With the rapid rise of Generative Artificial Intelligence (gen AI), staying ahead of the competition curve can often prove challenging. Following a survey of more than 500 microbusiness owners in Canada, data shows that one in five have already used AI to support their business. Of those, the typical business reported average time savings equating to 300 hours a year. That’s the equivalent of eight working weeks each year*.
What works? Is my data safe? Will I create more problems than I solve by embracing automations?
Running a small business is no small feat, and we all know that time and energy are like precious gems. GoDaddy’s research also shows that the ways Canadian entrepreneurs are using AI to achieve time and financial savings are diverse. For example, over half (58%) of Canadian entrepreneurs are using AI to support marketing activity, with 74% using it to support content creation. In addition, over one-third (39%) are using AI tools as a resource for customer service and 29% are using it to boost sales
If you’ve never used this kind of software and feel overwhelmed by learning new tech tools, don’t worry. These tools can be the sidekick you didn’t know you needed, if you start wrapping your head around the many ways they can be helpful.
How AI Can Benefit Small Businesses
AI technology offers a wide range of benefits that can significantly help small businesses. Here are some key ways AI can transform your operations:
1. Enhanced Efficiency
AI tools automate repetitive tasks, freeing up valuable time for business owners to focus on strategic activities.
2. Improved Customer Experience
AI-driven chatbots and customer support tools can provide instant responses to customer inquiries, enhancing the customer experience. These tools can handle a range of queries, from answering frequently asked questions to assisting with purchases, ensuring your customers receive prompt and accurate support.
3. Data-Driven Insights
AI can analyse vast amounts of data to provide actionable insights into customer behaviour, market trends, and business performance.
By leveraging these insights, small business owners can make informed decisions that drive growth and profitability.
4. Cost Savings
By automating tasks and optimising processes, AI can help small businesses reduce operational costs. These tools eliminate the need for expensive design and marketing services, enabling business owners to achieve professional results at a fraction of the cost.
5. Scalability
AI-powered solutions are highly scalable, allowing small businesses to grow without the need for proportional increases in staff or resources.
As your business expands, AI tools can handle the increased workload, ensuring seamless operations.
6. Cybersecurity defender
In this online-driven world, proper cybersecurity is crucial for all businesses. Thankfully, AI can act like a digital bouncer, spotting potential threats and keeping your business safe from cyberattacks. Think of it as a tech-savvy guard dog for your virtual storefront.
How to get started with AI
Alright, so you’re probably wondering – how do I actually get started with this tech wizardry? Don’t worry; it’s easier than you think. There’s an AI tool for almost every need, so investigate different options and choose wisely. Pick the ones that best align with your business goals, budget, and tech know-how.
Experiment and learn
Try different artificial intelligence tools and see what works best for your business and the way you like to operate. Play around with different prompts to see how you can refine the answers you get, and remember that the software can learn your business “voice” and requirements over time, when trained correctly.
Integration magic
Most AI tools can seamlessly integrate with your existing software. That means you won’t have to start from scratch – just a bit of tech magic, and you should be good to go. Before you sign up for a tool, though, check that it will work okay with the main programs you currently utilise in your business.
Stay updated
AI and technology are always evolving, so keep an eye out for updates and new features that can further enhance your business operations, or new ways of using current tools. Artificial intelligence is here to rescue you from the daily grind and can be your trusty sidekicks, helping you save time, energy, and maybe even a little sanity. Start testing out some new tools today so that you can boost your business results sooner.
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Research conducted by Advanis, among 504 entrepreneurs in Canada, January 2024.
