Category: Industry Specific

How Small Business Is Using AI

Small businesses are increasingly adopting generative AI to improve efficiency, streamline operations, and enhance hiring, with about a third experimenting with it and a quarter already seeing benefits.

AI helps small businesses compete with larger corporations by automating tasks, improving communication, and freeing up time for strategic growth. Examples include using AI for grant writing, training videos, brand strategy, and contract management. While challenges like data security remain, business owners are carefully integrating AI to enhance productivity and workforce engagement. See this piece posted on CNBC for more details!

Things To Consider Before Diving Into The Restaurant Business

Investing in a restaurant requires careful planning and due diligence. Experts emphasize that restaurant investments take time to become profitable—typically at least two years—and should be viewed as part of a broader financial strategy, potentially involving property acquisition. Choosing the right investment structure, such as an LLC, can help manage tax implications and liability risks. Success in the industry depends heavily on the right team, as motivated staff contribute significantly to a restaurant’s stability. Investors should also consider the restaurant’s customer base and local market conditions, ensuring there is demand and differentiation from competitors. Reviewing financials is crucial—messy or unrealistic projections signal risk. Lastly, scalability matters, with the best opportunities often involving experienced operators who have already built a successful location and are looking to expand. To read more about this, see this article from US News and World Report entitled “6 Facts To Know Before Investing in a Restaurant”.

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.

Podcast on Managing Hybrid Teams

In this eCornell Keynote podcast episode, Brad Bell from Cornell University’s School of Industrial and Labor Relations discusses the challenges of managing hybrid teams and offers actionable strategies for success.

He highlights three key differences in hybrid work environments—variety, volatility, and volition—that organizations must address. Effective leadership in hybrid teams involves fostering a shared understanding, maintaining a team identity, and promoting an inclusive social climate. Bell also emphasizes the importance of delegating leadership tasks and using agile technology. Conflict resolution and ensuring team alignment are crucial, as hybrid teams often struggle with cohesion and communication. Finally, he underscores the career advancement challenges of remote work and suggests that in-person engagement can help employees progress.

How Small Businesses Can Leverage AI to Build Brand Awareness

Artificial Intelligence (AI) tools can provide some cost effective support for small businesses as they leverage email campaigns, social media posts and search data to better target their customers. AI can work with existing marketing documents research to create material less time and for less cost than it would take create from scratch. Additionally, tools like Adobe Photoshop and Canva have now embedded AI image generation into their workflows, enabling non-designers to put together professional-looking graphics or layouts. To read more about how AI tools are helping level the playing field for small business, check out this recent article in CIO.

The Story Behind The Company, Baked By Melissa

Melissa Ben-Ishay founded Baked by Melissa after being fired from her ad agency job, leading her to start a cupcake business with her brother. The company grew from Ben-Ishay’s apartment kitchen to a commercial kitchen and multiple locations, leveraging social media to expand its reach, while Ben-Ishay became a successful CEO and cookbook author, overcoming gender-based obstacles in entrepreneurship. To read more about her journey, see this piece posted on CNBC

How a TikTok Ban May Impact Small Businesses

The launch of TikTok Shop led to significant sales growth for small and medium-sized businesses, such as Michelle Silva’s Kali Rose Boutique which is mentioned in this CBS News piece. The potential ban of TikTok in the United States poses a threat to these businesses’ revenue streams and could lead to layoffs and economic consequences, prompting concerns among business owners and experts about the impact on the digital ecosystem and economy.

Understanding FemTech

FemTech is a rapidly growing sector encompassing technology-enabled solutions for women’s health which usually includes maternal health, menstrual health, pelvic and sexual health, fertility, menopause, and contraception, as well as a number of general health conditions that affect women disproportionately or differently (such as osteoporosis or cardiovascular disease). The article posted by McKinsey explores FemTech’s recent growth, market opportunities, and potential to address unmet needs. With over 70% of FemTech companies having female founders, the field is seen as a disruptive force in healthcare, offering innovative solutions to improve care delivery, enable self-care, enhance diagnoses, and address stigmatized areas, with the potential to catalyze positive social changes.

Small Business Trends for 2024

According to this piece posted by the US Chamber of Commerce, small businesses are expected to undergo significant changes in 2024. The adoption of artificial intelligence (AI) is anticipated to grow rapidly, with applications in marketing, HR, customer service, and logistics, providing efficiency and productivity gains.

Augmented reality (AR) and virtual reality (VR) are predicted to be leveraged by businesses, especially in retail, real estate, and hospitality, to create immersive customer experiences.

Remote operations are expected to become the norm for many small businesses, allowing access to a global talent pool and reducing overhead costs.

Finally, customers are expected to take greater control of their journeys, requiring businesses to provide more personalized and educational experiences. Check out the link above to read more!

Is Your Website Accessible To All?

According to this recent article in Inc., while most small business have websites, many small business owners don’t realize that business websites need to comply with the Americans with Disabilities Act. With a rise in lawsuits against companies for failure to comply, it is in every small business owner’s best interest to understand the rules. Read the article to learn more!