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Growth is at the heart of every business. Whether you’re scaling your team, expanding your offerings, or navigating new opportunities, staying adaptable is key. The business landscape is constantly evolving, and small and medium-sized enterprises (SMEs) face unique challenges along the way. We recently had the opportunity to sit down with Matt Cranney, Executive Vice President and Partner at M3, on Elevity’s Focus on Outcomes podcast. Our conversation covered the trends, challenges, and strategies small businesses can use to grow, as well as how M3 has evolved to support them.
Here’s what we covered
- The Role of M3 Insurance as A Trusted Partner
- Emerging Small Business Trends
- Common Challenges for Small Business
- Practical Solutions for Growth
- How Small Businesses Can Better Leverage Technology
- Actionable Next Steps for Small Businesses
Are you a small business owner, looking to scale up? This podcast episode is for you, as we’ll talk about small business trends and small business technology.
M3 Insurance: A Trusted Partner
M3 Insurance started as a small business. Founded in 1968 as Loren D. Mortenson & Associates, an independent life insurance agency, it has since grown into one of the top U.S. firms. Headquartered in Madison, Wisconsin, M3 has expanded to locations in Milwaukee, Eau Claire, Green Bay, Wausau, Rockford, Fond du Lac, Kenosha and Escanaba.
You can learn more about M3 and the services they offer at m3ins.com.
Matt Cranney, who’s been with M3 for two decades, has witnessed the evolution of both M3 and the businesses they serve. His focus is on delivering customized HR, consulting, and administrative solutions to businesses of all sizes and industries.
Small Business Trends
“If you own and operate a small business, thank you. Thank you for what you do,” said Cranney. “My hope is for those businesses that they would listen to this podcast and agree that the sleepless nights have been worth the journey.”
As M3 expanded, it naturally began working with larger clients. However, they never lost sight of small businesses. Recognizing the unique needs of these businesses, M3 identified an opportunity to offer tailored solutions that support growth and long-term success.
Small Business Challenges
“If you’re in that early stage of your business journey, there are some real and present challenges,” says Cranney. “Economic uncertainty is the first one.”
His advice? Focus on what you can control. Successful businesses stay informed about market conditions but remain committed to refining their products and services.
Talent retention is another critical factor. "Think about how you can take better care of your employees," Cranney emphasizes. "More often than not, that leads to positive business outcomes."
At the end of the day, success comes down to outcomes. That’s why Elevity’s Focus on Outcomes podcast is dedicated to helping businesses streamline their path toward their goals.
Practical Solutions for Business Growth
M3 took a strategic approach to expansion by identifying adjacent services that would complement their existing offerings. This research-driven approach led to partnerships with experts in key areas, including:
- HR consulting
- Payroll services
- Financial services
- Risk management
- Pharmacy benefits management
One standout example is The Employer Group, which M3 partnered with in 2023 to enhance HR services for small businesses. "One of the most in-demand services we heard about was HR support," Cranney says. The Employer Group offers:
- Professional Employer Organization (PEO) Services – Co-employment solutions covering hiring, legal compliance, employee issues, and payroll.
- Administrative Services Only (ASO) – A less involved alternative, handling payroll and other HR functions without a legal relationship.
- HR Consulting – Project-based services, such as handbook updates or compensation research.
How Small Businesses Can Better Leverage Technology
Technology is no longer optional—it’s essential. If your business isn’t adopting the latest tools, your competitors likely are.
Cranney recommends leveraging AI-powered tools like ChatGPT, Google Gemini, or Microsoft 365 Copilot for tasks such as drafting complex emails or creating social media content. Additionally, he suggests tapping into local networking groups to share insights and strategies. "There is strength in numbers," he notes. "Chances are, you’re not the only one navigating these challenges."
All businesses, including small businesses, are talking about technology and how to better leverage it. Because, if your business isn’t, your competitors probably are. And that can cause some sleepless nights.
Next Steps for Business Owners
To succeed, focus on what you do best—your core business. Then, partner with experts to handle the areas where you need support, whether that’s payroll, employee benefits, compliance, or managed IT services.
Want to dive deeper? Subscribe to Focus on Outcomes for more discussions on business growth, technology, and industry trends.
