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Small Business Owner Titles – Pick The Right One

Small Business Owner Titles

“Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.”

- Jack Welch, Chairman and CEO of General Electric (1981-2001)

What's in the name? This is the most common mindset that many small business owners have. However, choosing an appropriate small business owner title for your role can help you establish yourself as a leader among your clients and consumers.

When selecting titles for small business owners, make sure titles align with business aims and objectives. Your business title should undoubtedly represent the kind of responsibilities you hold in an organization. Once your business expands and scales, it is critical to focus on narrowing your duties and getting your business to the next level. Therefore, choosing the appropriate title enables you to establish who you are, the structure of your business, and your organization's culture.

Around 80% of business success is determined by the title of the ideal business owner. (Source: BD Task)

This article will help you select the right one from a long list of small business owner titles.

Why Are Small Business Owner Titles Important?

Determining the appropriate business job titles can be challenging for a small business owner. As the leader of an organization, you will frequently be referred to as a business owner, although this term may not accurately represent your roles and responsibilities.

The small business owner job title you pick should reflect your personality and your organization's culture while also clearly indicating your affiliation to the business to customers and clients. There are several reasons why choosing the ideal small business owner title is critical for both you and your firm.

Having the right title gives you and your company credibility, authority, and validity. Giving oneself a title might help you understand your obligations as your organization grows. Business position titles help your co-workers and employees understand your designation in the system and how you might support them. Therefore, titles significantly influence you and people in your immediate vicinity.

Popular Titles for Small Business Owners That Make a Difference


Founder

This title unequivocally refers to the person who founded or created the firm, from business concepts to product or service development. The term “founder” denotes that the organization is your brainchild and you have been associated with it from its very inception. While using this title suggests who you are, it does not convey much information about your day-to-day role in the firm. As a result, the term “founder” is frequently used in conjunction with a secondary firm owner title. For instance, "Founder and Chief Executive Officer" or "Founder and Creative Director."

CEO

CEO is the most commonly used title in any company and it implies that you are a strategic thinker. CEOs have a holistic view of the business and have the last word before any signature move. However, the titleholder is not involved in the firm's daily operations.

Often, there is an unsaid understanding that the position of a CEO is reserved for larger organizations. Small business owners wait until they reach a specific size before incorporating this position. The CEO of a corporation reports to a board of directors comprised of shareholders. The primary function of a CEO is to develop a well-established company and build a strong and large workforce.

C-Suite Titles

C-Suite titles are lower in the hierarchy and less formal, but they give an impression that you are at the top of the firm. Various C-level titles that highlight your roles, responsibilities, and your importance to your business's executive team.
For example,
  • Chief software developer
  • Chief designer
  • Chief operation officer
  • Chief technology officer

Whatever may be your key area of focus within the business organization, there is a C-level title that corresponds. A C-level is the most valuable business position title. If your primary objective is to have your title that accurately reflects your role in the organization, it is the best alternative.

President

If the principal goal of the small business owner’s title is to give the impression that you are in a powerful position, the title “president” is unquestionably significant. The title confers a sense of authority, power, and respect on you and ensures your words and decisions are taken seriously. If your organization does not have a board of directors, you may choose to be president, as this title does not imply that you report to the committee.

Keep your corporate legal organization in mind when deciding between a president and a CEO.

How Real-world Entrepreneurs Came up with Their Business Names?

Reagan Jobe's position at the software startup EasyCheck includes the title "chief solver." The business title he chose established his position inside the corporation. As a result, when consumers encounter challenges or roadblocks, they know who to turn to for assistance.

Another example, Paige Arnof-Fenn, who used the title of “Founder and CEO” since the inception of her marketing firm, Maven & Moguls, in 2002. Her goal was to ensure that everyone knew they were speaking with the CEO. It is a common belief that people respect the position even before meeting the individual.

Tips for Choosing Small Business Owner Titles

There are a few things to be considered when thinking of business owner titles as your business grows. The following are tips for picking suitable business job titles:
  • Your title should clearly define your role in the company
  • Ensure your title indicate that you at the top of the company hierarchy
  • Your title needs to be aligned with your company culture
  • Your title should be understandable to both customers and employees
  • Choose titles according to your area of expertise
  • The small business owner titles should be assigned considering the future needs and expertise 

Conclusion

Find the best-suited business job titles. Evaluate how they perform for you and whether the title is appropriate for your company's culture. Using the ideal small business owner titles from the above list may shape your organization.

