A recent US Bank report reveals that 87% of small business owners remain optimistic about their business’s future despite ongoing economic pressures. US Bank Chief Product Officer for business banking Shruti Patel joins Wealth! to analyze the findings of this report.
Patel points out a “juxtaposition” between small business owners’ sentiments and the realities they face. While many maintain optimism, she notes there are “notable pressures” for growing businesses, including labor shortages and supply disruptions extending from the COVID-19 pandemic.
Addressing the rising trend of AI usage, Patel highlights two main areas where this technology aids small businesses: “back-office cash flow management and workflow automation.” She explains that AI implementation drives bottom-line profitability, helps “improve worker productivity,” and allows businesses to “work across the labor shortages” in the space.
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