Whether you’re building your first campaign or refining an existing marketing plan, AOF offers the step-by-step guidance, downloadable templates, and expert insights you need to build an effective and efficient business marketing strategy – make every dollar count.

Make Your Business Messaging Matter

Small business marketing doesn’t require a big budget—but it does require a smart strategy.
At Accion Opportunity Fund (AOF), we help entrepreneurs get clear on their audience, sharpen their message, and choose the right channels to grow.

Our free resources are designed for impact—not complexity—so you can build visibility, attract loyal customers, and track what’s working.

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What You’ll Learn About Business Marketing Strategy:

Building a Small Business Marketing Plan

• Identify your unique value proposition and a compelling brand story
  
• Determine pricing and the social impact of your product or service 
  
• Define your target audience with clarity
  
• Choose goals that align with your growth stage
  

Best Marketing Channels for Small Business

• Digital marketing: SEO, social media, email
  
• Local marketing: events, partnerships, flyers
  
• When and how to use paid ads effectively
  
• How to build a smart social media marketing strategy

Creating Marketing Content That Converts 

• Write compelling offers and headlines
  
• Use testimonials and visuals that build trust
  
• Develop a simple content calendar
  

Small Business Branding on a Budget

• Craft a consistent look, voice, and message
  
• Build awareness without expensive agencies
  
• Quick-start brand guide for small teams
  

Measuring Marketing Investment ROI

• Simple tools to measure marketing ROI
  
• What to look for in Marketing analytics for small business
  
• Adjusting your marketing strategy to boost performance
  
• AI Marketing Tools for Small Business
  

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Real Success Story: How Smart Marketing Strategies Took Southern Okie from Kitchen to Sam’s Club

Gina Hollingsworth launched Southern Okie Gourmet Spreads from her kitchen, using smart marketing strategies like craft fairs and local events to build early buzz. After selling hundreds of jars at a holiday market, she formalized her business and steadily expanded her reach. Her standout packaging, compelling story, and persistent outreach caught the eye of a Sam’s Club rep, earning her a spot in their Road Show program. With support from AOF and SUSTA, Gina scaled her brand and grew sales by 150%, proving how effective marketing strategies and grassroots exposure can unlock major retail success.

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Pro Tips from AOF Marketing Advisors

AOF Advisor Tip: Don’t try every channel—do fewer things better. Focus on where your customers already spend time.
AOF Advisor Tip: Good branding is about consistency, not perfection. Use the same fonts, colors, and tone everywhere.
AOF Advisor Tip: If you wouldn’t respond to your own ad, it’s time to rewrite it.

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Common Small Business Marketing Mistakes to Avoid

Marketing to Everyone is Marketing to No One
Narrow your focus. The more specific your audience, the stronger your message.

Relying Only on Word-of-Mouth Marketing
It’s great when it happens—but you need systems to reach new customers reliably.

Ignoring Your Online Digital Marketing Presence
A free Google Business Profile or simple website can make a huge difference.

Skipping Marketing KPI-Tracking
If you can’t measure it, you can’t improve it. Set specific goals from the start.

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FAQs About Small Business Marketing

How to spend on marketing a small business?
Start small—5–10% of revenue is typical. Focus on what works and reinvest smartly.

What’s the best marketing strategy for a new business?
Clarity and consistency. Know your customer, keep your message simple, and start with free channels.

Do I need social media to grow my business?
Not always. But it’s often the easiest place to start building brand awareness.

Can I market my business without a website?
Yes—but even a basic landing page increases credibility and conversions.

Where can I get help creating my business marketing plan?
Book a free call with a business advisor from AOF today.

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Ready to Build a Marketing Plan for Small Business That Works?

Get the clarity, confidence, and tools you need to grow your business. AOF helps you craft a strategy that works for you—free.

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Why Small Businesses Choose AOF To Help Build Strategic Marketing Plans and More

Real People, Real Marketing Advice for Small Business

Our advisors have helped thousands of businesses like yours define their brand and grow their reach. We don’t do fluff—we deliver action steps.

Free and Always Accessible Marketing Resources 

All our marketing resources are 100% free. No subscriptions, no upsells. Just expert-backed guidance you can trust.

Nonprofit Mission, Real-World Impact

Unlike paid agencies or one-size-fits-all software, we reinvest in entrepreneurs and their communities. Your growth is our mission.

The AOF Difference: Guiding Entrepreneurs Across the Nation Through Successful Business Growth

100% free access to expert-backed marketing strategies

4.5M+ entrepreneurs reached with free resources

35,000+ businesses coached nationwide

$1B+ deployed to help small businesses thrive

At Accion Opportunity Fund (AOF), we help you tackle the everyday challenges of business ownership – from managing people and streamlining operations to planning for long-term growth. Through personalized advising, on-demand learning, grant opportunities, and a robust Business Resource Center, you’ll find the clarity and support you need to lead with confidence and make decisions that move your business forward.

Business Building Starts Here. Lead with Confidence.

Running a business means wearing many hats – from managing teams and setting goals to tracking performance and navigating constant change. That’s why Accion Opportunity Fund (AOF) offers free, expert-backed support to help you lead with confidence and grow with intention.

On this page, you’ll find actionable business management strategies, downloadable templates, and personalized business coaching – all at no cost, and all designed by people who’ve walked in your shoes.

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Key Business Management Topics

Setting Clear Goals and Tracking Progress

• Define SMART business goals tied to revenue, operations, or customer success
• Build dashboards or use checklists to track monthly progress
• Set OKRs (Objectives & Key Results)

Team Management and Delegation

• Learn to hire, onboard,train and manage team members effectively
• Improve internal communication with clear roles and SOPs
• Use our team productivity tracker to assign and monitor tasks

Decision-Making with Financial Data

• Understand your business’s key financial indicators
• Use data to guide inventory, staffing, and pricing decisions
• Calculate your break-even point

Systems and Operations

• Identify where your processes break down and how to fix them
• Learn to document workflows so your business runs without you
• Explore time-saving software options vetted by real business owners
  

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Real Success Story: Effective Business Management Helped Romares Apparel Grow from Game Days to Long-Term Success

Sheneka launched Romares Apparel in 2017, starting small but managing growth strategically through persistence, smart financial decisions, and community support. Despite early discouragement and funding rejections, she maintained control of her business by reinvesting personal savings and leveraging emergency relief during COVID-19. Through AOF’s partnership with FedEx, , she sharpened her digital marketing strategy, built a supportive network, and secured a grant to scale operations effectively. Today, Sheneka is expanding with a long-term growth plan, showcasing how thoughtful business management can turn setbacks into sustained success.

