Category: Small Business News

Verizon Survey Shows Doubling in AI Adoption Among Small Businesses

Verizon Business’s fifth annual State of Small Business Survey, conducted with Morning Consult, highlights a notable increase in AI adoption among small and midsize businesses (SMBs), driven by growing awareness and accessibility. The survey found that AI usage has more than doubled in the past year, with 39% of SMBs now utilizing AI tools to streamline tasks and improve efficiency—up from just 14% in 2023. This increase reflects the perception among SMBs that AI can significantly enhance business operations, although it also raises new security concerns. Despite financial anxieties, SMBs are investing in AI, faster internet, and digital solutions, underscoring a strong commitment to technology as they adapt to changing consumer demands.

2024 Bank of America Women & Minority Business Owner Spotlight

The 2024 Bank of America Women & Minority Business Owner Spotlight reveals that 78% of small and mid-sized business owners anticipate revenue growth over the next year, with high levels of confidence among Hispanic-Latino, Black/African American, and AAPI entrepreneurs. Many business owners, especially women, plan to expand, hire, and invest in employee development, though concerns about inflation, labor shortages, and the political environment remain top challenges.

Rising Influence of Women in the Restoration Industry

The growing presence of women in the restoration industry (this industry focuses on repairing and restoring properties damaged by events like fires, floods, mold, and other disasters) signifies progress in breaking traditional gender roles, with women taking on key roles as technicians, business owners, and leaders. Despite facing challenges such as gender stereotypes, women in this field are demonstrating strong leadership, multitasking abilities, and emotional intelligence, contributing to a more inclusive and diverse industry. To read more about this growing field for women, see this article in Forbes.

Small Business Is Booming

Despite challenges like high inflation and tight credit, Americans are starting new businesses at near-record levels, with over 3 million business applications filed so far this year. The Small Business Administration (SBA) has responded by increasing loan approvals, particularly for women, Latino, and Black-owned businesses, even as the average loan size decreases. To read more about this trend, see this article in Inc.