Adedeji Awolesi

Today, AI is experiencing a super wave. We will explore how small businesses and micro businesses can adopt AI. This session is in continuation of my business consultancy for small and micro businesses [Please read my earlier posts].

I am publishing for the Festive Tech 2024 Calendar.

With the rise of Artificial Intelligence (AI), businesses can integrate AI tools into their operations. These tools can drive efficiency and enhance customer experience. They can also drive business growth. AI is not only for bigger corporations. AI tools are becoming affordable and accessible. Small or micro businesses can tap into the transformative potential of these tools.

Streamline with Automation

AI tools with automation features can help small or micro business owners to streamline repetitive tasks. This enables the business owners to focus on higher value activities. This is one of the most significant advantages of AI.

• Scheduling: There are lots of AI tools available for scheduling. They can assist business owners to manage appointments. They also send reminders and automate schedules. These tools can help to reduce labor time, cost and improve efficiency.
• Inventory Management: AI tools can track stock levels, predict inventory needs, automate reordering processes and reducing overstock.
• Data Entry: AI can process, input data more accurately and quickly than human workers.

Enhance Customer Engagement

In a business where we know customer experience is paramount, AI can provide tools for engaging customers. These tools also help in better understanding them. By analysing customer data, AI driven analytic tools can offer

• Customer behaviour: AI can help small and micro business owners understand customer interactions with their businesses. It examines purchasing patterns, preferences and feedback. These will help the business know how to tailor their marketing strategies, product recommendations and send targeted email campaigns.
• Personalised Marketing: AI can understand customers based on their behaviors. It can segment them for email targeting and social media advertising. AI generates content and ensures that the right message reaches the right person at the right time. I have once consulted for a small bakery. They adopted these tools to send tailored promotions for birthday cakes to customers who had previously ordered them. This strategy increased the likelihood of business sales.
• Chatbots: AI driven chatbots can engage customers, answer frequently asked questions and guide users through the purchasing process. These can help to build customer loyalty, increase customer satisfaction, build up sales and reduces workload on human staff.

Enable Smarter decision with Data Insights

Data is a powerful tool for small and micro businesses. Still, many business owners struggle to effectively gather it. They also find it challenging to interpret. Adopting and using AI analytic tools, AI can help in turning real data into actionable insights.

• Predict trends: These tools can analyse historical dataset to forecast future trends, helping business owners to make informed decision about market trends, product development, inventory, sales, market shifts etc
• Optimise Pricing: AI algorithm can help assess market condition and competitor pricing to recommend optimal pricing and ensuring competitiveness.
• Monitor Performance Metrics: One of the things business owners fail to do is to monitor business metrics. AI can track key performance indicators. This feature will quickly allow businesses to adjust strategies based on data-driven insights, not guesses.

Leverage for competitive advantage

Understanding your competitor is essential for small and micro businesses. AI tools can help in gathering and analysing data about competitors.

• Market research platforms: There are many market research platforms. These AI tools can offer insight into competitor marketing, strategies, and performance. These can help you find opportunities and adjust your business strategies.
• Predictive analysis: AI tools can help business owners to forecast competitor behaviour based on historical data. These tools aid in anticipating competitors marketing moves. This allows the business to proactively adjust its strategy.
• Social Media Monitoring: AI powered social media listening tools can track competitors’ social media activities. It can analyse competitors engagement metrics, post frequency, audience interactions and contents. This will help business owners see what content resonates with their audience. They can then apply those insights to their social media strategy.

AI Business Adoption

• Identify key business needs: Small/micro businesses need to pinpoint where AI will have the most impact. It is unwise for businesses to just adopt AI tools without identifying business gaps. Some common use cases include automating tasks like email response. They also involve providing personalized recommendations for customer engagement. Additionally, businesses can gain insights into customer trends or behaviours.
• Use free or low cost tools and integrate with existing tools. There are lots of free or inexpensive AI tools that micro business can leverage. Most of their existing tools have AI features that can be used. I once advised a local e-commerce business to leverage Shopify AI insights. They used it to predict product trends and optimise inventory. Most of the tools businesses are using now have AI features but not all are using this features.
• Start Small and scale gradually: Small or micro businesses should not overhaul all their operations with AI. Instead, they should focus on one process at a time. Scaling gradually helps to reduce risk and ensures they can adapt to changes smoothly.
• Upskilling: It is important for business owners to dedicate time to learning new AI tools and exploring its capabilities. Most AI platforms have user friendly interfaces and abundant learning resources. Another important advice I always give is to hire a freelancer or consultant when navigating AI feels overwhelming. Consider this for specific projects or knowledge.
• Monitor and Evaluate: AI adoption is not just a one time event. It is important for business owners to regularly evaluate the AI tools and its impact on their business. They can check if tasks are completed faster, business revenue growing or customer satisfaction. Depending on their findings, they can adjust their AI strategy on what works best.

Call to business Action

If you are re a small or micro business owner, consider exploring AI solutions that align with your specific needs. The right AI tools can automate schedules. They can enhance customer engagement. These tools aid in making smarter business decisions. They also offer a competitive advantage. These benefits can help you unlock your business’s full potential. Embrace AI, watch your business flourish and don’t let competition leave you behind.

Final thoughts!!!

If you’re a small business owner, now is the time to explore how AI can revolutionize your operations. Start small, embrace the possibilities and watch your business accelerate to new heights. The best time to explore AI is now as tools are becoming increasingly accessible and easy to use.

Are you a small or micro business owner experimenting with AI? Share your journey, challenges or favourite tools in the comments below!