delegate your most soul-draining, eye-roll-inducing tasks to your AI personal assistant and take back your time.
The best part? No complaining, recruiting, or training required.
With your repetitive tasks no longer on your calendar, you’ll have more time to focus on the bigger picture and tap into your creativity.
The secret sauce to growing and running a successful business is automation.
Nearly 80% of executives agree that automation can save you 360 hours a year.
The more you can automate your business, the more you can focus on moving the needle forward.
The same goes for marketers.
When you can automate much of your workflow, you can refocus your attention on tweaking your marketing strategy and getting the results you want.
AI digital assistants help you stay in your zone of genius and put growth on autopilot.
How vague is the targeting for your marketing campaigns?
Does it look like this?
You’re not alone.
60% of content marketers struggle with personalization.
The good news? An AI digital assistant can get you off the struggle bus.
Artificial intelligence gets rid of the fluff and helps you target individuals rather than generic groups.
Don’t stop at “exercise” for your yoga mat brand. Drill down to women between the ages of 25-35 who prefer pilates over CrossFit.
Personalizing your marketing strategy allows you to take advantage of the 79% of consumers who are more likely to engage with brand promotions if tailored to their past interactions.
Content creation is incredible for attracting new leads and building trust with your audience.
But it’s also time and resource-intensive.
The right AI digital assistant can help you speed up, scale, and optimize your content marketing workflow — something 47% of marketers say is their biggest challenge.
Using AI for content creation isn’t a new idea. Some of the world’s biggest brands are already using it as part of their content marketing strategy:
Are you spending hours creating content and getting zero traffic in search?
AI digital assistants can identify where you’re going wrong and streamline your SEO strategy.
With a few clicks, you can see what content you should create for your niche and what keywords the top-ranking sites are using to get to Google’s front page.
AI can also optimize your existing blog posts and improve your rankings in search. You’ll get suggestions on how to improve your content and what keywords to add to rank for queries.
Want 59% better close rates? What about a 58% increased revenue? Or 54% more traffic and engagement?
Start using these AI digital assistants to automate your marketing workflow.
AI digital assistants are not here to replace you.
Instead, these tools are the perfect sidekick to help you get rid of a heavy task load, so you can focus on strategy, tap into your creativity, and innovate.
Automating your workflow instantly makes you more productive, and AI helps you predict the buyer’s journey far more accurately.
You can analyze mass sets of data in seconds. Dig deep into insights, personalize marketing campaigns, and take user experiences to a whole new level.
In short, AI digital assistants are a game-changer for marketers who want to use tech to outwit, outlast, and outplay their competition.
Are you using AI digital assistants to streamline your marketing workflow?
The post A Complete Guide to AI Digital Assistants for Marketers appeared first on Neil Patel.
The Federal government recently passed the CARES Act. CARES stand for Coronavirus Aid, Relief, and Economic Security Act. This bill addresses and responds to the economic impacts of the COVID-19 outbreak. It authorizes emergency loans to distressed businesses by providing federal funding for forgivable bridge loans, as well as for grants and technical assistance.
Note: the PPP keeps changing, and money sometimes is held up in Congress. Fundability, on the other hand, is achievable and helpful no matter what Congress is doing.
Paycheck Protection Program Loans and Economic Injury Disaster Loans are both included in the CARES Act as help for small business owners. What are the SBA loan requirements for each of these business funding programs, and do you qualify?
Want to review your options with one of our consultants? Give us a call at 877-600-2487.
The Paycheck Protection Program is a business lending program. It is designed to help businesses keep paying employees even when they are shut down due to the coronavirus pandemic. Allowable uses of funds include:
The annual percentage rate for these loans is 1%. You do not make any payments for the first 6 months. However, interest does accrue during this time. Loans issues before June 5 must be paid within 2 years. If your loan was issued after June 5, the loan matures in 5 years rather than 2. These loans are up to 100% forgivable with approval.
