Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), explains how artificial intelligence is giving entrepreneurs their time back.
Keith Hall
President and CEO, National Association for the Self-Employed (NASE), www.nase.org
What are the most significant pressures and opportunities facing America’s self-employed and freelancer community right now, and how is artificial intelligence (AI) reshaping that landscape?
Changing technology is one of the most significant pressures facing small business owners today, but it is also the greatest opportunity. The No. 1 asset every small business owner, freelancer, and solo entrepreneur has is their time, and AI is giving them more of it. Whether it is communication, financial planning, or everyday administrative tasks, AI tools are helping entrepreneurs work more efficiently and retain the time they need to focus on growing their business. That has always been the most valuable asset an owner has, and today’s technology is making it go further than ever before.
Given these shifts, what’s your top guidance for small and solo owners trying to stay competitive and future-ready?
My best advice is to stay connected. It sounds simple, but it is the most critical thing an owner can do. Technology is different today than it was yesterday, and it will be different again tomorrow. Resources from the National Association for the Self-Employed at nase.org, the Internal Revenue Service at irs.gov, and the Small Business Administration at sba.gov are increasingly using AI themselves to surface better information for small business owners. The entrepreneurs who stay plugged into those resources will be the ones best positioned to adapt, compete, and grow.
What should small business owners understand about capital needs and cash-flow planning as they integrate AI into their operations?
Cash flow management is nonnegotiable, and it is evolving, as every small business needs cash, whether they are growing, maintaining their market share, or looking for their next customer. Proactive cash flow management never goes away. Many small business owners do not realize that banks and financial institutions are already using AI to evaluate credit decisions, forecast cash flow, and benchmark businesses against industry peers. That means owners need to be doing the same. Using AI for your own financial forecasting, planning reports, and lender communications puts you on equal footing with the institutions evaluating your business. Maintaining a strong, proactive relationship with your community banker — and showing up prepared — has never been more important, and AI can help you do exactly that.
What are the opportunities and challenges for freelancers and solo entrepreneurs using AI, and how could they better use it to save time and be more productive?
Small business owners are already putting AI to work, with nationwide surveys showing that more than 2 in 3 small business owners are using AI tools. The most significant gains so far relate to communications, including drafting emails, polishing documents, drafting grant and lending requests, and more. These processes are being streamlined, saving hours of valuable time. However, perhaps the biggest potential lies in the numbers. Processes such as financial planning, cash flow management, loan repayment plans, forecasting, tax planning, and even tax preparation can be greatly enhanced with existing AI tools. Whether communicating with your local bank, pitching your growth plans to venture capital sources, or completing grant applications, AI can help put your vision and your story on paper, and it can be the key difference in securing the capital you need to succeed.
What are the risks the self-employed community should be aware of when it comes to AI?
Owners must proceed with caution. AI is a powerful assistant, not the final authority. Treat everything it produces as a first draft. Verify the facts and keep a professional on hand for anything consequential. Be just as careful about what you feed it, because your tax IDs, Social Security numbers, and customer lists are the real value of your business, and AI’s convenience can never come at the expense of data security or customer trust. Efficiency and responsibility have always anchored our federal advocacy on taxes and regulation, and paired with human oversight, AI supports extending that mission.
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