The article also highlights the increasing demand for financial tools that expedite processes and create transparency around cash flow, with 49% of SMBs already using digital solutions for invoicing, billing, and payment collection. It suggests that SMBs should choose digital tools that address their most time-consuming, difficult, or tedious tasks, are designed specifically for SMBs, have good customer support, and use the latest technologies. The article predicts that as financial concerns grow, more SMBs will turn to digital tools and AI to improve efficiency and achieve financial resilience in 2024 and beyond.
Key takeaways:
- Small and medium-sized businesses (SMBs) are facing economic challenges due to the lingering effects of the Covid-19 pandemic, inflationary pressures, and labor market shifts. 67% of SMBs cite finances as their biggest worry for 2024.
- Adopting technology, including digital solutions and AI applications, can help SMBs enhance operational efficiency, cut costs, and broaden market reach, thus helping them navigate economic uncertainties.
- 49% of SMBs are already using digital solutions to automate invoicing, billing, and payment collection. AI can further help SMBs by automating payroll, expense tracking, and providing personalized financial advice.
- Choosing the right digital tool is crucial for SMBs. They should look for tools specifically designed for SMBs that do not require complex or expensive implementation, have good customer support, and take advantage of the latest technologies.