To request forgiveness, you will submit a request to the lender that is servicing the loan. It should include documents that verify the number of full-time employees and pay rates. Also, you will need to verify the payments on eligible mortgage, lease, and utility obligations. You have to certify that the documents are true. In addition, you will have to show that you used the forgiveness amount to keep employees. If not, you will have to show the funds were used to make eligible mortgage interest, rent, or utility payments. The lender must make a decision on the forgiveness within 60 days.
First, the program was recently extended to stay open through August 8, 2020. Not only does that not give you a lot of time, but you need to apply as soon as possible anyway. There is a cap on the funding, and processing applications will take time. Consequently, some lenders are limiting the number of applications they will accept in a single day.
Existing SBA lenders started accepting applications on April 3, 2020 from small businesses and sole proprietorships with less than 500 employees. Beginning on April 10, independent contractors and individuals that are self- employees were able to apply through SBA lenders.
Other lenders besides those that are currently working with the SBA are able to get in on the fun as well. In an effort to relieve some of the burden of processing, other lenders are able to enroll in the program and will be able to start accepting applications as soon as they get approval. There is a list of participating lenders, by state, at SBA.gov.
It’s pretty straight forward. If you meet the SBA definition of a small business or contractor, you just have to make a few good faith certifications. These include:
Want to review your options with one of our consultants? Give us a call at 877-600-2487.
These are funds you apply for directly from the SBA. They can be used to cover the following expenses:
These loans are available up to $2 million dollars at an annual percentage rate of 3.75%. The terms go up to 30 years. These are not forgivable loans.
Let’s start with what not to do. Do not get in your car and drive to the bank. While most lenders are back open for business inside, it is best to have an appointment to handle a PPP application. Even getting an appointment can take a while however.
The best option is to find someone, a middle man, to help you navigate these loan programs. This way you ensure you get the best lender for you, and you get your SBA coronavirus relief funds as soon as possible.
In addition to the above relief for businesses, the CARES Act also provided relief for individuals. The bill also provided funding for $1,200 tax rebates to individuals, with additional $500 payments per qualifying child. The rebate phases out when incomes exceed $75,000,or $150,000 for joint filers. Most of these payments have already been distributed, but some are still waiting for theirs. The bill also establishes limits on requirements for employers to provide paid leave.
With respect to taxes, the bill establishes special rules for certain tax-favored withdrawals from retirement plans. It also delays due dates for employer payroll taxes and estimated tax payments for corporations.
The bill also authorizes the Department of the Treasury to temporarily guarantee money-market funds.
Here are the facts. The federal government does not want to see a collapse of the economy any more than we do. They want to do what they can to help small businesses. They are taking steps to do just that.
State governments are in the same boat. They want to ensure their states are able to survive and thrive economically despite the coronavirus business impact.
Here’s the bad news, as if you didn’t already know. Businesses lost tons of income during the shut downs caused by the virus. Even opeinig back up, people aren’t going out as much as they did pre-pandemic. Even more, some states and cities are shutting down certain businesses again. Spending is vastly curtailed. Without a steady flow of income, eventually businesses will not be able to make payments on existing debt.
The good news in light of all of this darkness is that no one wants this to happen. That means measures are being taken to try and stop the spiral. These include those mentioned above. It’s not just the Federal and state governments that are coming to the rescue however. Local governments, along with many charitable and professional organizations, are tossing in life rafts as well.
However, you have to do your part. You aren’t helpless, though it likely very much seems this way. First, do everything you can to access all the help you can now. Find someone that can walk you through the process to ensure you get all you can as fast as you can.
That’s not the end of the story however. You need to do all you can to make certain you can get back to business as usual as fast as you can when this is all over. How do you do that? You need to adapt your business to the current situation. The relief funds can help you. With those funds, you can do many things to not only keep your business afloat, but to make it stronger than ever.
