As a solopreneur myself and spending three months of 2024 on maternity leave, I had to choose the right tools that would be effective for bringing in leads but also affordable. 

After testing multiple platforms and refining what works best for my own business, I’ve put together four of my go-to programs that can help you consistently attract leads without draining your time or budget.

MailerLite

MailerLite is an email marketing platform with one of the most appealing free plans out there. It gives you access to automation, segmentation and a simple CRM-style setup for up to 1,000 subscribers.

I use it to tag and segment leads, create nurture sequences, and deliver a smooth experience for people who download a freebie or register for a masterclass. Once it’s set up, it runs in the background, warming up your audience while you focus on the parts of your business you love most.

Cost: Free for under 1,000 subscribers

Zapier

Zapier connects tools that don’t naturally integrate, so your systems can work without manual input.

I use Zapier to:

• Link Manychat with MailerLite, so leads from Instagram are added to my email list and nurture sequence.
  
• Connect Meta Ads to a Google Sheet, which then pushes new leads into MailerLite via Zapier.
  

It’s a simple (and free) way to automate your lead flow and reduce admin.

Cost: Free for basic automations

Meta Ads Manager

Meta’s Ads Manager lets you run Facebook and Instagram lead generation ads directly from the back end of your Meta Business Suite.

You don’t need a huge budget to get results. 

Whilst on maternity leave, I ran successful $5/day campaigns that consistently brought in 1–2 leads a day off the back of a lead magnet. With the right creative and targeting, you can keep your pipeline full, even when you’re busy elsewhere.

Cost: From $5/day

Manychat

Manychat is an automation tool that works really well on Instagram. When someone comments a specific word on a post (or DMs you a keyword), it triggers an automated response, often a DM that delivers a lead magnet or invites them to join your email list.

It’s a great way to boost engagement, collect leads, and keep the process seamless for your audience. 

And when you combine it with Zapier? You’ve got yourself a little lead-gen machine.

Cost: Free (with limitations on triggers)

Generating daily leads doesn’t have to be complicated or expensive. 

With the right tools and systems in place, you can start building a steady flow of potential clients, without burning out or breaking the bank.

As a marketing consultant and a solopreneur, I’ve walked this path too. I know what it’s like to juggle strategy, client work and visibility, often with limited time and resources. These tools helped me simplify and scale, and I hope they help you do the same.

The post Four free and low-cost tools to generate daily leads on autopilot appeared first on Inside Small Business.

This article is for those of you who want to automate your business in 2025, but don’t know where to begin. We worked with systems expert David Jenyns to break down automation into small, manageable steps, starting from the very, very beginning.

But first and foremost: What does automation mean?

At the most basic level, automation is optimising your business’ processes so that things get done as efficiently as possible. It often means freeing up small, repetitive tasks using technology. Crucially, automation is about giving you more time to work on your business, rather than in it.

“I kind of see automation as ‘How do we leverage a machine to do parts of the work that previously a human did?’ ” David explains.

He clarifies that automation doesn’t have to include a machine – it could involve delegating tasks to other people, or offshoring – but it often does. For example, automation experts like David are turning to artificial intelligence to help their clients streamline processes.

So, let’s say you want to automate. How do you get started?

STEP ONE: Take stock of your business processes

Before you can automate any of your processes, you need to identify what you’re currently doing and how. 

If you’re looking for somewhere to start, you might divide your business up into imaginary departments, like HR, marketing, sales or product development, David explains. For each department, think about its purpose. 

“Marketing’s purpose is to generate leads,” David says. “OK, well, what are the most important systems that contribute to generating leads in that department?”

By focusing on only the processes that generate results, you’re also identifying the processes that aren’t serving your business.

For an example of automation in practice, ISB also spoke to small-business owner Shannon Smit. Shannon, who owns a small accounting firm, explains how she undertook the exact process described above when starting her own automation journey.

“I started by systemising each of the different processes and taking them apart one piece at a time,” the business owner recounts. One of her departments was IT – which she promptly outsourced to someone else.

STEP TWO: Identify who does these processes the best and record them

Once you’ve identified the main processes that make up your business, it’s time to record them.

If you want to automate a process, you first need to establish what the process should look like when it’s done well and record this for later reference. Recording your processes is important for a number of reasons:

1. You can use your process recordings to teach other team members to do them well, standardising the process and saving time.
2. New team members can be onboarded much more quickly.
3. Key-person dependency is eliminated.
4. And, crucially: You can eventually use your most efficient version of the process when developing software to do the task for you.

