Illustration: Getty Images
Small businesses tend to be slow adopters. But according to the head of small business at Verizon, Aparna Khurjekar, the opposite is true when it comes to artificial intelligence. Khurjekar is definitely right here. AI is being adopted at warp speed. I recently had a chance to speak with Khurjekar about the ever-evolving landscape of small business in this historic era. I was especially eager to get her perspective as to on the top trends that she sees for small business right now and how they compared to my own.
Here’s her take:
1. Fast AI adoption
At the top of both of our lists is, as indicated, the incredibly fast adoption of AI by small businesses. “We have found with our small business customers that they are especially leveraging AI for marketing, getting more customers, and various top of funnel options,” Khurjekar says.
• To automate repetitive tasks: Things like making appointments, managing customer inquiries, and processing orders can all be automated with the right AI.
• For marketing/engagement: For example, lists can be segmented and ads more specifically targeted with AI. Email campaigns can be personalized.
• To make better, more informed decisions: AI can analyze trends, data, and strategies to give you customized advice. Personally, I have found ChatGPT to be a great business coach and mentor.
2. A greater emphasis on cybersecurity
The second trend that Khurjekar saw—both within her vibrant Verizon small business community as well as generally—is a greater focus by small businesses on cybersecurity. It’s true: As business operations become increasingly digital, cybersecurity has emerged as a critical priority, requiring small businesses to invest in robust measures to safeguard their assets and preserve customer trust.
What’s more, the bad guys are becoming increasingly sophisticated with their malware, phishing scams, viruses, and data breaches. What that means is that we entrepreneurs must become ever more vigilant.
If you don’t have cybersecurity software on your computer and systems, then it’s long past time to get some. And if you do, make sure it is up to date. Losing your customer lists and their private data to a cybercrime is the sort of thing that can put you out of business pronto.
3. Saas consolidation
One thing I always like to say, because it is very true, is that this is the best time ever to be an entrepreneur. The reason is that, not only is entrepreneurship celebrated these days, but there are just so many amazing tools out there allowing us to implement our dream. Big businesses spend a huge amount of time and money thinking about, and creating, sophisticated tools designed especially for small businesses.
But with all those tools comes some confusion, and that is why Khurjekar noted that what she sees is that small businesses are now prioritizing the consolidation of their software-as-a-service solutions. Why? Having one system that does it all makes a lot of sense. It’s less expensive, far more efficient, and in the end, easier.
4. More small business owners leveraging social media for growth
The TikTok brouhaha was a thing for a reason. Entrepreneurs, solopreneurs, side hustlers, the self-employed, and small businesses generally are making bank on the platform. Business influencer Gary Vaynerchuk has noted that the specialty of TikTok—live social selling using TikTok shops—is the next wave in social media.
Khurjekar expressed the same sentiment. “Social media platforms have become vital tools for SMBs to connect with customers, expand their reach, strengthen their digital presence, and ultimately drive sales,” she says.
All four of these trends are spot-on, and it behooves the savvy entrepreneur to take them into account. Business is changing rapidly right now, and we all better hop on board this fast moving train lest it leave the station without us.
The One Constant Trend
The one constant trend is that customers will return AND recommend to others, businesses where they feel appreciated. Measuring your customer’s experiences and rewarding associates for positive feedback from customers, is the key to building a strong customer service culture. We have the tools to help you do that on a consistent bases. Give us a call, we can help.
Services
STEVE STRAUSS CARL PHILLIPS
