• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
Big Ideas for Small Business logo

Barbara Weltman

Big Ideas for Small Business, Inc.

Whitepaper download

Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."

This field is hidden when viewing the form
Get the:

  • Home
  • About Us
  • Big Ideas For Your Business
    • Idea Of The Day ®
    • SMB Legal
    • SMB Taxes
    • SMB Financial
    • Small Business
    • Newsletter Archive
  • Services
  • Books
  • Blog
  • Multimedia
    • Videos
    • Radio Shows/Podcasts
  • Be a Guest Blogger

Recession Proof Your Business Using AI

August 29, 2023 / By Barbara Weltman

Recession Proof Your Business Using AIAre we going to have a recession or not? Ask 3 economists and you get 3 different answers. The best course of action is to prepare and if we don’t have a recession, the business is in a better position anyway. One way to prepare is to deploy generative artificial intelligence (AI). It’s been reported that over half of businesses have already experimented with AI. If you haven’t tried, you may well do so soon. Here’s what using AI can mean to you and how it can help you if a recession occurs.

Generative AI

Generative AI is defined as a collection of algorithms that simulate human intelligence. For small businesses, AI can be used to:

  • Create emails and other correspondence
  • Create marketing materials
  • Identify customer trends
  • Use chatbots for customer service. IBM defines chatbots as “a computer program that uses artificial intelligence (AI) and natural language processing (NLP) to understand customer questions and automate responses to them, simulating human conversation.”
  • Train employees

Here’s a list of the “best” AI tools for business. The list includes Pictory, an AI video generator, Jasper, a writing assistant, and Images.ai, an image generator. Another list of the 10 best AI tools for startups and small businesses in 2023 features ClickUp for project management, ChatGPT, an AI tool that understands natural language and can be used for research, content creation, and more, and DALL-E-2, a text-to-art generator.

Search the web for AI tools that may be useful to your business. When doing so, here’s a hint: look for AI in the tool’s name and/or the URL extension “ai.”

Risks of using AI

But be careful. According to a McKinsey report on the State of AI in 2023, there are some serious issues you need to think about, among other things:

  • Inaccuracy
  • Cybersecurity
  • Intellectual property infringement
  • Regulatory compliance
  • Explainability
  • Personal/individual privacy
  • Workforce displacement
  • Equity and fairness
  • Organizational reputation

Costs of using AI

When you buy anything for your business, you should do a cost/benefit analysis, and it’s no different with acquiring AI tools.

  • What will it cost you now? A number of the AI tools are free, but some have pricing based on use.
  • What will it get you in terms of increased business? If AI frees you to devote more time to bringing in and servicing customers, as well as being able to analyze customer trends, your business is likely to expand.
  • Will it save you money (and how much) in the long run? You may be able to do more work with fewer employees (or retrain employees to do other tasks).
  • What ancillary costs/savings will result? There is a cost for retraining employees. But you may not need to use the services of outside professionals to create marketing materials, handle legal agreements, etc. Of course, it’s always wise to have professionals review your efforts; the review is less costly than what you would pay for having the professionals do it all.

Final thoughts

Oren Etzioni, CEO of the Allen Institute of Artificial Intelligence, said: “AI is a tool. The choice about how it gets deployed is ours.”

There’s no way to fully recession-proof your business, but you can take actions to minimize damage from a bad economy. AI may be a good solution. If you aren’t savvy about AI, take the time to learn. One good resource is TechRepublic, which publishes a newsletter. For example, it has a ChatGPT Cheat Sheet: Compete Guide for 2023.

Find more blogs written on the topic of recession-proofing your business here. 

Tags AI AI ethics AI tools recession proof your business

Primary Sidebar

Categories

  • General Business (506)
  • Guest Blog (113)
  • Homepage (22)
  • Small Business (1,002)
  • SMB Financial (328)
  • SMB Legal (66)
  • SMB Taxes (326)

Barbara’s Recent Posts

  • 10 Ideas for Coping with Cash Flow Challenges June 26, 2025
  • 5 Insurance Traps to Avoid June 24, 2025
  • Creating a Feng Shui Office Layout for Your Business June 20, 2025
  • Scaling Your Business by Optimizing Social Media Marketing June 19, 2025
  • The Timeless Value of Business Cards in a Digital World June 18, 2025
  • What Does the Latest IRS Data Book Tell Us? June 17, 2025
  • Business Advice from Famous Dads June 12, 2025
  • How Important Is Higher Education for Small Business Owners June 11, 2025
  • Business Planning in a Period of Uncertainty June 10, 2025
  • 9 Smart Financial Decisions for Business Owners in Retirement June 6, 2025
  • Preview of Tax Changes this Year: Actions to Take Now June 5, 2025
  • Becoming Penniless: What Does this Mean for Your Business? June 3, 2025
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
Marquis Who's Who 2023 Badge
Top Small Business Blogs (Link will open in a new window or tab.)
8 Financial blogs small business Owners Need to Read. Invoice home.  (link will open in a new window or tab)
Best Small Business Blog, Expertido.org
Top 50 Small Business Blogs 2018
Best Small Business Blogs
BizHumm Top 100 Business Blog Award to Barbara Weltman
FitsSmallBusiness.com: Award for Best Small Business Blog 2017 (link will open in a new window or tab)
FitsSmallBusiness.com: Award for Best Small Business Blog 2016 (link will open in a new window or tab)

Footer

Big Ideas for Small Business logo

Small business ideas, business tax news and small business consulting from Barbara Weltman to provide business owners with the information they need to succeed. Visit our small business blog, Idea of The Day®, small business books and articles on small business taxes, small business finance and small business legal advice.

Contact Us

[email protected]

(772) 492-9593

gacor maxwin situs slot thailand terpercaya situs slot gacor situs gacor akun pro thailand slot bandar togel terpercaya

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
June 27

How Important Is Higher Education for Small Business Owners - A college degree isn’t a guaranteed ticket to entrepreneurial success https://bit.ly/3HCsb6L #smallbusiness #entrepreneurs #highereducation #lifelonglearning #education

Reply on Twitter 1938726633533272352 Retweet on Twitter 1938726633533272352 Like on Twitter 1938726633533272352 Twitter 1938726633533272352
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
June 27

10 Perks Prime Members Can Snag Before Prime Day (2025) https://bit.ly/3FZuxMB

Reply on Twitter 1938690640897798399 Retweet on Twitter 1938690640897798399 Like on Twitter 1938690640897798399 Twitter 1938690640897798399
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
June 27

Let's Celebrate Small Business! #video
YouTube https://youtu.be/kaSnPu-DUzE?si=iE3SCGbfN0o5IrAG #smallbusiness #smallbiz #shoplocal

Reply on Twitter 1938669670304800798 Retweet on Twitter 1938669670304800798 Like on Twitter 1938669670304800798 Twitter 1938669670304800798
Load More

Copyright © 2008–2025 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap