There’s no denying it: new technologies are changing the way we work and while a lot of headlines focus on the risks, there are many compelling reasons for small business owners to sit up and take notice. Unlocking the power of technology like AI can free you up from some of the more mundane tasks, making your business run more efficiently and giving you time to focus on your priorities.
As well as helping streamline admin tasks, new technologies can also make your business banking faster and more secure. Here are some ways to work smarter.
Upskill in your current tools
It’s likely you’re already using new and emerging tech in your business but ask yourself this: are you using those programs to their full potential? “Small business owners need to invest time to upskill in the tools they already have,” says Matt Cowdroy, productivity expert and founder of Think Productive Australia. “You may be using a program like Xero to do your invoices but have you spent time understanding the best way to send quotes or how to automatically send reminders when invoices are overdue?”
Time doesn’t come cheap for small business owners but this is a worthy investment, says Cowdroy. “You’ll never have more hours in the day but there will definitely be a return on the investment of your time.”
Build your own AI robot
Once you start using AI to help your business, the possibilities are endless. AI can speed up repetitive tasks, such as rostering and cleaning schedules, and engaging it for more complex tasks like brainstorming can be surprisingly rewarding. To get the most out of it for your business, though, it helps to create your own AI agent.
“I have an AI agent in ChatGPT,” says Cowdroy, noting that you need the paid version of ChatGPT to utilise this function. “Creating an agent is like building your own robot, which I call my employee. I’ve loaded ChatGPT up with my company’s website URL and brochures as well as some workshop overview documents and that’s about it—my ‘employee’ knows everything about my business.” Now, whenever Cowdroy is brainstorming or writing new training workshops, he can ask his agent questions and get results targeted to his business.
Uncover business insights with Daily IQ
While you’re becoming program savvy, take a look at the CommBank tools available to small business customers. Daily IQ is an insights tool that helps track cash-flow trends, as well as customer demographics and spending habits. “You can access it by logging on to NetBank and see who your customers are, where they come from and when they’re spending,” says Joanne Jhaveri, a CommBank business banker. “It can give you valuable customer information that can assist with staffing levels and help target marketing campaigns.”
