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Information Technology in Small Businesses – Challenges and Ways to Overcome

Information Technology in Small Businesses
As 2021 draws to a close with global immunization campaigns against the pandemic, the future appears to be much more uncertain and chaotic, primarily related to information technology in small businesses. Nevertheless, numerous small- to medium-sized companies (SMBs) are prepared to resume operations despite innumerable obstacles from every sector of the company operation. There are various tech challenges for small business that they encounter in daily operations.

Businesses that fall behind the information technology (IT) curve will find it much more challenging to compete against firms that make prudent IT investments at the right moment. However, with the shifting and changing nature of challenges and woes brought about by technological progress, handling IT for small businesses is not an easy undertaking requiring a great deal of labor and effort.

While today's business operations provide various IT challenges for small businesses, this blog will highlight the most prevalent and time-consuming IT challenges enterprises to face. It also discusses how to overcome those obstacles through technical maintenance and upgrades. The sooner you identify them, the better equipped you will be to deal with them when they inevitably appear.

Keep up with Digital Transformation

The COVID-19 emphasized the critical significance of digitization in small business operations. In addition, the pandemic made digital transformation a significant focus. In the following days, the tech challenges for small businesses, and indeed in the coming years, are numerous and unpredictable.

While there is no doubt that digitization is a time-consuming process, it is equally imperative that it offers value to your consumers over the internet.

"Responses to COVID-19 have speeded the adoption of digital technologies by several years — and many of these changes could be here for the long haul."

- Research by McKinsey & Company

Levi Strauss, a prominent apparel company with over a century in the business, reacted rapidly and effortlessly to the greatest digitization before the pandemic struck. Earlier to the pandemic, investments in digital technology, including artificial intelligence and predictive analytics, enabled Levi's to respond swiftly and decisively as consumers flocked to e-commerce platforms in droves. In addition, Levi's created their mobile app prior to the advent of COVID-19, allowing the brand to engage with consumers in novel ways throughout the pandemic.

Making Remote Working Easier  

Businesses are also gradually returning to normal as we near the conclusion of 2021. However, many employees are averse about returning to their offices anytime soon. Given the present situation, many small businesses are considering incorporating hybrid work cultures into their workplace rules.

As remote work and hybrid work settings continue to be preferred by employees, organizations focus on remote hiring, onboarding, and team culture. Organizations should consider cloud-based monitoring tools and cloud-based solutions such as SaaS, PaaS, and IaaS products to support this system. For example, by implementing CloudDesk productivity monitoring software, a business may establish productivity and pleasure as key performance metrics.

IT Cost Control 

IT spending on small firms is currently high and will continue to rise in 2022. Information technology in small businesses play a crucial role, however their IT budgets are limited. As a result, they are always looking for IT solutions that enable them to achieve long-term growth without incurring high costs.

Maintaining control of IT costs is not simple. Still, the good news is that there are various methods to do it while maintaining a high degree of cyber security and preserving important data.

Cyber Security for Small Businesses

As digital technology advances, cybersecurity has become one of the most significant issues for small organizations. Even in 2022, the cyber danger will be front and center.

Often, small business owners believe they are not a target of a cyber-attack. But it is not true; small firms are more vulnerable to cyber assaults since their networks are less secure. Additionally, a lack of competence for appropriate security, insufficient resources, a lack of awareness of the danger, insufficient staff training, and a failure to update security procedures are also risk factors.

As reported by Packet Labs, the worldwide information security industry is expected to reach $170.4 billion in 2022 to keep pace with the projected increase in cybercrime.

As stated by Cyberint, 95% of cybersecurity breaches are caused by human mistakes.

However, there are ways to prevent cyberattacks by implementing the following:
  • Conduct background checks on third-party vendors
  • Educate and train your workers on cybersecurity best practices
  • Provide firewall software and support for your internet connection
  • Protect your business by installing anti-malware and antivirus software
  • Enforce a Bring Your Own Device (BYOD) policy that prioritizes security safeguards
  • Enable multi-factor authentication on your devices

Winding Up:  

There are several alternatives available to upgrade your existing IT department. However, it is a pressing need to stay up to date on technology and look for expert skills that manage IT services with solutions that meet a wide range of needs. We help you identify the IT challenges for small businesses and help you to overcome them with a comprehensive solution.

Frequently Asked Questions: 


What are the challenges of information technology in business?  

Information technology plays a critical role. However, many organizations encounter IT-related problems (IT). Information technology is a source of competitiveness and growth, not just for businesses and sectors but also for society. The following are a few of the IT challenges:
  • Digitalization and digital up-gradation
  • Information security
  • Cost reduction
  • Keeping up with remote work culture

How is information technology used in small businesses?  

Small companies benefit from information technology by keeping data in databases. In addition, global communication of information is enabled by information technology, as is global retrieval of information from databases and websites regardless of geographical location.

