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What is a Social Financial Platform and how can it help my business?

By: Jessica Rickard | October 07, 2020

In the midst of a pandemic, two men came together with an idea that would change the small business world as we know it. But then again, nothing is as we know it anymore. The world is full of uncertainty and questions, so is it really the best time to create something the world has never seen before? The short answer is yes. The long answer is absolutely. Let me explain, Robert Chandler and Mike “Cash Flow Mike” Milan are both leaders in their field, Robert in small businesses and accounting technology and Mike in strategic planning, finance, and sales. They both understand what it takes to run a successful business and the struggles that small businesses, accountants, advisors, and bookkeepers face. They also had an idea on how to alleviate those struggles. 

A new idea – write this down. 

The base of this idea comes from a new concept – one that we are calling social financial. Social financial is defined as a technology platform where your company can connect and collaborate with financial and non-financial information which gives your team insight into the company’s objectives, goals, history, and culture. Now let’s break that down. A technology platform – this is pretty self-explanatory…a platform that you can access via your technology source (mobile phone, computer, iPad, etc.). Where your company can connect and collaborate – think of any social media platform, now remove ads, people you went to high school with and your dad’s 2nd cousin. This platform is just for your business and your employees. With financial and non-financial information – this may seem a little scary to some. Your business lives or dies based on your financial information and sometimes you want to keep that to yourself. 

A social financial platform allows you to take certain segments of information and distribute it to those who need it. Your Director of Marketing probably needs to know the advertising budget but not the bank account balances, you control everything that other people can see. Gives your team insight into the company’s objectives, goals, history and culture – having your team all on the same page and empowering them to be invested in the company can give you valuable information from all angles of your business. That’s a big deal. A social financial platform helps you do that. 

 Why would someone want a Social Financial Platform? 

I hope that cleared some things up, now how does this tie into Robert and Mike? They saw a need for businesses to have this sort of platform in place, so in May 2020, they went to work. Simplex Financials, Inc was founded in May and quickly acquired Elevate Financial Training (where Cash Flow Mike was born). Robert and Mike took their place as CEO and President, respectfully. From there, they started work on an app called Path. Path is the first-ever social financial platform built to do everything I mentioned above. Path will help you tell your company’s data story and give that story a narrator. By that I mean, allow your employees the chance to tell their part of your company’s story. Remember in grade school when you were reading a book as a class and you had to read a paragraph out loud then the person behind you would read the next paragraph and so on until the story was finished? If one person skips their paragraph, you don’t get the whole story and you miss out on important details. With Path, the entire team will be on the same page connecting all the elements of your company’s story, with their own voice. 

In June of 2020, the Path prototype was underway. From an idea on a piece of paper to a Minimum Viable Product (MVP), in just a matter of months. With a prototype in tow, the next move was to hire a sales and marketing team. What good is a product if you don’t have people to sell it? At the beginning of September, the sales and marketing team set up shop in San Antonio, Tx and got to work. As part of that team, I am going to be totally honest with you, we had to hit the ground running. Getting acquainted with the product, learning the vision for the company, building plans, and implementing those plans all had to happen fast. And we have not stopped since (I gotta tell you it has been really exciting). 

So, what is Path? 

That’s a good question…Let’s talk about a few of the features that makes Path unique. Path directly integrates with QuickBooks Online, which means any information you store in QuickBooks can be accessed through Path and used in lots of different ways. Path works just like all of your favorite social media platforms. You can scroll through the Bridge just like you would Facebook, you can Bookmark your favorite posts just like Pinterest, and you can even like, comment, share things like you can…well almost everywhere on the internet (including this blog). The robust mobile-first platform gives you the power to control your business from the palm of your hand and with ease. You will also be able to associate certain events or actions with each employee. Did Jeff completely surpass the sales goal for the month? Did Laura have a conversation with a potential investor and close the deal? You can keep track of anything that happens in your company with Path. You can even use that information when it comes time for employee evaluations. All the information you need to run your business is in Path. Never again will you have to call your employee on the weekend and ask them about an invoice – you can just pull up all that information on your phone. How convenient! Now, think back to all your math teachers telling you that you will never have continuous access to a calculator… with Path you will have a robust data mash calculator that allows you to create any custom calculation that you want – in your pocket. 

It is closer than you think… 

I know all that sounds amazing and you are chomping at the bit to get your hands on it. It is closer than you think. We have just started our Beta test. This is a focused Beta test with about 100 participants testing 3 of our key features. We consider this step in the platform development super important. This will allow real customers the opportunity to see if we are developing something useful to them. Their feedback will give us some ideas on how to make the platform better, and then we can implement those changes before we release the full product. Which, by the way, will be available to the public late November-early December. Look at that….just in time for Christmas! 

 I know I just put a lot of information in front of you…so feel free to go back and read it again. Path is the first-ever Social Financial platform and when you get your hands on it you are going to wonder how you ever did business without it. Every company has a story – we help you tell yours. Be on the lookout for Path.