AI and automation have become powerful tools for small businesses, especially when managing your team. These technologies can help you improve productivity, reduce manual work, and simplify complex HR tasks, freeing up your time to focus on growing your business.

From hiring to employee engagement and payroll, AI is changing how business owners like you approach human resources. According to Gartner, 52% of HR professionals are already exploring ways to use generative AI in their systems, and the opportunities are only growing.

This article highlights how small business owners can benefit from the best AI tools in HR and how they can help streamline their people operations.

 

Benefits of AI and Automation in HR

AI tools can handle repetitive tasks, provide real-time insights, and reduce administrative burdens so you can make smarter decisions faster. Here are four key benefits:

1. Reduces Hiring Bias: AI simplifies data analysis and makes it possible for hiring managers to make accurate choices in areas like employee recruitment, performance reviews, and leadership development. It helps avoid bias in the hiring process by automating the selection process, thereby ensuring impartial and fair applicant selection.

2. Save Time with Automation: According to Deloitte, HR professionals spend over half of their time on administrative work. As a small business owner, automating tasks like leave tracking, time-off requests, and onboarding paperwork can significantly reduce your workload and help you stay organized.

3. Smarter Decision-Making: AI can identify employee performance and engagement trends, giving you a clearer picture of what is working and where to improve. It can even help spot early signs of turnover or employee burnout.

4. Better Data Security: AI helps you manage employee data securely by reducing manual entry errors and offering features like encryption, access controls, and agentless backup. This added layer of protection ensures sensitive information remains safe without requiring additional software on every device. It is especially important when storing payroll, tax, or benefits information.

 

7 Ways AI is Revolutionizing HR for Small Businesses

Here are seven practical ways small business owners can use AI to improve HR operations:

 

Smarter Hiring and Resume Screening

AI-powered tools can sort through job applications to find candidates that match your job descriptions faster and more accurately than manual screening. This reduces time-to-hire and ensures a fairer process.

Example: CVViz automatically matches resumes with job requirements based on keywords, experience, and skills.

 

24/7 Chatbots for HR Support

AI chatbots can answer common employee questions anytime, from benefits to vacation policies. During onboarding, they can guide new hires through your company’s process, saving you hours of back-and-forth communication. Many chatbots now include audio translator features, which help overcome language barriers and improve communication with multilingual team members.

Example: SAP Joule is an AI-powered chatbot that supports employee questions across HR tasks.

 

Predictive Talent Insights

Want to know which employees are thriving or at risk of leaving? AI can track performance, engagement, and attendance patterns to help you retain top talent and make smarter staffing decisions.

Example: Harver helps match candidates with roles where they are most likely to succeed.

 

Personalized Training Paths

AI can identify skill gaps and create custom training programs for each team member. This helps you upskill your team while aligning their growth with your business goals.

 

Real-Time Performance Feedback

Move beyond annual reviews. AI tools can provide instant feedback based on real-time data and team input. This keeps your team motivated and makes performance reviews more objective.

Example: WebHR tracks goals, performance, and feedback in one platform to support ongoing growth. This is true even in fast-paced digital environments like AliExpress Dropshipping businesses, where remote teams handle logistics, customer service, and marketing.  

 

Automation in Payroll and Compliance

AI tools can pull data from different systems, such as time tracking, tax records, and insurance programs, to calculate pay, deductions, and benefits accurately. Platforms like FINSYNC simplify this process by combining payroll management, payments, and financial reporting in one place. 

 

The Final Verdict: Will AI Replace HR Roles?

A recent American survey revealed that 41% of the U.S. workforce fears that AI will eventually replace all or parts of their work responsibilities in the near future. 

So, is this true? Should employees be worried about being replaced by AI?

Not at all. AI will help business owners do more, not less, with their employees. While some administrative tasks will become automated, human insight and leadership are essential for building a great team culture. AI gives small business owners the edge they need to compete with larger organizations without needing a full HR department.

The future of AI is not about replacing your team but equipping you with the right tools to support them. If you are ready to work smarter, now is the time to explore how AI can transform your business.

 

 

Fynn Moves Your Business Forward Faster 

Meet Fynn, your AI assistant, built to simplify business planning, funding, operations, and growth. With a fully connected Business Platform and Financial Network, Fynn helps you turn ideas into action, secure funding, streamline operations, and accelerate success.

From business planning to seamless execution and smarter financial connections, Fynn keeps everything and everyone in sync—so you can focus on what truly matters, in business and in life. 

 

When we think of economic development, it’s easy to picture big wins, such as a new corporate headquarters breaking ground, large-scale infrastructure projects, or a manufacturing facility bringing in hundreds of jobs. These wins matter. They create visibility, boost employment, and expand the tax base. However, focusing solely on large employers overlooks a critical opportunity: the potential of businesses already rooted in our communities.

Main Street businesses — the coffee shop owner, the local manufacturer, the boutique creative agency — are more than just storefronts. They are essential to the social and economic fabric of our communities. They hire locally, reinvest profits in the area, and contribute to a community’s unique character. And increasingly, they are playing a major role in attracting larger employers who want to locate in places where their employees can thrive.

But these local businesses don’t grow on goodwill alone. Behind many successful Main Street ventures is a quieter force: the local angel investor.

 

The Unsung Heroes of Local Growth

Angel investors often do more than cut a check. They offer mentorship, connections, and experience. They understand the nuances of their local markets in ways that out-of-town capital can not. When they choose to invest, it’s often based on a dual lens, both potential return and potential impact.

