21 Ways To Grow Your Business Without Social Media

21 ways to grow your business without social media...getty

Even though it seems like everyone is doing it, you don’t have to use social media to grow your business. This fast-paced, notification and newsfeed-centred way of distributing and consuming information might not be for you. It might not suit your business; it might just not be your jam. Plenty of businesses have flourished in the internet age without participating in social media.

If you don’t fancy creating content and interacting on social media platforms, here are 21 other ways of growing your business.

1. Go networking

Research networking events happening online, in your area or for your industry and go along. Be ready to meet a lot of people and follow up with those where you see synergy. Find an excuse to get in touch with them after the event, for deeper, real-life conversations that bring introductions and new clients. Don’t be shy; the networking gains go to people who put themselves out there and work the room. Remember other people and be memorable yourself.

2. Create collaborations

Collaborate with organisations and individuals with whom you share a target audience. Perhaps they pass you work as an associate of theirs, with or without a commission. Maybe you collaborate on programmes or the delivery of your work or your service is included in their proposals. Collaborations with big players in your industry can keep business coming your way with no tweeting required.

3. Take rifle shots

One step up from networking, research people who will make perfect customers, collaborators and connectors and get in touch from scratch. Aim to meet them at an event, ask them to book a call or take them for a fancy lunch. Have a compelling reason to book their time and don’t waste it when you have it. Then, play the long game. Keep a personal CRM to remember what you talked about and follow up regularly.

4. Improve your SEO

Ranking well on Google is no mean feat. If you can appear at the top for terms your audience is searching, you will win traffic and customers ahead of your competitors. For this to work, go in depth. Increase your SEO knowledge; learn about keywords, meta descriptions and link building. Arm yourself with the tools for search volumes and domain authority and be ready to create a lot of content.

5. Run ads online

Google Ads and YouTube ads can be a solid way of growing a business. Rather than building your own house, you are simply renting the land. Create incredible ads in the format required, collect tonnes of data, then analyse and edit. Keep going until you have a winning combination of headlines, images and calls to action that keep your potential customers clicking through to your site.

6. Join communities

There are more communities around than ever, so find the one that works for you. This could be for people in your industry, location or simply other entrepreneurs. Join and aim to add value. Share what you know, help other members, give everything you have before you ask to take. By the time you do, you’ll be trusted and well-known and members will be ready to introduce you or sign up as your customers. Cherry pick some of the members to create a mastermind for a personal development bonus.

7. Grow an email list

Rather than hitting publish and hoping you appear on enough newsfeeds, as with social media, with email marketing you can hit publish and know you are landing directly in the inbox of your subscribers. Grow an email list through all the ways mentioned so far, and offer a lead magnet to incentivise people to sign up. Once you have them, communicate regularly and consistently add value.

8. Make use of podcasts

Podcast usage is growing like crazy and it’s only going to increase. Your podcast strategy could be to start and grow your own, to guest on other people’s or to advertise on popular shows within your niche. Each requires careful research and planning to make sure you’re not wasting your time. Practice telling your story, build your network of podcast hosts and create goals for the number of shows you want to record or appear on.

9. Start a newsletter

One way to build your email list is starting a regular newsletter that they can’t wait to read. You could share a roundup of what’s been happening in your industry or offer a new video, article or insight with every issue. Plan your newsletter series, decide a launch date, then go out to people you know to collect your first hundred subscribers. Publish consistently. In every issue, encourage readers to share with their networks to grow your subscribers.

10. Exhibit at trade shows

Many industries still run trade shows and it’s a great way to build up a buzz and meet a bunch of people. Exhibiting means investing in a plot, a stand and a way of standing out. Attending means working the room like you would any other event. Exhibit with a game plan; know who you’re looking to meet and what you will say once you meet them. Automate your follow ups to exhibit with ease.

11. Work on public relations

Rather than schmoozing your followers, take a narrower approach and schmooze journalists by email. Get on their radar, catch their attention and follow up with ideas for how they could include you in their publication. Successful public relations require an advanced strategy of staying up to date, bugging them just the right amount and adding commentary in a way that other people want to publish what you say. Or, be so newsworthy that journalists come to you.

12. Run workshops

Whether online or in person, run workshops to share your message and teach your methods to groups. Advertise on websites such as Eventbrite, Meetup and Airbnb experiences to bring people in from their traffic, notify your email list or tell local business owners and pin flyers up in the community. Run them regularly so your attendees create the habit, then ask them to tell a friend and grow your workshop numbers by referral.