These are the times that breed creativity and innovation. Use the funds to keep your employees on board, but don’t forget you can use them as well. Is there some way you and your employees can provide products and services for your customers? Can you do anything online or go to customers’ homes?
For example, some local bakeries and ice cream shops have been taking food trucks out to neighborhoods during this time to increase sales. To aid in social distancing, they take orders online first, and of course take all protective precautions.
Beauticians and barbers that are even allowed to open are having to reduce the number of clients they can serve at one time. Of course, they are taking all necessary safety measures to ensure that disease isn’t spreading. Gyms are offering online fitness classes for their members since they cannot have as many people inside at one time. Pet groomers are going mobile even if they do not usually provide mobile services. Speech therapists, counselors, and more are working via video chat. Small boutiques are doing giveaways online and offering curbside pickup to reach those that are not comfortable getting out yet. There are options, and these funds can help you take advantage!
The relief funds available through the CARES Act are available to both businesses and those that are self-employed. However, beyond this, a business has to be fundable to get financing to build, grow, and thrive. This will still be the case long after COVID-19 has passed. Now is a great time to assess the fundability of your business and make changes to improve it if need be.
The first part of this process includes making sure your business is set up to be fundable. What does that mean? It means that your business:
That doesn’t mean you have to get a separate phone line, or even a separate location. You can still run your business from your home or on your computer if that is what you want. You do not even have to have a fax machine.
Want to review your options with one of our consultants? Give us a call at 877-600-2487.
The next thing you need to do is get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. You can get one for free from the IRS.
Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability. It lends credence to your business as one that is legitimate. It also offers some protection from liability.
You have to open a separate, dedicated business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes. In light of SBA loan requirements, it can help you prove how you used loan funds for the purpose of qualifying for loan forgiveness.
For a business to be legitimate it has to have all of the necessary licenses it needs to run. If it doesn’t, red flags are going to fly up all over the place. Do the research you need to do to ensure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.
What does this have to do with anything. Well in light of the COVID-19 pandemic, a website can help you stay operational despite social distancing standards. Not just any website will do however. You need to make sure it is professional and that it is easy for your customers to use. Likely, this means you need to hire someone to help you with this. The cost is well worth it.
This doesn’t have to be the end of your business story. Help is available and you do have options. At this point, the very first thing you need to do is find help to navigate the SBA resources available to you. Next, be sure you use the resources in a way that your business comes out even stronger. Lastly, use this downtime wisely. Take a look at the fundability of your business and see what you can do to improve it. Then, when the time comes, you will be able to sail out of the storm and into the light.
The post Your Complete Guide to SBA Loan Requirements and the Paycheck Protection Program appeared first on Credit Suite.
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When it comes to small business funding, there are way more options than you probably imagine. While not every option is an option for everyone, there is usually some version of each that will work on some level.
Most think of loans when they think of small business funding. Term loans, lines-of-credit, invoice financing, and merchant cash advances all have their place. The question is, do you use a traditional lender, look into SBA partners, or veer more toward private lenders?
Also, loans are not the only players in the small business funding game. Other, lesser known players include angel investors, crowdfunding, and grants. You need to know about each one, and your options for each one, to make an informed decision.
There are a number of differ types of loans available. In general, these types of financing can be found with both traditional and private lenders. Typically, if you go the traditional route, small community banks are more small business funding friendly than big banks.
These are the standard loans that disperse a set amount of funds, with the borrower repaying over a certain period of time. The payment is the same each month, and they can be either secured or unsecured. Unsecured small business loan options usually have higher interest rates.
Find out why so many companies use our proven methods to get business loans.
This is revolving debt similar to credit cards. Borrowers are given a maximum limit of the amount of funds they can use, but only pay back the amount that they actually use. For example, a borrower may have a $5,000 line of credit and use $2,000 to buy a new printer. They will only pay back $2,000, until the time comes that they choose to use more. Lines of credit can also be secured or unsecured.
