by Courtney Rosenfeld
The business landscape is competitive and it can be difficult to get started. In many instances, the lack of finances can prevent an innovative business from reaching its full potential. There are several grants and programs that strive to support small businesses and help them find success.
Cash Flow and Tracking Expenses
Efficient organization of finances is essential to business success and sustained growth. Cash flow and tracking expenses are two key factors to prioritize when laying a firm foundation for business success.
There are additional benefits to keeping all finances organized. Examples of these benefits include:
● Improving the overall profitability of the business
● Increasing the overall value of the business
● Providing financial stability
● Preventing financial crises through effective management
There are several financial tools that can help keep the finances of a business organized.
A Key Financial Tool: A Reliable Invoicing System
Are you looking for ways to save time on business admin so that you can focus on growth? Modern technology has paved the way for the development of useful tools. One of the most effective financial tools for small businesses is a reliable invoicing system.
Investing in invoicing software can free up your time with these batch processing features — essentially, you can import and send hundreds of invoices in just a few clicks without losing the ability to customize as needed. You can calculate how much you potentially save in hours and dollars by doing so.
Grants and Programs for Small Businesses
Once you’ve ensured that your business financial plan and management are organized, you can branch out and apply for funding. Signalharmony shares some of the best financing options available but here are a few more grants worth exploring:
Nav’s Quarterly Business Grant
Nav offers business financing that is simple and efficient, and they also offer quarterly grants of $10,000. Intended to help small businesses find success, the grant has helped several small businesses.
After signing up for a free Nav account, applicants simply need to fill in an application form and promote the opportunity on social media. The more that the business promotes, the more votes that can generate from their followers. Judges encourage applicants to let their business’s personality shine and take advantage of photographs and videos. The successful winner could receive a grant of $10,000, with $5,000 awarded to the runner-up.
US Department of Agriculture (USDA) Grant
Approximately 17 percent of businesses operate in rural areas. However, they are often smaller and grow at a slower pace. The US Department of Agriculture has a variety of grants that give a boost to small businesses and non-profit organizations operating in rural areas.
The USDA also offers business loans at a zero-interest rate, making the opportunity to grow a lot more manageable. The list of grants and loans are extensive, including the following;
● Community Connect Grants
● Distance Learning and Telemedicine Grants
● Rural Business Investment Program
● Socially-Disadvantaged Groups Grant
● Value-Added Producer Grants
Find out more about the available USDA grants and the requirements here.
Small Business Technology Transfer Program (STTR)
The Small Business Technology Transfer (STTR) program is highly competitive. The STTR offers an awards program for small businesses with the potential for commercialization. With a mission to support scientific excellence and technological innovation, the program encourages businesses with less than 500 employees to push the boundaries of possibility.
The program gives small businesses an opportunity to explore their technological potential and discover the path needed for profitable commercialization. The program has a strong focus on small businesses and non-profit research institutions. Collaboration is essential to bridge the gap between the performance of basic science and the public escalation of innovation.
Find out more about the stringent eligibility requirements here.
For more tips, resources, and guidance you need to start and scale your business, explore what Signalharmony can do for you today. Reach out for a free consultation:
+1 (888) 578-4845