AOF Advisor Tips

AOF Advisor Tip: Never manage your team without a written process. Even a simple one-page SOP makes onboarding 10x easier.

AOF Advisor Tip: Track your business tasks weekly – not just your financials. Operations are what keep you afloat.

AOF Advisor Tip: Set one monthly priority. If everything is a priority, nothing is.

Common Mistakes in Business Management

Winging It Without a Plan
Running a business without a clear plan often leads to confusion, wasted time, and stalled growth. Take time to outline your top goals for the month and break them into weekly action steps. A simple check-in system – whether with your team or yourself – helps keep progress on track and priorities aligned.

Avoiding Hard Conversations
Many business owners shy away from giving tough feedback, but silence can create bigger problems. Being clear and direct with your team builds trust, accountability, and a culture of growth. The earlier you address issues, the easier they are to solve – and the more respect you earn as a leader.

Trying to Do It All Yourself
Wearing every hat might work at the beginning, but it’s not sustainable. Delegating tasks to others: whether employees, contractors, or advisors – frees up your time to focus on what really moves your business forward. Burnout is not a badge of honor; it’s a barrier to long-term success.

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Business Management FAQs

What if I don’t have employees yet?
These resources help solo founders manage time, operations, and prepare to scale.

Do I need business software to improve management?
Not necessarily. Start with paper checklists or spreadsheets – then scale up as needed.

How can I get help with my management challenges?
Schedule time with an AOF business advisor for free one-on-one guidance.

Is this for new or established businesses?
Both. Our templates and tools work whether you’re hiring your first employee or leading a growing team.

Free Resources to Strengthen Your Business Management

6 Tips for Small Business Management

Organization and Management

Business Finance 101

Key Financial Metrics for Business Growth

Cash Flow Management

How Small Businesses Can Collaborate to Grow

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Ready to Build Smarter, Stronger Business Operations?

Let AOF help you manage smarter, not harder. Talk to an advisor who can help you streamline for future success.

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Why Choose AOF for Business Management Support?

Nonprofit Mission, Practical Help

Accion Opportunity Fund isn’t here to generate profits – we’re here to generate impact. Our resources are built by and for real small business owners, reflecting the realities and challenges entrepreneurs face every day. As a nonprofit, we reinvest every dollar into tools, training, and lending programs that help communities thrive – not into shareholder pockets.

Real People. Real Advice. Real Business Advising

Our advisors understand the real-world pressures of running a business – and they’re here to help. Whether you’re managing a team, planning for growth, or solving daily challenges, AOF’s experts offer simple, actionable guidance you can actually use. No confusing buzzwords or one-size-fits-all playbooks – just honest advice tailored to your business.

Free & Accessible Resources To Grow Your Business

Everything we offer is completely free, because we believe that cost should never be a barrier to business success. There are no subscriptions, hidden fees, or paywalls – just open access to proven tools, templates, and training. From checklists to coaching, it’s all designed to be easy to use and ready when you need it.

Effective Business Management – Powered by 30 Years of Lending Experience

For over 30 years, AOF has supported small businesses with trusted loans and resources.

• $1 billion+ deployed in nearly 35,000 loans
  
• In FY24 alone: $97 million disbursed to 1,699 businesses
  
• 4.5M small business owners have accessed our free Business Resource Library
  
• 35,000+ used our coaching, events, and technical assistance
  
• 107,000+ jobs supported through business lending and the New Market Tax Credit Program (NMTC)
• 67% of business owners with lower credit scores improve their credit to a decent or good level by the time they finish paying off their loan

Analytics hold the key to smarter marketing decisions. Join our enlightening webinar in partnership with Global Atlantic Financial Group, Essentials of Marketing Analytics for Smarter Decisions, where we demystify marketing data, teaching you where to look, what to track, and how to use insights to refine your campaigns for better results. Discover practical techniques to leverage analytics effectively and make informed marketing choices that drive success.

When cyber threats loom large, ensuring your small business is secure online is not just helpful—it’s necessary. Safeguard your digital assets with cyber security for small business best practices. Explore the essentials of digital security, from securing your transactions to protecting customer data, and equip yourself with the tools to implement strong security practices. Discover how enhancing your digital security can protect your business and build customer trust.

Meet the Expert

Joe Williams

Joe Williams is the Senior Director of Information Technology at Accion Opportunity Fund, where he leads IT initiatives that drive secure, efficient technology solutions for a mission-driven organization supporting small business growth. With over 25 years of experience in the IT and financial industries, Joe has held executive roles in IT leadership, specializing in digital security, systems optimization, and data protection. His expertise spans both corporate and non-profit sectors, providing him with a unique perspective on the challenges and opportunities in digital transformation and cybersecurity.

A graduate of Houston’s High School for the Performing and Visual Arts and Morehouse College, Joe’s educational journey reflects a commitment to continuous learning and a passion for empowering his teams and community through technology. Known for his practical approach to IT security and strong advocacy for user education, Joe plays an active role in fostering a culture of cybersecurity awareness at Accion Opportunity Fund, emphasizing straightforward, actionable practices that make a real difference for small businesses and their customers.