That mindset is powerful. Because when capital is paired with care, with a personal investment in seeing a founder succeed and a community thrive, the results can transform not just a business, but an entire local economy.

Local angel investment de-risks entrepreneurship. It fills gaps that traditional lending cannot or will not. It helps first-time founders get the guidance they need to avoid early pitfalls. It is patient capital that understands success is not always linear.

 

Economic Development Needs a Broader Definition

To build stronger, more resilient communities, we need to expand the way we define economic development. It’s not just about attracting companies, it’s also about growing our own. And that means creating a culture where local investment in local ideas is not the exception, but the expectation.

If you’re someone who has found success and wants to give back in a meaningful way, becoming a local angel investor is one of the highest-impact moves you can make. It’s more than just backing a business; it’s about shaping the future of your town, your neighborhood, your Main Street.

Because in the end, resilient economies aren’t built from the top down. They’re built from the inside out.

FINSYNC helps make that possible. By connecting entrepreneurs with investors, mentors, and the financial tools they need to grow, FINSYNC strengthens the local business ecosystem, turning community-backed ideas into thriving, investable enterprises.

 

Jason Whitney is Executive Director of Investor Networks at FINSYNC and a passionate advocate for community-focused investing and entrepreneurship.

For investors looking to expand beyond traditional markets, angel investing offers a compelling path, one that opens the door to investing in private, early-stage companies. Unlike stocks, bonds, or real estate, startup investments operate on different timelines and risk profiles. While these investments are inherently less liquid and carry higher risk, they also offer the potential for significant returns when a business succeeds or is acquired.

Angel investing isn’t just about chasing upside; it’s about backing ideas you believe in, supporting local innovation, and helping shape the future of small businesses. Here’s a closer look at the key components that make angel investing both strategic and rewarding.

 

1. Deal Flow: The Quality Drives the Outcomes

A strong, consistent pipeline of startup opportunities, known as deal flow, is the foundation of successful angel investing. High-quality deal flow allows investors to be more selective and increase their chances of backing companies with real growth potential. These opportunities often come through trusted sources such as personal networks, accelerator programs, pitch events, and online platforms.

FINSYNC’s Financial Network is designed to simplify deal flow, making it easier and aligning it with your investment goals. By connecting with entrepreneurs already working through capital readiness tools and supported by local partners, investors can access curated opportunities backed by real data and ongoing guidance.

 

2. Due Diligence: Informed Risk, Not Blind Risk

Conducting due diligence is essential to evaluating risk and making sound investment decisions. This process involves assessing the team, market potential, product viability, competitive landscape, and financial projections. Effective due diligence helps investors avoid red flags and focus their time and capital on startups with the most promise. It’s one of the most important tools angels have to manage risk.

 

3. Investment Structure: Terms That Align Incentives

Angel investments are typically made through direct equity or convertible debt. The structure of the investment and the terms play a big role in balancing risk and reward. Elements such as valuation caps, discount rates, board seats, and advisory roles help align incentives between investors and founders. Getting the structure right not only protects your investment but also sets the stage for a productive partnership.

 

4. Strategic Involvement: More Than a Check

Unlike passive investors, angel investors often provide more than just capital; they also offer guidance and mentorship. They contribute experience, guidance, and access to valuable networks. This hands-on involvement can make a significant difference in helping founders navigate early challenges and grow their business. It also gives angels a front-row seat to the startup’s progress and impact.

 

Final Thoughts

Angel investing isn’t just about financial returns—it’s about supporting innovation, helping build stronger local economies, and backing the ideas you believe in. Platforms like FINSYNC help streamline this process by connecting you to entrepreneurs who are better prepared and more transparent, so you can spend less time searching and more time supporting ventures aligned with your goals.

If you’re ready to explore angel investing or strengthen your current approach, tools now exist to make it easier, smarter, and more impactful than ever.

 

Jason Whitney is Executive Director of Investor Networks at FINSYNC and a passionate advocate for community-focused investing and entrepreneurship.

It is easy to get caught up in the hunt for new customers, but what about the ones you already have? Understanding their actual worth over the entire time they do business with you can be a game-changer. That’s where Customer Lifetime Value, or CLV, comes in. Think of it as looking beyond the immediate sale and seeing the bigger picture.

By figuring out CLV, you can make smarter calls about where to put your marketing dollars, how to keep customers happy, and ultimately, how to boost your profits. You will be able to see the long-term value in your customer relationships. And you don’t need a finance degree to make it happen; we’ll walk you through the steps so you can see how this simple calculation can transform your business.

 

What Is the Customer Lifetime Value Formula?

Customer lifetime value, or CLV, is how much money you can expect a customer to spend with you over the entire time they are a customer. It is a way to put a dollar amount on those relationships. The formula looks like this:

 

CLV = Average Purchase Value x Purchase Frequency x Customer Lifespan

 

This gives you a number that shows how much a single customer is worth, on average, over time. You can also see the average value across all your customers. Let’s break it down:

• Average Purchase Value: Your total revenue over a set period divided by the number of purchases.

• Purchase Frequency: How many times, on average, a customer buys from you during that same period.

• Customer Lifespan: How long, on average, a customer keeps buying from you.

Here’s a quick example:

If your average purchase is $50, and customers buy from you four times a year for five years, the CLV would be:

 

$50 x 4 x 5 = $1,000

 

That means each customer is worth about $1,000 over five years.

