The new Marketing Cloud Growth is a marketing automation platform connected to Salesforce’s Einstein 1 CRM software and first-party data service Data Cloud, the latter of which the company is now offering for free with select plans.

Generative AI is used by many small business owners to automate tasks ranging from writing social media posts to data analysis. However, without access to a company’s data, most AI platforms are unable to create content tailored to a brand’s unique audiences.

Salesforce created Marketing Cloud Growth to ensure entrepreneurs can leverage their customer data to design AI-generated content that meets their specific needs. As Steve Hammond, executive vice president and general manager of Salesforce Marketing Cloud, explained: “By bringing CRM, AI, and data together in one place, these innovations empower businesses to deliver the compelling connected experiences customers expect.”

Marketing Cloud Growth is the latest in a series of platforms produced by industry-leading companies intended to help small business clients increase growth through technologies such as AI. Earlier this week, GoDaddy launched a generative AI service called Airo, which primarily designs website content for entrepreneurs who purchase a domain through its registry. Over the last year, e-commerce platforms such as Amazon and Shopify have released similar products targeted toward digital retailers who sell through their platforms.

While small business owners are hardly starved for choice when it comes to AI, not every platform is suited for every firm. Furthermore, companies may use their client’s data to further their own goals. Choosing the right option is necessary to drive growth, which is why entrepreneurs should carefully weigh the pros and cons before committing to an AI service from a larger firm, especially those who restrict services to customers already paying to use their platform.

Luckily, finance consulting firm Better Business Advice has identified the top three accounting software platforms best suited for small organizations, as well as the unique qualities each brings to the table, allowing entrepreneurs to find the best fit for their operations.

Freshbooks

FreshBooks offers a straightforward, approachable layout, making it the most accessible and widely used accounting software. Despite its ease of use, the platform still offers a comprehensive list of features that can handle most small business needs. Due to its relatively cheap cost and mild learning curve, Freshbooks is especially suited to the needs of freelancers and companies with few team members, such as startups.

QuickBooks

QuickBooks receives top marks for its wide-ranging use cases and in-depth insights, allowing organizations to track and control their finances down to the most minute details. It is also the preferred platform of many financial professionals, making it relatively easy to integrate into one’s operations. But whereas FreshBooks offers a user-friendly interface at a low cost, QuickBooks requires more familiarity to leverage its full potential and can be expensive compared to other accounting software platforms. These differences make it a better option for companies that have their own accountant or accounting departments in addition to those that work with bookkeepers or outside consultants.

TurboTax

Finally, TurboTax, with its convenient features and intuitive design, remains an excellent choice for many businesses, although its limited functionality means most users will rarely rely on it outside of tax season. Rather than addressing general needs, it focuses primarily on tax preparation and filing. However, what it lacks in utility, it makes up for with its simplicity and accessible customer service, with the website offering live chat options for those who need additional guidance. These qualities make it one of the best accounting software options for individuals and small businesses who want a cost-effective, easy-to-use platform for preparing taxes but do not require financial services year-round.

Launched Monday, February 26, the new AI platform offers a multitude of functions targeted at website design and marketing. Using Airo, entrepreneurs can generate logos, images, and text for a variety of purposes. GoDaddy says the technology is capable of designing websites, offering recommendations for email campaigns, suggesting social media and search engine advertisements, and writing product descriptions. Airo can also identify potential domain names for small businesses that launch their website through the company and will automatically design site elements once the domain is purchased.

The majority of the platform’s features can only be accessed once users register their domain name with GoDaddy. Premium capabilities require a subscription after a brief trial.

For small businesses that lack a website, Airo will soon offer beta features for offline use. These new tools will give entrepreneurs the ability to generate descriptions using product photos and allow the AI suite to integrate with GoDaddy’s Smart Terminal, a credit processing point-of-sale device, to create financial reports.

With Airo, GoDaddy has become the latest in a series of major companies to enter the competitive world of small business AI. Corporations, including Square, Amazon, Shopify, and Paypal, have launched multiple platforms over the last year targeted at entrepreneurs, especially those with a focus on digital retail. However, not all services are created equal, nor will all suit the needs of every brand. Whatever they choose, small business owners should be sure to carefully research what each product offers and determine the features most advantageous for their circumstances.

1. How to create a budget that works for you

Hosted by SCORE, this free virtual event will teach beneficial financial skills that can help small business owners manage their revenues, increase earnings, and assert more control over their organization’s future. Topics include pricing strategies for goods and services, tactics for saving money, and a breakdown of expenses, profits, and losses. The webinar is scheduled for March 7 at 1 p.m. EST. Register at the link here.