Understanding Cyber Security Threats

With the increasing number of cyber threats, it’s more important than ever to protect your business and your customers. Did you know that over 40% of cyberattacks target small businesses? It is vital to stay informed and to be prepared. First things first, let’s understand the types of threats you might face as a small business owner.To effectively protect your business, it’s important to understand the types of cyber threats you may encounter. The most common ones include:  

• Phishing Attacks: These involve deceptive emails or messages designed to trick you into providing sensitive information.  Clicking on these links, now often designed with the help of AI, can lead to data breaches and can damage your business. These messages can look very realistic, so it’s important to look for close, but not 100% correct email addresses, a sense of urgency, and generic greetings.
• Malware and Ransomware: These are malicious software programs that can disrupt your business operations or hold your data hostage. This can come from downloads from disreputable sources or sometimes from clicking on links in phishing emails. It can be very expensive to get malware or ransomware removed from your computer and your data. It is often more affordable to have good IT security practices and security software in place.
• Data Breaches: These involve unauthorized access to sensitive information can lead to loss of trust and financial damage. Recognizing these threats is the first step to building a robust security strategy. Data breaches can be caused by poor cyber security within the company or by bad actors trying to access your data from outside the company.

Cyber attacks can happen to anyone, from the largest corporations to small businesses and individuals. Joe shared the example of a small retail business that fell victim to a ransomware attack. The attackers encrypted all of their data and locked them out of all of their systems. Since the small business didn’t regularly back up their data and didn’t have solid IT security measures in place, their only option was to pay the large ransom.

Essential Cyber Security for Small Businesses

Now that we know what we’re up against, let’s discuss how to defend your business. Here are some cyber security essentials to help keep your business safe.

Cyber Security for Small Business 101

• Securing Online Transactions: Ensure your website has an SSL certificate and use encrypted payment gateways. You can check if your website has an SSL certificate (offering additional encryption for all website data) by seeing if it has “http”- unsecured- or “https”- secured with an SSL certificate- before your domain. This protects customer data during transactions. Look for secure payment providers like Stripe or Square.  Never try to secure online financial transaction yourself. Use professional services offered by your POS system or by reputable companies like Stripe or Square. This ensures the security of the data and money of both you and your customers.
• Protecting Customer Data: Encrypt your data and follow best practices for secure data storage. Limit access to customer data based on roles and responsibilities. Make sure you can review logs of what accessed what data and when, in case you need to investigate a breach of data. You can read more about encryption here: National Institute of Standards and Technology (NIST) Guide.  
• Strong Password Policies: Use unique, complex passwords for each account. Change your passwords regularly and use pass-phrases instead of passwords whenever possible. Implement a password manager like LastPass or 1Password to help manage passwords securely.  

Implement Two-Factor Authentication

Two-factor authentication (2FA) adds an extra layer of security by requiring a second form of verification. This could be a text message, app notification, or hardware key. Enable 2FA on all business-critical accounts, such as your email and financial platforms, including your banks. You can find guidance on enabling 2FA at Two Factor Auth List. 

Regular System Updates and Patches

Keeping your software and systems up-to-date ensures that you have the latest security patches and updates. Set up automatic updates where possible, and schedule regular checks for software that requires manual updates. For more information on managing updates, refer to Cybersecurity & Infrastructure Security Agency (CISA) guidelines. 

Employee Training and Awareness

One of the most effective ways to prevent cyber incidents is through employee training. Make sure your team knows how to identify phishing emails and handle data securely. Regular training sessions and simple checklists can make a big difference. A great resource for training is KnowBe4, which offers cybersecurity awareness training for businesses. 

More Cybersecurity Tools for Small Businesses

There are many additional simple, low cost tools you can implement to enhance your business’s cyber security:  

• Firewalls and Antivirus Software: Use trusted, low-cost software such as Norton or McAfee to provide some protection against from malware, ransomware, phishing attempts, and data breaches. Free solutions such as Avast and Bitdefender aren’t as robust, but they still offer some protection
• Free Resources: Consider tools like Malwarebytes for malware protection and OpenDNS for safer internet browsing.
• Federal Resources: Check out FTC’s Cybersecurity for Small Business for additional resources and up-to-date recommendations.

Benefit Your Business Through Solid Cyber Security

Your customers will appreciate knowing that their data is safe with you. Be transparent about your security measures, and share your commitment to protecting their information. You can make this part of your brand and part of the way that you build your relationship with your customers. This helps build trust and loyalty. A simple way to communicate this is by adding a security policy statement on your website.Data breaches can be damaging to your business’ sales

and your customer base. In most cases, good cyber security may not help you grow your customer base and sales, but data breaches can damage your customer base and make it harder for your company to regain trust in the future.

Protect Your Business and Your Customers

By understanding and preparing for common cyber threats, you can safeguard your business and your customers, allowing you to reach your business goals. Simple techniques like strong passwords and two-factor authentication go a long way toward securing your business. Train your employees on cyber security for small business and use reliable security tools to keep your digital information safe.

Take action today to start securing your business.

It is changing the small business world, which is full of opportunities and difficulties. This versatile guide shall delve into the chief advantages and disadvantages that artificial intelligence holds for business in order to give a detailed view into its effect on the same and help you stay on your toes.

Artificial Intelligence: What is It?

Artificial Intelligence is abbreviated as AI. It substitutes human intellectual ability in robots for the execution of humans’ intelligent-based capabilities in place. AI provides a computer program with autonomous thought and learnable capability. Generally, artificial intelligence can be categorized into three groups: weak, super, and strong, depending on the capability features.

What is Weak AI?

This area of AI is commonly referred to as weak artificial intelligence, which forms the chatbots, engines of recommendation, picture and face recognition, and autonomous vehicles. In some tasks, it is even more competent than human beings. Take, for example, ChatGPT, recommendation systems in social networks, or virtual assistants like Alexa and Siri.

What is Strong AI?

Strong AI is that variety of artificial intelligence which works exactly the same as the human brain. It can understand anything, think, and even be aware as a person. This type of AI is so close to imitating the functions of the human mind that there is actually no difference between what a person can do and what it can. Although no AI in use today meets this criterion, it is the goal of some advanced AI research.

What is Super AI?

Super AI means AI that may reach a point someday when it achieves absolute intelligence beyond human capacity. The most advanced powerful variant of Artificial Intelligence available can think for itself self-sustainably and solve problems better than the smartest person, such as Albert Einstein. This is still a bit theoretical in that work and the discussion of this topic is ongoing.