 

Why Does Customer Lifetime Value Matter?

Knowing how much a customer is worth helps you make smarter decisions about how much to spend on getting new ones. If it costs $100 to bring in a customer who’ll give you $1,000 in revenue, that’s a good deal.

CLV also helps you focus on keeping the right customers instead of just chasing one-time sales. It gives you a reason to invest in good customer service, loyalty programs, and better experiences. These things can make customers buy more often and stick around longer.

 

How to Apply the Formula to Your Business

Even if you’re a small business or just starting out, you can use the CLV formula with a few simple steps.

 

Step 1: Gather Your Data

Start with what you know. Pull sales data from the past year if you have it. Find out:

• How much the average customer spends per purchase

• How many purchases each customer makes on average

• How long do they usually stay with you?

If you do not have perfect data, use your best estimate based on experience. You can always refine the numbers later.

 

Step 2: Calculate Each Part

Let us say your total revenue last year was $100,000, and you had 1,000 purchases.

• Average Purchase Value = $100,000 / 1,000 = $100

If your 250 customers made those 1,000 purchases, then:

• Purchase Frequency = 1,000 / 250 = 4

If customers stay with your business for 3 years:

• Customer Lifespan = 3 years

Now, plug it into the formula:

 

$100 x 4 x 3 = $1,200

 

Each customer is worth $1,200 on average over three years.

Step 3: Look for Opportunities to Improve

Once you know your average CLV, you can find ways to increase it. You have three main levers:

• Increase average purchase value: Offer bundles, upsells, or higher-tier services.

• Increase purchase frequency: Encourage repeat purchases through marketing emails, reminders, or loyalty rewards.

• Increase customer lifespan: Build stronger relationships and provide better support so customers stay longer.

Small changes in any of these areas can lead to a big jump in your CLV.

 

Common Mistakes to Avoid

While the formula is simple, there are a few things to keep in mind.

• Relying on short-term data: If you only use one month or one quarter of data, your numbers might be off. Use at least a year of data when you can.

• Ignoring customer segments: Not all customers are the same. Some are more loyal or spend more. Divide your data into groups to find your best customers.

• Focusing only on growth: Getting new customers is important, but improving your CLV can be a more efficient way to long-term success.

 

When to Recalculate CLV

You should check your CLV every few months or at least once a year. As your business changes, so will your customer behavior. If you add new products or change your pricing, your CLV will change as well. Tracking it over time helps you stay on top of trends and make better decisions.

 

Final Thoughts

Using the customer lifetime value formula helps you see your customers in a new light. You see more than just single purchases; you see a relationship. This can guide your marketing, sales, and service decisions.

You don’t need fancy tools or big teams to get started. Just look at your data, run the numbers, and think about where you can make small changes that lead to bigger value. Tools like FINSYNC make it easier to organize your financial data and track customer behavior in one place so you can apply insights quickly. Over time, these changes can increase your profits, improve loyalty, and help your business grow stronger.

 

Fynn Moves Your Business Forward Faster 

Meet Fynn, your AI assistant, built to simplify business planning, funding, operations, and growth. With a fully connected Business Platform and Financial Network, Fynn helps you turn ideas into action, secure funding, streamline operations, and accelerate success.

From business planning to seamless execution and smarter financial connections, Fynn keeps everything and everyone in sync—so you can focus on what truly matters, in business and in life.

For small business owners, every decision has financial consequences. The ability to understand, interpret, and act on financial data is a vital part of building a business that grows with confidence and clarity. Financial statements do more than track performance. They provide insight, reveal trends, and support strategic planning.

Instead of reacting to problems after they occur, business owners who regularly review their financial statements can anticipate challenges, invest wisely, and make better decisions faster. Financial visibility is not just for large companies. It is a competitive advantage for any business that wants to scale sustainably.

Here are key ways financial statements help unlock your business’s potential.

 

1. Monitor Inventory 

Understanding what you have in stock and what you need to reorder supports both cash flow and customer satisfaction. Financial records linked to inventory allow you to balance supply and demand, reduce waste, and avoid tying up funds in unsold goods. Businesses that maintain optimal inventory levels are in a better position to meet customer needs while protecting their bottom line.

 

2. Manage Cash Flow 

Cash flow is one of the most critical elements of business health. The statement of cash flows shows how money moves into and out of your business. It highlights patterns, potential shortfalls, and opportunities to improve.

With a clear view of cash activity, you can identify delayed payments, overspending, or seasonal dips. You can also make informed decisions about reinvesting in your business, adjusting operations, or taking on new projects. Accurate and timely visibility into cash flow enables better financial control.

 

3. Measure Profitability and Refine Strategy

The income statement, often referred to as the profit and loss statement, breaks down how much revenue you are earning and how much you are spending over time. This report provides a snapshot of your overall financial performance.

Profitability is not just about how much remains after expenses. It is about understanding where your revenue is coming from, which offerings are most successful, and how your cost structure supports or hinders growth. Reviewing profitability helps you refine your pricing, streamline your operations, and focus your efforts where they produce the greatest return.

 

 

4. Recognize Trends and Plan Ahead

The balance sheet shows your company’s financial position by detailing assets, liabilities, and owner equity. When reviewed over time, it reveals more than a static view. It helps uncover patterns that affect long-term sustainability.

For instance, a growing asset base may indicate expansion, while an increase in liabilities could signal overextension. Recognizing these signals early helps you adjust your approach before issues become urgent. Trend analysis is essential for businesses that want to stay agile and grow intentionally.