What technology do small businesses need?    

Below are few technologies that are a must for small businesses:
  • Cloud computing
  • Data security
  • HR software
  • Chatbots
  • Website Implementation and Enhancement Tools
  • Customer Relationship Management (CRM)

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TECHNOLOGY, SMALL BUSINESS ADVICE

Small Business Grants: Get Free Funding

Article | July 20, 2022

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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Technology

How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | May 16, 2022

Introduction With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable. In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data. The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry. Small Business Accounting Software: Emerging Financial Needs in the Industry Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others. None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth. Automate Invoicing and Billing Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses. Expense Tracking A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent. Efficient Inventory Management Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t. Bank Reconciliation Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period. The Final Thought Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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Technology

How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | July 18, 2023

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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TECHNOLOGY, SMALL BUSINESS ADVICE

How Are Android Payment Solutions Changing the Game for Small Businesses?

Article | July 20, 2022

Doesn't free money for small businesses sound wonderful? Thus, free money to small-medium enterprises (SMEs) is the core purpose of small business grants. As a small business owner, you are constantly looking for funding opportunities for small businesses to expand your enterprise. This requirement became even more desirable during the coronavirus pandemic. The following are the top challenges facing small businesses: Cash flow is limited or inconsistent Lack of capital raising No provision for unforeseen expenses Inadequate tax compliance Absence of a budget Combining commercial and personal finances “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.” – Richard Harroch, Venture Capitalist and Author How About We Figure Out What a Business Grant is? A grant is a sum of money provided to a business for a particular purpose. There are several financing possibilities for small enterprises when applying for start-up business grants. You only need to know where to find it. Government (federal and state), charities, and private institutions all offer small business grants. Unlike small business loans, small business grants do not need a repayment. In addition, unlike loans, you are not required to provide security, are not charged late fees or interest, and are not required to give away any ownership of your business. As a result, grants for small businesses are an appealing source of finance for businesses. Small business grants are frequently awarded based on specific areas, industrial sectors, community groups, or types of enterprises. Grants come in various forms, including those granted by the government, those supplied by private firms, and those directed for specific groups such as women, veterans, or women. In addition, considering the current pandemic crisis, a new grant has been established to assist individuals negatively impacted by the coronavirus pandemic. The federal government does not provide start-up business grants; instead, its grant programs are often directed toward non-profit organizations or other government agencies that face financing challenges. COVID-19 Small Business Grants Several types of COVID-19 small business grants are available to mitigate the loss caused by the coronavirus to small businesses. First, government grants for small businesses provide economic relief from the loss of revenue. The United States Small Business Administration (SBA) administers federal small business funds for coronavirus recovery under the Economic Aid to Hard-Hit Small Businesses, Non-profit Organizations, and Venues Act. Paycheck Protection Program (PPP): Small Business Administration (SBA) provides financial help by introducing financial assistance programs like Paycheck Protection Program (PPP). However, Paycheck Protection Program (PPP) concluded on May 31, 2021. Even after the termination of the program, you can still qualify for loan forgiveness. This program was a significant part of COVID-19 small business grants. As of May 10, 2021, the SBA has authorized $782 billion in PPP loans. To qualify for loan grants, you must establish the following: Maintaining employee and pay levels The revenues of the loan are used to cover payroll costs and other allowable expenses At least 60% of the earnings are used to cover payroll expenditures COVID-19 Targeted Economic Injury Disaster Loan (EIDL) The Federal government recognized the coronavirus's impact and introduced many COVID-19 small business grants, and Targeted EIDL was one of the leading financial assistance programs offered. The SBA makes targeted economic injury disaster funding available to small companies in low-income regions that have suffered revenue loss due to the coronavirus pandemic. This is more of a donation than a loan, as it is not returnable. The targeted EIDL offers up to $10,000 in advance if your firm is: Located in a low-income neighborhood Has sustained a higher than 30% economic loss Employ no more than 300 people Due to COVID-19, small business owners and qualified agricultural companies in all 50 states and territories of the United States are presently eligible to apply for a low-interest loan. Shuttered Venues Grant