Pros of AI in Business

Artificial intelligence, if rightly used, does offer the corporate world, including small business owners, so much more. The pros and cons of AI in business are issues one needs to understand in order to maximize its advantages. A few benefits of artificial intelligence are:

Increased Efficiency with AI Technologies

Here are areas where AI maximizes effectiveness:

• Automated tasks: Artificial Intelligence can make a difference in the simplest jobs and usual customer enquiries, from return requests to frequently asked questions and the ability to personalize user experience.
• Client interaction: Since artificial intelligence is always available and at one’s service, then it can take up any simple questions from the clients, therefore giving human workers a chance to handle more complex issues.
• AI also contributes in the sphere of improving sales and marketing by gathering data for pattern prediction and personalizing the marketing.
• It can also be applied to better upkeep and management by applying AI in predicting equipment repairs, in accounting, or optimizing inventories.

Automated Tasks and Customer Interactions

AI can: 

• Continuously work without breaking
• Use chatbots for time-consuming jobs like data entry and customer queries.
• There are several things you can do all at the same time and with greater accuracy.
• Now, you have more time for the things that truly matter.
• As an example, AI can handle regular customer inquiries and other mundane tasks such as filing of refund claims, answering frequently asked questions and even personalization of client correspondence.

Improve Marketing and Sales

AI has the capability to:

• Think at a very high speed compared to a human being
• It assists in creating a personalized campaign in marketing
• It helps to forecast sales trends
• It enables product suggestions to clients
• It increases sales and drives engagement
• Manages the frequent queries from clients as well as other less-important chores like submitting refund requests, answering frequently asked questions, and customizing the encounter with clients

Enhanced Management and Maintenance

AI can easily handle:

• Monotonous, repetitive work
• Inventory control
• Book-keeping support
• Support in hiring
• Estimate the need for equipment maintenance.
• Enable smoother and more streamlined operations
• For instance, an AI can handle the more mundane customer enquiries and other simpler tasks such as submit refunds, answer frequently asked questions, and personalize client relations.

Enhanced Decision-Making with AI Algorithms

AI algorithms can:

• Analyze huge amounts of data
•  Identify patterns
• Give valuable insights

Moreover, businesses of all nature harness the power of AI to scale in processing and analyzing data that no human is capable of achieving. Advantages and disadvantages of artificial intelligence in business highlight that AI generates real-time data and insights that allow businesses to execute quick responses to market dynamics.AI’s ability to process and interpret data at a scale unattainable by humans is invaluable for businesses across sectors. The pros and cons of AI in business highlight how AI provides real-time data and insights, enabling businesses to respond quickly to changing market conditions.

Personalization with Virtual Assistants

• AI-powered chatbots and virtual assistants provide real-time support and deliver highly personalized interactive experiences.
• They are free to answer queries, give advice, and assist consumers on a 24/7 basis, thereby enhancing customer experience.
• AI-powered customer service makes it a seamless, personalized experience that sets the business apart from others.

Cons of AI in Business

Ethical Considerations and Bias in AI Systems

AI use in business opens the door to major ethical concerns related to data privacy, bias, and transparency. Algorithms pick up on societal biases contained in training data sets and perpetuate them, creating discrimination or unjust outcomes. Therefore, it becomes critically important that organizations address such concerns upfront by making AI systems transparent and developing ethical guidelines on how to prevent misuse or other unintended consequences in the use of these technologies. Fair algorithms will have to be developed with robust mechanisms of oversight in place.

Initial Costs and Technical Challenges of AI Implementation

Definitely, implementing AI in business is not a walk in the park. Most of the time, it involves investing millions in infrastructure, training, and integration with existing systems. Development and deployment may also be a headache because AI requires special skills and is continuously maintained. Therefore, relevant training and support should be provided to ensure smooth running and that it aligns with the goals of the business.

Data Privacy and Security Concerns

Moreover, AI also poses risks like hacking and exposure to data breaches, which, of course, can really lead to critical issues like identity theft, fraud, and invasion of privacy. Of course, care must be exercised with regard to the type of information being connected so as to avoid these problems. If AI is to be used ethically, it would therefore imply that proper protection against hacking is in place and the willingness to tackle and control threats to sensitive information.

Overcoming Drawbacks and Implementing AI Successfully

Strategies for Responsible AI Adoption

First and foremost, businesses should be aware of the pros and cons associated with the use of AI. Knowing the limitations of AI will help to overcome any hiccups that may arise while you are in the process of implementing it; this also increases the chances of its working better for you. Knowing these limitations also means you can use AI more effectively without relying too much on automated systems—a smarter way to adopt AI. Besides, the implementation of AI should happen quite strategically in business, so that its pros outweigh the cons and everything is aligned in the right direction to achieve your goals. Such a careful approach is going to help extract the most from AI, keeping the possible problems to a minimum.

Integrating AI with Existing Systems and Infrastructure

Integrate Artificial Intelligence into your old systems, and make your small business smoother, cost-efficient, and much smarter in its decision-making processes. AI can be applied to automate routine tasks within your CRM, a tool designed to manage, track, and analyze customer interaction for insights about sales and to improve customer service. AI can also analyze the data to give you insights for better decision-making. But before diving into it, make sure that your systems are ready for AI—that could mean some upgrades or even training. If done right, AI really does help in pumping up the efficiency of a business toward the achievement of goals.

Training and Development for AI-Driven Business Operations

Business cannot escape AI, and small to medium to large-sized companies are all now using AI to help make or predict better processes to make things ‘tick’. Indeed, consumers are stepping into AI every day when they ask a question of a Virtual Assistant or need rapid information. Yet the central feature of AI today is understanding how to use these instruments and setting the training wheels in place for AI-based business operations.

