Tag: #finance

Top Tips for Securing a Personal Loan for Your Startup

Starting a new business is an exciting and daunting prospect. You often need access to money, either in the form of personal savings or credit, to get things off the ground. Taking out a personal loan can give you that additional boost you need for your venture; it can help with paying for start-up costs as well as provide working capital. However, the process isn’t always straightforward – so if you’re considering using a loan to fund your business plan, here are our top tips on securing one without any fuss!

Understand your credit history and score 

Understanding your credit history and score is crucial if you want to secure a loan in the future. Your credit score is a reflection of your creditworthiness and lenders use this information to evaluate the risk of lending you money. The higher your credit score, the more likely you are to qualify for loans with better interest rates and terms. On the other hand, if your score is low, you may struggle to get approved for loans or may only qualify for high-interest loans. Knowing your credit score and understanding how it’s calculated can help you take steps to improve it over time, giving you better financial opportunities in the future. With things apps like Credit Builder Plus, it’s easier than ever to learn and improve your credit score. Make sure to consult credit reporting agencies to get the most up-to-date information and advice. 

Research different lenders and loan types 

Considering the vast amount of options available, researching different lenders and loan types can feel like a daunting task. However, taking the time to compare interest rates, repayment terms, eligibility requirements, and other important factors can end up saving you a significant amount of money in the long run. By doing your due diligence, you’ll be able to choose a loan that not only fits your current financial situation but also sets you up for success in the future. So grab a notebook and start taking notes – the effort you put in now will pay off down the line. In addition, you should also look into taking advantage of government-backed loan programs for small businesses and entrepreneurs. It’s always worth looking into the available options to see if you qualify.

Figuring out the right type of financial aid brings clarity and structure to your entrepreneurial plans. Starting a company requires taking out a small business loan that offers reasonable terms and aligns with your long-term goals. Whether you’re funding equipment, inventory, or office space, the right loan can make a major difference in your launch phase. Taking time to understand the application process and lender expectations will set a strong foundation for growth.

Have a plan for how you will use the funds and how you will repay the loan 

It’s exciting to think about the possibilities that come with obtaining a loan for a business venture. However, it’s important to have a solid plan in place before taking on any debt, whether through a bank or an alternative lender. A loan should be seen as an investment in your future, rather than a quick fix for financial trouble. So, take the time to carefully consider how you will use the funds and how you will repay the loan in a timely manner. This might involve creating a budget or timeline for the project or seeking financial advice from a trusted professional.

By having a clear plan in place, you’ll not only be more likely to secure the loan in the first place but also set yourself up for long-term success. It’s also wise to seek guidance from experienced professionals to optimize your financial strategy—whether it’s consulting with an accountant or working to find the best mortgage broker in Brisbane who can help you navigate financial products that align with your goals.

Talk to an accountant or financial advisor 

When it comes to starting up a business, there are countless factors to consider, and securing a loan is certainly high on the list. To ensure that you are making the right decision for your specific situation, it’s crucial to consult with an expert in the financial field, such as an accountant or financial advisor. These professionals have a deep understanding of the complexities of financing and can provide valuable insight into everything from loan options to payment plans. By seeking out their advice and guidance, you can feel confident in your ability to secure the funding you need to get your startup off the ground. If borrowing money is still not an option for you, there are other financing avenues to explore, such as venture capital or crowdfunding. 

Preparing to secure a loan for your startup is an important part of growing a successful business. You need to have a clear understanding of your credit history and score as well as what lenders/loan types might be the best fit and most beneficial for you. Having a plan for how you will use the funds and how you will repay the loan is key, as is gathering all the necessary documents any lender will require. It may even be worth exploring other financing options such as investor funding or crowdfunding, depending on your needs. Above all else, talking to an accountant or financial advisor to get advice on this important step is invaluable – knowing you’re making the right decisions can give you the confidence needed to take that next Giant Leap!