 

5. Analyze Expenses 

Financial statements help you understand where your money is going. By reviewing spending categories, overhead, and vendor payments, you can evaluate whether your costs align with the value they bring to your business.

Streamlining expenses strengthens profitability and allows you to reallocate funds to initiatives that drive growth. It also encourages smarter budgeting and helps avoid financial waste.

 

6. Plan for Taxes 

Taxes can be a significant burden when they are not planned for in advance. Financial records help you forecast taxable income, manage deductible expenses, and prepare for tax season without surprises.

By monitoring your financial position throughout the year, you can avoid rushed decisions and take advantage of planning opportunities that may reduce your tax liability. Consistent review supports both compliance and optimization.

 

7. Support Strategic Decision-Making

Whether you are considering a new hire, a technology upgrade, or a market expansion, the right decision often depends on your current financial reality. Financial statements give you the information you need to weigh options, assess risks, and make confident decisions that move your business forward.

Having access to timely, accurate data allows you to plan effectively and execute with intention.

 

 

8. Raise Capital with Confidence

Financial statements are essential when preparing to raise capital. Lenders and investors want more than a business idea. They want clear, organized financials that reflect how your business performs and where it is headed.

By maintaining structured statements and projections, you can show how your revenue, expenses, and cash flow align with your goals. Tools like Fynn help compare actuals against forecasts, revealing insights that strengthen your case.

When your numbers are in sync and your story is data-driven, you can showcase your business with confidence. Through FINSYNC’s Raise Capital, you can connect with aligned investors who can review your financials and assess your potential. A strong financial foundation is no longer optional. It is the key to securing funding and moving your business forward.

 

9. Benchmark Against Competitors 

Understanding how your business compares to others in your industry helps you identify areas where you excel and where there is room to improve. By comparing your income statement or balance sheet to similar businesses, you gain perspective that is often missing when working in isolation.

Benchmarking can highlight gaps in efficiency, pricing, or resource allocation. It also offers motivation to reach higher and operate at a level that meets or exceeds industry standards.

 

10. Plan for the Future 

Long-term success requires planning and resilience. Financial statements help you forecast future performance, prepare for market shifts, and build plans that support both stability and growth.

By modeling different scenarios based on your current financial position, you can better understand what is needed to reach your goals. This type of preparation makes it easier to navigate uncertainty, make confident decisions, and remain focused on your long-term vision.

 

Summary

To sum it up, financial statements are an absolute game-changer for small business owners eager to scale their operations. The balance sheet, income statement, and statement of cash flows work together to provide invaluable information to help you realize your entrepreneurial dreams. So, seize the power of financial statements and watch your business flourish like never before.

 

 

 

If your marketing agency is not setting and tracking a clear gross profit goal, you may be leaving money and growth potential on the table.

Gross profit is not just a financial metric. It is a reflection of how efficiently you run your agency, how accurately you price your services, and how prepared you are to grow. When you define a clear gross profit goal, you equip your team with a benchmark that ties strategy to performance.

Yet many agencies, even those with creative flair and strong client relationships, miss the mark when it comes to financial planning. The good news is that with the right approach, insight, and tools, it is easier than ever to take control of your profitability.

Why Gross Profit Deserves Your Focus

At its core, gross profit is your revenue minus the direct costs associated with delivering your services. It tells you how well you are turning your efforts into earnings before factoring in broader business expenses like rent, insurance, or administrative payroll.

For service-based businesses like agencies, this margin becomes the foundation for all other strategic decisions: hiring, investing in new tools, expanding service offerings, or even surviving periods of client churn.

A consistent gross profit margin signals that your agency is operating with efficiency, pricing with intention, and managing workloads in a scalable way.

However, gross profit is not static. It fluctuates with changes in project scope, team performance, technology costs, and client demand. That is why tracking it monthly, not quarterly or annually, is essential. The more frequently you assess your gross margins, the faster you can adjust and optimize.

 

What Is the Right Gross Profit Margin for a Marketing Agency?

Industry benchmarks suggest that a healthy gross profit margin for marketing and advertising agencies ranges from 20% to 30%, depending on the size of your team, the complexity of your services, and how much you invest in operations.

Mike Rowan, CEO of KPI Target, sees this range as a practical guidepost for success. “We typically aim for a gross margin of around 25%,” he explains. “It accounts for everything we need to deliver high-quality service, people, tools, systems, software, and even the time it takes to manage relationships.”

You are not just selling time; you are providing access to an intelligent, integrated system that includes a coordinated team, marketing automation, CRM connectivity, project management, and real-time performance insights.

These elements make your agency scalable and valuable to clients, but they come with actual costs that must be factored into your pricing model.

Many agency leaders forget to build these expenses into their blended hourly rate. The result? Burnout, tight cash flow, and underperformance.

Technology is often the silent culprit. Tools like data analytics platforms, email marketing systems, SEO software, and third-party data subscriptions can rack up thousands in monthly spending. If not priced into your services, those costs quietly chip away at your margins.

 

How to Set and Reach a Realistic Gross Profit Goal

Setting a goal is only the first step. Reaching it requires a combination of accurate data forecasting, disciplined expense tracking, and forward-looking decision-making.

Start by asking yourself the following:

• Have you included all direct costs in your pricing model? Be sure to count employee time, contractor fees, tools, and subscriptions used to fulfill deliverables.

