Five ways A.I. can help grow a small business

A.I. powered florist.

One of the best ways to take control of your career, do something you love, and avoid workplace ageism is to start your own business.

As an older entrepreneur one of the challenges that might be thrown at you by potential backers is that ‘you don’t understand technology.’

Unfair, given that the 50 plus workforce invented much of the digital technology that is around today. We are the inventors of ‘digital’, and increasingly digital natives. But keeping up to date is the challenge.

Five ways A.I. can work for you

So here’s five ways that AI can help you with your new start up, whether it’s a tech business or a plumber.

And at the end of this article there’s a list of online courses you can go on that will help you develop your AI / small business skills.

But first of all we’d suggest you go on the General Purpose AI essentials ‘in person’ course at WeWork in Waterloo.

It is a great foundation in AI, and there’s something magical about being in a ‘real’ class room with a bunch of like minded souls.

1. A.I. Chatbots

AI chatbots provide instant responses to customer inquiries, handle routine tasks, and offer 24/7 support, ensuring customers always have access to assistance. By using AI chatbots, small businesses can significantly reduce response times and improve overall customer satisfaction.

Of course the trick is to make sure the chatbots do a good job. And do not annoy your potential customers more than they help them.

2. Streamlining Operations…

AI-powered tools can automate repetitive tasks, such as data entry and inventory management, allowing businesses to focus on strategic initiatives.

Automation boosts productivity, reduces labour costs, and minimizes human error, ensuring accuracy and consistency in operations.

3. Personalising Marketing Campaigns

AI can help businesses create highly targeted marketing campaigns by analysing customer data and predicting preferences.

This personalized approach enhances marketing effectiveness, maximizes ROI, and drives higher engagement and conversion rates.

But AI is no substitute for the ‘magic’ of brands and great content. Use it thoughtfully, and never forget the importance of HC (Human Creativity.)

4. Optimizing Inventory Management

AI-driven inventory systems use machine learning algorithms to predict sales trends and manage stock levels efficiently. Demand forecasting helps businesses anticipate customer needs, reducing the risk of stockouts and overstocking, and optimizing cash flow.

Link into your accounts and cashflow predictions and you can builda machine that helps your new business run like clockwork.

5. Better Decision-Making with Data Insights

AI-powered analytics provide deep insights into operations, customer behavior, and market trends.

These insights inform strategic decision-making, allowing businesses to respond quickly to changing circumstances and stay ahead of competitors.

You are the boss, not A.I.

Never forget, AI is not as smart as you are. One of the huge benefits of being an older entrepreneur is that you have experience and wisdom that extends way beyond the AI knowledge pool. Use it. It is your secret weapon.