 

One in five people in Ireland never carry any cash

One in five people in Ireland never carry any cash and of those that do, almost one-third (30pc) carry €20 or less. This is according to a new survey[1] by Royal London Ireland, one of the leading life insurance and pensions companies in Ireland.  Furthermore, men are more likely than women to never carry cash (24pc of men versus 16pc of women). Of those who do carry cash however, men tend to carry higher amounts on them than women.

The Royal London Ireland survey, which examined the use of cash by people in Ireland, found that the top five reasons people needed cash regularly was to pay for small daily grocery items such as milk and bread (58pc), to pay service providers who prefer cash (38pc), to buy lunch or take-away coffee or tea (34pc), to give tips (32pc), and to donate to charity (27pc).

Other highlights from the survey include:

  • Almost one in five people (19pc) carry more than €100 regularly.
  • People in Leinster appear to be the least likely to carry cash. One in four people in Dublin (25pc), and almost a third of people in the rest of Leinster (28pc) say they never carry cash. By contrast, only one in ten (10pc) of those living in Ulster and Connacht never carry cash.
  • 50pc of people aged 18-24 said they never carry cash, while just 10pc of people aged 55 or older said the same.

Commenting on the survey findings, Barry McCutcheon, Proposition Lead at Royal London Ireland said:

 

“We’ve seen an increase in cashless payments in Ireland in recent years[2], so the numbers of people who carry very little cash, or any at all, is unsurprising. Despite the increasingly digital nature of Irish banking and payment systems in recent years, we can see from the survey findings that cash still plays an important role in Ireland’s society and economy, with many people relying on it when going about their day-to-day routines. This balances with a European Central Bank survey in 2022 which showed that the majority (54pc) of Irish consumers’ in-store transactions were in cash[3].

 Our survey gives weight to the assertion that the younger you are, the less likely you are to carry cash. Findings from the survey revealed that half (50pc) of those aged between 18 and 24 say they never carry cash compared to only one in ten (10pc) people aged 55 or over”.

The Need for Cash

Mr McCutcheon observed,

“It’s clear that there is a need for cash, with 80pc of people surveyed carrying some amount daily. The survey sheds some light on just why people carry cash and we found that the top three reasons were: to pay for small daily grocery items such as milk or bread (58pc), to pay service providers who prefer cash (38pc), and to buy take-away lunch, coffee or teas (34pc). It would appear that pocket money in the form of cash hasn’t gone out of fashion either – more than a quarter of people (27pc) between the ages of 35 and 54, the age cohort likely to have children, carry cash for this reason”.

Mr McCutcheon concluded:

“In the Department of Finance’s published Retail Banking Review[4], a recommendation was made for legislation to be introduced to safeguard the reasonable access to cash. It is clear from our research that for many, there are times when only cash will do.

Whether you are someone who prefers using cash or not, tracking and managing your finances is important when it comes planning your financial future.  If you are looking for advice about financial planning, a Financial Broker can help you assess your current situation and put a personalised plan in place that meets your individual needs and circumstances.”

[1] Of 1,000 Irish adults nationwide carried out by IReach

[2] As per the latest Payment Monitors Report from the Banking and Payments Federation of Ireland, which was published on 29/6/2023, and release in relation to same.

[3] As per ECB study on the Payment Attitudes of Consumers in the Euro Area, published in December 2022.

[4] See Retail Banking Review, published November 2022..

What Is The Record Date For Dividends

Dividends serve as a testament to the prosperity of a company and provide shareholders with a tangible return on their investment. They play a crucial role in the financial market, attracting potential investors and influencing trading behaviors. Among the numerous considerations surrounding dividends, one aspect that deserves special attention is the ‘record date’. 

Despite its pivotal role in dividend distribution, this term often goes unnoticed or misunderstood by many investors. This article demystifies the concept of the record date for dividends, elaborates on its significance in stock trading and portfolio management, and sheds light on its implications for different kinds of investors. Get ready to dive into the intricate world of dividends and the record date.

What Are Dividends?

So, the question that is usually raised is what are dividends? Essentially, they are returns on investment that a corporation distributes among its shareholders. These returns can take the form of cash payments or additional shares within the corporation. It’s a mechanism by which companies share a slice of their profits with those who have invested in their venture. The objective is to offer a direct financial benefit to the investors. 