When it comes to recording business processes, David recommends getting a video of someone doing the process on whatever recording device you have handy and prefer. If you’ve got employees, the person doing the task should be the team member who can do it the best. You can record them doing the task via phone, screen record, or even getting them to wear a Gopro; whatever is easiest.

Next, transcribe the video of the process. You can do this manually or use a transcription software, like Otter. Feed the transcription into an LLM, like ChatGPT or Gemini, and ask the LLM to draft a description of the process using the transcription. 

Once it’s done, take the description back to the original team member who does the process best and have them check the LLM’s description for accuracy.

After that, you can enhance your documentation by adding links to templates, PDFs, additional resources, photos or the original video. Then establish a place to save all your recordings, like a series of Google Drive folders, or a note-taking app like Notion.

Shannon uses a software called systemHUB to store all her process documentation. 

“Originally, it was all in Word docs,” she says. “But systemHUB enables us to have the text and the content. We do Loom videos for everything as well.”

Having all her business’ processes stored makes it much easier for everyone on Shannon’s team – particularly new hires – to reference them.

“The beauty of it is that now, especially from an undergraduate perspective, they can go, ‘oh, so how do I do that fixed asset section?’ They can go back to the systemHUB. They can watch the video, if that’s their preferred way of seeing things, or they can just read the text, which also goes through step by step.”

Shannon explains that she makes all her stored processes short, no more than five minutes to read or watch. This makes each process much more digestible. If you’re worried about missing a step, you can always save your original documentation video and refer to that for a more detailed explanation.

STEP THREE: Optimise your tasks

So, you know the processes that make up your business operations, and you’ve taken note of how to do them well. Is it time to bring in the robots to do them all for you yet?

Not necessarily. As David explains, the benefits of automation can be less technologically complicated than we think.

“Generally, the biggest wins in most small businesses are just adding consistency and removing key person dependency,” David says. “You know, making sure that if, say, ‘Sarah’ is not in, the task can still get done.”

Once you get that in place first, and the business has a good number of systems in each department, then you can consider how to outsource each process to a machine. David gives us some examples of how this could work.

“The first, easiest one is [Chat]GPT or whatever LLM you choose,” he says. “You want to look in your processes for writing- or proofing-related things, or anything where it just makes sense to go, ‘Hey, maybe we could craft a prompt here and stick that into the process for step number three.’ ”

To get better answers from your LLM, David recommends spending some time training it up. There are plenty of resources out there on how to do this; basically, it involves getting the system familiar with what sort of answers you want from it. It’s not dissimilar to training a new employee.

You can also use AI for inspiration on automating. For instance, you might feed your process back into ChatGPT and ask it for suggestions on how to optimise the process. You could ask it to suggest steps it could do for you, or to recommend software to lighten the load.

If you want to get more sophisticated, you can also use workflow tools, like Cassidy. These tools can string together processes for you. For instance, you can set up the tool to copy and paste text into ChatGPT for proofing, then copy and paste the result into a separate document, and then apply formatting in a specific way.

If you’re feeling even fancier, and have more of a budget, you can even create a custom coding solution that is specific to your business. To find someone who can do this for you, you can search the internet for custom coding solutions in your area, or “software solutions for small business”. If you’re good at vetting contractors, you can also find cheaper deals on sites like Upwork, David explains.

Shannon says she got custom software for her business. After hiring some IT contractors, she showed them her systemHUB. The contractors were able to look over each process and tell her whether they could set up an automatic system via some custom software.

For instance, her team identified a repetitive and unnecessary task that was wasting everyone’s time: redoing clients’ fixed assets statements in Xero. Pre-automation, the tedious task took up 30 to 40 minutes per client. To save time, Shannon’s contractors built a custom piece of software to do the task.

David describes an accountant client who set up a custom coding solution to double-check client information in their ATO portal. 

“One of the tasks is to log into the ATO portal to see whether or not any new reports or things have been updated that they need to send over to their client,” David says. “They created a little robot that basically logs in, scans the portal, double-checks things…against their account, and then emails the client to let them know.”

It sounds like a tiny task, but setting up a coding solution to do the checks for them saved this client more than 1000 hours a year, David says.

STEP FOUR: Getting the team on board

Both David and Shannon mentioned one key challenge when it comes to automation: getting team members on board, if you have them.

