Did you know that over two-thirds of small businesses have invested in AI over the last year? While most small businesses are interested in using AI to save time and money, it can be difficult to understand where to start.

Palm is here to help. We've put together the top considerations for using AI to grow your small business based on the biggest pain points of combating inflation and rising costs, accessing funding, as well as saving time and solving labor challenges.

Automate Your Cash Flow

According to SCORE, 82% of all small businesses fail due to cash flow problems. One of the easiest ways to ensure you're managing your small business cashflow is with a cash flow management tool like Palm. When you connect your business accounts with Palm, we use AI to create personalized cash flow reports, upcoming expense and instant spend alerts as well as savings recommendations. When you automate your small business finances, you can save time but also identify errors as well as better understand your finances across multiple accounts, categories and vendors. These automatic, proactive and instant cash flow insights offer easy-to-understand information about your business spend and help you track your expenses and subscriptions.

Sign up for your free Palm account today to start receiving instant insights that help you grow. We're here to help small businesses like you save time, money and peace of mind.

Identify Trends

You can also use AI to identify trends for your small business across finances, marketing, customer and industry-specific categories. AI learns over time, so you can see where you are spending the most in a certain category, for instance, month over month with an AI tool like Palm. Palm also provides offers based on where we see you could be saving and industry benchmarks, for instance, on your small business insurance.

Create your free Palm account today to see where you could be saving.

Improve Your Business Health

By automating your business cash flow and expenses, you'll have the insights you need to pay your bills on time, keep up with your spending, and receive offers to help you save money on your biggest expenses. These factors should help improve your business health and predictability, which can help you secure loans and additional funding to help your business cash flow and invest in your growth.

Accelerate Marketing & Sales

AI can also automate marketing and sales efforts. The US Chamber of Commerce has put together a list of marketing and social media AI tools for small businesses, which range from email and marketing automation to social listening tools .

Enhance Customer Service

According to Forbes, AI-powered chatbots and customer service tools can provide your customers with 24/7 support, ensuring that their queries are addressed promptly, which in turn, boosts customer satisfaction and loyalty. These chatbots can provide customer service automation and help save on rising labor costs.

Interested in learning more on how AI can help your small business? Visit our blog for more resources. And don't forget to create your free Palm account to start your journey to peace of mind and prosperity for your small business. With your free Palm Membership, you can automate cash flow insights and save on business expenses, work more efficiently, file and share docs, collaborate with your team and have all of your business finances in one place. Peace of mind is few simple steps away.