CEO of NASE Keith Hall shares why proactive planning and technology adoption are critical for entrepreneurs’ success.
Keith Hall
President and CEO, National Association for the Self-Employed (NASE)
What is the most important financial practice to focus on for long-term business growth?
The most important practice is consistent, intentional planning. You can’t move your business forward if you don’t know where you’re headed. This industry brings a wide range of challenges — labor, cash flow, compliance, customer acquisitions — so having both short- and long-term plans in place is essential.
What’s even more important than the plan itself is the process of planning. Staying close to your customers, understanding your cash needs, and maintaining equipment — these all require you to be proactive and forward-thinking. Regular planning helps you stay grounded and better prepared for change.
How can new financial technology improve cash flow and payment processes in the industry?
Technology is always evolving, but COVID certainly accelerated its adoption. From an accounting perspective, automation is the biggest opportunity right now.
Tasks like making deposits, collecting payments, and reconciling accounts used to be entirely manual. Today, software solutions can automate much of that, and they’re more accessible, affordable, and easier to use than ever before.
This isn’t about replacing people; it’s about eliminating repetitive tasks so that your team can focus on higher-value work. Automating back-office functions boosts efficiency and allows business owners to spend more time on growth and strategy.
Which emerging technologies should hospitality businesses watch or invest in to stay competitive?
AI is one of the most impactful technologies on the horizon, even if many of us are still figuring it out. In the hospitality space, AI can support customer engagement in powerful ways.
Tools like virtual assistants can help streamline onboarding, gather customer data, and personalize the guest experience. By understanding your customers — what they enjoy and what they don’t — you’re better positioned to deliver what they value most.
There are plenty of affordable, user-friendly tools available that make it easy to begin leveraging AI and customer analytics. Investing in this area can really help businesses stand out.
What common operational challenges hold businesses back, and how can they be overcome?
Right now, labor is a major challenge across the industry. Finding and retaining skilled team members — from front-line staff to management — is more difficult, especially with rising living costs.
A recent law that reduces taxes on tips is a positive step. It helps businesses remain competitive when it comes to wages and attracting talent. Another hurdle is access to capital. Resources like microloans and grant programs can provide the funding needed for expansion, equipment, or upgrades.
Then there’s compliance. Navigating regulations, tax filings, and paperwork is time-consuming, and time is a small business owner’s most valuable asset. The more we can simplify and streamline these processes, the more room there is to focus on growing the business.
What’s one key piece of advice for entrepreneurs looking to grow their business?
You have to stay focused on your customer. Keep the ones you have happy, and always think about where the next one is coming from. Beyond that, remember you’re not alone. It may feel like it, but there are tons of resources available. The Small Business Association, NASE.org, and even the IRS have great tools. If you’ve got internet, you’ve got access. You don’t have to do it all on your own.