As of August 2021, the Shutter Venues Grant program is ended. However, later that month, the Small Business Administration (SBA) planned to establish a supplemental Shuttered Venue Operators Grant (SVOG) application for 50% of the initial amount, up to a maximum of $10 million. The Economic Aid to Hard-Hit Small Businesses, Non-profits, and Venues Act established the Shuttered Venue Operators Grant (SVOG) program, modified by the American Rescue Plan Act. The initiative, managed by the SBA's Office of Disaster Assistance, would provide over $16 billion in subsidies to closed venues. Eligible candidates may receive up to 45% of their gross earned revenue in the form of a grant. The maximum grant is ten million dollars. Restaurant Revitalization Fund (RRF) The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide emergency assistance for eligible restaurants, bars, and other eligible businesses impacted by the pandemic. This program compensates restaurants for income losses caused by the pandemic, up to a maximum of $10 million per firm and no more than $5 million per physical location. As of now, RRF is closed for new applications. Government Grants for Small Business Numerous government grants for small businesses have been made available for free by the federal, state, and municipal governments. However, accepting free government money entails a considerable bit of paperwork and is time-consuming and technical at the same time. Federal Government Grants for Small Business The federal government offers many other additional grants for small businesses along with COVID-19 assistance. Federal government grants for small businesses are generally available to firms engaged in research, technology, or health. The government agencies that support small company grants are the SBA, the National Institutes of Health (NIH), and the Department of Agriculture. Let us find out which are the most competitive government grants for small businesses. Small Business Innovation Research Program (SBIR) Small Business Technology Transfer Program (STTR) U.S. Small Business Administration State Trade Expansion Program (STEP) NIH Grants U.S. Department of Energy (DOE) and Environmental Protection Agency (EPA) U.S. Department of Agriculture (USDA) State Government Grants for Small Business State offers government incentives to a small business that address the state's social or economic issues. However, due to the minor application set for state funds, competition may be less severe and easily accessible. Federal agencies occasionally award grants to state governments, which then distribute the monies. Below is few resources body that offers funding opportunities for small businesses: U.S. Economic Development Administration State Business Incentives Database Small Business Development Centers (SBDCs) Private Small Business Grants While government grants are beneficial to small companies, the financing levels are insufficient. Occasionally, private corporations and charities step forward and provide small business grants. On the other hand, private business grants need separate applications and may have eligibility limits confined to specific industries. Numerous corporate-sponsored small business grants require applicants to compete in pitch competitions or something comparable. Unfortunately, few major private corporations provide substantial financial incentives to small businesses for joining (and winning) contests or pitch competitions. However, even if you do not win, you may receive a runner-up reward or exposure for your business. Below are few private small business grants available FedEx Small Business Grant Contest National Association of the Self-Employed (NASE) Visa Everywhere Initiative Wells Fargo Community Investment Nav's Quarterly $10,000 Business Grant Patagonia Corporate Grant Program Start-Up Business Grants A start-up business grant is money provided by the government or another entity to assist small businesses and organizations in establishing and developing their businesses. Initially, small business grants are often not accessible to launch a firm; nevertheless, they are available for specific businesses and owners. The following is a list of different sorts of businesses eligible for start-up small business grants: Innovators Rural Businesses Green businesses Women, veteran, or minority-owned businesses Non-profit organizations Here is an example of small business start-up grants 4.0 Schools fellowships Jack Daniel's pitch distilled Final Thought As the information above indicates, there are several small business grants available. However, applying for grants is time intensive and may result in your firm not receiving the money needed. Finally, explore the small business grant, whichyour business is eligible for. If small business grants are not a possibility for you, several alternative funding choices are available that fit your budget. FAQs: What can a small business grant be used for? Small business grants are used for a variety of purposes: to establish a business, to stimulate minority entrepreneurship, to support research and development in a particular industry, to bring innovation, and to assist businesses in the domains of science, technology, and health, the list goes on. How can I get a grant to start a small business? There are several websites and organizations where you may obtain small company grants, including the following: SBIR.gov USDA Rural Business Development Grants Small Business Development Centres Grants.gov National Association for the Self-Employed (NASE) FedEx Small Business Grant Contest What distinguishes grants from small business loans? The primary distinction between small business grants and small business loans is that grants are not returned (with certain circumstances), but loans need to be paid back. In addition, grants are generally reserved for small firms, requiring more time to process and receive the funds.