“It just starts off with talking about it,” David asserts. “As a leader in an organisation, you need to lead by example. You need to talk about it. You need to bring it up in team meetings. You need to celebrate when someone does this right, when they create a process, or they leverage AI to do a thing.”

Shannon says she does training sessions with her team regularly. She also encourages them to use tools like AI in their own time to get more comfortable with them. To practise with AI, you can start using it to help you with anything, from making a shopping list to organising a holiday.

Ultimately, both Shannon and David think AI is the future – whether their team members like it or not.

“I’ve said to my team – as brutal as it sounds – this is where we need to go, and I’m just going to drag everyone kicking and screaming,” Shannon laughs.

“I mean, the reality is, a team member who uses AI will probably, in time, outperform tenfold a team member who doesn’t, so that the team member doesn’t really have a choice,” David says. “Either the business you’re in is going to do it, or the competitor is. The genie is out of the bottle. There’s no going back on this now.”

This article first appeared in issue 47 of the Inside Small Business quarterly magazine

The post The ultimate step-by-step guide to automating your business operations appeared first on Inside Small Business.

Zoho’s Financial Health of Australian Small Businesses research highlighted the growing optimism with 46.6 per cent expecting their cashflow to increase in the next three to 12 months and even more are optimistic about their growth opportunities beyond that.

However, SMEs need to first overcome the high interest rates and inflation. Zoho found that  89 per cent of SMEs have seen their operating costs increase in the last 18 months. As a result, 78.1 per cent have been forced to increase their costs to protect their bottom line, but are seeing a subsequent reduction in customer spending. 73.9 per cent have seen their revenue slow, with four in ten saying it has slowed ‘significantly’.

“Small businesses are the backbone of Australia’s economy, driving innovation, creating jobs, and fueling local communities,” said Rakesh Prabhakar, Head of Zoho Australia and New Zealand. “However, many are facing a perfect storm of rising operational costs, interest rates, and ongoing supply chain disruptions, creating an environment that remains incredibly challenging. As a result, many small businesses have no choice but to pass the increased costs onto their customers.

Prabhakar added, “Despite these challenges, green shoots of optimism are beginning to appear. Inflation recently hit a three-year low, while there is growing optimism that 2025 could see a series of rate cuts that – along with tax breaks in July – will boost consumer spending. We’re seeing this play out in our research, with almost half of small businesses forecasting an increased cashflow. Considering how much small businesses contribute to Australia both economically and socially, this positive indicator is very welcome.”

Zoho reported that 29.3 per cent of SMEs “see a lot of growth opportunity” in the next 12-18 months, while 33.7 per cent are cautiously optimistic and believe they’re “recovering nicely”. Of those that are forecasting a reduction in cashflow in the next 3-12 months, 35 per cent are certain they’ll be able to avoid cost-cutting for at least 12 months, while 37.4 per cent can meet their outgoings for six months without being forced to consider cutting costs. However, 6.9 per cent are already in a cost-cutting phase, and would be forced to seek support if costs slow further.

Zoho’s research also uncovered that aside from keeping their business afloat, the most urgent consideration for SMEs in 2025 is to automate or digitise their business. When it comes to their most important technology investments, 67.1 per cent said accounting and bookkeeping software. That was followed by marketing automation software (64.1 per cent), a Point of Sale (POS) system (56.2 per cent), a website (51.8 per cent) and Customer Relationship Management (CRM) (45.4 per cent).

“It’s perhaps unsurprising given the economic situation, to see the nature of technology that small businesses are prioritizing. Small businesses are investing in solutions that are focused on managing their financial bottom line and generating revenue and profitability.,” Prabhakar commented. “Through the combination of technology and cautious macroeconomic optimism, millions of small businesses have the foundation to navigate today’s pressures and position themselves for sustainable growth.”

The post Aussie small businesses anticipate cashflow increase despite challenges appeared first on Inside Small Business.

In 2024, global air freight costs have already risen by 12 per cent while container rates have surged by a staggering 233 per cent. Simultaneously, consumer spending remains muted as households tighten their belts amid rising living costs and ongoing economic uncertainty. With little relief on the horizon, businesses must adopt strategies that maximize efficiency, maintain competitiveness, and protect profitability during this critical period.