2. The marketer’s (early) guide to AI

Artificial intelligence can offer a host of advantages but brings intrinsic uncertainty due to its complexity. This event, hosted by Marketing Brew and sponsored by Mailchimp, brings together experts in advertising, data, technology, and business to give entrepreneurs an extensive crash course in the new and developing world of AI. In-person tickets are sold out, but you can still purchase livestream access for $99! The presentation starts at 8 a.m. and ends at 12:30 p.m. EST on February 28. Purchase tickets at the link here.

3. 2024 go-to-market predictions: CRMs take a back seat to interconnected data sources

Customer Relations Management (CRM) software has long been a frustrating necessity for small business owners, but thanks to the constantly innovating world of business technology, entrepreneurs may finally have new, more efficient options. This virtual event, hosted by Zoominfo, will discuss the weaknesses of modern CRM suites along with alternative strategies for managing customer data. The one-hour webinar is scheduled to start March 27 at 10 a.m. PDT. Register at the link here.

4. How to recruit, retain, and motivate your hourly workforce

Enterprises can rarely achieve success without a strong, dedicated team. Unfortunately, many small businesses think they are unable to win, motivate, and retain talent because they lack the resources of bigger companies. This event, hosted by business-media platform Entrepreneur, teaches frameworks that help leaders inspire and encourage their employees, regardless of their organization’s size. The free webinar is scheduled for February 29 at 2 p.m. EST. Register at the link here.

5. Filing season readiness webinar

Tax season is stressful for small business owners, especially first-time entrepreneurs who lack knowledge of the rules and policies governing the process. Hosted by the Small Business Administration, this online event walks company leaders through everything they need to know about filing taxes in 2024, including tax credits and free, government-operated filing tools. The event is scheduled for February 28 and runs from 10-11 a.m. CST. Register at the link here.

This week, on ASBN Small Business News, anchor Shyann Malone brings you up to date with the latest tools and resources now available for small to medium-sized businesses.

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Businesses today face numerous challenges, such as increased competition, staffing issues, and rapidly evolving technology. However, businesses across the world are driving a paradigm shift in the commerce landscape through innovation, adaptability, and creativity. Square’s annual Future of Commerce report provides insights into how businesses and customers in the U.S., Canada, the U.K., and Australia will shape the global commerce landscape in 2024. Read More

Resilient small businesses face economic headwinds with adaptive strategies
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The SBA’s new Equity Action Plan plans to accomplish its primary ambitions by achieving a variety of goals, each helping to serve small business owners from underserved communities in different ways. These objectives and the tactics to complete them are as follows:

Improve loan capital access: the SBA plans to enroll lenders that can reach underserved entrepreneurs, leverage recent revisions to its own lending policies that make the application process easier to complete, and call on the government to implement a rule that would distribute more loans to “justice-involved entrepreneurs.”

Improve access to government contracts: the SBA will strive to connect small business owners from disadvantaged communities with federal contracts. Last month, the agency revitalized its 7(J) Management and Technical Assistance Program (now called Empower to Grow), which helps entrepreneurs understand and navigate the government contracting process.

Improve access to disaster assistance: the SBA will leverage technological upgrades and streamlined application processes to pair underserved small business owners with more financial support.

Improve education: the SBA plans to conform its business education and training resources to the unique needs of disadvantaged entrepreneurs.

Improve investor capital access: new SBA policies will increase the number of diverse participants in the Small Business Investment Company program, increasing the chances that investor money will be distributed to entrepreneur candidates from underserved communities.

The first phase of the Equity Action Plan was first implemented in response to one of the Biden Administration’s first executive orders, which called on government agencies to identify changes that would allow them to serve a more diverse audience. In a statement, SBA administrator Isabel Casillas Guzman noted that the President’s efforts had changed the face of American entrepreneurship, giving small business owners from disadvantaged backgrounds the same chance to succeed as their peers. “The SBA’s updated Equity Action Plan recognizes the tremendous value that diverse entrepreneurs bring to our economy in terms of job creation, innovation, and domestic and international competition,” she added. “As America continues to enjoy an unprecedented Small Business Boom, the SBA remains determined in its efforts to boost entrepreneurship among people of color, women, veterans, and those from rural communities, and this updated Equity Action Plan is a testament to that commitment.”

On February 5, 2024, Fiserv, a leading provider of payments and financial services technology, published a study that analyzed the performance of small companies at national, state, and industry levels. The research also presents an optimistic outlook for the coming year.