These distributions, or dividends, can potentially serve as a steady and profitable source of income. This is particularly true for those who hold shares in companies with high dividend yields or for individuals who have demonstrated the patience to retain their shares over an extended timeframe. Thus, dividends are not just symbolic gestures of appreciation towards shareholders. They hold substantial monetary value, and can significantly enhance the financial gains from your investment portfolio.

The Mechanics of Dividends

Companies declare dividends on the announcement date, specifying the size of the dividend, the record date, and the payment date. Here, the ‘record date’ plays a crucial role.

Dividend record dates can be compared to a company setting a cut-off point to identify who will be part of their profit distribution. Think of it like reserving a seat for a theatre show. If you’ve bought company shares before a certain deadline, it’s like you’ve got your seat booked and you’re ready to enjoy the show – in this context, getting a slice of the company’s profits.

Nevertheless, should you opt to purchase shares on or after this particular date, it would be akin to having overlooked the final opportunity for reservations, resulting in your inability to witness the spectacle. In terms of dividends, this implies that you would not be entitled to a portion of the company’s profits. Such is the approach employed by corporations to determine which individuals qualify for dividend payouts and which do not.

Ex-Dividend Date and Its Importance

The record date is tied to another key concept in dividend distribution – the ex-dividend date. This is usually set for stocks two business days before the record date. If an investor buys a stock on its ex-dividend date or after, they will not receive the next dividend payment. Instead, the seller gets the dividend.

Let’s take Company A as an example. Say they announce they’re going to share profits and set June 10 as the record date. Now, there’s something called an ex-dividend date, which in this case, would likely be June 8. This is the last day you can buy shares and still get the profits.

So, if you grab some shares on June 7, or any day before, you’re in luck, the profits will come your way. But if you wait until June 8 or later to buy your shares, you’ll miss out. The profits won’t reach you. That’s how this whole record date and ex-dividend date business works.

Why the Record Date Matters

Understanding the record date and the associated ex-dividend date is vital for investors planning to buy or sell stocks. These dates affect trading decisions since they help determine whether a trade needs to be executed before or after the ex-dividend date to ensure the investor qualifies for the forthcoming dividend.

Furthermore, around these key dates, a company’s share price may experience volatility. This is due to the adjustment for the amount of the dividend payout on the ex-dividend date. Traders often monitor these dates closely, seeking to capitalize on short-term price movements.

Record Date in the Context of Dividend Reinvestment Plans

The record date also carries significance for investors who participate in Dividend Reinvestment Plans (DRIPs). These plans automatically use the dividends received to purchase more shares of the issuing company, often without any brokerage commissions. This strategy is particularly beneficial for long-term investors seeking to compound their returns over time.

As with regular dividend payouts, eligibility for dividend reinvestment is also determined by the record date. Understanding these timelines ensures that investors can effectively use DRIPs as part of their investment strategy.

Conclusion

Navigating through the maze of investing terminologies and practices can seem daunting, especially for those new to the world of finance. However, once unraveled, concepts like the record date for dividends can be a powerful tool in one’s investment arsenal. Though it might appear as a mere date on a company’s financial calendar, it is in fact a pivotal checkpoint that determines who reaps the benefits of a dividend payout. 

As we have elucidated, understanding this concept is far from trivial – it is a linchpin in effective portfolio management, empowering investors to make strategic trading decisions that amplify their potential returns. As with all aspects of investing, knowledge is indeed power. So, the next time you consider buying or selling stocks, remember the importance of the record date and harness this knowledge to maximize the yield from your investments.

 

Smart Credit Card Tips for 2023

If you’re like most people, you probably have at least one credit card in your wallet. While credit cards can be a useful tool for building credit and earning rewards, they can also be a source of stress and debt if not used wisely. In this article, we’ll share some smart credit card tips for 2023 to help you make the most of your credit cards and avoid common pitfalls. You can also learn how some credit card companies forgive credit card debt at achieve.com.

