• 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

Subscribe and download our eBook, "Innovative Ideas for Surviving a Recession and Avoiding Problems in Your Small Business."

Hidden
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
  • Contact Us
    • 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 (361)
  • Guest Blog (37)
  • Homepage (19)
  • Small Business (740)
  • SMB Financial (280)
  • SMB Legal (36)
  • SMB Taxes (279)

Barbara’s Recent Posts

  • 25 Years Since the IRS Restructuring and Reform Act of 1998 September 7, 2023
  • Helping Employees with their Student Loans September 5, 2023
  • Added Tax Costs for Successful Business Owners August 31, 2023
  • Considering Retirement? Don’t Just Shut Down Your Business, Sell It! August 30, 2023
  • Recession Proof Your Business Using AI August 29, 2023
  • 10 Ways to Borrow Money for Your Business Now August 24, 2023
  • Using Statistics and Where to Find Them August 22, 2023
  • AI Ethics for Your Business August 17, 2023
  • 3 Sales Tax Traps to Avoid August 15, 2023
  • What to Buy Now: An EV or Fossil Fuel Vehicle August 10, 2023
  • Pay Transparency Laws: What You Need to Know August 8, 2023
  • Enable an Emergency Savings Account for Employees August 3, 2023
Awarded Top 100 Small Business Blog medal (link will open in a new window or tab)
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) 492-9594

Latest Tweets

bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
23h

Better PPE Required for Construction Workers - detail in #IdeaoftheDay about this OSHA proposed rule https://bit.ly/3LhJE3d #constructionworkers #smallbusiness #safety

Reply on Twitter 1699534710597173462 Retweet on Twitter 1699534710597173462 Like on Twitter 1699534710597173462 Twitter 1699534710597173462
bigideas4sb Big Ideas for Small Business® @bigideas4sb ·
23h

EINs: How Can Startups Use This Tax ID? https://bit.ly/4891ejZ #startups #smallbusiness #taxID

Reply on Twitter 1699531013796286673 Retweet on Twitter 1699531013796286673 Like on Twitter 1699531013796286673 1 Twitter 1699531013796286673
Load More

Copyright © 2008–2023 Big Ideas for Small Business, Inc  |  Designed by Hudson Fusion

  • Privacy Policy
  • Sitemap