Using Social Media Tools to Manage your Finances



If you’re a small business owner, you’re most likely well aware of the importance of utilizing
social media to drive traffic to your website and communicate with your clients. Yet there
are other online tools out there that can help you with the more technical financial aspects
of running a business. Whether you’re interested in increasing your capital with short term
investments, researching your competitors’ statistics, or streamlining your online banking,
there are networks and platforms that can help you.

Assess your Competition

Learning more about your online competition can help you focus your own marketing efforts
more effectively. Your competitors will include not only those who are competing with
you in terms of search engine rankings, but also in terms of sales figures in your industry.
Using social media can help you identify these competitors. A quick Google search will
reveal who is winning the rankings war and can direct you to their websites to learn more,
but a Facebook business search will direct you to a wider range of businesses selling similar
products.

With access to websites and social networking profiles, you can take a look at your
competitors’ customers and their demographics. You can then use this information to target
that demographic you may be missing out on with your own marketing strategy.

Research Short-Term Investment Opportunities

Social networking also leads to new sources of information for investment research purposes.
If you’re in need of a way to increase your cash flow for your business, you can turn to a
variety of short term investments. The goal is to make as much money as possible in a short
period of time with the lowest level of risk involved. Money market mutual funds are one
option, pooling the resources of several investors into securities with large denominations.
Look for a mutual fund that allows you to access the money when you need it.

You can learn more about the best options by following financial expert social media
accounts online and reading financial betting  blogs.
Trading penny stocks and looking for the best
spread betting offers are other
means of potentially making money with a quick turnaround rate. There is a gamble involved
in any short-term investment, so be sure to use online research tools whenever possible.

Interact with Financial Institutions

Staying savvy with your finances can also include interacting with your bank on a more
regular basis. Many major financial institutions have made a recent push to become more

interactive. Following your bank on Twitter, Facebook, or other social media sites can help
you learn more about new financial products and promotions. Some banks will offer rewards
for those who recommend their services, and you can receive financial advice while learning
new tips to get you ahead with your banking and investments.

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