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In today's fast-paced world, technology is evolving rapidly and changing the way we live our lives. Artificial intelligence (AI) is considered one of the most transformative technologies of the century. The possible applications are practically endless. It's an exciting time to be an entrepreneur or run a small business. For the first time, AI levels the playing field and enables small businesses to compete with large corporations.
Adopting new technology can be a scary and intimidating risk. Fortunately, there are some practical ways small business owners can start adding AI to their toolkit today.
Related: How small and medium-sized businesses can use 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 take on many hats as they juggle both the operational and administrative tasks of their business. Tasks like data entry, scheduling, and invoicing can eat up valuable time from selling and growing the business. Additionally, automating processes can help reduce the risk of costly errors and human error. AI tools can be used to accurately update customer records, generate reports, and process invoicing to reduce costs.
Entrepreneurs should first examine the software they currently use. Most major technology companies are investing in adding AI capabilities to their tools. Implementing AI can be as simple as learning to use the AI capabilities that are already available to you and your team. You can also implement new AI-powered tools like Zapier to streamline tasks through various apps and automate 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 particularly difficult at a time when consumers are accustomed to instant gratification. When potential customers can't reach a company after hours, they typically switch to a competitor. AI-powered chatbots can be programmed to handle a variety of requests, including answering common product questions, guiding you through the sales process, resolving problems, or directing customers to useful resources.
Tools like chatbots can be added to websites to help the business transition to providing 24/7 customer support. Even during regular business hours, chatbots can relieve 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 Get Involved
3. Improve customer experience through personalized marketing
Personalization has become one of the most important drivers of customer satisfaction and loyalty. Consumers today crave unique and personalized experiences. Manually personalizing marketing messages, offers, and product recommendations can be a laborious process for small businesses. AI makes this easy by analyzing large amounts of customer data and tailoring marketing campaigns to each user's needs.
Platforms like HubSpot and Google Analytics are a good place to start when it comes to tracking and understanding user behavior. Additional AI tools can then be used to create personalized customer journeys that improve the ability to close sales and the customer experience. The best thing for an entrepreneur is that this can be achieved 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 adopting a different operating model. High-quality data and insights are crucial for good decisions. AI can act as an entrepreneur's personal team of analysts, combing through data to identify patterns or anomalies, and that could be useful for the business.
Data visualization tools like Tableau and Power BI not only support decision making, but can also transform this data into useful metrics and key performance indicators. This can provide valuable insight into whether the company is operating effectively.
5. Scale your business
As a company grows, managing operations can become quite complex. Statistically, the vast majority of growing companies (92%) struggle to scale up their operations. This is a major challenge for small businesses that have limited resources to accommodate this expansion. By implementing AI tools, small businesses can proactively design processes and tools designed to serve larger volumes of customers. This ensures that business operations are not impacted if the company experiences an unexpected wave of sales and needs to ramp up quickly.
Related: Small businesses have fewer resources than large businesses. This is how AI can close 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, not harder. Whether it's automating routine tasks, improving customer support, or scaling operations, adding AI to your business tools can give you the agility and efficiency you need to succeed in a competitive market. As AI continues to evolve, small businesses leveraging these technologies will not only level the playing field, but also unlock new growth opportunities that were previously out of reach.
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