• Are your service offerings profitable? Sometimes, popular services are not the most profitable ones. Consider discontinuing or restructuring underperforming offerings.

• Are you investing enough in sales and marketing? Ironically, some marketing agencies neglect their own lead generation and brand building, limiting future revenue.

• Do you review financial performance monthly? Regular review gives you the ability to correct course early and take action when trends emerge.

Tracking trends over time helps you identify the drivers of profitability. Is your margin dipping because of scope creep? Are new hires not yet performing at capacity? Are software costs outpacing revenue growth?

Answering these questions allows you to improve your pricing, shift resources, or refine your sales strategy.

 

Build a System That Supports Growth

Agencies that prioritize consistent investment in their own operations are better equipped to grow sustainably. Running internal marketing and sales programs reinforces the value of strategic planning and positions your agency to lead by example.

Rather than waiting for new business to come in or reacting to revenue shortfalls, agencies that invest in themselves actively shape their future. They build pipelines, strengthen their brand, and stay top of mind with prospective clients. This proactive approach creates stability and opens the door to bigger opportunities.

It also allows for smarter scaling. With predictable revenue and clearer insight into performance, your agency can hire with confidence, test new service offerings, and take on more complex projects without compromising profitability. Growth becomes intentional, not accidental.

 

Financial Visibility is a Growth Strategy

Financial clarity is often the missing piece. Many agencies rely on spreadsheets or fragmented tools that make it difficult to see where their money is going or how their decisions impact profitability.

Having full visibility into your cash flow, projections, and spending gives you the power to lead with confidence. You can prepare for seasonal slowdowns, take on risks with purpose, and make smarter decisions about growth.

This is where the right platform, such as FINSYNC, can make a meaningful difference by centralizing financial insights and guiding better business decisions in real time.

Once your gross profit goal is in place, the FINSYNC Business Platform helps you bring your plan to life by syncing planning, payments, people, and performance so that you spend less time reacting and more time growing.

 

Fynn Moves Your Business Forward Faster 

Meet Fynn, your AI assistant, built to simplify business planning, funding, operations, and growth. With a fully connected Business Platform and Financial Network, Fynn helps you turn ideas into action, secure funding, streamline operations, and accelerate success.

From business planning to seamless execution and smarter financial connections, Fynn keeps everything and everyone in sync—so you can focus on what truly matters, in business and in life. 

Losing a loved one affects every aspect of a person’s life. Amid the emotions and responsibilities that follow a loss, it becomes difficult to maintain focus at work. Many employers recognize this and offer bereavement leave as a way to support their team members during difficult times.

For small businesses, establishing a bereavement policy in advance ensures clarity and compassion when employees need it most. This overview provides definitions, common challenges, and guidance on who is generally covered by bereavement leave policies.

 

Understanding Bereavement Leave

Bereavement leave also referred to as compassionate leave, allows employees to take time off from work following the death of a close friend or family member. This leave is typically paid but varies depending on the organization and location.

During this time, employees are managing much more than grief. Funeral arrangements, legal paperwork, and family coordination require attention, and without a formal leave policy, stress can multiply.

While some states, such as Oregon, New York, and Illinois, have moved toward requiring employers to offer paid bereavement leave, most still do not. Despite the lack of a federal mandate, many companies choose to offer this benefit to ensure stability for their team and continuity for the business.

 

 

Who Is Typically Covered

Organizations are encouraged to define clearly which relationships qualify for bereavement leave. Immediate family is most commonly included. This often refers to:

• Spouse

• Parent, including:

◦ biological parent

◦ adoptive parent

◦ foster parent

◦ parent-in-law

◦ step-parent

◦ parent of a same-gender domestic partner

◦ a person with whom the employee has or is in a relationship in loco parents or the individual or organization legally responsible for taking on some of the functions and responsibilities of a parent.

• Child, including:

◦ biological child

◦ adopted child

◦ step-child

◦ foster child

◦ child of a same-gender domestic partner

• Grandfather

• Grandmother

• Grandchildren

• Domestic Partners

 

Some employers extend the policy to cover:

• Siblings

• Aunts and uncles

• Nieces and nephews

• Individuals with whom the employee had an extended close relationship

• Individuals who live in the same home

 

Employers may request documentation such as a funeral program, obituary, or death certificate as part of the process.

 

Typical Duration

The amount of time granted for bereavement leave differs across companies. It is often based on the relationship to the deceased, the employee’s status (hourly, salaried, or contract), and the company’s internal policy.

According to the International Foundation of Employee Benefit Plans (IFEBP), the most common bereavement leave offering in the United States falls between three and five days. Many employers provide more time off in the event of a spouse’s, child’s, or parent’s death. Leave for extended family members is typically shorter, often limited to a single day to attend funeral services.

Additionally, the IFEBP reported that most businesses offered one day of bereavement leave to attend the funeral of an aunt, uncle, niece, or nephew.

 

Common Challenges for Employers and Employees 

When no bereavement policy is in place, employees may turn to paid time off, unpaid personal leave, or flexible work arrangements to manage their responsibilities.

The absence of a policy can create inconsistency, uncertainty, and added emotional strain. It also places pressure on managers to make quick decisions without a shared framework. On the other hand, a clearly communicated policy provides stability during a time of crisis and signals to employees that their well-being matters.

Once a bereavement policy is established, the business can operate without too much interference, while the valued co-worker can take off the time they need to move through their grief. 