13. Run print ads

Online advertising is sexy but print ads can still be a solid bet. Magazines and newspapers are still read on paper, same as event programmes, billboards and sponsor displays for sports teams. Design a stunning ad complete with a tried-and-tested call to action. Testing print ads also requires including a code or specific URL so you know when they have been a success, but it might work perfectly for your business.

14. Host events

Networking events, awards dos, fireside chats, panel discussions, contests, dinner parties. There is no shortage of events you could run for people who make great customers or connectors. Design and plan the event then tell everyone you know, incorporating the other methods in this list to get the word out there and get people along. One successful event means you can make it annual, to bring fresh customers to your door year on year.

15. Become a blogger

Instead of waiting to be printed by the journalists you schmooze, start your own blog for your own target audience. Decide on your topics, decide on your cadence, then begin turning writing and publishing into a habit. Engage within blogger communities to share your link, make it easy for readers to turn to subscribers, and cover every topic that you know is relevant to your dream customer base. Write with a specific person in mind and test out formats as you go along.

16. Work with influencers

Instead of building your social media following to promote your own company, make use of the effort influencers have already spent building trust within a specific niche. Find them online and ask if they work with brands, then define an influencer budget and try a few out. Metrics can lie, so keep track yourself. Experiment with different types of placements and different types of people until you hit on perfect alignment and the sales start to flow.

17. Do speaking gigs

If you’re an entrepreneur with a story, other people want to hear it. Set yourself up as a speaker to be booked for events that others are hosting. Get good at educating and inspiring to add the most value possible. Approach big brands and event organisers and set up profiles on speaker directories. Include a way of people hearing more within your presentation and nurture them through to enquiries and sales.

18. Build and they will come

Set up on a busy street to make use of location in getting new customers. New bars, restaurants and coffee shops in high footfall areas benefit from potential customers walking by every single minute. For an online alternative, build something cool and post it on Product Hunt or Reddit. Ask your friends to upvote and share with your list. Post when you’re ready for potentially thousands of hits.

19. Guest blogging

Other business owners run websites that are hungry for content. Provide the content to be published on their turf. Not only may a valuable article be read by their audience and start flocking your way, but you can also ask for a backlink to build the ranking power of your site. Build relationships with the webmasters and editors of collaborator sites and mind map article titles to offer to them. If they accept, write in their style and add all the value.

20. Have a referral programme

If I loved your product and wanted to tell my network, could I earn commission when they bought? Referral programmes and affiliate links are one of the simplest ways to incentivise happy customers to bring their friends. Create the programme, invite specific people, then share the winnings and grow your business on their shoulders. You could include a referral link on packaging or landing pages.

21. Start your own group

Chances are, you know some cool people. Your customers, suppliers and extended network likely have plenty of things in common. There’s huge value in starting a group and being the connector of everyone you know. Group ownership means curation of topics, suggesting of ideas, and being in everyone’s minds every time they engage. Use Discord, Slack, Mighty Networks or an alternative to connect and chat online.

If you are determined to grow your business, there are plenty of methods you can try before you dance around for TikTok or become a victim of the Instagram algorithm. Finding people, adding insane value and staying in touch is the basis of most business growth, and these 21 ways provide an alternative way to do exactly that.

Entrepreneur psychology and how to run a business without it running you. Post-exit entrepreneur, author of Ten Year Career and Forbes’ 30 under 30 social

Source: 21 Ways To Grow Your Business Without Social Media

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Braze Begins The IPO Process Amid Pandemic-Era Growth In Digital Marketing

A decade after its founding, the marketing tech startup Braze is beginning the process of becoming a publicly traded company.

Today, the New York-based company filed its Form S-1 with the U.S. Securities and Exchange Commission to go public on the Nasdaq stock exchange under the ticker symbol “BRZE.” Braze is part of the growing industry of marketing campaign management software companies, a market sector that the research group IDC says could reach $15 billion in 2021 and $19.4 billion in 2024.

The customer engagement company provides technology for brands to interact directly with consumers through various channels. By using Braze’s platform, companies can use data from email, apps and other digital platforms to better understand their customers before targeting them with personalized messages. Well known brands that use Braze for their marketing include Burger King, Anthropologie, Birchbox, Grubhub, IBM, Hinge, Nascar, PayPal, HBO, iHeartRadio, Sephora and Rosetta Stone.

