By Sophie Bell, managing director, Toast
I probably don’t need to tell you that small businesses are very used to rolling with the punches, but there’s something about the AI revolution that seems to have knocked a fair few off course.
Perhaps it’s because clients or customers aren’t yet demanding AI use, or perhaps it still feels abstract for some, but although around 31% of SMEs have integrated AI tools into their work, over half (59%) have put plans for their own, potentially game-changing, AI platforms, on hold. That’s according to new research from Google. And that rings true.
The key point is that AI is an opportunity to grasp now. No industry stands still, and the potential of AI to improve quality, efficiency, and innovation is too significant to ignore. If you’re not exploring how it can elevate your work, you risk falling behind as others move ahead.
Of course, coming up with something new and useful, especially without an extensive R&D budget, is tough for most small businesses. You often have to rely on the skills you already have in-house and make the most of limited time and resources. That can shape the direction you take, but with some determination and a clear goal, it’s still possible to build something that not only works but actually stands out, even next to much bigger players.
Going through that process comes with plenty of learnings. So if you’re an SME trying to innovate on a tight budget, here are six lessons that might help you along the way – no matter what industry you’re in.
- Firstly, try and face AI head on and learn what you can about how it works, and who’s currently using it in your space. It’s difficult to spend time informing yourself when you’re wearing so many hats, but remember, AI can be a great leveller. AI could be one of the first technologies that could help small businesses get a leg up, and compete with much larger companies, so it’s worth the exploration time.
- Try and think beyond the automation – yes, processes can be sped up with AI, but what’s really powerful is going beyond that. How can it elevate what you’re doing to make it better, not just faster?
- Make a list of the key challenges in your business and then ask: could we solve that with AI? Try to avoid duplicating other platforms. Just as everybody brings something different to the market, so everyone has their own challenges. This is about something that solves your unique business challenges, not somebody else’s.
- Bear in mind that AI is also helping to ease the journey to development – for instance, AI inspired coding platforms are letting small businesses try out their ideas before having to get coders involved. This has historically been a hurdle to developing ideas, but shouldn’t be any longer.
- Don’t be afraid to seek expert advice. That could be to kick you off or get you unstuck along the way. There are some really savvy, experienced people out there – even though it’s a relatively new discipline – and they can set you on the right course.
- If you don’t lean in, you could be swept away – AI isn’t perfect, and bias is something we’ve had to work around. It’s all about getting AI help in a meaningful way for you and your business. Just as we felt the industry wasn’t standing still, it’s essential to take control of your destiny as a small business.
According to Google, SMEs think making this investment could increase their revenues by up to 30%. That’s not to be ignored. My hope is that our journey can, in some small way, inspire other small businesses to take the first step on their own.