Last
week, we explored two real-world ways you can use an AI language model to
improve your small business from building efficiency to marketing your brand.
This week, I’m continuing the discussion to bring you three more ways to use AI
to support your business. Plus, I’ll explain when to bring in professional
(human) business guidance that a machine can never replace.
The
future is here, my friends! Here are 3 more ways to use AI to support your
business.
3.
Draft Corporate Resolutions and Annual Meeting Minutes
In order
to fully enjoy the benefits of your business and keep it running worry-free,
it’s important to keep up-to-date documentation on your business’s company
meetings and any resolutions or changes you make to the business.
If you
own a corporation, you’re required to conduct an annual meeting with the board
of directors and record those meeting minutes. You’re also required to document
any major changes to the business in a corporate resolution, which is a legally
binding document that records the decisions made by the board of directors and
any actions or next steps the company will take as a result.
If you
own an LLC, you aren’t required by law to document your meetings or
resolutions, but it’s in your and your company’s best interest to do so. If you
don’t properly document decisions, discussions, or changes that occur in your
business, you leave room for disagreement and conflict between you, your board
of directors or members, your vendors, and your clients. At its worst, failing
to properly document these items could result in a lawsuit against your company
in which you are held personally liable, due to there not being documented
separation between you and your business!
But don’t
worry, documenting your meetings and discussions is easier than ever with the
help of AI. An AI language model like ChatGPT or Jasper can help you create
professional and complete documents for your business when you don’t have the
ability or the time to do them yourself.
Of course, you can’t rely on AI to make sure the documents are completely accurate because the software only has the information you provide it to work from. Because of this, AI is an excellent tool for note-taking and drafting, but if you aren’t sure what the documentation requirements are for your business, or want to make sure your documentation is done properly, give me a call. I’d be happy to meet with you to ensure your business is in compliance with all local and national laws, and to make sure you and your company are protected from possible conflict and liability for years to come.
4.
Document Loans Between You and Your Company
Owning a
business is a challenging but rewarding experience. In addition to the sense of
accomplishment you get from managing your business day-to-day, you also get to
enjoy certain benefits as the owner of a company. You’re likely already
familiar with the liability protection a business structure like an LLC or
corporation can provide for you by keeping the risks and liabilities of your
business separate from your personal assets.
But
owning a business provides another financial benefit to you: you can borrow
money from your company for your own personal use, almost like your own
personal bank!
Now, that
doesn’t mean you should just take out all the money you want from your business
whenever you want with no formality in place. In the event of an IRS audit or a
lawsuit brought against you, you’ll want to have clear documentation that the
money you accessed was in fact a loan rather than regular income, and that any
members or directors of your company have approved the loan.
Once
again, you can start the process by using your notes about the transaction and
an AI language model to draft loan documents such as:
●
Meeting minutes noting the authorization of the loan
●
A promissory note, with terms for repaying the loan
●
What the interest on the loan will be
●
Collateral on the loan, when appropriate
● The timeline for
repaying the loan
By
keeping thorough records of any loans you take from your business, you can
leverage your business’s financial resources to make investments or pay off
unexpected expenses, while still maintaining a separation between you and your
business.
Now here’s the reality: just because AI
can do it for you, doesn’t mean you will know to do it, or that you’ll even do
it if you know you should.
And that’s where we come in. As your a Business Advisor, we will make sure that
your meeting minutes and any loans or other transactions that need to be
documented actually get done, the right way.
5.
Enhance the Customer Experience
Last but
not least, using AI to improve your customer experience can make all the
difference in growing your client base and building brand awareness. No matter
what size your business is, customers are drawn to businesses that have signs,
websites, and ads that are easy to understand, catchy, and thoughtfully written.
If you’re
thinking you don’t have the skill to create excellent advertising materials or
the budget to hire someone who does, AI can help. Using an AI language model, you can get
professional, attention-grabbing materials without the price tag of a professional
ad agency or copywriter.
For
example, you can enter website copy you drafted and some information about your
ideal customers into ChatGPT and it can create helpful information for your
website. If you feel fairly confident in your writing skills but would like an
extra set of “eyes” on your work, you can enter what you wrote into ChatGPT and
ask it to provide suggestions to improve your work. With the help of AI, you
can more easily manage some of your business’s biggest, but most important,
hurdles to growth.
Guiding
Your Business Through Every Stage
I love learning about new technology that can help a business grow
and prosper. And as a small business owner myself, I know how hard it is to
keep up with everything you need to do as an owner - from filing corporate
reports, making tax payments, and making sure your company’s legal documents
are complete and up-to-date.
I hope these uses for AI help you tackle your day with more
efficiency and energy so you can bring even more of your heart and vision to
your business. But, don’t forget that there are some things that even the best
tech tools can’t do for you.
No matter how big or small your business is, every business needs
trusted legal counsel and strategic planning to make sure the technology, Legal,
Insurance, Financial and Tax (LIFT) systems you set up for your company will
support it through every stage. I’ll help identify your real vision for your
business, your business’s risks, and the Legal, Insurance, Financial, and Tax
components you need to see your business grow into the future.
If you want to make sure all the pieces of your business are
working together towards the goal you have for the business and the life you
want, contact
us today for a complimentary 15-minute consultation.
This article is a service of Ganvir Law, Personal
Family Lawyer™. We offer a complete spectrum of legal services for businesses
and can help you make the wisest choices on how to deal with your business
throughout life and in the event of your death. We also offer a Business
Strategy Session for an ongoing business, which includes a review of all the
legal, financial, and tax systems you need for your business. Call us today to
schedule.
The content is sourced from Personal Family Lawyer® for use
by Personal Family Lawyer® firms, a source believed to be providing accurate information.
This material was created for educational and informational purposes only and
is not intended as ERISA, tax, legal, or investment advice. If you are seeking
legal advice specific to your needs, such advice services must be obtained on
your own separate from this educational material.