ChatGPT and Small Business

Potential Uses of ChatGPT:

• Content Creation: It could help greatly in creating compelling social media posts, blog articles, and marketing content
• Customer Service: It could attend effectively to customer inquiries, give instant responses, and improve on the general customer service
• Administrative Tasks: ChatGPT will be there to help schedule, remind, and do basic administrative tasks that will grant you, as the owner, a lot of time on your hands

Although ChatGPT has many advantages, there are several factors to be taken into consideration for using the tool effectively and safely.Things to Know About:

• Accuracy: Even though ChatGPT saves much time, this generated content still needs to be checked for quality and credibility
• Protection of Data: No sensitive or confidential information will be shared. Be aware only of the terms of service and data usage policies designed by this AI tool owner/maker to help protect your data

IP Protections and AI

The more AI fits into business, the more critical it will become to address intellectual property and data privacy issues. It has to be clarified who is owning the content generated by AI, in particular if used for commercial purposes, and therefore clarify ownership rights with the AI service provider. In addition, businesses must know how AI tools store and treat client data to avoid circumventing data protection laws through unauthorized data sharing. There is also a concern about confidentiality on the type of data that is fed into the AI systems; the business ought to know not to leak any confidential secrets that may be exposed.

Harnessing AI for Small Business Success: Final Thoughts

AI in small business brings along transformative benefits in terms of enhanced efficiency, improved decision making, and enhanced customer experience. There are pros and cons to AI in business that one ought to know, including job losses, moral issues, and high startup costs. In return, businesses will have a full opportunity to reap the potential of AI while making sure that the transition of employees goes smoothly and principles of morality are respected by its concerned and thoughtful deployment.

What to Expect From Our Webinar on Accounting & Bookkeeping Tech

It can be tough to keep track of your finances, but there are plenty of tools available to make business bookkeeping more straightforward. In this webinar, presented by Accion Opportunity Fund and Liz Is All Biz, bookkeeping expert Elizabeth Hanley shares tips and tricks to modernize your bookkeeping. Hanley also reviews popular apps and other digital tools that will set you up for success. Having a robust bookkeeping system in place allows you to do the things you need to do- like filing your taxes and paying employees. It also gives you the opportunity to quickly apply to access financial resources, like many of the emergency Covid-19 relief loans that were available in 2020 and 2021. 

Hanley demystifies core bookkeeping concepts like:

• Tracking income, expenses, assets, and liabilities 
• The difference between desktop and online bookkeeping software 
• The best bookkeeping method for you 
• Bookkeeping learning curves 
• Separating personal and business bank accounts 
• Business and personal expenses 
• Cash vs accrual bookkeeping methods 
• Sales tax 
• Employees vs contractors 

 Managing Business and Personal Finances

The bookkeeping tools and apps that Hanley reviews include:

• Hand-ledger 
• Excel or Google Sheets 
• QuickBooks (desktop or online) 
• FreshBooks 
• Zero 
• Wave 

After this webinar, you will be ready to track your finances and build a stronger business. 

At Accion Opportunity Fund (AOF), we love working with industry leaders, innovators and entrepreneurs to share key business insights, experiences and strategies. Our solutions help businesses to grow and succeed. Learn how AOF can support your business.

Explore How AOF Can Help Your Business

In a digital world where technological advances are booming and many businesses have shifted to an electronic landscape, the importance of business owners becoming savvy in the use of e-commerce is of critical importance. Taking this a step further, vendors are now expanding electronic business to mobile devices by means of m-commerce (i.e., mobile commerce, or monetary transactions completed on mobile devices). After all, recent studies suggest the average American spends 5.4 hours per day on their phone, which means branching from purely web-based transactions to business conducted through mobile mediums enables merchants to reach a wider audience while also increasing convenience and accessibility.

For those looking to optimize customer access and engagement by venturing into the realm of m-commerce, consider the following points as a primer as you navigate the world of mobile business.

Advantages of incorporating mobile commerce in your business strategy

If you have yet to be sold on the benefits of m-commerce, consider the following advantages:

• Convenience is key. As if online browsing and shopping weren’t enough, translating this principle of easy access to mobile devices places your goods and services directly at your consumers’ fingertips. It is now quicker, easier, and more convenient than ever for customers to browse, swipe, and place “one-click” orders.
• A wider range of payment options. Gone are the days of “cash, check, or money order.” Mobile applications and software simplify monetary transactions with user-friendly payment options ranging from mobile wallets to money transfers and mobile point of sale, says Kala Gibson, head of Business Banking for Fifth Third Bank.
• Enhanced shopping experience. Not only is shopping more convenient on mobile devices, but transactions are also faster because they require less data to be stored on servers. Furthermore, technological advances have allowed for the integration of chatbots in many mobile businesses, thus fostering interaction and increasing customer satisfaction.
• Customized browsing and tailored marketing. There is little doubt as to the benefits afforded by analytics, which are collected easily as prospective customers use their mobile devices. These analytics can then be used to customize and tailor the shopping experience and to target products on the basis of the demographic information and analytics collected from each person who frequents your mobile shop.

How to get started in the world of mobile commerce

Now that you are privy to the benefits of utilizing m-commerce, it is time to hone your strategy so that you can use m-commerce to increase the profitability of your business venture. The more you know about the options available to you, the more effectively you will be able to use these technologies to streamline your business, increase efficiency, and serve more customers.

As you begin to outline your strategy, the following tools are provided to help smooth your transition to the world of m-commerce.

Select user-friendly mobile point of sale (mPoS) software

As experienced merchants already know, the point of sale system is essential to running a top-notch business. Given the numerous advantages that mPoS systems offer, including affordability, user-friendly interfaces, mobility, and enhanced analytics, it is no wonder these systems are steadily taking over the marketplace. However, business owners should be cautioned that there is considerable variability among different mPoS software systems that are currently available. Notably, buyers should be sure to research whether the mPoS package they plan to purchase includes hardware such as cash drawers, barcode scanners, EMV card readers, and receipt printers that increase functionality. It is also recommended that retailers enable Near Field Communication (NFC) technology so that customers are able to use Android Pay and Apple Pay platforms to make m-Commerce transactions.

Become savvy about alternative payment options

The most effective and respected businesses provide customers with a variety of options, and a variety of convenient payment options are among the most important options you can offer.