According to its SEC filing, Braze reported large revenue growth in the past two years with $150.2 million in fiscal-year 2021 and $96.4 million in 2020. While the company has experienced momentum in 2020 and 2021, it’s still not profitable: Net losses totaled $31.43 million in 2021 and $31.36 million in 2020. Braze also reported annual recurring revenue passing $200 million in 2021, up from $100 million in 2019.

When Braze was cofounded in 2011 by CEO Bill Magnuson, Jon Hyman and Mark Ghermezian, it wanted to build a business that was mobile-first to help companies adapt to changing consumer behaviors. At the time of publication, the company was unavailable for comment about its IPO plans, but in a letter included in the S-1 Magnuson wrote that the “goal was to build a company that would capitalize on new technology to help the world’s best companies grow by trusting us with their most valuable asset: their customer relationships.”

“While technological change drove us forward, we knew that humanity should always guide us,” Magnuson wrote. “Great human relationships are built on mutual understanding, engaging communication and shared experience. It’s thus no surprise that the secret weapon of exceptional, enduring companies is the quality of their customer engagement.”

In the past two years, Braze has continued to grow its customer base from 728 in January 2020 to 890 January 2021 and 1,119 as of July 2021. The company has also continued to scale its cloud-based platform and now reaches 3.3 billion monthly active users through its customers’ applications, websites and other digital platforms—up from 2.3 billion in January 2020 and from 1.6 billion in January 2019.

Issues around privacy are also something Braze listed as a risk factor, citing international, federal and state regulations including newly passed legislation in California, Virginia and Colorado and existing laws such as the European Union’s General Data Protection Regulation. Several pages of the S-1 detail many of the laws and provide a glimpse into the various ways rules around data privacy could impact the company both legally and financially.“The laws are not consistent, and compliance in the event of a widespread data breach could be costly,” according to the SEC filing. “In addition, while we contractually limit the types of data our customers may process and store using our platform, we cannot fully control the actions of our customers. The failure of customers to comply with their contractual obligations may subject us to liability, and we may not have sufficient recourse to cover our related liabilities.”

Braze’s S-1 filing comes just a day after the advertising technology company Basis Globally Technologies—formerly known as Centro—confidentially filed its own S-1 with the SEC, further adding to the string of ad-tech and mar-tech IPOs that have taken place this year. Companies that have either gone public or begun the IPO process in 2021 include the content recommendation company Taboola, ad measurement firms DoubleVerify and Integral Ad Science and other marketing tech companies such as Zeta Global and Sprinklr.

Over the past decade, Braze has raised $175.1 million, according to Crunchbase. It raised an $80 million Series E round led by Meritech Capital Partners in 2018, just a year after raising a $50 million Series D round led by ICONIQ Capital. Other investors have included Battery Ventures, InterWest Partners, Rally Ventures and Blumberg Capital.

While Braze was growing quickly even before the Covid-19 crisis began, the company said the pandemic has accelerated the adoption of digital and mobile usage. Braze is also betting on the increased reliance on first-party data, especially as companies adapt to finding ways to reach people without as much third-party aggregated data.

“Modern brands know that when a customer is intermediated by a third-party aggregator, ad platform or distribution channel, it’s not really their customer relationship,” Magnuson wrote. “The highest value customer relationships are informed by first-party data and cemented through direct engagement.”

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I’m a Forbes staff writer and editor of the Forbes CMO Network, leading coverage of marketing and advertising especially related to the ever-evolving role of chief

Source: Braze Begins The IPO Process Amid Pandemic-Era Growth In Digital Marketing

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14 Tips To Meet Your Financial Goals In 2021

Who among us isn’t ready to bid good riddance to the year 2020? The pandemic has upended life across the globe and that includes creating financial chaos and stress for people of all walks of life. The good news is that 2021 is just around the corner. The bad news is that there will be pandemic fallout to deal with in the year ahead, and that could mean a continued rocky ride for your personal finances.

That doesn’t mean postponing or eliminating financial plans and goals altogether. And it doesn’t mean 2021 will be a bust. Instead, you’ll need to be more focused, savvy, and strategic about money goals in the coming year, which is why we asked financial experts across the country to weigh in and provide tips and insights about how to prosper financially in 2021 despite all the uncertainties that lie ahead.