Adding to the pressure, wage growth is outpacing productivity, contributing to a tight labour market and operational challenges throughout the supply chain. Businesses are now faced with the task of managing overburdened staff, rising recruitment and training costs, and the need to sustain operational efficiency.
Given these mounting challenges, early planning is crucial. Businesses must adopt tools and strategies that enable them to adapt swiftly to changing conditions. Below are five key strategies to help businesses navigate the peak season and emerge stronger on the other side.

1. Embrace automation
   2024 has underscored the importance of efficiency, especially with the rapid advancements in AI. Investing in automation software, such as FreightExchange, to consolidate orders and streamline processes can significantly reduce time and increase productivity. Although the initial investment may be higher, the long-term benefits – such as improved visibility over charges, operating costs, and deliveries – will pay dividends during peak season. Leveraging cutting-edge technologies can help your business better manage unexpected events, labour shortages, and rising operational costs.
2. Strategically reposition inventory
   Positioning inventory closer to customers well before peak season can greatly reduce last-minute delivery costs and ensure faster deliveries when they matter most. Restocking inventory or repositioning goods early means you can wait until you have a full load to capitalise on cost savings. This strategy not only optimises your logistics but also helps counteract the impact of rising shipping costs.
3. Leverage cost-effective transport alternatives
   Preparing for peak season now gives you ample time to explore slower, more cost-effective transport options. Opt for rail over road transport and sea freight instead of expedited air freight services where possible. This approach can help offset the sharp increases in container and air freight costs, enabling you to maintain competitive pricing for your customers.
4. Optimise offshore operations
   If lead times allow, consider having your offshore suppliers handle the order picking and packing process. This can reduce the need for additional onshore staff in an environment where labour is scarce, addressing both the labour shortage and rising wage costs.
5. Capitalise on favourable export conditions
   With the USD at an all-time high, Australian producers have an opportunity to find US customers and benefit from advantageous export conditions. Exporting to the US at scale isn’t a quick win, but you can take small steps now to sell in the US and help offset potential declines in domestic consumer spending and open up new revenue streams for your business.

Turning challenges into opportunities

The transport and supply chain bottlenecks caused during peak are always challenging. That’s why careful planning and strategic decision-making can turn these obstacles into opportunities. By focusing on efficiency, optimising inventory, choosing cost-effective transportation, and seizing export opportunities, your business can navigate the peak season successfully and emerge stronger on the other side.

The post Five critical considerations for your business before peak season appeared first on Inside Small Business.

With the prevalence of eCommerce and digital offerings, customers expect businesses to meet them where they are – in person or online – regardless of the product or service. The lines have truly blurred between what sets one business apart from another, so the best way to stand out is through exceptional customer service and digital experience.

Research from Zendesk’s CX Trends 2024 Report shows that:

• 81 per cent of customers will make another purchase if they have a great experience.
• After one bad experience, 61 per cent of customers will switch to a competitor.
• After multiple bad experiences, 73 per cent of customers will switch to a competitor.

Delivering a great customer experience can lead to greater visibility for a business, positive customer reviews and referrals – which in turn create more revenue.

As customers search for more meaningful interactions across multiple channels, how does a small business meet these expectations with limited budgets and resources?

Automation

The never-ending list of administrative duties like invoicing, billing, pay roll, accounting, marketing, scheduling and managing appointments go on and on.

Many small-business owners find that they have so much to do and such little time to do it. They become so bogged down with administrative tasks that they can’t work on the business itself. Automation allows you to connect with customers in an authentic way, while reducing your workload.

Most small businesses don’t have the luxury of a marketing team, an accounts receivable team, a social media team, or a customer service team. Most of the time it’s one or two people juggling these duties to ensure the business stays running.

Automation allows your business to send personalised messages and market to your customers effectively without requiring any manual involvement in the process.

Digitise your communication

Did you know that 93 per cent of customers will spend more with your business if you communicate with them on their preferred platform?

Building a digital presence is a challenge many small businesses face when resources are tight and scarce – but it is possible!

So, how do you choose what channel is right for you and your customers?

1. Build a website. It may seem like an obvious choice but having a strong website will meet your customers at the crucial intersection of their search journey. Offering additional benefits such as booking online will mean instant bookings and customer growth.
2. Leverage social media. Social media channels are the best platform for small businesses to establish a digital presence. By identifying which channels your audience prefers, you can tailor your content to reach them where they are. Automating content through scheduling is a cost-effective way to ensure a steady stream of content that keeps the conversation going and your business front of mind.
3. Optimise for SEO. Increase your visibility by appearing higher in organic search results. Make it easier for consumers to find you and make your website as visible as possible on search engines like Google, Yahoo! and Bing. You can do this using SEO best practice, such as understanding which search terms your customers are using to find your website, creating content that includes these search terms and reducing any duplicate content on your site.

