What are the key issues facing small businesses this year?

On The Small Business Radio Show this week, I talked with Chris Shank who is the Vice President of Retail-to-Business (R2B) Sales for Verizon Business, overseeing operations across 28 states with a team of over 450 employees that generates $1,042M in annual revenue.  He is responsible for driving sales and financial performance, enhancing the customer experience, fostering a strong organizational culture, and leading strategic planning efforts.

These are the major issues facing every small business this year:

AI Adoption

Trend Analysis: AI usage among small businesses has more than doubled in the past year. This surge is driven by the recognition of AI’s potential to automate tasks, enhance customer interactions, and streamline operations.

Actionable Tips:

• Start Small: Begin with AI tools that address specific pain points, such as customer service chatbots or inventory management systems.
• Educate Yourself: Invest time in understanding AI technologies and their applications. Online courses and webinars can be valuable resources.
• Pilot Programs: Implement pilot programs to test AI solutions on a small scale before a full rollout.

Overcoming AI Fears

Understanding the Fear: While some small business owners are excited about AI, others view it as a threat. This fear often stems from unfamiliarity with the technology.

Actionable Tips:

• Focus on Benefits: Highlight how AI can save time and reduce costs, making it easier to see its value.
• Training and Support: Provide training sessions for employees to familiarize them with AI tools and their functionalities.
• Success Stories: Share case studies of similar businesses that have successfully integrated AI.

Cybersecurity Essentials

Alarming Statistics: Chris shared that 68% of data breaches involve a non-malicious human element, and 77% of web application attacks involve stolen credentials. These statistics underscore the importance of robust cybersecurity measures.

Actionable Tips:

• Employee Training: Regularly train employees to recognize phishing attempts and other common cyber threats.
• Multi-Factor Authentication (MFA): Implement MFA to add an extra layer of security.
• Regular Updates: Ensure all software and systems are regularly updated to protect against vulnerabilities.

SaaS Consolidation

Benefits and Pitfalls: SaaS consolidation can streamline operations by reducing the number of vendors a business works with. However, it’s essential to consider the costs associated with data migration and integration.

Actionable Tips:

• Evaluate Vendors: Assess vendor capabilities to ensure they can meet future needs without incurring additional costs.
• Integration Planning: Develop a detailed plan for data migration and integration to minimize disruptions.
• Cost-Benefit Analysis: Conduct a thorough cost-benefit analysis to determine if consolidation is the right move for your business.

Evolving Role of Social Media

Changing Landscape: Social media remains a vital channel for small businesses, but its use is evolving. Traditional social media marketing is declining, while social media storefronts are on the rise.

Actionable Tips:

• Engage Customers: Use platforms like Facebook and Instagram to engage customers and conduct transactions.
• Content Strategy: Develop a content strategy that includes a mix of promotional and engaging content to keep your audience interested.
• Monitor Trends: Stay updated on social media trends to adapt your strategy accordingly.

Listen to the entire interview on The Small Business Radio Show.

This article, “Unlocking the Power of AI for Your Small Business” was first published on Small Business Trends