In today's ever-changing economic landscape, Canadian start-up business owners face unprecedented challenges.
Limited budgets, tight cash flow, and the constant pressure to maximize every dollar spent can make navigating uncertain times feel like an uphill battle.
As entrepreneurs strive to keep their dreams afloat, the need for innovative cost-saving strategies has never been more critical.
Enter Artificial Intelligence (AI), a game-changing technology that offers small businesses a lifeline to not only survive but thrive.
By leveraging AI-powered solutions, start-ups can streamline operations, reduce overheads, and make data-driven decisions that stretch their limited resources further than ever before.
In this blog, we'll explore how AI can be a powerful ally in sustaining small business growth while keeping costs under control.
Harnessing AI
Did you know? AI can be used for everything from email creation to logo generation and website building.
Some people feel daunted by the concept of AI. Yet, used correctly in business, it can save you both time and money.
Using AI can be as simple as relying on Copilot in Microsoft Outlook (available with GoDaddy’s Microsoft 365 email plans) when writing emails to clients.
You can provide Copilot with a prompt, and it will generate email copy for you, which you can then adapt if needed.
Or you can use Copilot to edit and improve your own text, for example changing the tone of a message or making it shorter or longer.
The amount of time using Copilot could save you might seem like a drop in the ocean at first glance.
However, when you consider that a recent Carleton University study found that Canadian "knowledge workers" spend about 11.7 hours a week processing emails at work and 5.3 hours from home, you might change your mind.
GoDaddy has a range of AI-powered experiences that you can use to turn big jobs into bitesize ones.
Take brainstorming a business name for example.
With GoDaddy’s AI Domain Search, you enter a sentence or two that describes the nature of your business and it will brainstorm some names for you.
For example, we typed in this prompt for a fictional business…
Wine-tasting business that brings wine tasting experiences to customers' homes.
The AI Domain Search came up with the following names…
- Taste At Home Wines
- Home Tasting
- Pour at Your Door
- Wine Tasting Tours
- House Call Wine Tasting
- And more.
Even if you don’t like the first set of results, you can keep going, and at the very least it will get the creative juices flowing.
What about launching a website?
When you buy a domain name with GoDaddy, you can use the AI-fuelled Airo™ experience to build a free simple site in seconds.
The site will feature content and images, all related to your business. You can make any edits you like, but essentially it should be good to go.
How about logo creation?
Again, when you buy a domain with GoDaddy, Airo™ can come up with a logo for you.
Embrace your inclusions
Taking a little bit of time to know what every business product you have includes could be really beneficial to your business.
For example, did you know that every domain bought through GoDaddy comes with GoDaddy Airo™, an AI experience that will help you design a bespoke logo and a website that’s populated with words and professional images for you? For free.
GoDaddy’s AI tools can also help you spin up email campaigns and social posts.
Think of all the money that could save you on design fees and social media management costs.
Consolidate
When you have dozens of business products with dozens of providers, you’re making a rod for your back.
Do you really have time to renegotiate every contract rate when renewal time comes, or will you just see the renewal notice come in and accept any increased costs because you’re time poor?
With fewer contracts, you stand more chance of staying on top of costs.
Did you know that in addition to domains, emails, and website building products, GoDaddy offers a payment taking product?
GoDaddy Payments lets you take payments online, in-person, or remotely and get paid out as soon as the next business day. What’s more, GoDaddy has the lowest transaction fees compared to other leading providers. As low as: 2.3% + 0¢ per in-person transaction and 2.7% + 0¢ per ecommerce transaction.
Try not to stress
Stress can be as bad for your bottom line as a badly negotiated business contract or a mistake in an order.
It can impact everything from productivity to creativity, costing you time and money.
Fortunately, reducing stress can be as simple and quick as some of the above tactics.
Read more about it in our blog ‘How to deal with business stress in uncertain times’.
In this article we reveal how being proactive about finances can not only reduce stress levels but improve business outcomes, too.
