BrandVerge founders Mollie Kehoe and Lynn Browne figured out how to grow their business by using cash back rewards and ultimately turn a profit even amid a volatile economy during an unprecedented time. From its creation in 2017, the tech-enabled marketing and advertising agency used its banking relationship with Chase to build a supportive foundation for its business, which allowed them to be successful when navigating industry and economic uncertainty.
Starting a business from the ground up always has its challenges. However, for new business owners trying to get their footing and stay afloat, the COVID-19 pandemic brought forth a whole new set of hurdles.
"During the height of the pandemic, our clients didn't know whether to spend or pull back, so much of our business was paused," she said. “In order to keep our staff employed, the government's Paycheck Protection Program was critical for our business, as the future seemed so uncertain."
Mollie says signing up for the federal program was complicated but calling on their long-term banker made the application, approval and forgiveness process easier with the use of a simple online portal.
As a result, BrandVerge didn't just make it through the pandemic — it thrived.
The agency received the necessary funding it needed to its keep doors open, and by using their cash back rewards they were able to cut costs and automate workflow by signing up for the subscriptions they rely on to operate like Microsoft, Chargebee, Stream, Intercom, Wix and more. By spending wisely over the next year, BrandVerge was able to continue its average 156% growth trend that began in 2018.
The most amazing part of their success story was they were able to become profitable in 2021 despite the challenges and uncertainty.
"Chase has been a great resource for us throughout our time as founders," Mollie said. "They enabled us to get our business off the ground confidently and have provided the expertise and technology to feel secure in our finances and banking solutions. We have personal banking experience through Chase as well, so having a seamless experience across all our banking needs has made keeping track of finances easy.”
Regardless of timing, building a business will always come with some nuanced challenges – like handling business finances.
“Having access to a line of credit from Chase Ink has been essential for BrandVerge as we’ve used the cash back rewards for things like business travel, which was needed to help our business grow and become profitable,” she said.
Their biggest advice for new entrepreneurs is to surround themselves with smart and trustworthy people who can support them in those early stages.
“When starting a business, it’s extremely easy to get lost in and throw 100% of yourself into work and growing your company. You often lose sight of everything else in your life and eventually burnout – which is not productive for the company or your mental health,” Mollie said. "To adapt we've surrounded ourselves with people who excel in areas we don't and with people whom we learn from every single day. This continues to make us better leaders."
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