Maximize Your Rewards

Many credit cards offer rewards programs that allow you to earn points, miles, or cash back for your purchases. To maximize your rewards, it’s important to choose a card that aligns with your spending habits and offers rewards that you’ll actually use. For example, if you travel frequently, a travel rewards card might be a good fit for you. If you prefer cash back, look for a card that offers high cash back rates on the categories you spend the most on.

Once you have a rewards card that fits your needs, make sure you’re using it strategically. Use your card for everyday purchases like groceries, gas, and bills to earn rewards on things you’re already buying. Some credit cards even offer bonus categories that change each quarter, so be sure to activate these offers and adjust your spending accordingly to maximize your rewards.

Stay on Top of Your Payments

One of the biggest pitfalls of using a credit card is racking up debt and accruing interest charges. To avoid this, it’s important to stay on top of your payments and pay your balance in full each month. This will not only help you avoid interest charges, but it will also help you maintain a good credit score.

If you do carry a balance on your credit card, make sure you’re at least paying the minimum payment on time each month. Late payments can result in fees and damage your credit score. If you’re struggling to make your payments, consider reaching out to your credit card issuer to see if they offer any hardship programs or payment plans.

Take Advantage of Introductory Offers

Many credit cards offer introductory offers like 0% APR for a certain period of time or a sign-up bonus for new cardholders. These offers can be a great way to save money or earn extra rewards, but it’s important to use them wisely.

If you’re taking advantage of a 0% APR offer, make sure you have a plan to pay off your balance before the introductory period ends. Otherwise, you could be hit with high interest charges that will negate any savings you earned.

Similarly, if you’re signing up for a new credit card to earn a sign-up bonus, make sure you can meet the spending requirement without overspending or buying things you don’t need. Also, be aware that some credit cards charge an annual fee, so make sure the rewards you’ll earn outweigh the cost of the fee.

Protect Yourself from Fraud

Unfortunately, credit card fraud is a common problem that can result in unauthorized charges on your account. To protect yourself, make sure you’re using secure websites and only providing your credit card information to reputable merchants. You should also regularly monitor your credit card statements for any unauthorized charges and report them to your credit card issuer immediately.

In addition, many credit card issuers offer fraud protection programs that can alert you to suspicious activity and help you resolve any issues. Be sure to enroll in these programs and keep your contact information up to date so you can be notified quickly if there’s a problem.

Forgive Credit Card Debt

If you find yourself struggling with credit card debt, know that there are options available to help you get back on track. Achieve Financial Freedom offers a guide on how to forgive credit card debt at achieve.com that outlines various options including credit counseling, debt management plans, and debt settlement.

Credit counseling can provide education on managing your finances and creating a budget. A debt management plan can a comprehensive review of your finances and work with your creditors to create a repayment plan that fits your budget. Debt settlement is another option that involves negotiating with your creditors to settle your debt for less than what you owe.

It’s important to remember that debt forgiveness programs may have an impact on your credit score, so it’s important to weigh the pros and cons of each option and choose the one that’s best for your financial situation.

Final Thoughts

Credit cards can be a valuable tool for managing your finances and earning rewards, but it’s important to use them wisely to avoid debt and financial stress. By following these smart credit card tips for 2023, you can make the most of your credit cards and protect yourself from fraud and debt. And if you find yourself struggling with credit card debt, know that there are options available to help you get back on track.

Breaking Free: Discover The Path To Business Debt Liberation And Prosperity

Are you struggling with business debt and feeling like it’s holding you back from achieving true prosperity? Do you dream of breaking free from the burden of financial stress and finding a path to success? Look no further! In this blog post, we’ll explore the steps you can take to liberate yourself from business debt and unlock your full potential. Get ready to discover a new path toward financial freedom and prosperity!

Managing Your Business Finances

There are a few key things to keep in mind when it comes to managing your business finances. First and foremost, you need to keep track of your spending. This means knowing where every dollar is going and what it’s being spent on. It may seem like a tedious task, but it’s crucial to keeping your business finances in order. Another important thing to remember is to always have a buffer in your budget for unexpected expenses. This will help you avoid getting into debt when something unexpected comes up. And lastly, don’t be afraid to ask for help if you’re struggling to keep on top of your finances. There are plenty of resources and professionals out there who can assist you in getting your business finances back on track.

