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Intuit CEO on What Small Businesses Need for Growth

In this segment from "Interview 30" on Motley Fool Live, recorded on Dec. 8, Intuit (NASDAQ:INTU) CEO Sasan Goodarzi talks about how Intuit is striving to serve small businesses with its range of products and how it can best support small business growth long-term.

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Sasan Goodarzi: Many small businesses, especially the ones that are 50-60 employees, they have like 75 different apps that they use. Their information is in a lot of different places i.e., Excel spreadsheets, shoe boxes, different apps, and it's hard for them to manage their cash flow. It's hard for them to know if they should buy more inventory or hire another employee. When we stepped back and really looked at, how do we become the small business platform to fuel the success of small businesses? We felt like we had to play a critical role in helping small businesses grow their business. So we looked at the whole landscape and ultimately decided on Mailchimp. To answer your question, right now, 50% of small businesses go out of business after five years. We'd like for those that are on our platform, for them not only to never go out of business, but ultimately to be able to thrive and fuel the success of those around them and fuel the global economy. The power of the Mailchimp assets which helps you grow your business and all the assets that we have in QuickBooks puts the power of what's possible in the hands of those very small businesses that frankly drive our economy and need the ability to be able to compete for customers. It's really about 100% success rate of every small business that we serve. That is ultimately what matters to us the most.

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