• Mobile wallets offer the epitome of convenience, allowing users to store their credit card, shipping, and billing information safely and securely in one location. This is especially helpful in the m-commerce marketplace, as entering this information on a mobile device can be a tedious process. Mobile wallets can also make use of one-touch payment options to greatly expedite the check-out process. Contactless mobile payments enable customers to use mobile wallets to make payments at brick and mortar locations. Users simply hold their mobile device next to a terminal that is set up to accept this technology – no swiping, clicking, or entering required.
• Money transfers, such as those made popular by PayPal, are a convenient way to transfer money from one person or account to another. The software that enables money transfers does not require a mobile banking app, however many banks such as Fifth Third offer Zelle, a person-to-person payment service.
• In-app payments allow users to make purchases within mobile applications without navigating away from the app. These software packages, such as Square, allow payment to be integrated and processed quickly and Streamline your operations through the use of mobile invoicing software. For business owners, the steps involved in obtaining reimbursement for services can be one of the biggest hassles of the job. However, this process can be streamlined significantly through the use of mobile invoicing software, which can be used to generate invoices, bill customers, and monitor payments through one singular system.

Streamline your operations through the use of mobile invoicing software

For business owners, the steps involved in obtaining reimbursement for services can be one of the biggest hassles of the job. However, this process can be streamlined significantly through the use of mobile invoicing software, which can be used to generate invoices, bill customers, and monitor payments through one singular system. Quickbooks is one such software package; it allows merchants to store client information, bill for services, integrate with accounting software, and capture signatures with just a few clicks and swipes. Mobile invoicing software is an important key to increasing the efficiency and profitability of your business.

In Conclusion

The world of mobile commerce might feel overwhelming at first, but it is clear that the technological innovations it offers business owners are integral to sustaining a user-friendly marketplace for today’s generation of plugged-in consumers. Now more than ever, it is time to put your money where your market is and take the plunge into the waters of mobile commerce.

It used to be that work happening in offices or industrial buildings, period. Now, we can work from just about anywhere. That’s great – it can make life a lot more pleasant and make it easier to balance work and life. But it comes with its own challenges, like staying on task and communicating with your employees or coworkers. Of course, there are also a ton of tools available to help with just those issues. Here are a few of our top picks for the apps you need for your virtual office!

Video Conferencing Systems

Video conferences allow the participants to join in on video calls or video chats in real-time. The beauty of a video conferencing system is that you can have a real-time virtual face-to-face interaction without being in the same area. The on-screen presence can create a sense of instant rapport and connection that is often lost in conference calls. We communicate better when we can see each other, so this can make a big difference when it comes to getting the right messages across.
The top video conferencing options go beyond just the standard conference call. Video conferencing can allow participants to exchange documents, share their onscreen data, access each others’ computers, and text message. For collaborative planning, some video systems allow users access to a virtual whiteboard to detail shared ideas.

For video conferencing, some of the most popular options are:

• Zoom: Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars.
• Skype: Users can access video calls directly from Microsoft Outlook. Skype also allows sharing of Microsoft Office documents and a digital whiteboard for collaborative video chats.
• WebEx: WebEx Meeting Centers allow you to set up personalized video conferencing rooms. While some WebEx features require a fee, the free plans allow two people to connect for no cost. The WebEx app will work on both Microsoft and Mac. This is a simple, no-frills option.
• GoToMeeting: This is a great product for those new to video chat. The user-friendly interface is easy for even tech beginners to pick up. GoToWebinar and GoToTraining offer different video conference features to meet your unique needs.

Project Management Systems

Running a business means keeping track of a ton of moving parts. Instead of using piles of sticky notes (or just trying to remember everything), you can use a project management system. These apps allow you to set up tasks and schedules, track progress with your team, and more. Many of these apps are available for no fee or for a low cost. Different businesses have really different needs as far as project management apps go, so take a look at several before deciding what you think will work best for your needs.

Some popular project management apps include:

• Casual: Casual helps you stay organized and on track with a flowchart system. The app is intuitive for new users, so you don’t need to be a tech pro to use it. It’s available for free to small business owners. It doesn’t offer a ton of advanced features, but it’s a simple way to keep track of your projects.
• Trello: This is another user-friendly, free app that can help get you organized in a visual way. Trello’s organization layout utilizes virtual post-it notes on a virtual whiteboard. Trello is accessible via both iOS and Android.
• Asana: Asana can help you manage individual tasks as well as larger team projects. Asana creates virtual, shareable checklists to keep you and your team organized. Asana is free for up to 15 team members or employees.

Chat Apps

One of the biggest differences between working from a physical office and a virtual office is the amount of contact you have with the people you work with. You can’t just pop over to the cubicle next door! And that means it can be tough to keep good communication up. That’s where chat apps come in. Most of us are familiar with the basic idea – like AIM or G-chat – and the latest apps have even more functions.

Some popular choices include:

• WhatsApp: This app gives you fast, free, encrypted text messages between users over the internet (so you’re not draining your phone plan). It’s similar to regular texting but more secure.
• Slack: This has become a very popular option recently. It allows you to create “channels” so that conversations about a particular project, client, or subject each have their place. You can talk about accounting issues in the Accounting channel and John Doe’s account in his channel, so you don’t risk burying important items under a mountain of unrelated chat.

Financial Software

Bookkeeping by hand is time-consuming and it’s really easy to make a mistake. There’s an app for that! These apps can make it easy to automatically track income and expenses, generate invoices, and even take payments.

Some of the most popular include:

• FreshBooks: This is a small business accounting software that allows users to bill individual clients either by the project or by the hour. FreshBooks also allows you to track expenses for tax time. FreshBooks lives in the cloud, so you can access the system via mobile devices or computing systems.
• Quickbooks: This one is the classic – it allows you to track cash in and out on any device. It can also help you plan your budget and produce and track invoices.

Social Media Manager Tools

Managing social media can be time-consuming, and keeping track of content across multiple platforms is easy to lose control of. There’s an app for that! These social media management tools can help you schedule posts, track engagement, and maintain a consistent presence across your channels.