Remember, the main goal for digital transformation is to alleviate the pressure of business administration and digitise the tasks that are taking up time and resources and keeping you up at night. It will also improve your clients’ experience by using their preferred method of communication in line with the expectation of online convenience in 2024.

The post Embracing digital transformation to drive cost efficiencies and customer service appeared first on Inside Small Business.

Automate invoice processing to prevent late payments

A recent IBM report named AP the “most automatable” function in any business. Amongst large finance teams, manual AP tasks can take up 44 per cent of their total time. These manual tasks include entering invoice information into the company’s financial systems, making payments, and reconciling transactions. When data is manually entered and processed through these systems, there can be a higher likelihood of errors, which leads to more costly invoice processing. In contrast, implementing an integrated payment system where every invoice and payment stems from a single source of truth facilitates more efficient invoice processing and speeds up cash flow across the supply chain.

Take advantage of flexible payment options

By using AP automation and integrated payment software, businesses can significantly enhance their invoice processing efficiency. This streamlined approach allows for faster handling of supplier invoices, reducing manual involvement. Moreover, businesses can benefit from a variety of flexible payment options that align seamlessly with their cashflow needs.

One such option is early settlement discounts. In exchange for paying an invoice before the due date, a discount is offered. Although the specifics of these discounts may vary across different businesses, consistently taking advantage of even small discounts can accumulate substantial savings over time. Furthermore, this practice fosters stronger relationships with suppliers, potentially leading to additional pricing efficiencies and improved trade terms. 

Extended payment terms can also be a valuable addition and they allow AP teams to strike a balance between meeting financial obligations and maintaining liquidity. Credit cards play a crucial role in this strategy. When paying invoices, AP teams can use physical or virtual credit cards to delay the actual cash outflow by taking advantage of interest-free periods, or access to working capital offered by their provider. These extended terms provide a win-win situation, benefiting both parties involved.

Strengthen cashflow management

AP automation gives your business access to a more accurate data set which is essential for proactive cash flow management. By using a system that automates invoice processing and integrates with your accounting and ERP systems, the data can be visualised in a real-time cash flow analysis, showing decision-makers when payments need to be made. This allows for timely adjustments in either delaying or moving payments forward to best align with the company’s long-term objectives. Finance teams will also have the data to plan for future purchases and investments in growth.

Transform your accounts payable function today

Technology is driving transformation for AP teams. By replacing legacy manual systems and processes with sophisticated software that improves efficiency, reduces data entry errors, and facilitates stronger cash flow across the supply chain, AP teams can transform into a strategic, revenue-generating function that brings value to the business. If you’re looking to make your AP function more efficient and strategic, automating your AP processes is the best place to start.

Spenda’s AP solution features a user-friendly self-guided setup, allowing users to onboard themselves effortlessly and efficiently streamline their payables. Additionally, approved account holders have access to a range of payment methods, including the option to apply for an unsecured credit facility (using virtual credit cards) to pay business expenses. To ensure security, payments are protected by Spenda Wallet, a payment authorisation app that works seamlessly alongside Spenda AP. These two integrated products not only expedite invoice payments but also provide a robust defence against accounts payable fraud.

To set up a Spenda account and get 30 days free*, click HERE

Spenda is an integrated business platform that enables businesses across the supply chain to sell better and get paid faster. We serve as both a software solutions provider and a payment processor and deliver the essential infrastructure to streamline business processes before, during and after the payment event. Our connected platform displaces multiple, disparate systems in favour of one collaborative solution that improves transactional efficiency between businesses. 

This article is for general information purposes only. Consult a qualified financial advisor regarding any changes to or decisions about your business’s finances.

*30 Days Free Terms & Conditions. By signing up, you are entitled to a complimentary 30-day trial of Spenda’s Accounts Payable software. This trial covers only software usage fees and excludes invoice payment processing fees. Following the trial period, you will be given the choice to upgrade to a paid account or to delete your account. Monthly software fees start at $250 per month. Enterprise fees are available on request.

The post <strong>How to transform your accounts payable function into a strategic powerhouse</strong> appeared first on Inside Small Business.

