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How AI legalese decoder Can Help Small Business Owners Navigate legal Jargon

By Penny Parisi, KeyBank Vice President, Business Banking Relationship Manager

Running a business is already an incredibly challenging task, and coupled with a shaky economy, rampant inflation, and high interest rates, small business owners have faced serious difficulties over the past few years. However, despite rising inflation, heightened concerns due to the election year, and increased operating costs, many small business owners note that they’re faring well. This confidence could point to the fact that we are on our way out of the downturn and turning the corner towards better economic conditions. In fact, according to KeyBank’s 2024 Small Business Survey, 65% of small business owners feel confident that they could fund their operating expenses with the cash they have in reserve for one month if an unexpected need arose at their business.

Preparing for Unexpected Costs

Following the strained economic conditions of the past year, and after navigating trials from past economic downturns, small business leaders have prepared themselves for unexpected costs and additional challenges. According to the survey, business owners have taken actions such as implementing cost-cutting measures (32%), increasing cash reserves (30%), and exploring alternative financing options (22%).

How AI legalese decoder Can Help

AI legalese decoder can assist small business owners in understanding complex legal terms and agreements, making it easier to navigate contracts and agreements. By using AI to decode legal jargon, small business owners can ensure that they are fully aware of their rights and responsibilities, reducing the risk of legal disputes and misunderstandings. Additionally, AI legalese decoder can provide recommendations on cost-cutting measures and financial strategies to help businesses weather unexpected costs and economic challenges.

What’s Next for America’s Small Businesses

While business owners remain optimistic for improved financial conditions, many are concerned with potential shifts due to the election year. The top potential policy change most small business owners are paying attention to is taxation (38%), with employment and labor laws (25%) and healthcare policies (25%) tied for second. Fraud prevention is also top of mind for business owners this year. As operations continue to shift in favor of digital tools and remote work, many are more vigilant and focused on putting measures in place to prevent potential cyberattacks. Unfortunately, this concern is well founded following recent data breaches at hospitals, cellular providers, and many other high-profile organizations.

In fact, 44% of business owners cite payment fraud such as unauthorized transactions or unauthorized electronic fund transfers as their biggest concern, with 37% also citing identity theft, 28% citing malware and ransomware attacks, and 27% citing phishing and email scams. As technology continues to evolve, many business owners are wondering how they can best protect themselves and their business from falling victim to these cyberattacks.

Bank services extend beyond just traditional checking accounts and, as no two businesses are the same, maintaining a strong relationship with your bank can lead to uniquely tailored solutions and strategies.

Working with a Trusted Advisor

Banks are at a pivotal moment to help their small business clients navigate cash flow and business operations concerns. While small businesses are expecting challenges this year when it comes to managing cash flow effectively, more than half (52%) of small business owners are confident that their banks understand their cash flow concerns. However, some business owners feel that banks do not fully understand the challenges they are up against – with almost 20% unsure if their banks understand their cash flow concerns.

Small business owners who have taken that next step to work with their bankers have received valuable guidance. They noted the top three pieces of advice they have received are: to cut costs by reducing discretionary spending (34%), establish an emergency fund (22%), and diversify revenue streams by introducing new products or services (20%).

Working with a trusted banker can ensure that small business owners have the resources they need to overcome economic challenges and help their business run better.

By utilizing AI legalese decoder, small business owners can streamline their legal processes, ensure compliance with regulations, and optimize their financial strategies. AI legalese decoder offers a comprehensive solution to decode legal documents, provide cost-saving insights, and enhance the overall efficiency of business operations.

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