At 138, the Fiserv Small Business Index remained stable, suggesting a steady level of consumer spending. The modest 0.1% month-over-month sales rise, and the more noteworthy 1.7% year-over-year growth both reflect this consistency. 

Even if this growth has slowed down a little from the 2.6% increase seen in December 2023, the numbers still show strong demand for consumer products and services.

Fiserv Chief Data Officer Prasanna Dhore noted that “small businesses maintained steady sales in January,” highlighting the resilience of small enterprises in the face of harsh weather conditions nationwide. Specifically, the retail industry demonstrated its strength, surpassing the small company category as a whole, with growth driven by consumer spending on building supplies, personal care products, and general merchandise.

However, not all industries performed similarly. The food services and drinking places subsector suffered a reduction, with the January index falling to 122, a five-point decrease from December. This industry experienced a -1.9% year-over-year decline and a -4.1% month-over-month decline in sales, which was an indicative shift in consumer purchasing patterns following the holidays.

Results from the Professional, Scientific, and Technical Services and Specialty Trade Contractors subsectors were inconsistent. While the latter saw a strong year-over-year sales increase of 6.0%, with a January index of 148, the former saw a slight month-over-month sales decline of 0.5%, ending at a January index of 145.

Amid this economic pressure, small business owners have adjusted their future expectations. The outlook for improved sales over the next three months has dimmed, with expectations falling to -16%, a decline from -4% in the previous month. This change reflects the impact of ongoing inflation and high labor costs. These have been top concerns for 20% of respondents.

Inflation also remains a concern. January’s inflation rate was 3.1%, surprising investors and suggesting the Fed is still working to curb inflation. Additionally, funding challenges have emerged as a big issue for some business owners. 5% cite it as their biggest hurdle. The impact of the Federal Reserve’s interest rate hikes over the past two years is evident. Many small businesses are grappling with higher debt costs as well.

NFIB Chief Economist Bill Dunkelberg states, “Small business owners continue to make appropriate business adjustments in response to their ongoing economic challenges. In January, optimism among small business owners dropped as inflation remains a key obstacle on Main Street.”

Yet, the broader economic landscape offers a glimmer of optimism. Consumer confidence has risen for the third consecutive month. It reached 114.8 in January, up from 108 in December. This rise suggests a potential uptick in consumer spending, which could boost sales for small businesses.

Small businesses face a tough economy with many challenges. But, their adaptability and rising consumer confidence show a strong outlook. By adjusting their strategies in response to these headwinds, small businesses demonstrate their resilience.

Grant applications close September 13, 2024, 2024 by 8 P.M ET.

This season will mark the program’s largest grant cohort to date, with $1,500,000 in financial grants to 150 current small company owners and $1,500,000 in goods and services to 3,000 aspiring entrepreneurs in need of startup assistance provided by LegalZoom.

Despite the resilience of small businesses in the face of inflation, bank failures, and general volatility, initiatives like Fast Break for Small Business will offer extra financial and educational support that stimulates the local economy and creates jobs.

NBA Champion and two-time MVP Giannis Antetokounmpo has teamed up with LegalZoom to support Fast Break for Small Business and give back to the small business community following the announcement of his own small business, Improbable Media. The company plans to debut a new TV ad featuring Giannis and two-time WNBA champion Kelsey Plum in March. The ad is set to run throughout the NBA and WNBA seasons

Antetokounmpo asserts, “I didn’t have the financial background or support that’s important when you’re building a business early in my own journey.” He added, “I want to make the kinds of business opportunities and knowledge available to others who are just starting so they can succeed.”

Fast Break for Small Business has given $1,500,000 to 150 small business owners since its inception in 2021 and provided approximately 4,000 small business owners free access to LegalZoom services. Entrepreneurs from 48 states, including the District of Columbia, have benefited from the program. Of the grantees, 92% are people of color, 60% are female-owned, and 72% operate in NBA, WNBA, or G League markets.

This week, on ASBN Small Business News, anchor Shyann Malone brings you up to date with the latest tools and resources now available for small to medium-sized businesses.

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TikTok Partners with Black Girl Ventures on new grant [Deadline Feb. 29]
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How the Swedish fika tradition is revolutionizing office culture
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How inflation is affecting metropolitan cities across the country
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Small business sales flat in January, consumer spending shifts
January was a strong month for small businesses thanks to stable consumer demand and cooling economic concerns, according to the latest Fiserv Small Business Index report. Despite marking the close of the holiday season, January’s small business sales were nearly identical to December’s, rising only 0.1%. On a year-over-year basis, last month’s sales were 1.7% higher than in early 2023. Read More