Looking ahead, the macroeconomic environment is likely to continue to present challenges, with inflation sticking around and high interest rates keeping overall economic growth subdued. Therefore, small-business owners shouldn’t plan for lower interest rates in the first half of 2024, with the consensus among financial market analysts that major central banks will likely wait to see how the historically fast interest rate hikes impact inflation. On a positive note for owners, finding staff should start to get a little easier as labour markets rebalance. 

The most successful businesses in 2024 will be those that focus on lifting their productivity to grow and boost performance, especially during periods of tough trading conditions when businesses are focused on getting more out of existing staff and other inputs. 

So, as a small-business owner, there are several steps you can take to make sure you’re entering the new year in good shape. 

Small-business owner 2024 checklist

1. Maintain cashflow focus to stay profitable: Inflation has come down but prices continue to rise faster than normal. Keep a close eye on cashflow and make sure your prices can cover your costs so the business stays profitable. Staying profitable means looking at both revenue and costs. On the revenue side, you need to make sure you are stocking the types of products that customers want, not carrying too much stock and charging prices that cover your costs. When it comes to the cost, it’s a good idea to work with your financial advisor to make sure you are getting the best deal possible on all the costs you can’t avoid – such as power and rent.

2. Look for automation opportunities to lift productivity: Every business has its own workflows, and reviewing these processes will help you find areas for improvement. All small businesses, no matter their industry or their size, can also benefit from adopting digital tools to automate day-to-day tasks and make operations as efficient as possible.

3. Focus on how you can serve your customers best as they experience tougher times:  The new year may continue to be tough for customers as cost of living pressures persist. Small-business owners need to work out what levers they have to capture scarcer spending by consumers. This includes making sure you reward loyal customers and provide them with what they really need, even during tough times. 

There are many ways you can offer additional value to customers during a period when they might have fewer dollars to spend in your business. Weekly specials, loyalty discounts and product bundling are just three ways you can help them stretch their dollars further and encourage them to come to you instead of your competitors. 

The post Productivity key to small businesses overcoming economic headwinds in 2024 appeared first on Inside Small Business.

However, the introduction of innovative technologies and cutting-edge receipt management applications has ushered in a new era of efficiency and convenience during tax season. By embracing these advancements, individuals and small business owners can alleviate the stress and burden associated with tax season, enabling them to focus on what truly matters: growing their businesses and achieving financial success.

Here are six ways receipt management apps can empower individuals and small businesses during the tax season, fostering efficiency, accuracy, and peace of mind.

1. Streamlining data organisation and management

Gone are the days of rifling through stacks of paper receipts or manually sorting through spreadsheets to gather the necessary information for tax filings. Innovative technology solutions offer secure digital platforms that allow individuals and small businesses to effortlessly organise and manage their financial records. From cloud-based accounting software to mobile expense tracking applications, these tools enable users to easily store, categorise, and retrieve critical documents, minimising the risk of misplacement or human error.

2. Automation and integration

The integration of technology into tax processes has led to remarkable advancements in automation. Modern software can automatically extract relevant data from financial documents, alleviating the need for tedious manual data entry. Through intelligent algorithms and AI capabilities, these tools can detect patterns and reconcile transactions, ultimately saving time and reducing the likelihood of errors.

3. Real-time assistance and guidance

New technology offers real-time assistance and guidance to demystify complex tax laws. Online chatbots and virtual assistants equipped with natural language processing capabilities can provide immediate responses to queries, offer clarifications on tax-related information, and guide users through the filing process step by step. This interactive support system ensures that individuals and small businesses can access accurate information and make better-informed decisions in a timely manner.

4. Enhanced security measures

Advancements in technology have led to the implementation of robust security measures to protect sensitive financial information. Encryption protocols, two-factor authentication, and secure cloud storage solutions are just a few examples of the safeguards now available. By leveraging such technological advancements, individuals and small businesses can confidently entrust their financial data to digital platforms, knowing that their information is shielded from unauthorised access.

5. Collaboration and connectivity

Technology has revolutionised the way people collaborate and work together, and tax season is no exception. Online platforms facilitate seamless communication between individuals and their tax advisors or accountants. Video conferencing and screen-sharing capabilities allow for virtual meetings, enabling real-time collaboration regardless of geographical distance. These technological advancements enable individuals and small businesses to connect with tax professionals conveniently and securely, ensuring that all necessary documentation and information are shared promptly.

