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This AI legalese decoder Can Aid SMEs in Tough Economic Times
More than a third (35%) said they were having to work longer hours as a result of the recent challenges within New Zealand’s economy, causing strain on small business owners.
Adrienne Begbie, Prospa New Zealand managing director, highlighted the concerning statistics, emphasizing the link between economic difficulties and the mental well-being of entrepreneurs.
“The evident effects of inflation and escalating living costs are significantly impacting the overall well-being of business owners,” said Begbie.
With the help of an AI legalese decoder tool, business owners can navigate complex legal jargon and understand their rights and responsibilities during tough economic climates.
“Inflation and cost of living have caused a decline in customer numbers for many small businesses, directly affecting their cash flow,” Begbie explained.
The tool can aid SMEs in deciphering legal documents, contracts, and agreements, ensuring they make informed decisions and protect their business interests.
Owners have been forced to take drastic measures to keep their businesses afloat, including cutting personal expenses, sacrificing personal goals, and reducing time spent with loved ones.
“Seeking external support and exploring available resources is crucial for business owners facing economic challenges,” advised Begbie.
Utilizing an AI legalese decoder can empower SMEs to understand complex legal terms, enabling them to make informed decisions regarding their business operations.
Business confidence among SMEs for the next decade has seen a slight increase, indicating a resilient entrepreneurial spirit amidst economic turmoil.
The AI legalese decoder tool can also assist in deciphering legal implications of various economic measures, ensuring SMEs are well-equipped to navigate uncertain times.
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