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GROW YOUR BUSINESS|GENERAL BUSINESS

6 Tips for Using AI in Your Small Business

2-minute read

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Courtney Hayes

Courtney Hayes

6 July 2023

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As a small business owner, you’re always looking to do more with less, and the struggle to compete can sometimes feel like an uphill battle. But the power of artificial intelligence (AI) seeks to level the playing field, and its awe-inspiring potential could be a game changer. This guide will help you navigate the hype and steer you toward tools that can help your small business thrive.

Here Are Some Ways AI Can Help Your Business

One of the most powerful AI technologies available to small businesses right now is “generative AI,” so called because it allows you to quickly generate high-quality content. With generative AI tools such as Open AI’s free ChatGPT, you can increase your productivity without expensive human labor. It’s an easyway to dip your toe in the AI pond. And it’s fun!

ChatGPT has made headlines, but other chatbots such as Microsoft’s Bing and Google’s Bard are also competing for dominance in the generative AI arms race.

Generative AI has also made headlines for some not so flattering reasons as well. We cover some of them in this companion article. Because of all this, it’s a good idea to have clear policies and procedures for how your company will use AI and vet its content.

Interested in learning more about how AI can help you work smarter? Here are six ways AI can help supercharge your small business:

1. Brainstorm a business idea.

Looking to start a new business? Enter your skills, interests, and budget, and ChatGPT can generate a list of options that match your preferences. Generative AI Chatbots also can help you brainstorm business names and strategies.

2. Write a business plan.

Simply enter details about your new venture, and ChatGPT can help you create a business plan. Once complete, ask your chatbot to write an email introducing you and your business to the world.

3. Summarize documents.

No time to read? AI chatbots can skim dozens of articles or technical documents and generate fairly accurate summaries on just about any topic. It also can provide actionable tips for developing a growth strategy and boosting sales.

4. Create content.

By entering a few basic parameters, AI Chatbots can generate engaging content for websites, blogs, email campaigns, and social media posts in seconds. And Open AI’s DALL-E 2 can create jaw-dropping artwork, logos, and designs from a simple text prompt.

5. Boost productivity.

Many AI tools are now being incorporated into the productivity platforms you may already be using. Microsoft will soon roll out more ChatGPT technology into its Office 365 and Teams applications. Google is doing the same with Gmail and Google Workspace. And Mailchimp, Constant Contact, and GoDaddy recently launched new AI offerings specifically aimed at small businesses. Learn to leverage these upgrades!

6. Automate Accounting.

AI-powered accounting systems such as QuickBooks, Xero, and Zoho Books can save businesses significant time and money by automating repetitive and time- consuming accounting tasks. AI accounting software also can help businesses identify fraud, reduce costs, and increase revenue. As with most financial related decisions, it's a good idea to consult with a professional before utilizing any of these tools in your business.

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Courtney Hayes

Written by

Courtney Hayes

Born and raised in the fishing port of Gloucester, MA, I grew up listening to the sea stories of local fishermen. My first job was “chum girl” on my dad’s tuna boat, where I spent my formative years covered in fish guts. Since then, I’ve worked as a researcher, blogger, and writer for documentary films. When not at work, you can find me surfing the cold waters of the North Atlantic or searching for warmer waves around the world.

Courtney writes on a number of topics such as risk assessment, starting a small business, and financial resources.

This content is for general, informational purposes only and is not intended to provide legal, tax, accounting, or financial advice. Please obtain expert advice from industry specific professionals who may better understand your business’s needs. Read our full disclaimer

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