Related: 19 Smart Ways to Get Through a Recession

Create a Rolling Budget

In times of uncertainty, it’s a good idea to create what’s known as a rolling budget, which is a budget that’s dynamic and changes throughout the year. This type of budget typically focuses on the near term, rather than the long term.

“You can’t always foresee every stumbling block in your financial future, so make sure to keep your budget bendable, not only judging the numbers you see at the moment but also make room for the surprises,” says Roy Ferman, founder and CEO of Seek Capital. “Keep a rolling budget and forecast that accounts for potential fluctuations — positive or negative.”

In other words, budget in a way that accounts for multiple real-world scenarios, says Ferman, creating a plan A, B, C, and possibly even D. “You want each plan fully mapped out as if it was plan A to keep you on top of any discrepancies. Allow yourself to come up with different variations, and allocate for those variations.”

Establish More Than One Stream of Income

Depending on how you define the data, anywhere from 20 million to 30 million people were unemployed or had their income affected by the pandemic, says Marco Sison, financial coach for Nomadic FIRE. To help protect yourself against the impacts of unemployment or reduced income, it’s a good idea to establish multiple streams of income.

“If one job or income stream is cut off, you still have other sources coming in to live off of,” says Sison. “Ideally, these income streams are passive: dividends, rental property, digital side businesses. If your hours get cut, or you lose your job, you can reduce your expenses and live off your side hustles without tapping your emergency fund.”

Budget for Saving

Warren Buffett has been quoted as saying “If you want to make saving a priority, take a look at how you budget. Do not save what is left after spending; instead spend what is left after saving.”

If you truly want to make saving a priority, particularly amid challenging economic times, you cannot plan to simply set aside what is left over, says Robert Johnson, a professor of finance, at Creighton University’s Heider College of Business. “You don’t successfully build wealth by simply taking what you have left after all your expenses,” says Johnson. “We accomplish what we prioritize. Prioritize savings and invest those savings. Saving should be a line item on your budget.”

Develop an Investment Policy Statement

Anyone who makes investments should create what’s called an investment policy statement (IPS) and follow it, says Johnson at Creighton University. “An IPS is a written document that clearly sets out an investor’s return objectives and risk tolerance over that investor’s relevant time horizon, along with applicable constraints such as liquidity needs and tax circumstances,” explains Johnson. “The whole point of an IPS is to guide you through changing market conditions. It should not be changed as a result of market fluctuations.”

Avoid Credit-Card Debt

Credit-card debt is a slippery slope in the best of times. And when the economy is uncertain, it’s best to avoid using credit cards as much as possible. “It’s never advised to spend money you don’t have via revolving lines of credit. And psychologically making purchases via most credit cards makes us a lot less frugal and undisciplined,” says Adem Selita, CEO and co-founder of The Debt Relief Company. “Considering that interest rates are near all-time lows, paying 20% or more on credit-card debt is a terrible financial decision to make.”

Clear Outstanding Debts

One more note about credit-card debt, if you’re able: Wipe out all existing debt. That will be the biggest favor you can do yourself in terms of meeting financial goals in 2021 and laying the groundwork for success (and beyond), says David Meltzer of East Insurance Group. “Chip off your debt bit by bit by paying off a small portion each month,” says Meltzer. “And do some belt-tightening on your spending for the time being. Take a look at your expenses and see which ones you can let go, and which ones you need to minimize, in order to help clear debt.”

AdChoices

Streamline Your Budget

Study your cash flow, both your income and expenses and outline a realistic household budget, says Meltzer at East Insurance Group. “Your expenses should be exclusively necessities like house bills, groceries, food, mortgage, insurance, and savings,” says Meltzer. “There’s no room for gym memberships and Netflix subscriptions on a tight budget. Most importantly, keep track of your spending. At this point, each cent counts.”

Consider Living Below Your Means

While you’re busy outlining your month-to-month budget goals for 2021 and paring back your spending, you might consider establishing a plan to live well below your means.

“By spending less than you earn, you open up funds to put into a savings account for emergency situations, such as a pandemic, or the loss of a job,” says Mason Miranda, credit industry specialist for Credit Card Insider. “The more you save now, the more financially stable you’ll be later when a crisis hits. Depending on your goals and how much you can save, you could even avoid going into debt and pay for large purchases in cash.”

