The Future of AI, Organizing Your Financials, and Business Credit Cards
The Future of AI is Now. Are You Ready?
Your business, big or small, is dependent on its ability to turn a profit. To turn a profit, however, companies need customers to buy products or services. Over the past few years, many businesses have found the answers to their sales number woes through the use of Artificial Intelligence technology. And, as we move into the future, it's only logical to believe that AI will become an even more significant component of business success. Here's why.
AI Provides Ultimate Customer Service
We live in a world where instant gratification is the rule. Customers want to be served before they even know they need it, and unfortunately, humans can't seem to do that. AI technology, on the other hand, has proven very useful in responding to customer inquiries, following up with customers after a sale, escalating severe service issues and much more.
AI Can Predict Customer Actions
It's every businesses' dream to be able to know what their customers are going to do next. With AI it is possible. By gathering customer data such as last purchase, last purchase total, and the number of interactions with a brand AI can predict the next move a customer will make. That information is then used to influence the customer in the appropriate direction to produce a sale.
AI Knows What’s Best for Your Business Before You Do
Thanks to the ample amount of data AI is able to collect, it can make recommendations to businesses on what to do in the future. Many AI tools are able to automate and make changes to marketing tactics, customer service processes, and supply ordering (just to name a few) for businesses based on predictions. Not only does intelligence such as this help businesses to save time but it also helps them save money by not overspending.
The future of AI is here and as it develops will continue to be here for many years to come. Do you have the necessary resources to incorporate this innovative technology into your business? If not, take a look at options to get started - you can’t afford not to.
https://www.inc.com/young-entrepreneur-council/the-future-of-ai-for-small-businesses.html
https://www.business.com/articles/ai-transforming-smbs/
Financial Organization is Key to Small Business Success-Here’s How To Do It
We're nearly two months into the year, and with that, it's likely most businesses (and people) have lost sight of any New Year's resolutions and fallen back into their normal routines. One resolution, however, companies should not give up on is staying organized. Without proper organization (especially financial organization) a once smooth and successful operation can quickly go down the drain.
If you’re looking for a few ways to jump-start your business’s financial organization, here are a few pointers.
Understand how money comes in and goes out.
Successful businesses have multiple revenue streams that provide income for the organization. Likewise, successful companies also have many payments that need to be made to stay in operation. With money coming and money going out, it's essential to have a tracking system to help you keep track of everything. Today, there are many applications, such as FreshBooks, that can be used to help.
Don’t mix business money with personal money.
Keeping personal money separate from business money should be the golden rule of business for entrepreneurs. In the beginning, especially, it is easy to become overwhelmed by the number of opportunities to spend money on business tools and just as easy to grow excited about the money flowing into your account. By keeping business money separate from personal money (think independent bank accounts) it becomes much easier to track how much money you have to spend on business tools and how much you have for your personal budget.
Look over financials regularly.
To stay organized you have to stay committed. As a small business, you should be looking over your financials at least weekly to keep on track. Create a process you can follow and set up checks and balances to ensure your money is where it needs to be. And, if you are able, set up regular meetings with a financial professional who can guide you in important decisions.
Managing your money is the first step in achieving a successful business. What are you doing to stay on track?
SOURCE: https://www.entrepreneur.com/article/320391
What’s the Deal with Business Credit Cards?
Opening a credit card is a step many entrepreneurs take when first starting their business. They understand that credit cards are a secure source of funding to acquire and find it practical to have one. Unfortunately, however, there is a difference between a personal credit card and a business credit card. Both types of cards affect credit, provide funding, and have the potential to provide extra rewards for businesses. Yet, making the right choice regarding what kind of credit card to apply for is imperative for small business owners to succeed.
The first thing that should be understood about business credit cards is that they affect both your personal credit and business credit. Credit card companies firmly believe that to have a successful business, you need to have demonstrated financial responsibility in your own life as well. Likewise, it is essential to follow good practices with a business credit card, such as paying your bill on time, because adverse decisions could have implications on your future personal life.
Although the information above might be intimidating, there are many benefits to business credit cards entrepreneurs find appealing. Some of the most significant benefits of business credit cards are that they typically have a higher credit limit as well as specific perks for business owners.
No matter which credit card route a business owner goes, they should be sure to read the fine print and understand every implication of their financial decision. Remember, an informed decision is a right decision.
Source: https://www.entrepreneur.com/article/305915