If you have receivables, invoice factoring is an option. The lender buys unpaid invoices from you at a premium, meaning you do not get full value. However, you then have cash in hand for those open invoices. The lender collects from the consumer directly at full value. The older the invoice, the higher the premium.
If you accept credit card payments, a merchant cash advance can help you out in a cash pinch. It is basically just what is says. It’s a cash advance on predicted credit card sales. They base the amount of the loan off of average daily credit card sales. Then, payment is taken from future credit card sales. This usually happens electronically. Most often, the process is automatic. The benefits are that you get the funds fast, and there are usually more flexible options for repayment terms depending on your eligibility.
SBA loans are small-business loans guaranteed by the Small Business Administration. Participating lenders, mostly banks, distribute the funds. They can guarantee up to 85% of loans of $150,000 or less, and loans that are more than $150,000 they will guarantee up to 75%. The maximum loan amount they offer is $5 million.
Since they have a government guarantee, financial institutions are able to offer these loans at lower interest rates.
How Do You Qualify SBA Loans?
To be eligible for SBA Government Loans, you must meet certain qualifications. These include:
One perk of SBA government loans is that you can take longer to pay them back than you would otherwise. According to the SBA, the terms depend on how you intend to use the funds.
For example, working capital loans, or funds you intend to use for daily operation, have a repayment terms of seven years. However, funds for new equipment purchase have a term of 10 years. Real estate loan terms extend even longer to 25 years. Of course, the longer the term the lower the interest. As a result, regular payments are lower.
With little exception, the SBA does not actually provide the funds for the loans they guarantee. The lenders that partner with them provide the funds, but the agency guarantees a portion. Currently, they will guarantee up to $3.75 million.
Find out why so many companies use our proven methods to get business loans.
What does that mean? It means that lenders are able to offer better interest rates and terms than they would otherwise be able too. This is because there is a reduced risk with the SBA guarantee. If the borrower defaults on the loan, the Small Business Administration will pay out their guarantee amount.
Find out more about the SBA and the programs they offer here.
Private lenders are also known as alternative lenders. Generally, they can be a little more relaxed with requirements. The drawback is that they also tend to have higher interest rates and less favorable terms.
They usually have options for all types of financings at varying rates. There are a ton out there, but here are a few to get you started if you need to go this route for small business funding.
Alternative data includes such things as phone bills, rent, deposits, withdrawals, and even other information less directly tied to finances. Software from the company learns and improves based on this data.
They offer various types of financing products to fit a broad range of needs. From credit card refinancing to student loans, and pretty much anything in-between, there is something for everyone. Debt consolidation and personal loans are included. Business loans are also an option.
You can get a quote on a loan to start or expand a business. Get a quote online in minutes. Learn more in this comprehensive review.
StreetShares started as a service to veterans. Now, they offer term loans, lines of credit, and contract financing. They also offer small business loan investment options. The maximum loan amount is $250,000. Pre-Approval only takes a few minutes. They use a soft pull on your credit so it doesn’t affect your score.
To be eligible, you must be in business for at least 12 months with annual revenue of $25,000. Exceptions are possible also. Loans to companies in business for at least 6 months that have higher earnings can get approval on a case by case basis. The borrower’s credit score must be at least 620. For more on StreetShares, see our in-depth review.
Kabbage is a well know online lender. They offer a small business line of credit that can help businesses accomplish business goals quickly. The minimum loan amount is $500 and the maximum is $250,000. They require you to be in business for at least one year and have $50,000 or more in annual revenue, or $4,200 or more per month in the previous 3 month period.
They are great if you need cash quickly. Also, their non-traditional approach puts less weight on your credit score, so they may work better for some borrowers than other lenders.
Fundation provides both term business loans online and lines of credit. It is most known for its working capital funding options. These are funds meant to help cover the day-to-day costs of running a business rather than larger projects. Typically, these funds come in the form of a line-of-credit.