Prioritize Your Goals and Be Realistic

Prioritizing all of your financial goals allows you to put them into specific categories based on which goals you want to meet first, says George Birrell, CPA and founder of TaxHub. You’ll also want to set a realistic time frame for meeting those goals amid the uncertain economic landscape.

“Setting a realistic timeframe is very important,” says Birrell. “If you set a timeline for one year, but your expenses don’t allow for meeting that timeline or you don’t have the capacity to put in extra work to earn more, you’re not going to reach that goal. Look at it objectively and realistically.”

Set Milestones Toward Larger Goals

Think of a milestone as a smaller goal that helps you get to your larger goal, says entrepreneur Thierry Tremblay, CEO founder of the online database software company Kohezion.

“They are like guideposts on the trail — smaller tasks that you can do to help you stay in line with your overall goal,” says Tremblay. If you fail at various points along the way when pursuing financial goals, think of it as an opportunity to gain valuable insights about things that work and don’t work, says Tremblay. “When you move on to the next goal you’re trying to accomplish, you have an advantage because of the things you’ve learned from your failure,” adds Tremblay.

Start With What You Have

Financial advisers often recommended setting aside three to six months’ worth of income in an emergency fund, which can seem overwhelming if you’re living paycheck to paycheck as many are right now, says Emma Healey, family finance and budgeting expert and founder at Mum’s Money. Rather than giving up on establishing an emergency savings altogether in 2021, simply start smaller.

“Start with what you have. Even if you can only spare $5 a week, stashing it aside to help pad out your budget when times are tough,” says Healey. “It is a decision you’ll never regret. Add more as you can, but the most important thing is to start.”

Automate Your Savings, Debt, and Bill Payments

It’s hard to spend money if you’ve already sent it somewhere else, says Chelsie Moore, CFA and director, wealth management and financial planning for Country Financial. Create automatic debt payments, bill payments and automatic transfers from your checking account to your savings account.

“A little bit adds up over time,” says Moore. “Automatic payments may help you avoid late payment penalties, which are a waste of money, and automatic savings can add up without effort or feelings of sacrifice.”

Meeting your financial goals in the best of times can often be challenging. But when the world is topsy-turvy it can be even more perplexing trying to figure out how to accomplish your goals once you’ve defined them. A personal finance professional can help you navigate the uncertainty and plot a path to success.

“Seek the advice and guidance of a financial professional who has the expertise to assist you,” says Tracey Bissett, CFA and president of Bissett Financial Fitness. “The best way to find one is to seek recommendations from someone you trust and then interview potential advisors to find the best fit. You should feel comfortable talking to the professional and asking them questions.”

Be Kind to Yourself

It’s important to remember as you embark upon 2021, and any year for that matter, that financial fitness is a lifelong journey. “Take small, imperfect actions daily to increase your financial knowledge and movement towards your goals. If you make a misstep, be kind to yourself and get back on track,” says Bissett.

By: Mia Taylor

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I don’t believe in resolutions, but I do believe in goals. Ready to make 2021 a good year financially? If you need a little “goal” inspiration, here’s a look at 21 money goals for 2021 that can empower your finances. Don’t forget to SUBSCRIBE, LIKE AND COMMENT: https://www.youtube.com/thebrokenwallet Start investing with Acorns today! Get $5 when you use my invite link: https://acorns.com/invite/JDCS44 Open a CIT Bank Savings Builder Account and Grow Your Money Faster Use my referral link to get started: https://fxo.co/9yAC Looking for an automated investment service? Open a Wealthfront investment account and get $5,000 managed for free for life. Use my referral link: https://invest.wealthfront.com/broken… Would you rather pick your own investments? If so, join Robinhood and start investing today! Use my referral link and get one free share of stock: https://join.robinhood.com/valench9 LET’S CONNECT: » Blog: https://the-broken-wallet.com » Twitter: https://twitter.com/thebrokenwallet » Instagram: https://www.instagram.com/the_brokenw… START YOUR OWN BLOG: REGISTER YOUR DOMAIN, CHOOSE A WORDPRESS THEME AND GET HOSTING WITH A FEW CLICKS *Bluehost (self-hosting): http://www.bluehost.com/track/thebrokenwallet FILMING GEAR: *Sony A6400 with 18-135mm Lens: https://amzn.to/38eBa6A *RODE VideoMic Pro+ w/Rycote Studio Boom Kit: https://amzn.to/2XvqyxC *Studio Lights: Neewer 2 Piece Bi-color 660 LED Video Light and Stand Kit: https://amzn.to/3alFbYi *FlexiSpot VICI Electric Quick-Install Height Adjustable Desk EC9 Series: Get $15 OFF – https://bit.ly/3jv18Z5 TAGS #frugallivingtips#moneygoals#moneygoalsfor2021