FAQ


What is the business title?

The business title is also referred to as a job title. Titles usually determine an employee's status within an organization and define their roles.

What is the best title for a business owner?

The best title for a business owner will be CEO, the highest-ranked position in an organization.

What are some business title examples?

A few business title examples are:
  • CEO
  • President
  • Managing Director
  • Founder

What is the top position in a company?

The Chief Executive Officer (CEO) is the highest-ranking official in a company and is ultimately responsible for managerial decisions that affect the day-to-day operations.

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Small Business Grants: Get Free Funding

Article | July 20, 2023

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. 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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. 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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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How Are Small Business Accounting Software Meeting Industry Needs Today?

Article | December 14, 2021

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How Can Small Business Digital Transformation Opportunities Be Bagged?

Article | June 2, 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. 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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. 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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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Article | September 23, 2022

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Building a Resilient SMB E-commerce: Best Practices for 2023

Article | July 20, 2023

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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Business Strategy

Customer Engagement Strategy for Small Business – Time to Innovate

Article | December 14, 2021

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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Business Strategy

Digital Transformation in SMBs: Overcoming E-commerce Challenges

Article | June 2, 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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BUSINESS STRATEGY

Women Small Business Owners Take Fewer Risks, Have Investment Confidence Gaps

Business Wire | October 30, 2023

New research conducted by HerMoney Media and Principal Financial Group reveals a difference in confidence levels between women and men small and midsized business owners (SMBs) when it comes to their outlook for the overall economy, confidence in money management, and attitude toward risk. The research also revealed that women business owners are more focused on driving good employee experiences and outcomes than men. The 2023 State of Women survey from HerMoney, which included more than 500 owners of SMBs, found that nearly half (46%) of women SMB owners are feeling cautious about the U.S. economy over the next year, compared to just a third of men SMB owners (35%). However, this difference isn’t translating to how they feel about their own financial situations. For example, 42% of women SMB owners and 48% of men SMB owners feel optimistic about their personal economies over the next 12 months. Gaps in Financial Confidence When it comes to assessing their own knowledge and confidence about money management and investing, men SMB owners feel much better than women SMB owners. In fact, when examining this trend with an earlier HerMoney survey of employees, for all measures on levels of financial knowledge and confidence, the ranks are as follows: men SMB owners, men employees, women SMB owners, and women employees. “You need a certain amount of knowledge about basic money management in order to successfully run a business day-to-day,” says HerMoney.com CEO Jean Chatzky. “Yet, the fact that women business owners rank their own financial knowledge and confidence at or below the level of men employees is just another piece of evidence showing that women are not giving ourselves credit for the work we're doing on an ongoing basis.” Taking Risks And Navigating The Future Men SMB owners are also much more likely to take risks with their money compared to women. In the event of an economic downturn, nearly half (49%) of women SMB owners would hold tight, but only a third of men (36%) said they would do the same. Moreover, men SMB owners are much more likely to double down on their investments than women (25% vs. 9%). “Access to capital is important, especially during times of increased market volatility. The good news, and something we continue to hear from businesses, is that they’ve built up cash reserves,” says Amy Friedrich, president of benefits and protection at Principal®. “Another trend we’re seeing is the move to cultivate connections within their local business communities. It’s important for small and midsized business leaders to find peers and trusted professionals who can help them navigate the road ahead. As they take care of their finances and employees, if a downturn does occur, they will benefit from the support in an established network.” Women Business Owners Focus on Culture Employees value workplace flexibility1 and purpose-driven work2. The State of Women 2023 survey found that women SMB owners are more cognizant of this trend, rating higher than men the importance of a positive work environment (75% vs. 62%), focus on mental health and well-being (52% vs. 42%), and opportunities for advancement (50% vs. 41%) to employees. However, when it comes to supporting employee financial wellness, women SMB owners are less likely to offer a financial wellness program (56% vs 36%), the most likely reason being they believe they have too few employees to justify a program (66% vs 55%). Men are more likely to cite cost (25% vs 12%). The majority — 77% — of employees surveyed feel it’s important to focus on financial health and well-being in the workplace, compared to 69% of SMBs. “When times get tough, the businesses that I see perform the best are the ones that have the greatest sense of purpose and a clear mission,” says Friedrich. “During a crisis, employees can feel reassured that you and your business stand up for something. Given the economic pressures and financial stress affecting Americans, employees are saying they expect their companies to empower them in all aspects of their lives — emotionally, mentally, and financially.”

