More small businesses are using AI to grow and stay competitive.  

Jordan Crenshaw, the Senior Vice President of the U.S. Chamber of Commerce Technology Engagement Center, says AI is empowering small businesses and is a “force multiplier” when it comes to growth. Crenshaw says AI is helping small business owners compete with larger players in the market without making a significant investment.  

According to Crenshaw, small businesses are using AI tools like accounting software such as Quickbooks and payment software to increase productivity while maintaining overhead expenses. 

In addition, Crenshaw says 40% of small businesses use generative AI tools to market their products and create advertising images. Tools such as online AI chatbots also help small businesses communicate with potential customers. 

Crenshaw says 98% of small businesses are using some sort of AI-enabled tool, and  90% of businesses that use AI saw increased sales. “We’re seeing tangible benefits now.” 

As a note of caution, Crenshaw says only one-third of small businesses are prepared for coming AI regulations. He encourages lawmakers not to pass one-size-fits-all policies that could negatively impact small businesses.