Strategies for Reducing and Eliminating Business Debt

Assuming that the strategies for reducing and eliminating business debt are effective, there are a few things that businesses can do to help themselves get out of debt. Businesses should develop a clear and concise plan for getting out of debt. This plan should include all sources of revenue and expenses, as well as a timeline for repaying the debt. Without a plan, it will be difficult to track progress and make necessary adjustments along the way. Also, businesses should work with their creditors to develop a repayment plan that is feasible and realistic. This may involve negotiating lower interest rates or extending the term of the loan. By doing this, businesses can free up cash flow to make bigger payments toward the principal balance.

Resources Available to Help You Achieve Financial Freedom

When it comes to business debt, there are a number of resources available to help you achieve financial freedom. The first step is to contact your creditors and explain your situation. Many creditors are willing to work with you to create a payment plan that fits your budget. There are also a number of nonprofit organizations that offer counseling and assistance with debt management. These organizations can help you develop a plan to get out of debt and make payments on time.

In addition, there are a number of government programs that can help you with your business debt. The Small Business Administration offers a variety of loans and other assistance programs for small businesses. The Internal Revenue Service also has a number of programs designed to help businesses with their tax debts.

Payday loans

If you’re like many Americans, you may find yourself in a situation where you need a little extra money to make ends meet. You may be considering a payday loan as a way to get access to get out of business bankruptcy and get quick cash. But before you take out a payday loan, it’s important to understand the risks involved. Payday loans are typically short-term loans that must be repaid within a few weeks. They often come with high-interest rates and fees, which can make it difficult to repay the loan on time. If you can’t repay the loan, you may be faced with additional fees and possibly even legal action.

Benefits of Becoming Debt Free

Debt can be a major drag on your business. It can limit your ability to invest in growth, make it difficult to cover day-to-day expenses, and put a strain on your personal finances. However, there are many benefits to becoming debt free. When you’re not burdened by loan payments, you’ll have more cash flow to reinvest in your business. You’ll also be less likely to face financial difficulties if unexpected expenses arise. In addition, becoming debt free can help improve your personal credit score. This can give you access to better loan terms and rates in the future, which can save you thousands of dollars over time.

Business debt is an issue that far too many businesses struggle with, and it can be difficult to find a way out. This article has discussed some of the best strategies for breaking free from business debt and getting your business back on track toward prosperity. Understanding how to manage existing debt, creating realistic budgets, and developing positive cash flow are all fundamental steps you can take in order to reclaim control over your finances. With these tips in mind, you’ll have the power to transform your financial future.

 

Bord Gáis Energy announces new partnership with Irish owned banking app Money Jar

As Ireland’s leading home energy management and services provider, Bord Gáis Energy, has announced a new partnership with Irish owned fintech company Money Jar. Launched in 2019, Money Jar is a safe, secure, and simple-to-use 100% Irish owned online banking platform. It provides users with a digital current account and Irish IBAN (International Bank Account Number) for all their day-to-day banking requirements.

This new partnership will provide Money Jar customers with the opportunity to avail of exclusive Green offers to support home energy management. These offers are available to both new and existing Bord Gáis Energy customers, via the Money Jar app.

The app is available to everyone but also helps to support people moving to Ireland from overseas by setting up banking services from their mobile phone. Money Jar enables users to send and receive money from other accounts, make mobile and online payments, and helps them to improve their money management skills.

Speaking on the partnership, Steven Mordue, Consumer Segment Manager at Bord Gáis Energy said: ‘’We’re delighted to partner with such a successful Irish fintech start-up as Money Jar to provide users with exclusive offers and to support home energy management. At Bord Gáis Energy, we’re on a journey to becoming a net zero business by 2045 and as part of this process we want to help our customers transition to a lower carbon future too. To avail of one of these exclusive offers, simply sign up through the Money Jar app.’’