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Technology

5 DIY strategies for marketers at small businesses

Article | May 16, 2022

Introduction With numerous tasks and operations to take care of, from basic invoicing and billing to project management and tax calculations, small business owners find it a nerve-wracking challenge to keep track of all monetary transactions and manage accounts payable. In addition, the advent of digitization, the growing penetration of cloud-based solutions in the industry, and the introduction of cutting-edge accounting software, among others, are eliminating the extra use of paper, pens, files, and voluminous binders. Because of these small business financing trends, businesses and start-ups are increasingly inclined toward online financial management tools, such as small business accounting software, to handle their financial data. The small business accounting software assists them in examining their financial condition along with accurately recording businesses’ cash flow, generating reports, tracking transactions, monitoring account balances, billing customers, creating purchase orders, and much more. Owing to such compelling features, these small business financial management solutions are garnering massive popularity in the industry. Small Business Accounting Software: Emerging Financial Needs in the Industry Running a small business sometimes entails wearing several hats, such as sending emails, paying suppliers, invoicing, creating processes, and preparing financial reports. All these are essential tasks, along with the other small business operations, such as employee management and work management, among others. None of the additional responsibilities faced by small business owners are as crucial as accounting. Robust accounting processes are vital for keeping businesses in excellent financial condition and helping owners to make smarter decisions. Accounting software provides various features that can facilitate the smooth operation of the organization. From processing invoices to monitoring cash flow, here are the primary ways accounting software can assist owners to meet financial requirements for small businesses and promote growth. Automate Invoicing and Billing Due to the shortage of cash inflow, it is vital for small businesses to keep the cash flowing by billing clients and crediting customers on time. Accounting software assists small businesses in automating the billing process, enabling owners to create recurring invoices, send follow-up reminders, and accept digital payments directly from the invoices. It also assists in tracking all unpaid invoices and preventing accidental missing payments, thereby fending off potential losses. Expense Tracking A common accounting mistake that small businesses often make is failing to accurately track business costs and expenses, which causes a shortage of cash flow. The deployment of the right small business accounting software prevents this from happening and enables firms to keep track of all the spending and identify the source where the money is being spent. Efficient Inventory Management Proper inventory management is a crucial part of small businesses as they cannot stock products in large quantities due to the unavailability of a large amount of capital. Good inventory management is necessary to guarantee an adequate supply and deliver superior customer service. Accounting software aids small businesses in recording stock keeping unit (SKU) codes, monitoring goods, preparing reports, tracking products sold, and running reports on which items firms are doing well and which ones aren’t. Bank Reconciliation Small business accounting solutions simplify one of the most fundamental tasks of the company—bank reconciliation. It enables small business owners to access their bank statements directly from the accounting solutions, along with comparing bank statements, balancing debits and credits, and identifying any discrepancies at the end of each financial period. The Final Thought Maintaining correct financial records at all times is essential for the success of small businesses and start-ups. For maintaining proper accounts, these businesses need a system that overcomes the drawbacks of traditional accounting tools such as spreadsheets. With the introduction of novel accounting software integrated with artificial intelligence, big data, and other technologies, these financial management solutions are paving the way for small businesses.