Find out why so many companies use our proven methods to get business loans.
Their minimum loan amount is $20,000 while the maximum loan amount they offer is $500,000. They require you to be in business for at least 12 months and have annual revenue of at least $100,000. To be eligible, your personal credit score must be no less than 600. Additionally, you must have at least 3 full time employees. That number can include yourself. Business owners cannot live or operate their business in North Dakota, South Dakota, or Nevada.
If you want the convenience of online lending but need to look toward products offered by the SBA, then SmartBiz is for you.
With the help of the Small Business Administration, SmartBiz offers loans that are government backed. While SBA loans typically take a lot of time and paperwork, SmartBiz found a way to streamline the process. It makes getting loans through the Small Business Administration easier than ever. The minimum loan amount is $30,000 and the maximum is $5,000,000.
As stated, SBA loans are government-backed business term loans for business owners who’ve had difficulty qualifying for other types of financing. As a result, the requirements are a little stricter. Your credit score has to be 650, and you have to be in business for 2 years or more. In addition, annual revenue has to be $50,000 at least, and there can be no outstanding liens, bankruptcies, or foreclosures in the past 3 years.
Of course, the standard investor option is always available. However, often the better option for small business funding is to find an angel investor.
According to Investopedia, angel investors “… invest in small startups or entrepreneurs. Often, angel investors are among an entrepreneur’s family and friends. The capital angel investors provide may be a one-time investment to help the business propel or an ongoing injection of money to support and carry the company through its difficult early stages.”
Most often, they are in it for a one-time contribution. Typically, they do not lend to the same person twice. That is even if that person pays them as agreed.
They like to spread their risk over a lot of people and businesses to make sure they get a good return on their investment. They are also usually a lot more informal than most types of funding. An angel investor can be anyone, from your mom to someone you met through networking.
The best way to find these kinds of angel investors is to ask people you know. Likewise, you can try an angel investors website or network. Also, Gust keeps a database of investors, companies, and programs. Startups can search for business plan competitions and other opportunities.
Crowdfunding is an increasingly popular option for small business funding. Many business owners find this is their best option for independence. With crowdfunding, they can start a new business without taking on debt or taking out equity. This is rare startups. However, a little planning and creative marketing can go a long way.
Crowdfunding is a type of investment option really. The thing is, you get a lot of smaller investments from a lot of people, a crowd if you will. This is in contrast to getting the bulk of your small business funding from one or two larger investors. The problem is, not everyone with a campaign on a crowdfunding site is successful. In fact, it is kind of rare to get your business fully funded through crowdfunding.
You’ll have to figure out which crowdfunding platform is best to use for your business. Kickstarter and Indiegogo are two of the most popular.
Trying to get investors will take time. You’ll need the perfect pitch to get investors interested. It helps to learn more about crowdfunding and how to get started.
Another option for funding your small business is grants. They are sometimes overlooked because they tend to be highly competitive. Also, many business owners do not know what’s out there. Take some time to look around and see what’s available.
Many grants are available that are specific to minorities, females, or veterans. There are some grants opportunities that are open to everyone however. One example is the FedEx grant. The FedEx grant is open to any business that has been in operation for at least 6 months and has 99 employees or less. They award eight $7,500 grants, one $15,000 grant, and one $25,000 grant to winners each year. LendingTree is another example. It offers a grant annually of $50,000.
The truth is, there are a lot of options out there that can be used instead of, or in addition to, loans. Don’t forget too, you can always use some version of self-funding. Savings and retirement accounts are sometimes the best options. This is especially true of retirement accounts that offer lending options. Sure, you have to pay the funds back, but you are paying yourself back.
In the end, you’ll have to figure out which option or combination of options will work best for you and your business. This should get you started.
The post Small Business Funding: A Complete Guide to All Your Options appeared first on Credit Suite.