Small business owners see AI’s potential to shake up how they manage their finances and most of them say they’re not planning to cut jobs because of it, according to new research from small-business banking platform Bluevine.
Bluevine’s new data indicates most small businesses plan to keep staff intact, even as nearly 40% expect AI to profoundly reshape how they manage their finances.
Through internal and external polling of thousands of small business owners in the first half of the year, Bluevine’s research showed that 60% of them say they have no plans to reduce their headcount because of AI in the next two years. The research shows Main Street businesses see AI as helping existing teams work smarter, and 60% of small business owners polled saying they’re optimistic about AI’s effect on their business.
“AI applications–if properly built–can serve as a way to help small business owners punch above their weight class. And when they do, it’s interesting that they’re not looking to cut headcount but rather are using AI to enhance their business outlook,” Eyal Lifshitz, co-founder and CEO of Bluevine, said about the research. “They’re curious about AI but made it known they want clarity, security, and tools that actually fit their business. That’s the conversation we need to be having.”
Businesses are exploring practical ways to employ AI with top AI-use cases including marketing and sales (39%), business data and insights (33%), and customer service support (28%). The AI tools that saw the largest percentage increase in Bluevine customer usage were ChatGPT (436%), Cursor (22,100%,), Fireflies (169%), Runway (129%), and Otter (76%).
Overall, the use of AI among small businesses is growing exponentially, with Bluevine checking account client data showing an increase of 410,900% in usage of AI systems by small business owners across the country over the past two years. That highlights another point: Small business owners who hesitate to implement AI systems now are at risk of falling behind their early-adopter counterparts.
“AI is making it so that small business owners are able to operate more efficiently and effectively than ever before,” Lifshitz continued about the research. “This has the opportunity to strengthen the path of small business ownership for future generations.”
Still, concerns remain: 23% of survey respondents say security risks and potential data breaches are their top worries when considering whether to use AI apps for financial tasks. Beyond security, small business owners worry about cost (9%), whether AI can be trusted to make accurate decisions (17%), and headaches integrating new tools with their current banking systems (5%). Meanwhile, 18% say AI isn’t under consideration for managing finances.
