3 ways AI can save small businesses time and stress
Posted: July 21, 2023 | Word Count: 643
Generative AI is creating an extraordinary amount of buzz, and it's catching the interest of people wondering how to take advantage of what it has to offer. If you’re a small-business owner, you’re likely curious about how it can help you grow and succeed, especially as your business becomes more complex.
Beyond the initial start-up phase, there are some clear indicators that your business is beginning to scale. For example, you may be expanding your online sales channels or in-person locations, hiring more employees, and increasing your inventory — all of which demand more of your time. It’s critical to prepare yourself with the best tools and technology for continued success.
Turning to AI tools that are in products like Intuit QuickBooks can help automate tasks that would otherwise need to be done manually — freeing up your time to focus on what really matters to you.
Work smarter, not harder
Almost all small-business owners note that they are turning to AI to help them automate low-level tasks, according to a recent Intuit QuickBooks Small Business Survey. They plan to adopt AI to help with marketing and content creation, analyzing customer trends and behaviors, and customer service support. Another 28% plan to adopt AI tools for managing cash flow and 24% say they want to use AI to automate low-level tasks.
“The number one question I’m asked by our customers is ‘How do I ensure the success of my business?’” said Kelly Vincent, a VP of the Small Business Group at Intuit. “The short answer is, know where to invest. If ever there was a time to tune in and understand how AI and technology can help your business, it’s now. AI can help reduce the operational burden and automate low-level tasks, leveling the playing field for businesses by giving owners more time and resources to focus on what really matters.”
Saving time and streamlining tasks are top reasons why small-business owners adopt AI. Wondering where to start? Here are three examples of how small-business owners are using AI to their advantage:
1. Inventory management
Making sure you have enough inventory at the right time is challenging and time consuming. AI can help analyze your inventory and make recommendations including how often to restock popular items, what items to put on sale to move more product, which items may be worth eliminating and much more.
Financial management is essential to a business’s success. However, most small-business owners don’t have a background in accounting or the resources to hire a dedicated accountant. In fact, 47% of small businesses wish they could automate financial reports. Fortunately, the AI features in QuickBooks can automate several accounting and bookkeeping data entry tasks as well as generate reports to inform important business decisions.
A business can’t succeed without customers. Getting and growing customers is equally important to the product or service you offer. Nearly 30% of business owners would like to automate customer engagement and communications, like email marketing and customer support. Intuit Mailchimp has rolled out generative AI capabilities that help small businesses design on-brand marketing content faster, get copy ideas and inspiration, and test variants to deliver more personalized and engaging content to their customers.
The future is bright
AI helps small-business owners save time so they can focus energy on other key areas of your business like developing more products and services or finding new ways to reach customers. Services like QuickBooks Online Advanced leverages AI to help streamline operations and provide financial management and helpful insights to drive your business forward.
For more than a decade, Intuit has been driving AI innovation to help its customers solve their most important financial problems and drive durable growth for small businesses. To learn more about how the company is empowering small businesses with enterprise AI, visit the blog at Intuit.com.