 

 

Fynn Moves Your Business Forward Faster 

Meet Fynn, your AI assistant, built to simplify business planning, funding, operations, and growth. With a fully connected Business Platform and Financial Network, Fynn helps you turn ideas into action, secure funding, streamline operations, and accelerate success.

From business planning to seamless execution and smarter financial connections, Fynn keeps everything and everyone in sync—so you can focus on what truly matters, in business and in life. 

Small to medium-sized businesses (SMBs) are fundamental to the economy, delivering the products and services people rely on daily. Unlike large corporations, SMBs thrive on personal connections, often offering specialized expertise with a human touch.

But what is considered a small business? And how do they differ from an enterprise company? Let’s look closely at SMBs and enterprises to understand their distinctions better. 

 

What Is a Small Business?

Depending on the industry, a small business refers to companies with fewer than 1,500 employees and typically under $50 million in annual revenue. But numbers don’t tell the whole story. These businesses are the neighborhood coffee shop, the local contractor, the boutique marketing agency, and the tech startup born in a garage.

Small businesses run lean, often with just a few employees (sometimes only the owner), but they make up for it with agility and heart. Whether B2C (business-to-consumer) or B2B (business-to-business), SMBs have one thing in common: they move fast, adapt quickly, and build deep customer relationships.

With technology leveling the playing field, small businesses are more adaptable than ever. They can start from a home office, expand into a physical space, or operate entirely online—all with tools that give them enterprise-level capabilities without the overhead.

 

SMB vs. Enterprise  

The most obvious difference between an SMB and an enterprise company is size. Enterprises are often global players with thousands of employees and deep pockets, operating across multiple industries with the resources to push innovation at scale.

In addition to physical size, market focus also separates SMBs from enterprises. While SMBs may focus on a single sector or industry, enterprise companies typically operate in several markets simultaneously, providing their customers with a wide range of services and products with the capability to invest in research that leads to groundbreaking developments.

But being small is a superpower. Here’s why:

1. Speed & Agility – Small businesses don’t need layers of approval to pivot. They can adapt quickly to trends, market shifts, and customer needs.

2. Personalization – With a streamlined staff, SMBs provide a level of customer care that enterprises struggle to match.

3. Owner Involvement – Unlike big corporations, where decisions get lost in the shuffle, SMB owners are hands-on, ensuring that every move aligns with their vision.

4. Autonomy – Free from shareholder demands, small business owners make decisions based on what’s best for their customers, not just the bottom line.

5. Skill Versatility – Employees in SMBs often wear multiple hats, gaining experience across different roles and growing their skill sets in ways that big-company employees rarely do.

Sure, SMBs face challenges like limited resources, smaller budgets, and stiff competition from corporate giants. But they also have the edge in authenticity, innovation, and connection.

 

Small Business Pain Points

Small businesses face significant hurdles when competing with large enterprise companies. From having access to resources and capital to sheer size and influence in the market, larger companies often hold an edge. 

Going head-to-head with enterprise companies isn’t easy. Bigger budgets mean more prominent marketing campaigns, substantial brand recognition, and access to top-tier talent.

However, small businesses have something that can’t be bought: genuine customer trust. By leveraging clever marketing, storytelling, and digital tools, SMBs can carve out their space and stand out in crowded markets.

Other difficulties include establishing and maintaining trust with consumers; customers tend to lean towards more prominent brands due to their perceived reliability and eye-catching advertising. However, small businesses can utilize technology to create advertising campaigns and a unique customer experience. 

Additionally, smaller companies frequently struggle to attract top talent since they only sometimes have the means to offer high salaries or benefits packages that can match what big businesses provide. But leveraging data analytics and artificial intelligence (AI) are ways to work more effectively and efficiently with a small team. 

Challenges like funding, hiring, and brand awareness are real, but AI and automation are game-changers, helping SMBs do more with less. From automating tasks to using data analytics for smarter decisions, technology is bridging the gap between SMBs and their enterprise counterparts.

 

Closer Than Ever

Not long ago, SMBs struggled to compete due to a lack of advanced tools and financial resources. Consequently, there was a wide gap between SMBs and enterprise companies in terms of security, accounting, financial management, cloud technology, customer service, and many other areas.

But times have changed.

Cloud computing, AI-powered automation, and digital business platforms have erased the old disadvantages. SMBs now have access to enterprise-level software without the hefty price tag. From cash flow management to cybersecurity, small businesses can now operate with the same efficiency as their larger competitors.

As SMBs become more competitively positioned with their larger counterparts, they must take cyber security more seriously than ever before. Using tools such as managed firewalls and encryption services, they can protect their sensitive data from malicious actors while protecting customers’ personal information in compliance with industry regulations. 

Furthermore, keeping up with accounting and financial management is crucial for smaller businesses as they seek to remain agile in an ever-changing landscape. By automating standard processes such as invoicing, payroll, and bill payments, SMBs can save time while freeing up resources for other projects. 

In addition to focusing on security and financial management, it’s also vital for small businesses of today to understand the customer journey if they want to stay ahead of the competition with larger firms. The ability to track customer activity across all channels, from website visits to app downloads, is essential for gaining insights into customers’ behavior to improve marketing campaigns or overall company initiatives. 