Paul Kinch, Chief Commercial Officer of Money Jar, said, ‘’At Money Jar, our mission is to help our account holders manage their money better. Partnering with Bord Gáis Energy is another way we can help users manage their energy costs, by improving their energy efficiency and empowering them to move towards net zero. I would like to thank Bord Gáis Energy for their support and recognition that transitioning to a lower carbon future should be for everyone’’.

Money Jar is available to download on the App Store or on Google Play.

MuchBetter Review: Instantly Send and Receive Money

How often do you find yourself in a situation where you need to split a bill or pay your friend back some money? 

You may need to send money to friends while eating out to pay your half of a bill, pay a colleague back for that drink or even send a little gift to your friend as a surprise. This is where P2P (peer-to-peer) comes in, making the process of sending funds seamless.

But what are P2P payments? 

P2P allows you to send money directly to another person, right from the comfort of your phone. 

How does it work?

Long gone are the days of using cash to split the bill. P2P makes life easy. 

The MuchBetter Wallet lets you send and receive money instantly with the P2P feature on the app.

No need to plug in lengthy details, all you need is the MuchBetter app on your phone and your friend’s phone number to send or request funds. 

How does it work?

To send funds:

  1. Hit “Send” in the MuchBetter Wallet
  2. Input your friends phone number in the “send to” section
  3. Add the amount you want to send
  4. Let your friend know what it’s for with the message option
  5. Press send

To request funds:

  1. Hit “Request” in the MuchBetter Wallet
  2. Input your friends phone number in the “Request” section
  3. Add the amount you want to request
  4. Let your friend know what it’s for with the message option
  5. Press request

Why use MuchBetter for P2P payments?

  • Send and receive money in a few simple steps
  • Enjoy instant payments
  • Keep track of your spends, with your balance updated immediately
  • There are no fees
  • It makes splitting bills painless
  • Get real-time account notifications 

Who are MuchBetter and what is the Wallet?

MuchBetter is a digital payments company, creating payment solutions that are simple to use. The MuchBetter Wallet is a digital wallet that allows you to spend, send and store money safely from your phone, that is localised in 17 languages with 1.1 million customers around the world.

MuchBetter P2P FAQ

How long does it take deposit? 

There’s no waiting around, P2P payments are instant.

Can you send to someone who doesn’t have MuchBetter?

Absolutely. They will receive a SMS with a unique link so they can sign up to a MuchBetter account for free to claim their funds. 

What does it cost?

It’s totally free!

What does P2P stand for?

P2P stands for peer-to-peer. 

Is it safe to send money via MuchBetter?

Absolutely! There is a variety of security features integrated into the MuchBetter app to keep your money safe. Every account is secured by a personalised pin unique to you, as well as touch or face ID. You can also activate real time notifications to keep you updated on your account’s activity. 

Intrigued? You can download the MuchBetter wallet on either the App Store or Google Play to start paying friends instantly in the app. Find out more: www.muchbetter.com 

 

Learn How the SBA Can Benefit Your Company

The SBA is known for funding businesses. However, the SBA can help you with daily operations, growth, and change before and after your company launches.

The vast majority of SBA-sponsored events and initiatives are open to any and all companies. The Small Business Administration uses capacity guidelines by sector as well as other factors to determine what constitutes a small company. You can benefit from the SBA in seven concrete ways you can also look at Getting a loan with an SBA loan. 

Aid With Financial Aid For Businesses

First, dispel an SBA loan myth. You don’t need two bank rejections before contacting the SBA. The SBA guarantees a part of your credit debt to the supplier. It co-signs.

SBA participation can be verified by any supplier. Alternatively, the SBA can help you find investors. (Explanation below.) Getting a loan with an SBA loan guarantee takes more work and paperwork, but the SBA’s help often makes the difference. Linc connects you with SBA lenders. Register and answer questions before investors reach you. Streamlining loan applications is great.