SOME OF THE MOST POPULAR systems INCLUDE:

• Hootsuite: This is one of the leading social media management platforms, allowing users to schedule posts across multiple networks like Facebook, Twitter, Instagram, and LinkedIn. Hootsuite also offers analytics tools to track engagement and campaign performance, helping businesses maintain an active social media presence.
• Buffer: Buffer simplifies social media management with a clean and intuitive interface that allows users to schedule posts, track performance, and collaborate with team members. Buffer works with major social platforms and provides recommendations on the best times to post for maximum engagement.
• Sprout Social: This platform is ideal for businesses that need advanced social listening and engagement features. Sprout Social enables you to schedule posts, respond to customer messages, and access detailed analytics all in one place. It also provides tools for monitoring brand mentions and tracking sentiment across social channels.

These tools streamline social media management, making it easier to stay on top of your content and audience engagement while saving valuable time. Whether you’re scheduling posts or analyzing performance, these apps ensure your social media marketing is both efficient and effective.

Make It Easy

As a small business owner, you have enough to do – there’s no need to do extra work when there’s technology that can help. Take advantage of these tools and enjoy working from your virtual office!

Time is money. It’s a cliché but it’s true, and never more applicable than when one is running their own small business. Savvy business owners know that any small business tools they can use to save time and boost productivity are worth their proverbial weight in gold.

Many of today’s modern small business tasks can be greatly expedited by technology or even automated entirely. That frees up precious time for entrepreneurs to spend running their business, as opposed to wiling away hours slogging through admin tasks.

What tools does your business need? There are tools for just about every aspect of running a business: accounting, finance, inventory management, data analytics, and more. Let’s run through some of the small business tools you might want to check out We included links to some free educational and professional development resources to help you stay on top of your game.

Tool #1: Small Business Accounting Software and Apps

Poor or incomplete record-keeping can be the death of any small business. Smart small business owners should make keeping detailed business and financial records a top priority, especially when it comes to accounting. Accounting software helps you keep track of the financial health of your company, make sure you’re paying your bills on time, and keeps you in line with your budget.

Of course, record keeping can be pretty dull. The good news is that you no longer have to do all that double-entry accounting and other record-keeping by hand. There are programs designed to help you create a budget, link to your business accounts, and track your cash inflow and outflow automatically. You can compare various highly-recommended options with the Best Small Business Accounting Software of the year.

Tool #2: Payroll Services

Like bookkeeping, preparing employee payroll by hand is inherently tedious. Plus, payroll can be surprisingly complicated and have serious legal consequences. Experts advise that all business owners, even small local shops, utilize a payroll service to help stay on top of this task. These services have the specialized software and expertise to handle your payroll with ease. They manage the recordkeeping, and send out the checks or make the direct deposits.

In addition, automated online payroll services can track your employees’ time and manage their work schedules. Payroll services can even calculate and process matches for 401(K) and other retirement savings. And of course, they calculate and automatically withhold the proper amount of local, state, and federal taxes from staff paychecks.

How do you find the right payroll service for your small business needs? There are options for every business and budget. Visit our article on choosing a payroll service for tips and suggestions on the best payroll services for your business.

Tool #3: Interactive Working Capital Calculator

Working capital means “the amount by which current assets exceed current liabilities.” In plain English, working capital is the necessary money each business needs to cover the cost of their daily business operations.

A small business needs to have enough working capital to cover costs, get approved for loans, pay bills, reduce debts, buy inventory, and make payroll. A business with enough working capital is financially healthy; likewise, a business without enough working capital is not financially viable over the long term.

The amount of working capital a small business needs to be healthy depends on the industry and business model of that particular company. So how do you figure out how much you need? There’s a tool for that! Check out this working capital needs calculator from The Hartford to find the working capital amount that’s right for your business.

Tool #4: Online Inventory Management Services

Small business owners that run online or brick-and-mortar shops know the crucial importance of proper inventory management. Business owners must have enough stock to sell, but not so much that you’re losing money on lost sales. Stock sitting on shelves, unsold, equals lost money for the business. It can be a challenge to find the proper balance for the amount of inventory you need to cover seasonal trends and holidays.

Inventory management tools can help your small business maintain, track, and log inventory, and even alert you to problems with theft. A good inventory management system can help you see the trends and clearly show what products are selling fast and which are sitting on the shelves. In other words, it’s good for your business plan as well as your shelf space.

Inventory management tools run the gamut from basic to all-the-bells-and-whistles, so it’s up to you to find the right fit for your business. For tips on how to select and work with an inventory management system, read more about trusted inventory management techniques.

Tool #5: Website and Social Media Data Analytics

Modern small business owners know that having a well-laid out, mobile accessible, professional website is a MUST for any competitive business. You want to make sure the public can find your business and that your online presence is drawing in customers. But your website can be a whole lot more useful than just letting people know you’re out there, or even selling your products or booking your services online. By tracking the way people get to your site and use it while they’re there, you can learn a lot about what they’re shopping for and how to adjust your business strategy to hit their sweet spot.

Online data analytic tools make tracking website data automatic; you just need to install the software and it does the work for you. These analytic tools can help you see how visitors came to your site, what keywords they used, the content they viewed, and how long they stayed there. In other words, you may find that you’re getting 80% of your website traffic through your Instagram page or from a search result for one particular product, and then you can use that information to focus your efforts. If you’re putting up original content on your website and social media platforms, that’s even better. You can tailor that content to really nail what your customers want.

These key data points can help you explore business trends, consider new markets, and study customer online behavior. Moreover, these key data points can help you curate engaging unique content for your website visitors and customers because when they come, you want them to stay.

Not sure where to start? There are hundreds of data analytic options to consider. Predictive Analytics Today’s comparison tool is a great resource to explore top-rated software options.

Tool #6: Free Educational and Professional Development Resources

All the tools in the world won’t do you any good if you don’t know how to use them. Successful entrepreneurs know that the key to success is to always keep learning. But that doesn’t mean you have to move to Massachusetts and get an MBA from Harvard. It just means you should make a conscious effort to follow new developments in your industry and in the business world, and to learn new skills.

There are hundreds of free or low-cost professional development programs to help out small business entrepreneurs. Some of these programs are face-to-face and some are online, so they can be completed on your own time. That’s a boon to an entrepreneur, since running your own business doesn’t give you much free time!