6. Scalable solutions for small businesses

New technology has levelled the playing field by offering scalable solutions tailored to the needs of small businesses. Cloud-based accounting systems provide cost-effective alternatives to traditional software, allowing small businesses to access the same robust features and functionalities without significant upfront investments. These solutions empower small businesses to manage their finances efficiently, focus on growth, and encourage compliance with tax regulations effectively.

As tax season fast approaches, individuals and small businesses should embrace the numerous benefits that new technology brings. Streamlining data organisation, harnessing AI automation, accessing real-time assistance, ensuring enhanced security, enabling collaboration, and offering scalable solutions are just a few ways technology can empower individuals and small businesses during this stressful period. By harnessing these innovative tools, tax season can become an opportunity for growth, efficiency, and peace of mind, allowing individuals and small businesses to focus on their core activities with renewed confidence.

The post How new technology empowers individuals and small businesses during tax season appeared first on Inside Small Business.

Depending on which media you subscribe to, you’re either reading about how Artificial Intelligence (AI) will end civilisation or about how it will revolutionise business.

I believe 2023 is the year we see AI significantly affect small businesses. I’m also mindful we need to approach new platforms with eyes wide open and a dose of healthy scepticism.

Take ChatGPT as an example. I’m the first to advocate for jumping on and testing out everything this platform offers. I’m also clear with my clients that it essentially thinks it’s a toaster until you tell it otherwise. You, my dear business owner, remain firmly in the driver’s seat for how you choose to use it. And, like learning to drive, it is entirely up to you to know the manual back to front, if you want to see real benefits.

“I see a greater increase in jobs occurring because of AI.”

Before you shout “Bah Humbug!” and close your mind to new AI, please consider the AI tools you are already using and the enormous value they have brought to your business.

When was the last time you asked Google to find a new destination? What about locating a coffee shop open near you?

That’s Artificial Intelligence.

Are you using Xero, MYOB, Quicken or another cloud-based accounting platform? Are you running financial reports or generating your BAS? You’re using AI.

Maybe you schedule your social media content or have a chatbot connected to your website or social platforms. Perhaps you’ve already got them answering questions like your opening hours.

Yep, AI.

This latest evolution, particularly the natural language processing platforms (among which ChatGPT has received the greatest publicity), is just the newest development in the tools we are already using. 

Once you realise you’re already reliant on some very sophisticated technology, it’s only a small step to test the waters of what else AI can offer.

How would you like to automate some routine tasks? Gather customer insights? Or quickly and easily analyse market trends to make better business decisions? 

AI is evolving at lightning speed. You can either grab your surfboard and ride the wave or,, well, pack up your board, go home and tell people how unfair it was that your business never worked out. 

I hate being that black-and-white, but right now there’s a line in the sand challenging you to adopt and adapt to new AI.

At this article’s start, I promised a healthy dose of scepticism. So, let’s look at some of the potential pros and cons.

Pros and Cons

Pro: Automation of repetitive tasks

I questioned you earlier about your use of cloud-based accounting platforms. You may have yet to consider a lot of the heavy lifting they do: tracking expenses, generating reports, running wages and spitting out BAS saves you considerable time each month and reduces the risk of errors. Have you ever calculated how much time that one little tool gives you back each month?

What about customer service? Responding to customer enquiries promptly and efficiently is critical to building loyalty and maintaining your reputation. However, handling customer service inquiries can be time-consuming and pulls focus from other essential tasks. 

We’ve seen the rise of AI chatbots in handling enquiries and providing quick, efficient responses. These chatbots are easily integrated into a website or your social media and it means your customers get the information they need at a time that suits them.

Chatbots can be programmed to respond to a wide range of common questions, such as opening hours, business location, order status, shipping information and product specifications. They can provide customers with recommendations and personalised information based on their previous interactions with your business. This all builds your relationship with customers and increases their satisfaction.

Let’s call that a win for AI.

Con (kind of): Privacy and cyber-security

We’ve become hyper-aware of the damage to a brand’s reputation when there’s a security breach. Trust takes a long time to build and a short time to ruin.

With the growth of AI and our dependence on the interconnectedness of our systems, data privacy and security should be top of mind. AI technologies can collect and process sensitive data, including customer names, addresses and credit card numbers. How your business handles, stores and shares this information is something for serious consideration.

While I’ve placed security in the ‘con’ category, it’s more something to remain vigilant about. Scammers and hackers are not going away, so we must implement robust cyber-security measures to protect data and comply with relevant privacy laws and regulations.

