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In today's fast-paced world, technology is rapidly evolving and changing the way we live our lives. Artificial intelligence (AI) stands out as one of the most transformative technologies of the century. The application is practically endless. It's an exciting time to be an entrepreneur or running a small business. For the first time, AI is leveling the playing field, allowing small companies to compete with large conglomerates.
Embracing new technologies can be a scary and intimidating risk. Fortunately, there are some practical ways that small business owners can start adding AI to their toolkit today.
Related: How Small and Mid-Sized Businesses Can Leverage AI to Compete With Large Companies
1. Automate repetitive tasks
One of the most immediate benefits AI brings to small businesses is the ability to automate time-consuming, repetitive and routine tasks. The reality is that entrepreneurs often wear many hats as they juggle both the operational and administrative duties of their company. Tasks such as data entry, appointment scheduling and invoicing can take valuable time away from making sales and growing the business. In addition, automating processes can help reduce the risk of costly mistakes and human error. AI tools can be leveraged to accurately update customer records, generate reports and process invoicing to reduce costs.
Entrepreneurs should start by examining the software they currently use. Most major technology companies are investing in adding AI features to their tools. Implementing AI may be as simple as learning to use the AI capabilities already available to you and your team. You can also implement new AI-powered tools like Zapier to help streamline tasks by various apps and automating workflows.
2. Provide 24/7 customer support
For many small businesses, providing consistent and reliable customer support is challenging due to limited resources. This is especially difficult in a time when consumers are accustomed to instant gratification. When potential customers can't reach a business outside of their operating hours, they will usually move on to a competitor. AI-powered chatbots can be programmed to handle a wide range of inquiries, including answering frequent product questions, guiding them through the sales process, resolving issues or directing customers to useful resources.
Tools like chatbots can be added to websites to help the business transition to providing round-the-clock customer support. Even during regular business hours, chatbots can also reduce the strain on the team or help with unexpected increases in customer inquiries. These types of communication tools can help improve customer satisfaction and avoid missed sales opportunities, regardless of time zone or staff availability.
Related: AI for the Future: 5 Powerful Reasons Small Businesses Should Jump on Board
3. Enhance customer experience with personalized marketing
Personalization has become one of the key drivers in customer satisfaction and loyalty. Consumers today crave unique and personalized experiences. Manually personalizing marketing messages, offers and product recommendations can be a tedious process for small businesses. AI makes this easy by analyzing large amounts of customer data and tailoring marketing campaigns to the needs of the specific user.
Platforms like HubSpot and Google Analytics are a great place to start when looking to track and understand user behavior. Other AI tools can then be used to create personalized customer journeys that improve the ability to close sales and improve the customer's experience. The best part for an entrepreneur is that this can be accomplished without a large marketing budget.
4. Performance tracking and decision making
Entrepreneurs often have to make important decisions that can impact the future of their business, such as deciding on a new product, expanding into new markets or implementing a different operating model. Good quality data and insights are critical to making great decisions. AI can act as an entrepreneur's personal team of analysts combing through data to spot patterns or anomalies, and that could be useful for the business.
In addition to helping drive decision making, data visualization tools such as Tableau and Power BI can turn this data into useful metrics and key performance indicators. This can provide valuable insights into whether the company is operating effectively.
5. Scaling your business
As a business grows, managing operations can become quite complex. Statistically speaking, the vast majority of growing businesses (92%) struggle to scale up their operations. This is a huge challenge for small businesses that have limited resources to facilitate this expansion. By implementing AI tools, small businesses can proactively design processes and tools that are designed to handle a larger volume of customers. This ensures that the business operations won't be impacted if the business experiences an unexpected wave of sales and needs to ramp up quickly.
Related: Small Businesses Have Fewer Resources Than Big Companies. Here's How AI Can Fill the Gaps.
AI is no longer a tool reserved for large corporations. Entrepreneurs and small business owners now have access to powerful AI technologies that can help them work smarter, instead of harder. Whether it's automating routine tasks, enhancing customer support or scaling operations, adding AI to your business toolkit can provide the agility and efficiency needed to thrive in a competitive market. As AI continues to evolve, small businesses that embrace these technologies will not only level the playing field but also unlock new growth opportunities that were once out of reach.
