Are you an AI early adopter who’s reaping the benefits of increased productivity and growth, or are you postponing the unwelcome business of getting to grips with another complex software system?
The former are thin on the ground, according to The Taleist Agency strategic AI marketing adviser, Steven Lewis. He says when and where to use AI in their operations has become the $64 million question for Australian small businesses.
“Most of the group that know they should be using it are in three camps – dabbling in chaos, frozen in fear or pumping the air because they’ve ‘nailed it’,” Lewis says.
But throwing random AI tools at random problems – using ChatGPT to summarise a document or write a social media post, say – isn’t necessarily making the most of this game changing technology.
Getting smarter about AI
So, how can small business owners better benefit from AI adoption?
Stop thinking of it as a tool and start thinking about it as a ‘second brain’ that needs proper training, for starters, Lewis advises.
“The business owners getting big results aren’t using AI randomly; they’re capturing their own unique expertise then using AI to amplify it,” he says.
“It’s enabling them to perform better and win back time that was previously spent doing busywork.”
Taking it step by step
Rather than trying to AI-ify everything in your business at once, it pays to focus on one activity at a time. Start with something that will deliver an attractive return on investment and build your AI system around that first, Lewis recommends.
“Pick your highest ROI marketing activity, for example – perhaps that’s email marketing or LinkedIn – or use AI to ‘consult’ to you on your pricing strategy,” Lewis says.
The magic happens when AI sounds exactly like you at your best so it’s worth spending time documenting your strategic thinking, messaging approaches and the specific phrases you use.
Building a ‘prompt library’ means you won’t have to waste time re-inventing the wheel every time you lean on AI for assistance.
“Create a workflow of prompts you’ll use over and over again – specific instructions for specific tasks you complete repeatedly,” Lewis says.
Securing your digitally driven business operations
As your small business becomes more technology-driven, it pays to think about how your operations might be affected if your critical business systems were to go offline for an extended period, for any reason.
A disaster recovery plan can help you get back online faster while business interruption and cyber insurance can help you bounce back financially. The former can assist with cash flow, should you be unable to trade as a result of online or real-life disruption, while the latter can cover costs and liabilities incurred as a result of cyber-attacks and data breaches.
Cover to protect you today and tomorrow
As your business moves with the times, having the right insurance and cyber cover is essential. A broker can help you determine the type and level of cover that will best meet your evolving requirements. If you’d like to review your policies or chat about your needs, reach out to your Steadfast broker today.
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Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.
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Important notice - Steadfast Group Limited ABN 98 073 659 677 and Steadfast Network Brokers
This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates to it before acquiring the product.
Information is current as at the date the article is written as specified within it but is subject to change. Steadfast Group Ltd and Steadfast Network Brokers make no representation as to the accuracy or completeness of the information. Various third parties have contributed to the production of this content. All information is subject to copyright and may not be reproduced without the prior written consent of Steadfast Group Limited.