To explore various business and professional development opportunities for aspiring or existing small business owners, check out the following links. Many of these programs offer free online business courses, educational workshops, volunteer mentoring, and real-world small business support.

• AOF Programs and Coaching
• US Women’s Chamber of Commerce
• Small Business Association (SBA) Online Courses and Entrepreneurial Learning Center
• SCORE Business Mentoring

Where There’s a Tool, There’s a Way

Running a business means you have a lot to do, and it often feels like there just aren’t enough hours in a day. That’s why these tools are so valuable. They can save you tons of time and can also magnify your efforts so you can get a lot more done with a lot less work. Let your accounting and payroll handle itself (with regular reviews, of course) and make your marketing bucks go a whole lot farther by using your digital data to hit just the right note.

And of course, never stop learning. Who knows what terrific tools you’ll find?

Self-tying shoes, virtual reality, self-driving cars – we’re living in the future. All the new technology coming out is exciting. And technological advances can also help your business! Of course, new technology is expensive, so how do you know what’s worth the cost? Drones are cool, but does your bakery need one? So here are some of the pros’ top picks for tech for your small business.

1. Smartphones

Smartphones aren’t exactly brand new, but you can’t afford not to have one anymore. They’re not just phones and texting machines – they’re powerful tools that can help you handle your business both on-site and on the go. They’re basically mini-computers. Smartphones can dramatically increase your on-the-go productivity and responsiveness, by allowing you to check email, video conference calls, and run a multitude of useful apps, among other things.

In addition to keeping you connected, smartphones give you some really helpful hardware options. You can get a portable credit card scanner that plugs into your phone and allows you to take credit card payments without one of those clunky (and pricey!) machines. You can get a scanner that allows your phone to read barcodes so you can ring people up or take inventory. With the right accessories, your smartphone can handle a wide range of business needs.

There are tons of options for smartphones, but at this point, they’re all fairly similar. You can choose one based on what kinds of other devices you have or what system you’re comfortable with. Note that some types of apps (like Microsoft Office apps or project management apps) may run better on iPhones than on Androids or vice versa. So make sure to get an idea of how you’re going to be using that smartphone before you commit to an operating system. PC Magazine has a comprehensive review and rating of the top smartphones.

2. Responsive Web Design

We just finished explaining how important smartphones are, so this one follows naturally. It’s imperative that all small businesses feature mobile-friendly websites. Your customers, patrons, clients, and business contacts are on the go, and they expect to be able to access your website from their mobile devices. Having a responsive web design can mean the difference between success and failure.

If your current website is relatively new and updated, then you may be able to make small changes to boost mobile responsiveness. But, if your website is several years old, then you may need to invest in a programmer to help you conduct a full-site overhaul.

The best responsive web design streamlines navigation, simplifies content, and elevates design. Know that creating a responsive site is not just a once-and-done endeavor; you should constantly aim to tweak your site to improve the experience of your users.

Having an updated, sleek, functional website is a crucial investment.

3. Small Business Apps

Apps are for more than just time-killing games. There are tons of apps that can help make your small business more efficient. They can help you manage bookkeeping and inventory, take payments, manage projects, and more. Many of them integrate with desktop programs, so you can get the same information and functions whether you’re sitting at your desk or working from the road. These are a few of the options available:

Rescue Time: Helps you stay on track online. Premium versions allow you to track time and set notifications. The basic version is free, while the premium package is $9 per month.

Toggl: Tracks your time automatically so you don’t have to. Toggl allows you to keep tabs on billable hours.

Square: Allows you to plug-in a portable credit card reader to process on-the-go payments. Square allows you to email or text receipts to customers.

FreshBooks: A simple-to-use accounting app. Allows you to track hours worked, log in your business expenses, and send invoices to your clients.

4. Your Own App

Depending on the type of business you’re in, it may be worthwhile to develop your own app. Your customers can use it to place orders, make appointments, shop, and more. That gives you a couple of benefits. First, your customers are always going to be happier when things are more convenient for them. An app can do that. Plus, it presents your business as serious and professional. Finally, an app allows you to gather valuable data about what your users look at, how they use your site, and what gets them to convert. You can use that data to tweak your products, branding, and marketing efforts and increase conversions.

Note that this won’t be the right option for everyone – designing and developing a professional app can be expensive. You’ll need the app itself, the back-end system where you can gather data, and the systems needed to connect the app to your physical business. The good news is that there are a lot of that kind of app out there, so developers can use “off-the-shelf” chunks of code for a lot of it. That brings down the cost, but it’s still an investment.

5. Social Media Tools

Social media is a crucial part of your marketing efforts, but it can feel a little overwhelming. You have a business to run – who has time to tweet all day or update Facebook? But you don’t have to! There are a number of tools out there to help make your social media management easier. Most of them allow you to put together a lot of posts all at once and schedule them out. So you may spend an hour or two on Monday morning and have your entire social media calendar for the week completed. There are also tools that make it easy for your users to share pages or content from your website or app with each other, which is a great form of word-of-mouth marketing. These are a few of the tools available:

Buffer: Allows you to manage your social media and share content. You can schedule your posts to automatically share throughout the day. Buffer allows you to pre-plan your social media strategy and set up an editorial calendar.

HubSpot: A comprehensive tool for managing social media and beyond, HubSpot offers features to schedule posts, monitor brand mentions, and analyze performance. Integrated with its CRM, HubSpot helps you track interactions with your audience, ensuring a seamless connection between your social media and marketing strategies.

HootSuite: Consolidates your social media in one dashboard. Also allows you to view analytics.

And The Cool Stuff

We started out talking about drones and self-driving cars, and smartphones and laptops may seem a little drab in comparison. However, those really will help your small business. Of course, that doesn’t mean you can’t use some of the cool stuff, too! That may present a way to differentiate your brand. For example, you might use a drone in your bakery after all – to deliver cupcakes to your customers’ tables. If it’s cost-effective, those kinds of quirky uses of technology can help differentiate you from the competition.

Whether you’re working with spreadsheets or robots, you can use the latest tech for your small business to make it even better.