5 Last-Minute Ideas for a Successful Small Business Saturday

Small Business Saturday is an American shopping holiday that celebrates small businesses and it happens every year on the last Saturday of November. Founded in 2010 by American Express, Small Business Saturday is a great way to promote your small business because unlike other popular shopping days like Black Friday and Cyber Monday, you don’t have to compete with the big guys. 

So, it’s important that you take advantage of Small Business Saturday this year if you want to attract more shoppers to your business and generate more sales. But, how can you stand out on Small Business Saturday and grab the attention of shoppers?

Check out these 5 ideas for a successful Small Business Saturday. 

1. Put up signage

If you want to have a successful Small Business Saturday this year, first you need to remind your customers of the shopping holiday. So, be sure to put up signage in your small business weeks before the big day to inform shoppers and get them excited about the event. 

American Express even offers customizable free signage and marketing materials like decals and posters you can use to promote Small Business Saturday to your customers.  

If your business doesn’t have a physical location, you can “put up signage” on your website. Make sure to display your Small Business Saturday promotions prominently on your homepage and consider creating a dedicated landing page for Small Business Saturday deals. 

2. Create an email marketing campaign

Email is one of the best ways to stay in touch with your customers—and it’s one of the best ways to promote your Small Business Saturday deals too. With email marketing, you can send your subscribers an invitation to your Small Business Saturday event straight to their inboxes. In the email, tell customers how much they can expect to save, and use words that create urgency like “don’t wait,” “one day only” and “don’t miss it.”

3. Use social media and relevant hashtags

Your audience is on social media. In fact, according to Oberlo, 90.4 percent of Millenials, 77.5 percent of Generation X and 48.2 percent of Baby Boomers are active social media users. So, if you want to have a successful Small Business Saturday you need to be on social media too.

Start creating and sharing Small Business Saturday posts on social media platforms like Facebook, Twitter and Instagram. To widen your reach, be sure to use relevant hashtags like #SmallBusinessSaturday, #SmallBizSat, #ShopSmall and #ShopLocal. 

4. Run a giveaway

A great way to get shoppers excited about Small Business Saturday is by running a giveaway. Everyone loves winning a prize or getting a free gift so running a giveaway will give shoppers a little extra incentive to shop at your business on the last Saturday of November. 

Your business could hold an online giveaway where users have to share your post in order to enter. This will help get the word out about your Small Business Saturday promotions faster. You could also run a simple raffle at your business or give away a free gift to the first 25 people that make a purchase. A giveaway is a great way to stir up excitement and turn casual shoppers into lifelong fans of your business. 

5. Share the story of your business 

Lastly, because Small Business Saturday is all about supporting local, small businesses, you should share your story. Sharing the story of your business will help you make connections and build meaningful relationships with your customers. 

So, let your customers know how you started your business and why you started it. You can share your story via signage, social media posts, in your email newsletter and so on. Sharing your story will help your customers get to know the person behind the company and show them why they should support your business.  

Make Small Business Saturday your own

Get ready to have the most successful Small Business Saturday yet. With these tips, you can attract plenty of people that are interested in shopping at and supporting small businesses like yours. 

By: Syed Balkhi Entrepreneur Leadership Network VIP

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Three Attractive Health Care Growth Stocks

Healthcare stocks have gained nearly 18.0% in the first nine months of this year, compared to the S&P 500 index’s gain of 3.2% over the same time frame. While the coronavirus pandemic has been disruptive, there are pockets within the healthcare sector that have benefited. Some companies had benefited from increased sales of over-the-counter drugs and personal care items as people stocked up. However, sales were simply brought forward and may level off with a slowdown in sales going forward.

There has been a sharp drop in doctor visits and delays in elective surgeries. In addition, fewer medical visits translate into fewer diagnostic tests and drug prescriptions. However, as the economy slowly reopens, healthcare companies have seen some of this reverse and the earnings outlook has improved. Some companies within the biotech and pharmaceutical industries may benefit if they produce tests and vaccines for the virus, but at high cost and potential delays of other trials.