 

FINSYNC: Empowering Entrepreneurs, Strengthening Communities

FINSYNC, with Fynn as your 24/7 AI Assistant, is the leading platform for going from business dreams to financial success. From high-growth startups to main-street businesses, Fynn transforms ideas into actionable business plans and delivers real-time insights, enabling entrepreneurs to save time and focus on growth. Fynn and FINSYNC integrate essential tools like cash flow management, payroll, and accounting into one powerful business platform while connecting entrepreneurs with local support organizations, financial institutions, investors, and community resources to accelerate success.

By fostering a connected entrepreneurial ecosystem, FINSYNC and Fynn empower small businesses to grow faster, amplify local resources, and strengthen their communities—driving economic growth for all.

Every business begins with a vision, but transforming that idea into a structured plan is where it truly takes shape. A business plan is your compass, ushering your vision toward success by defining your goals, sharpening your ideas, and preparing you to navigate the challenges ahead. With this guide, you will create a business plan that is straightforward, actionable, and tailored to your venture.

Here are ten actionable steps to bring sharp focus and clear direction to your business journey.

 

1. Recognize Your Customer

 

The foundation of your business plan lies in identifying your customers. These are the people you aim to serve, and a deep understanding of them will profoundly shape every decision you make. FINSYNC’s AI Assistant Fynn helps you dig deeper into these insights by turning customer data into action and aligning your strategy with their needs.

Think about their demographics. How old are they? Where do they live? What do they value? What are their interests? Understanding your customers’ habits, motivations, and needs will help you craft a product or service that resonates with them.

For example, if you plan to open a coffee shop, your customers might include young professionals looking for a quiet place to work or socialize. The more specific you can be, the more tailored your plan will be.

 

2. Identify the Problem

 

Every business exists to address a specific challenge. To connect with your customers, you need to pinpoint the issues they face, the frustrations, unmet needs, or gaps in the market that your business can fill.

Ask yourself: What obstacles are your customers encountering? What problems disrupt their day or limit their options?

Using the coffee shop example, the challenge might be a lack of a cozy, welcoming space where people in your area can relax, meet others, or work efficiently outside their homes. Defining this challenge gives your business purpose and provides the foundation for your strategy. Understanding the specifics of what your customers need ensures you are solving a real, meaningful problem.

 

3. Present a Solution

 

 

4. Highlight the Benefits

 

 

5. Explore Alternatives

 

Your customers already have options. Understanding these alternatives is essential to positioning your business. To uncover where your opportunities lie, research your competitors and evaluate the existing solutions your customers might choose.

 

Here are some steps to guide your market research:

• Identify the Competition: Create a list of direct competitors offering similar products or services. For a coffee shop, this might include other cafés, bakeries, or even convenience stores with grab-and-go coffee options.

• Assess their Strengths and Weaknesses: Visit competitor locations or review their online presence. Pay attention to product quality, customer service, ambiance, and pricing.

• Analyze their Branding: Study how they market themselves. Look at their messaging, logo, website design, and social media engagement. Determine what appeals to their audience and what could be improved. Enhance the visual appeal of their brand by incorporating an AI logo generator into their design strategy.

• Understand their Customer Experience (CX): Read reviews on platforms like Google or Yelp. Note recurring positive and negative themes to understand what customers value and where they feel let down.

Once you have gathered this information, think about how your business can shine. If nearby coffee shops provide generic service, you could focus on exceptional hospitality, memorable branding, or unique product offerings like specialty drinks or eco-friendly packaging. Use these insights to identify your competitive advantage and carve out your niche in the market.

 

6. Create Your Message

 

Your message is the voice of your business, conveying what you stand for and why customers should choose you. It embodies your values, your mission, and the impact you aim to create.

Think about the story you want your business to tell. Whether you provide a product or a service, your message should resonate with your audience and align with their aspirations. For example, a brand focused on wellness might emphasize balance and self-care with a message like, “Helping you thrive, one mindful choice at a time.”

A clear, authentic message connects your customers more in-depth, making them feel understood and inspired to engage with your business.

 

7. Plan Your Distribution

 

Your product or service must reach your customers efficiently and effectively. Here is where you decide the methods for delivering what you offer.

Think about the different ways your customers will interact with your business. Will they access your product online, in person, through delivery services, or via subscriptions? Evaluate the most practical and accessible options for your audience.

Focus on creating a simple, seamless, and reliable process, ensuring a positive experience for your customers at every touchpoint. A well-planned distribution strategy enhances customer satisfaction and builds trust in your business.

 

 

8. Establish Your Revenue Model

 

Every business needs to make money. Your revenue model outlines how your business will generate income. Decide on pricing for your products or services. Consider additional revenue streams, like selling branded merchandise or offering workshops.

Focus on strategies that align with your customer’s willingness to pay while ensuring profitability for your business.

If you’re managing a family office, leveraging the family office software can streamline financial tracking, investment management, and operational efficiency.

 

9. Assess Your Startup Needs

 

Before you launch, you need a clear picture of what it will take to get started. Start by listing all the essentials:

◦ Equipment

◦ Materials

◦ Tools

◦ Permits 

◦ Certifications 

Consider the team you may need to assemble and the infrastructure required to support your operations, such as an online presence or a physical workspace. Make a detailed list of everything your business requires. This will help you prepare and prioritize your investments.

 

10. Calculate Your Costs

 

A clear grasp of your business expenses, paired with a solid cash flow management plan, is crucial for achieving long-term success. Start by categorizing your costs into two groups: fixed and variable.

• Fixed Costs: include consistent, predictable expenses such as rent, utilities, and employee salaries.