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Technology

Navigating Small Business E-commerce in the Competitive Landscape

Article | July 18, 2023

Small businesses are the backbone of the US economy, generating local jobs and innovation while encouraging entrepreneurship among minorities, women, veterans, and other community segments. As stated by Florida tax monitor data, small companies employ 48% of all Americans and generate 43.5 percent of the country's gross domestic product (GDP). At the speed of light, the corporate environment is continuously moving to new digital technologies. However, many small company owners are unable to keep up with this small business digital transformation. In the opinion of recent Google-commissioned small company research, 80% of small businesses in the United States are not fully utilizing digital technologies. A few more reasons at play prevent small firms from adopting digital technology and falling behind on digital transformation trends. Ignoring digital benefits or refusing to adjust is a surefire way to fail in a constantly evolving digital world. "At least 40% of all businesses will die in the next ten years… if they don't figure out how to change their entire company to accommodate new technologies." — John Chambers, Cisco Factors Contributing to the Lag in Digital Transformation Race Keeping up with New Technologies Is Tough Numerous small business owners are unable to keep up with emerging digital transformation trends. Various digital opportunities for small businesses exist to employ in their operations. However, companies lack the will to leverage digital capabilities and so fall short of their full potential. In addition, limited resources create an impediment to digital adoption inside. Employee experience and digital skills are other significant impediments to SMBs adopting digital technologies. Small businesses need to overcome their fear of change to capitalize on the digital dividend, accelerate growth, and scale effectively. Change in Customers Behavior and Persona Changes in customer behavior and knowledge of SMB consumer personas are critical components of small business digital transformation and are the primary issue confronting small business owners. The most significant change that small companies anticipate in the next five years is a shift in consumer expectations and personas. Owners believe they understand their businesses since they are small or medium-sized business owners. Still, customers have a different perspective more than 70% of the time due to social and digital transformation trends. For the next five years, the top three consumer trends are expected to increase product or service customization, increased emphasis on customer experience, and higher expectations of quality or value for money. "Clients are going to expect a lot of personalization in their businesses; consumers are going to expect the same. To avoid data silos, having an emphasis on driving real-time information from customer data and sources is core for any company to become digitally native." – Bibhakar Pandey, Vice President & Leader of Customer Experience, Marketing Services, Capgemini. Need Assistance for Right Decisions Making technological decisions is challenging for small firms. Additionally, many business decisions are made by small business owners. Therefore, they must have the appropriate knowledge and help when making digital decisions involving various conflicting obligations. Because the costs of digital technologies are so high, it is critical for small businesses to have sufficient information about the value of sales, service, and marketing technologies to select the appropriate digital systems, upgrade digital skills, and provide adequate protection and security. In addition, the small owners need timely assistance to cope up with small business digital transformation. Digital Gap Small firms have several digital gaps in various areas, including internal skills gaps, financial gaps, and digital infrastructure shortages. Due to the utilization of high-speed internet connections and cloud-based technologies, these disparities are more significant for small businesses than large enterprises. The owners need to cope up with different stages of digital transformation in small businesses. However, there is no denying the link between digital and productivity, which is critical for productivity. Digital Transformation Approaches: Adoption and Upgradation to CRMs To evaluate client behavior, it is critical to implement and improve your customer relationship management system (CRM). In addition, businesses should leverage cloud-based solutions to strengthen their relationships with their consumers. According to Deloitte, SMBS that use CRM generate 44 percent more income than those who do not have a system or only have a rudimentary system. However, numerous CRM features, such as omnichannel customer care, marketing automation, social tools, and predictive analytics with automation are not part of the classic CRM model. "Right from the start, based on our ICP, we focus on what level of personalization and automation needs to be built out and what touchpoints like overlays, retargeting, and remarketing are to be done to convert the customer in the end and take them to the SQL stage." – Amitabh Ramani, Global Marketing Director, Jade Global. Adoption and up-gradation of CRMs will open new digital opportunities for small businesses. Improvement in Digital Infrastructure To fill the digital gap and be a part of digital transformation trends, small businesses must embrace high-speed broadband for small business digital transformation. In addition, adopt digital technologies in the workplace to enhance SMB productivity and connectedness. By incorporating innovation and technology, small firms may increase their competitiveness. Below are few actions that can be taken for more digitally engaged small businesses: Raising awareness of digital opportunities SME training and upskilling programs Promoting business innovation and the provision of new digital solutions Implementation of Sales and Marketing Tools In today's competitive corporate climate, the focus is firmly placed on the sales and marketing aspects of the enterprise. As a result, small businesses strive to capitalize on possibilities for personalized marketing based on prior interactions or sales and engage clients through customized marketing. Amaysim is an example of a company that focuses on customized marketing using a cloud-based marketing platform; they ensure timely marketing communication and connect with clients in real-time via SMS. Only one in every five small businesses uses digital tools or social media platforms to acquire new consumers or connect with existing clients. Incorporate artificial intelligence into different business processes, such as predictive analytics, automated product recommendations, and upgrade suggestions based on consumer behavior. Shift to Online Interactions Face-to-face transactions have decreased as a percentage of total sales, and the line between physical and digital is becoming increasingly blurred, resulting in behavioral adjustments. The purchase is moving due to internet channels, or you might say that more consumers favor online purchases over in-person transactions. With the increase in online sales, small companies also need to enhance their delivery services to keep up with the demand. In addition, the shift in communication channels to emails, social media platforms, and websites have altered consumer behavior about enquires and complaints. As a result, implementing CRM software for service interactions has become a necessity of the hour to ensure a fast response. Shift to online interactions of sales or any business operation is an escalating demand for small business digital transformation. Final Thoughts With the evolution of digital trends in small businesses, owners can leverage small business digital transformation benefits by using the techniques as mentioned above. Regular use of digital tools may help small businesses enhance their performance and adapt to dynamic business conditions and changing consumer expectations and the surrounding environment. Engage small companies in new digital prospects for success and business growth, resulting in a greater return on investment (ROI). FAQs Why is digital transformation important for small businesses? Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers. What are the most significant trends of digital transformation? Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs What are key areas of digital transformation? The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "Why is digital transformation important for small businesses?", "acceptedAnswer": { "@type": "Answer", "text": "Digital transformation enables small businesses to ease out their operations, increases efficiency, automates workflow, helps to improve customer relationships. Adopting digital transformation enables to fulfill changing behaviors and needs of customers." } },{ "@type": "Question", "name": "What are the most significant trends of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "Here are few significant trends of digital transformation in the coming year 2022 that will impact the work culture of businesses. Improved connectivity (5G) AI technology Cybersecurity IoT Multi-cloud and APIs" } },{ "@type": "Question", "name": "What are key areas of digital transformation?", "acceptedAnswer": { "@type": "Answer", "text": "The key areas of digital transformation are as follows: Business process transformation Domain transformation Business model transformation Cultural/Organizational Transformation" } }] }