In terms of risks, healthcare reform and prescription drug prices have become a focus during the run-up to the 2020 election, triggering an increase in volatility.

Some growth stocks deserve their high valuations, while many do not. Partha Mohanram, who holds the John H. Watson chair in value investing and is area coordinator of accounting at Rotman School of Management, University of Toronto, developed a scoring system to help separate the winners from the losers among stocks trading with high price-to-book-value (P/B) ratios. The grading system looks at company profitability and cash flow performance, adjusts for likely mistakes due to naive growth projections and considers the impact of conservative accounting policies to form a growth score, or G-score. Recommended For You

Mohanram’s work identified fundamental factors that are useful when studying growth companies. Investors tend to naively extrapolate current fundamental growth stocks or even ignore the implications of using conservative accounting to project future earnings. Mohanram refers to the signals of his grading system as “growth” fundamental signals since they measure the fundamental strength of these companies in a context appropriate for growth firms. Mohanram feels that stocks with stronger growth fundamentals stand a better chance of expanding earnings and are more likely to beat earnings forecasts.

Profitability, naive extrapolation and accounting conservatism are examined using popular ratios and basic financial statement data to create the G-score. Mohanram found that high price-to-book stocks with higher G-scores outperformed growth stocks with lower G-scores. AAII modified Mohanram’s scoring system to create a seven-point G-score seeking out strong-performing healthcare stocks with attractive G-scores.

Mohanram awarded up to three points for profitability—one for return on assets (ROA) above the industry median (midpoint), one for a ratio of cash flow from operations to assets above the industry median and one point if the cash flow from operations exceeds net income. Mohanram highlights academic research indicating that ratio analysis benefits from industry comparisons.

ROA examines the return generated by the assets of the firm. Operating cash flow is reported on the statement of cash flows and is designed to measure a company’s ability to generate cash from day-to-day operations as it provides goods and services to its customers. Mohanram also measures profitability by dividing the cash flow from operations by total assets. This is like the ROA calculation, but it is based upon cash flow instead of net income.

The final profitability score examines the relationship between the earnings and cash flow. A growth point is awarded if cash from operations exceeds net income. This measure tries to avoid firms making accounting adjustments to earnings in the short run that may weaken long-term profitability.

Naive Extrapolation

Too often the market simply examines the past growth pattern of a company and expects it to continue into the future. Two companies with the same historical growth might have the same high valuation, but a company with more stable and predictable earnings and sales is more desirable and more likely to continue its growth. Mohanram feels that stability of earnings may help to distinguish between “firms with solid prospects and firms that are overvalued because of hype or glamour.” Mohanram measures earnings variability as the variance of a firm’s return on assets in the past five years. A company is awarded one growth point if its variance in ROA is below the sector median. A company must have at least three years of data to calculate the variance or it is given a value of zero for this signal.

The second growth signal in this category relates to the stability of year-to-year sales growth. A firm that has stable growth is less likely to disappoint in the terms of future growth. Mohanram examined the stability of sales growth to help overcome the issues of negative earnings that many early-stage growth stocks may have. Sales growth may also be more persistent and predicable than earnings growth because it is less subject to accounting judgments. Here again AAII compares the company variance of year-over-year sales growth to its sector median. Companies with lower variance than their sector median are awarded a growth point.

Accounting Conservatism

The final two growth signals deal with company actions that might depress current results but should result in greater growth and profitability in the future. Conservatism in accounting standards forces companies to expense outlays for many research and development (R&D) efforts even if they create valuable intangible assets that do not show up in a firm’s book value calculation.

A firm is awarded a growth point for R&D intensity if its ratio of R&D to assets is higher than its sector median. The same is true for capital expenditures (capex). One point is given for capex intensity if its ratio of capex to assets is higher than its sector median.

Grading Three High-Growth Health Care Stocks With A+ Investor Stock Grades

The G-score system looks at company profitability and cash flow performance, adjusts for likely mistakes due to naive growth projections and considers the impact of conservative accounting policies to form a growth score, in this case, for health care sector stocks. Companies in the health care sector with the highest G-scores (a minimum of six or seven points) were then analyzed using AAII’s A+ Investor Stock Grades grading system to identify three stocks positioned for long-term growth.

A+ Stock Grades is a stock-grading system based on percentile rankings of multiple key metrics within five investment factors: growth, momentum, EPS revisions, quality and value. They represent a summary of a company’s fundamentals.