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BUSINESS STRATEGY

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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FINANCE

Majority Of Small Business Owners Optimistic About Financial Health, New Survey Finds

PR Newswire | November 03, 2023

Over three quarters (76%) of small business owners believe that their company is equipped to handle any upcoming economic instability, according to a new survey conducted by OnePoll and Melio – a leading B2B payments-as-a-service platform for small businesses. With interest rates at a 22-year high, the survey finds that increased interest rates (61%), inflation (59%), and a looming recession (44%) remain top concerns for small business owners. However, despite the economic headwinds of the past year, 72% of small business owners feel more optimistic now about the financial prospects of their company than they did in January 2023. "Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience" said Tomer Barel, Melio's president and COO. "Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges." In a year marked by high inflation, 62% of small business owners report having made tough decisions about their business. For example, 61% tapped into their savings accounts or took out a loan, 50% adjusted their prices, and 45% reduced the production of various goods and services. Additionally, nearly half (48%) of respondents raised their prices an average of 7% over the last six months – yet among those that raised prices, the majority of small business owners reported increases in repeat business (66%), sales (63%), and number of new clients (56%). Small businesses are also continuing to embrace digitization. More than half (58%) of respondents reported increasing their digital presence in the last year, and three-quarters of small business owners believe that accepting forms of payments beyond cash is more important than it used to be. Moreover, the majority (53%) of small business owners are interested in digitizing or further digitizing their bookkeeping and payments. "It's tough to keep a small business in business – SMBs are dealing with material cost increases across multiple areas such as input prices, salaries, rent, and capital costs," said Prashant Gandhi, Melio's CBO. "The silver lining is that 1 in 4 (25.80%) businesses are leaning heavily into digitizing their business. The team at Melio remains steadfast on the core tenets of our mission: giving SMBs choice, workflow automation, and insights in the platform of their choice." Fielded in mid-September, the survey polled 1,000 small business owners about their financial wellbeing, how they are coping with inflation and interest rates, and how they are adapting in the face of economic headwinds. About the Survey This random double-opt-in survey of 1,000 small business owners (with a statistically significant amount of African American respondents, Hispanic/Latino respondents and female respondents) was commissioned by Melio between Sept. 6 and Sept. 13, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR). About Melio Melio is a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow. Melio offers accounts payable and receivable as a service through integrations with the platforms of financial institutions, software providers, and marketplaces, transforming how money is moved between businesses. Melio has headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado.