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Small Business Advice

Small Business Financial Management: One-Stop Solution for Financial Hurdles

Article | September 23, 2022

Introduction Managing finances is crucial for organizations, especially small businesses, to create a stable financial future in which the business is less likely to fail. Small businesses and start-up companies have to face numerous challenges and even bear losses at their introductory stage due to the difficulties in maintaining proper cash flow. According to a study, around 61% of small business owners say that they face challenges in handling consistent and steady cash flow. Many start-ups undertake operational business activities after obtaining loans from different financial institutions due to insufficient cash flow and capital. Hence, to keep small business operations running smoothly, they need to optimize the inflow and outflow of cash and financial management. Small business financial management assists these start-up companies in reducing financial costs, facilitating the availability of investment, and planning, organizing, directing, and controlling financial activities. With competition intensifying in the sector, the need for financial management is becoming even more critical for small businesses. Why Are Financial Management Solutions Becoming Imperative for Small Businesses? Running a small business is not an easy task. Even if you have a great idea and a large number of people longing for your product or service, the financial difficulties of operating a small business can quickly escalate and hamper the business. A plethora of expected and unexpected issues, such as overhead costs, rising interest or inflation rates, impending tax deadlines, remediating damage from a natural disaster, and many more, can create insurmountable obstacles for small business owners. Whether it is insufficient cash flow or a lack of accurate monthly reconciliation reports, many small business finance-related issues can be avoided with the proper management of finance and reporting. What are the other small business money management challenges that financial management solutions can assist to overcome? Let's see: Poor cash flow management Managing a budget Planning future expenses Controlling debt Inconsistent cash flow Tips for Effective Small Business Financial Management Small businesses today are highly fragile due to excessive competition in the industry. Hence, start-ups and new companies have to invest a significant amount of money in order to keep their business fully functional and running. Right from accumulating funds to allocating and spending them, it is crucial for small business owners to have a transparent view of their financial position and business undertakings to engage in planning for efficient utilization of available resources. Effective financial management not only assists in managing small businesses' finance and rotating the cash invested in the business, but it also assists in analyzing revenue generation, formulating suitable financial strategies, and calculating adequate returns, among others. It is undoubtedly one of the most important aspects of businesses, irrespective of their size. With an increasing need for managing huge funds, continuous transactions, daily cash flow, payrolls, and others, it is becoming even more critical for small businesses and start-ups to manage their finances effectively. Here are some of the vital tips that can help small businesses analyze and manage their finance effectively: Prioritize business financial planning Create a budget and stick to it Analyze cash flow Keep business and personal finances separate Focus on expenditures but also ROI Monitor spending Opt for a financial solution or service Final Thoughts With the fast-changing financial requirements of small businesses and the emergence of novel small business financing trends, entrepreneurs are emphasizing streamlining and managing their financial chores. To overcome a growing number of financial obstacles, leading financial solution developers are aiming at integrating advanced technologies such as artificial intelligence, machine learning, and data analytics in novel small business financial management solutions. This is anticipated to create a strong demand for innovative financial management tools, such as small business accounting software, across the industry in the forthcoming years.

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ConnectWise Earns SMB All-Star Award for Integrating AI Across RMM Solutions

GlobeNewswire | October 18, 2023

ConnectWise, the world’s leading software company dedicated to the success of technology solution providers (TSPs) serving more than one million small and medium-sized businesses globally, has been recognized by ChannelPro Network with a 2023 SMB All-Star Award for its innovative use of artificial intelligence (AI) built-into ConnectWise Asio™ platform, which enables AI-assisted scripting that comes bundled with two products within its Unified Monitoring and Management (UMM) solution portfolio, ConnectWise Automate™ and ConnectWise RMM™. ConnectWise Automate and ConnectWise RMM leverage Azure OpenAI technology to provide the functionality within its script editing function to instantly generate scripts for partners. Traditionally, writing a script can be a manual effort or be time-consuming work. By leveraging the power of advanced AI technology to write on-demand scripts in ConnectWise Automate and ConnectWise RMM, partners can quickly generate a script based on their prompt, review the script, document it, edit it, and securely deploy it to their clients. ConnectWise’s TSP base has already generated over 8,000 scripts through the AI-assisted capability. The SMB All-Star awards program recognized ConnectWise for demonstrating excellence in its game-changing technology that will impact the IT (Information Technology) channel ecosystem. The company’s innovative use of generative AI to help partners get more done in less time and its thought leadership in establishing an AI Responsible Use Statement will enhance the partner experience and provide a more secure IT environment. We are thrilled to receive this recognition for our use of AI within the Asio platform that partners can leverage through our RMM and Automate solutions," said Ameer Karim, executive vice president and general manager of UMM at ConnectWise. "Our goal is to help partners work more efficiently and effectively, and AI is a key part of that strategy. Integrating AI into our Asio platform across our technology saves countless hours for partners and their technicians by automating scripts and providing detailed documentation in seconds, enabling them to deliver better service and support. And this is just the beginning, we are looking forward to expanding this to other solutions across ConnectWise “All-Star is the perfect way to describe ConnectWise,” said Jonathan Browning, editorial director at The ChannelPro Network. “Their dedication to improving the industry through their technology is incredible. It inspires excellence throughout the technology industry and across the supply chain. I think I speak for everyone on our editorial team when I extend our heartfelt congratulations.” ConnectWise Automate and ConnectWise RMM are the first in a series of AI-powered ConnectWise solutions developed for the channel community. To learn more about the expansions and technological innovations, register for IT Nation Connect, the premier TSP conference for inspiration, education, and community.