• Variable Costs:  fluctuate based on your business activity, such as inventory, marketing efforts, and supplies.

Detailing these expenses allows you to set realistic financial goals and create a budget that works. This clarity keeps your finances on track and positions your business for more intelligent decision-making and sustainable growth.

 

Putting It All Together

 

These ten steps work in harmony to create a complete picture of your business. When you have addressed each one, you will have a business plan that looks professional and serves as a clear roadmap for your journey. With FINSYNC, you gain the tools to go beyond planning and begin integrating your strategy into a seamless platform for managing cash flow, payroll, and growth operations.

Business plans are not static. As you grow and learn, your plan will need updates and refinements. Treat it as a dynamic tool to guide your decisions, track your progress, and keep you aligned with your goals.

Crafting a business plan is one of the most impactful investments you can make in your entrepreneurial journey. Each step builds the foundation for your success, and the process helps you clarify your vision and strategy.

 

The best part? AI Assistant Fynn makes this entire process easier by creating a complete business plan for you, free of charge. Input your information, and Fynn will organize all ten steps into a professional, actionable document tailored to your business. Plus, you can connect with tailored local programs or accelerators through FINSYNC’s connected ecosystem, ensuring you are prepared and supported every step of the way​​.

 

 

FINSYNC: Empowering Entrepreneurs, Strengthening Communities

FINSYNC, with Fynn as your 24/7 AI Assistant, is the leading platform for going from business dreams to financial success. From high-growth startups to main-street businesses, Fynn transforms ideas into actionable business plans and delivers real-time insights, enabling entrepreneurs to save time and focus on growth. Fynn and FINSYNC integrate essential tools like cash flow management, payroll, and accounting into one powerful business platform while connecting entrepreneurs with local support organizations, financial institutions, investors, and community resources to accelerate success.

By fostering a connected entrepreneurial ecosystem, FINSYNC and Fynn empower small businesses to grow faster, amplify local resources, and strengthen their communities—driving economic growth for all.

Running a small business means wearing a lot of hats, juggling sales, marketing, operations, and customer service all at once. But there’s one area that often flies under the radar: cash flow management.

Did you know 82% of small businesses fail because of poor cash flow management? That’s a staggering statistic from SCORE and US Bank. Staying on top of cash flow isn’t just important; it is essential. Prioritizing it can mean the difference between thriving and shutting your doors. Therefore, as the owner, you must prioritize cash flow management to increase your chances of success.

In this article, we will explain the importance of cash flow management for small business owners and tips to help your business succeed.

 

What Is Cash Flow Management?

Simply put, cash flow management is about keeping tabs on every dollar coming into and going out of your business. It involves monitoring the money that comes in from sales, investments, and loans and the money that goes out for expenses, salaries, and other costs.

The goal? Always know what cash you need to keep your business moving forward. Additionally, it encompasses forecasting future cash flows and implementing strategies to prevent any potential cash flow challenges.

 

Why Is Cash Flow Important

Here’s why mastering cash flow is non-negotiable for your business’s success:

1. Better Budgeting and Forecasting: With clear cash flow insights, you can confidently map out your business’s future.

2. Sharper Decision-Making: Knowing where your money is going helps you make smarter calls on hiring, spending, and even cutting costs.

3. Encourages faster payments. Understanding cash flow will emphasize the importance of sending out invoices promptly and following up on late payments to ensure money comes in quickly.

4. Problem Prevention: By staying proactive, you can catch cash flow issues before they snowball into missed payrolls or overdue bills.

5. Shows Financial Health: Keeping your cash flow in check gives you the confidence to make big moves, like securing a loan or planning for growth.

 

Tips for Effective Cash Flow Management

Be Consistent

The first tip is to be consistent with tracking all incoming and outgoing cash. Make it a habit either manually or with the help of accounting software.

Plan Ahead

Forecast cash inflows and outflows so you’re prepared for the lean months and the busy seasons.

Monitor Accounts Receivable

It is important to monitor accounts receivable closely and follow up on late payments. Also, consider offering discounts for early payment or implementing a late payment fee.

Leverage Financing Options

Lines of credit or short-term loans can cover gaps, but don’t overextend; borrow smart.

Projected Job Costs

For large projects, make sure you have a clear comprehension of the projected job costs or project scope. This allows you to accurately plan for the required resources – including materials, labor, and time – which can help you avoid overspending or underestimating the necessary resources for a project. This can have a large effect on improving the overall profitability of the project and your business. 

 

Summary

Because you are focused on the day-to-day aspects of growing your business, like sales, marketing, operations, and support, it can be a challenge to focus on cash flow management. However, poor cash flow management is the single greatest reason why small businesses fail. Taking charge of your cash flow isn’t just a task on the to-do list—it’s the key to scaling your business and securing its future.

 

FINSYNC: Empowering Entrepreneurs, Strengthening Communities

FINSYNC, with Fynn as your 24/7 AI Assistant, is the leading platform for going from business dreams to financial success. From high-growth startups to main-street businesses, Fynn transforms ideas into actionable business plans and delivers real-time insights, enabling entrepreneurs to save time and focus on growth. Fynn and FINSYNC integrate essential tools like cash flow management, payroll, and accounting into one powerful business platform while connecting entrepreneurs with local support organizations, financial institutions, investors, and community resources to accelerate success.

By fostering a connected entrepreneurial ecosystem, FINSYNC and Fynn empower small businesses to grow faster, amplify local resources, and strengthen their communities—driving economic growth for all.