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BUSINESS STRATEGY

Women Small Business Owners Take Fewer Risks, Have Investment Confidence Gaps

Business Wire | October 30, 2023

New research conducted by HerMoney Media and Principal Financial Group reveals a difference in confidence levels between women and men small and midsized business owners (SMBs) when it comes to their outlook for the overall economy, confidence in money management, and attitude toward risk. The research also revealed that women business owners are more focused on driving good employee experiences and outcomes than men. The 2023 State of Women survey from HerMoney, which included more than 500 owners of SMBs, found that nearly half (46%) of women SMB owners are feeling cautious about the U.S. economy over the next year, compared to just a third of men SMB owners (35%). However, this difference isn’t translating to how they feel about their own financial situations. For example, 42% of women SMB owners and 48% of men SMB owners feel optimistic about their personal economies over the next 12 months. Gaps in Financial Confidence When it comes to assessing their own knowledge and confidence about money management and investing, men SMB owners feel much better than women SMB owners. In fact, when examining this trend with an earlier HerMoney survey of employees, for all measures on levels of financial knowledge and confidence, the ranks are as follows: men SMB owners, men employees, women SMB owners, and women employees. “You need a certain amount of knowledge about basic money management in order to successfully run a business day-to-day,” says HerMoney.com CEO Jean Chatzky. “Yet, the fact that women business owners rank their own financial knowledge and confidence at or below the level of men employees is just another piece of evidence showing that women are not giving ourselves credit for the work we're doing on an ongoing basis.” Taking Risks And Navigating The Future Men SMB owners are also much more likely to take risks with their money compared to women. In the event of an economic downturn, nearly half (49%) of women SMB owners would hold tight, but only a third of men (36%) said they would do the same. Moreover, men SMB owners are much more likely to double down on their investments than women (25% vs. 9%). “Access to capital is important, especially during times of increased market volatility. The good news, and something we continue to hear from businesses, is that they’ve built up cash reserves,” says Amy Friedrich, president of benefits and protection at Principal®. “Another trend we’re seeing is the move to cultivate connections within their local business communities. It’s important for small and midsized business leaders to find peers and trusted professionals who can help them navigate the road ahead. As they take care of their finances and employees, if a downturn does occur, they will benefit from the support in an established network.” Women Business Owners Focus on Culture Employees value workplace flexibility1 and purpose-driven work2. The State of Women 2023 survey found that women SMB owners are more cognizant of this trend, rating higher than men the importance of a positive work environment (75% vs. 62%), focus on mental health and well-being (52% vs. 42%), and opportunities for advancement (50% vs. 41%) to employees. However, when it comes to supporting employee financial wellness, women SMB owners are less likely to offer a financial wellness program (56% vs 36%), the most likely reason being they believe they have too few employees to justify a program (66% vs 55%). Men are more likely to cite cost (25% vs 12%). The majority — 77% — of employees surveyed feel it’s important to focus on financial health and well-being in the workplace, compared to 69% of SMBs. “When times get tough, the businesses that I see perform the best are the ones that have the greatest sense of purpose and a clear mission,” says Friedrich. “During a crisis, employees can feel reassured that you and your business stand up for something. Given the economic pressures and financial stress affecting Americans, employees are saying they expect their companies to empower them in all aspects of their lives — emotionally, mentally, and financially.”

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BUSINESS STRATEGY

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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FINANCE

Majority Of Small Business Owners Optimistic About Financial Health, New Survey Finds

PR Newswire | November 03, 2023

Over three quarters (76%) of small business owners believe that their company is equipped to handle any upcoming economic instability, according to a new survey conducted by OnePoll and Melio – a leading B2B payments-as-a-service platform for small businesses. With interest rates at a 22-year high, the survey finds that increased interest rates (61%), inflation (59%), and a looming recession (44%) remain top concerns for small business owners. However, despite the economic headwinds of the past year, 72% of small business owners feel more optimistic now about the financial prospects of their company than they did in January 2023. "Despite the challenges posed by inflation and interest rates, small business owners seem to adapt to the current economic climate and demonstrate impressive agility and resilience" said Tomer Barel, Melio's president and COO. "Small businesses are the foundation of the economy, and it is critical that they have the tools to overcome future challenges." In a year marked by high inflation, 62% of small business owners report having made tough decisions about their business. For example, 61% tapped into their savings accounts or took out a loan, 50% adjusted their prices, and 45% reduced the production of various goods and services. Additionally, nearly half (48%) of respondents raised their prices an average of 7% over the last six months – yet among those that raised prices, the majority of small business owners reported increases in repeat business (66%), sales (63%), and number of new clients (56%). Small businesses are also continuing to embrace digitization. More than half (58%) of respondents reported increasing their digital presence in the last year, and three-quarters of small business owners believe that accepting forms of payments beyond cash is more important than it used to be. Moreover, the majority (53%) of small business owners are interested in digitizing or further digitizing their bookkeeping and payments. "It's tough to keep a small business in business – SMBs are dealing with material cost increases across multiple areas such as input prices, salaries, rent, and capital costs," said Prashant Gandhi, Melio's CBO. "The silver lining is that 1 in 4 (25.80%) businesses are leaning heavily into digitizing their business. The team at Melio remains steadfast on the core tenets of our mission: giving SMBs choice, workflow automation, and insights in the platform of their choice." Fielded in mid-September, the survey polled 1,000 small business owners about their financial wellbeing, how they are coping with inflation and interest rates, and how they are adapting in the face of economic headwinds. About the Survey This random double-opt-in survey of 1,000 small business owners (with a statistically significant amount of African American respondents, Hispanic/Latino respondents and female respondents) was commissioned by Melio between Sept. 6 and Sept. 13, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR). About Melio Melio is a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow. Melio offers accounts payable and receivable as a service through integrations with the platforms of financial institutions, software providers, and marketplaces, transforming how money is moved between businesses. Melio has headquarters in New York, an R&D center in Tel Aviv, and western U.S. headquarters in Colorado.

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