Pro: The ease with which AI can pull customer insights

AI-powered marketing tools can quickly analyse vast amounts of data to uncover patterns and preferences. This means we can hyper-personalise marketing strategies to provide a more customised experience. 

Used well, these insights lead to increased client value, ‘stickier’ customers and new product or service opportunities. AI-powered analytics will quickly and easily allow you to analyse market trends and stay ahead of the competition by making informed decisions around product development and pricing.

Let’s chalk that one up as (another) win.

Con: Potential impacts on jobs or wage stagnation

This is the ‘Chicken Little’ of all AI terror-induced arguments. Let me share my view (which is not necessarily shared by this publication). AI will replace some of the more tedious data entry-style roles but I see a greater increase in jobs occurring because of AI. If you look online right now, you’ll see a new role emerging for ‘prompt writers’. These people are the critical thinkers learning to manipulate and get the best from ChatGPT and the like.

AI may impact your wage overhead if your business has previously required numerous data-entry roles. You will need to consider how to support, encourage and train staff to become the conduit between AI and your business.

Let’s call that ‘the one to be mindful of’.

Pro: Inventory management overhaul

AI-powered inventory management systems can provide valuable insights into your business’s performance. From sales trends to product popularity and customer behaviour, these insights allow your business to make informed decisions about product offerings and marketing strategies. The systems can automate the process of reordering products, reducing the risk of stockouts and improving the overall efficiency of your supply chain.

We’ll take that as a win for productivity and profitability.

Con: AI implementation can be costly and time-consuming

Time will be the most significant con for many small-business owners. With new and emerging technologies, we need to invest in resources to learn how best to use them.

Some platforms require a financial investment up front, while others impact on our productivity while we learn to integrate them with existing systems.

There is no way around this; it will definitely impact your business – at least in the short term.

Let’s wrap things up. 

Life is never as simple as saying ‘AI good’ or ‘AI bad’. We must weigh all the pros and cons around further implementing AI into our businesses.

The important thing for 2023 will be to remain curious and look for ways to reap the many benefits AI has to offer. That means we need to learn all about it first.

This article first appeared in issue 40 of the Inside Small Business quarterly magazine

The post It’s time to find out what AI can do for you appeared first on Inside Small Business.

Time is often a barrier to focusing on growth when you’re working on your business day-to-day. But finding effective ways to grow while still being able to operate efficiently is one of the secrets to small business success, according to Elise Balsillie at Thryv Australia – the all-in-one small business management software company.

According to Elise, the most commonly-asked questions from customers is, “How can I find a solution to operate my small business easier and more efficiently?”

“Saving time is one of the biggest problems our customers want us to help solve,” Elise said. “So, finding them ways to grow their business, while providing them with the ability to operate and stay organised is why our customers adopt digital.”

Thryv Australia is a fully integrated, end-to-end customer experience platform that helps small business owners with the daily demands of running a business. Thryv allows businesses to manage their time, communicate with clients, gain reviews, and get paid faster.

One customer that has seen the success of Thryv is Decking 215. The Melbourne-based team are a qualified and registered construction company with an extensive skill set and passion for providing clients with excellent service.

Owners Tyler and Eve were invested in finding a solution that would make operating their business easier. Tyler had dreamed of taking control of his career by starting his own business and with the help of his wife, Eve, they began to build the foundation for 215 Decking.

However, like many challenges small businesses face, their business grew and had to constantly juggle more clients, appointments, and projects. They soon realised the difficulty of operating their business without support.

Thryv has enabled them to have more time to themselves and “not just be about business all the time”, according to Tyler.

Thryv has given them the tools they need to access and manage their business from anywhere – even while they’re on a job site and Tyler now accesses all of his clients’ details in one place. Past conversations, future appointments, and important project notes are stored and can be viewed at their office or on-site using the Thryv app.

With nearly 60 per cent of their clients self-booking online, the Thryv platform sees their clients receive automated reminders and Eve can easily see where and what project Tyler in on at any given time. For 215 Decking, getting found and ensuring prospective clients can connect with them easily is key. Tyler and Eve now provide their audience with a professionally designed website making it convenient to call, message, review, or book services with the click of a button.

According to Tyler, “In the evening we’re not talking about work as much because we’re actually finishing things off during the day. It’s given us back so much time to see the bigger picture of our business.”

The post <strong>Solving small business growth and time challenges through digital</strong> appeared first on Inside Small Business.