Microloan Schemes

The Small Business Administration frequently revises and improves its credit offerings. The Small Business Administration (SBA) offers several financing programs, some of which may be of use to you:

 

  • Loans for both established and new companies are available through the Basic 7(a) scheme. Obtaining a 7(a) credit is simple, and the money can be put toward whatever your company needs, including daily operations.
  • The “Go” 504 Credit for infrastructure investments. To be eligible, your company must be located in one of the designated growth areas.
  • Additionally, the SBA offers specialized loans for people who satisfy certain criteria, such as the Patriot Express Loan for soldiers, the Microloan for businesses, the Export Loan, and the Capline Loan for operating capital.

Financial Support in Times of Crisis

The SBA plays a crucial role in the recovery process for small companies that have been impacted by natural catastrophes. You may be eligible for compensation for both medical bills and lost wages.

In order to speed up the credit application process, many regional SBA offices have built up dedicated service centers. Like other SBA loans, these are assurances to financiers rather than actual payments to the company.

SBA disaster aid includes loans to self-employed company owners who lost their jobs due to a calamity and tax relief to help them file their disaster-related tax returns. The SBA’s Disaster Help page has more. You could also use their disaster preparation tips.

Funding for Innovation and Creativity

The SBIR/STTR grant from the SBA is obscure. SBIR and STTR schemes aid tiny companies. SBA manages these programs.

Companies that perform vision for application study can compete for SBIR grants. The program targets socially and fiscally neglected businesses with these study funds. The SBA coordinates Small Business Innovation Research (SBIR) funds from twelve federal agencies.

STTR allows companies and universities to collaborate. STTR closes the gap between basic study and the selling of ensuing products. Five management agencies are involved. 

How to Get Started as a Government Vendor

Despite popular belief, the SBA helps small businesses compete for federal contracts. Because government agencies must spend a certain percentage on small businesses, you may apply for contracts.

For those interested in government procurement, the SBA gives “Government Contracting 101” online training. This article details how writers can get federal work. It works for any firm. For foreign expansion, the SBA’s sale part is helpful.

 

Consumers prioritise experiences and travel, new card spend data from Revolut says

The latest monthly consumer spending report by Revolut, the global financial super app with more than 2 million customers in Ireland, reveals that the average consumer in Ireland is spending 15% more, year on year, with inflation and relaxed covid restrictions contributing. Looking at the average customer, travel spending increased 20.3%, shopping spending increased 9.1%, and entertainment spending increased 9.5% year on year.

New data from Revolut shows that supermarket spending increased by 18.9% compared to last year. The data also reveals that many are looking to cut costs down by shopping at discount stores, which saw an 13.9% increase in the number of customers, and where the average customer spent 6.8% more.

Similarly, Revolut’s data shows that spending on petrol increased by 19.5%, as compared to last year. However, bus companies saw a 36.4% increase in customers and a 36.7% increase in customer spending, year on year.

Furthermore, discretionary spending was up. In travel, customers of cruise lines (+109.3%), airlines (+30.8%), hotels (+14.3%), and travel agencies (+116.5%) all increased their spending, year on year.

In retail, discretionary spending was also up. The average consumer spent more at clothing stores (+12.5%), cosmetics stores (+26.8%), department stores (+14.6%), and furniture stores (+26%).

In entertainment, spending on digital goods, including media, books, films, shows, and music, declined 15%, year on year. Furthermore, the number of customers paying for these services declined by 22.4%, suggesting that many have cancelled their subscription services.

However, physical entertainment has increased significantly. Spending at aquariums increased by 65.1% and footfall increased by 54.5%, spending at museums increased by 58.1% and footfall increased by 47%, spending at theatres increased by 50.3% and footfall increased by 37%, year on year. However, despite awards season, the number of customers going to the cinema decreased by 5.6%.

Looking at month on month data, comparing February 2023 to January 2023, Revolut data gives insight into how people stuck to their New Year’s resolutions last month. For those looking to get fitter, the number of gym customers declined by 0.7%. For those looking to read more, book shop customers declined 8.9%. However, for those looking to find a partner this year, Revolut data suggests some may have succeeded, as the number of people spending on dating apps decreased by 15.7%, month on month.

A Revolut spokesperson said: “The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue to increase, and activities for days out, such as museums and theatres.”

“These new priorities suggest a continued desire to be around others and get out of the home.”