The three health care companies that are doing the right activities to grow in the future are: Incyte , a biotech company that primarily focuses on the discovery, development and commercialization of proprietary oncology therapeutics; Motus GI Holdings (MOTS), a medical technology company that provides solutions associated with the diagnosis and management of gastrointestinal conditions; and X4 Pharmaceuticals (XFOR), a clinical-stage biopharma company focused on the discovery, development and commercialization of novel therapeutics for the treatment of primary immunodeficiencies and cancer.

Growth

All three companies saw year-over-year sales increases for the first half of 2020 compared to the same period a year ago. Incyte saw sales increase 22.3% for the six-month period ended June 30, 2020, compared to the same period the year prior. Both Motus GI Holdings and X4 Pharmaceuticals saw sales increase more than 400% compared to the year-ago period.

All three companies saw earnings increase for their latest quarter versus one year ago. Incyte saw earnings increase 171.9% for its latest quarter versus one year ago, while Motus GI Holdings and X4 Pharmaceuticals saw earnings increase 42.3% and 25.6%, respectively.

The A+ Growth Grade looks at quarterly year-over-year growth in sales, diluted earnings per share from continuing operations and operating cash, as well as annualized growth over the last five years for these three elements.

Incyte has the highest growth grade among the three companies with an A, while X4 Pharmaceuticals has a grade of B and Motus GI Holdings a grade of C.

Momentum

All three companies rate a C or lower when it comes to price momentum based on the weighted four-quarter relative strength, which gives extra weighting to price performance over the last quarter compared to the prior three quarters. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Estimate Revisions

The A+ Estimate Revisions Grade is based on the magnitude of a company’s last two earnings surprises, using the SUE score and percentage change in the consensus estimate for the current fiscal year over the last month and last three months.

All three companies have a grade of C, with their scores ranging from 44 for Motus GI Holdings to 60 for Incyte.

Quality

The A+ Quality Grade is based on how many of the five tests a company passes—management’s use of accruals, asset turnover improvement, buyback yield, dividend growth and earnings estimates. The more tests a company passes, the higher its Quality Grade.

Incyte has a Quality Grade of B, having passed three of the five quality tests, while Motus GI Holdings is a C after passing only two of the five tests.

Value

The last of the five A+ Stock Grades is value. The Value Grade is the percentile rank of the average of the percentile ranks of six common valuation measures:

  • Price relative to sales
  • Price relative to earnings
  • Price relative to book value
  • Enterprise value relative to earnings before interest, taxes, depreciation and amortization (Ebitda)
  • Price relative to free cash flow
  • Shareholder yield

X4 Pharmaceuticals is very expensive and has a Value Grade of F based on its score of 81, but it is doing the right activities to grow in the future. The company does not have positive trailing earnings, positive enterprise value

to Ebitda or positive free cash flow, so its Value Grade is based on three of the six metrics. For these other three metrics, its ranking ranges from a low of 38 for the price-to-book ratio to 96 for the price-to-sales ratio.

Incyte has a Value Grade of F derived from its score of 84. It has valid readings for three of the six metrics, with the ranking ranging from a low of 61 for shareholder yield to 87 for the price-to-book ratio.

Finally, Motus GI Holdings has a Value Grade of F and a score of 92 (remember, the lower the score the better for value). This is the worst value score any of the three stocks received.

Motus GI Holdings has valid scores for three of the six metrics, with the ranking ranging from a low of 68 for the price-to-book ratio to a high of 99 for the price-to-sales ratio, with lower values being preferable for value.

Summing It Up

Overall, Mohanram found that high-growth stocks with stronger G-scores outperformed those with lower G-scores, suggesting that the market fails to grasp the future implications of current fundamentals. Even with these financial tests, it is important to perform a careful analysis of any passing stock. However, the individual components of the G-score combined with the grades from AAII’s A+ Stock Grades represent a useful checklist for investors examining growth stocks.

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If you want an edge throughout this market volatility, become an AAII member. Check out my websiteCharles Rotblut

I am the VP for American Association of Individual Investors & AAII Journal Editor. I am also the author of Better Good than Lucky: How Savvy Investors Create Fortune with the Risk-Reward Ratio (published by W&A Publishing/Trader’s Press). I write about stocks, ETFs, investing and provides insight about individual investor sentiment as well as market and economic analysis.

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