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Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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Extu Launches GoTu Rewards, a Flexible, Affordable Incentive Platform to Drive Loyalty

PR Newswire | October 31, 2023

Extu announced GoTu Rewards, a fast to launch, flexible and affordable new incentive platform designed for companies of all sizes that want to initiate a basic loyalty program on a modest budget. GoTu Rewards is notable for its ease of use and exciting reward catalog featuring millions of options. "Midmarket and SMB companies are frequently looking for programs to incentivize their sales teams, employees, resellers and consumers—yet many programs are too expensive and difficult to manage," said Extu's CEO Steve Prebble. "Recognizing this need, we've created the ideal solution with GoTu Rewards, a platform that takes the worry and work out of incentive programs." With no monthly fees, GoTu Rewards' pay-as-you-go structure allows companies to purchase points or physical gift cards in bulk to deliver to their participants as needed. It reduces the administrative burden while offering a vast array of appealing rewards that keep participants engaged and earning. GoTu Rewards also provides companies with peace of mind by meeting Service Organization Control (SOC) 2 compliance requirements to ensure that sensitive corporate and participant data is safe. William Lupo, Extu's Chief Revenue Officer, explained, "GoTu Rewards offers a back-to-basics program for companies or teams that want to be able to award people quickly and easily for a job well done. It's a high reward but low cost option with great perks for participants that are sure to spark motivation and drive revenue." Prebble concluded, "Safety, speed and rewards that resonate are the hallmarks of GoTu Rewards—making it a perfect fit for companies that are looking to launch quickly and drive loyalty across their employee or sales networks." About Extu Extu, formerly known as Incentive Solutions and OneAffiniti, is on a mission to inspire growth. Extu provides through-channel marketing automation, an innovative online rewards platform, with millions of exciting online rewards, prepaid and gift card incentives, as well as group travel incentives. Our solutions are built to help manufacturers and dealers increase sales, capture mindshare, build customer loyalty and improve data collection throughout their channels. Founded in 1994, Extu incorporates powerful technology with real-time data, helping clients get a full view of reseller performance, and empowering channel marketers and driving growth.

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ConnectWise Earns SMB All-Star Award for Integrating AI Across RMM Solutions

GlobeNewswire | October 18, 2023

ConnectWise, the world’s leading software company dedicated to the success of technology solution providers (TSPs) serving more than one million small and medium-sized businesses globally, has been recognized by ChannelPro Network with a 2023 SMB All-Star Award for its innovative use of artificial intelligence (AI) built-into ConnectWise Asio™ platform, which enables AI-assisted scripting that comes bundled with two products within its Unified Monitoring and Management (UMM) solution portfolio, ConnectWise Automate™ and ConnectWise RMM™. ConnectWise Automate and ConnectWise RMM leverage Azure OpenAI technology to provide the functionality within its script editing function to instantly generate scripts for partners. Traditionally, writing a script can be a manual effort or be time-consuming work. By leveraging the power of advanced AI technology to write on-demand scripts in ConnectWise Automate and ConnectWise RMM, partners can quickly generate a script based on their prompt, review the script, document it, edit it, and securely deploy it to their clients. ConnectWise’s TSP base has already generated over 8,000 scripts through the AI-assisted capability. The SMB All-Star awards program recognized ConnectWise for demonstrating excellence in its game-changing technology that will impact the IT (Information Technology) channel ecosystem. The company’s innovative use of generative AI to help partners get more done in less time and its thought leadership in establishing an AI Responsible Use Statement will enhance the partner experience and provide a more secure IT environment. We are thrilled to receive this recognition for our use of AI within the Asio platform that partners can leverage through our RMM and Automate solutions," said Ameer Karim, executive vice president and general manager of UMM at ConnectWise. "Our goal is to help partners work more efficiently and effectively, and AI is a key part of that strategy. Integrating AI into our Asio platform across our technology saves countless hours for partners and their technicians by automating scripts and providing detailed documentation in seconds, enabling them to deliver better service and support. And this is just the beginning, we are looking forward to expanding this to other solutions across ConnectWise “All-Star is the perfect way to describe ConnectWise,” said Jonathan Browning, editorial director at The ChannelPro Network. “Their dedication to improving the industry through their technology is incredible. It inspires excellence throughout the technology industry and across the supply chain. I think I speak for everyone on our editorial team when I extend our heartfelt congratulations.” ConnectWise Automate and ConnectWise RMM are the first in a series of AI-powered ConnectWise solutions developed for the channel community. To learn more about the expansions and technological innovations, register for IT Nation Connect, the premier TSP conference for inspiration, education, and community.

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Chase to Supercharge Support with 1000 New Bankers to Fuel Small Business Success

Chase | November 06, 2023

• Chase to hire 1,000 business bankers by 2025 • Small business optimism remains high, with 2/3 expecting revenue growth • JPMorgan Chase invests in small business support, including credit access and mentoring Chase has recently announced that it wants to hire 1,000 new business bankers across local markets in the United States by 2025. This strategic move aims to provide crucial support to small business owners as they endeavor to expand and grow within their respective communities. This announcement builds upon the company's original target of employing 500 new bankers by the end of 2024. According to the findings in Chase's 2023 Mid-Year Business Leaders Outlook, small business optimism remains notably high. More than two-thirds of small businesses are anticipating increased revenue and sales in the coming year. Furthermore, 45% of small business owners have expressed a strong intention to accelerate their growth. This amplified commitment to hiring coincides with the firm's inaugural "Make Your Move Summit," a three-day event that attracts thousands of small business owners. The summit provides them with an opportunity to learn from industry experts, thought leaders, and even celebrities, imparting valuable insights on how to initiate, manage, and expand their businesses. JPMorgan Chase has made several substantial investments to support the small business community. This is achieved by facilitating connections between business owners and entrepreneurs and a variety of valuable resources, including: Capital Expanded Access to Credit: The firm continues to invest in widening access to business credit for all customers, including those in historically underserved areas. They have developed products, programs, and coaching services to assist businesses at every stage of their growth. Special Purpose Credit Program: Launched in 2022, this program, in compliance with federal requirements, is designed to enhance access to small business credit in predominantly Black, Hispanic, and Latino communities across all 48 lower states. This initiative has aided over 10,000 small businesses in responsibly accessing or obtaining credit on more favorable terms. Supporting Community-Based Organizations: Since 2021, Chase has committed $253.7 million in philanthropic capital, which includes loans, grants, and equity, to organizations focused on community dedicated to serving small businesses. This commitment also includes $4.4 million in philanthropic capital to benefit the Texas small business community, including organizations such as Impact Ventures, a Dallas-based startup accelerator and integrated capital fund catering to Black, Hispanic, and Latino entrepreneurs. Connections Mentorship and Advice: The firm emphasizes connecting businesses with expert guidance and mentoring to help them overcome challenges. Their free one-on-one coaching program, staffed by 51 trained senior business consultants in 21 U.S. cities, is dedicated to mentoring and advising business owners, with a particular focus on Hispanic, Latino, and Black communities. Since its launch in 2020, this mentorship program has assisted over 4,600 business owners at various stages of development. Customers Promoting Access to New Customers and Networks: JPMorgan Chase aims to facilitate access for its 6 million small business clients to new customer bases and networks that can foster growth. This includes assisting in the establishment and utilization of its supplier network. It means developing closer relationships with local businesses in key cities, such as Dallas, enabling these small enterprises to tap into the firm's regional network and resources. The inaugural Make Your Move Summit is currently taking place in the thriving small business landscape of the Dallas, Texas, area, with 17,500 Chase employees in the Dallas metropolitan region serving 234,000 small businesses in North Texas as well as 674,000 all over the state.

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Extu Launches GoTu Rewards, a Flexible, Affordable Incentive Platform to Drive Loyalty

PR Newswire | October 31, 2023

Extu announced GoTu Rewards, a fast to launch, flexible and affordable new incentive platform designed for companies of all sizes that want to initiate a basic loyalty program on a modest budget. GoTu Rewards is notable for its ease of use and exciting reward catalog featuring millions of options. "Midmarket and SMB companies are frequently looking for programs to incentivize their sales teams, employees, resellers and consumers—yet many programs are too expensive and difficult to manage," said Extu's CEO Steve Prebble. "Recognizing this need, we've created the ideal solution with GoTu Rewards, a platform that takes the worry and work out of incentive programs." With no monthly fees, GoTu Rewards' pay-as-you-go structure allows companies to purchase points or physical gift cards in bulk to deliver to their participants as needed. It reduces the administrative burden while offering a vast array of appealing rewards that keep participants engaged and earning. GoTu Rewards also provides companies with peace of mind by meeting Service Organization Control (SOC) 2 compliance requirements to ensure that sensitive corporate and participant data is safe. William Lupo, Extu's Chief Revenue Officer, explained, "GoTu Rewards offers a back-to-basics program for companies or teams that want to be able to award people quickly and easily for a job well done. It's a high reward but low cost option with great perks for participants that are sure to spark motivation and drive revenue." Prebble concluded, "Safety, speed and rewards that resonate are the hallmarks of GoTu Rewards—making it a perfect fit for companies that are looking to launch quickly and drive loyalty across their employee or sales networks." About Extu Extu, formerly known as Incentive Solutions and OneAffiniti, is on a mission to inspire growth. Extu provides through-channel marketing automation, an innovative online rewards platform, with millions of exciting online rewards, prepaid and gift card incentives, as well as group travel incentives. Our solutions are built to help manufacturers and dealers increase sales, capture mindshare, build customer loyalty and improve data collection throughout their channels. Founded in 1994, Extu incorporates powerful technology with real-time data, helping clients get a full view of reseller performance, and empowering channel marketers and driving growth.

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