Small Businesses Embrace AI to Tackle Economic Challenges and Grow

Unlocking the Power of AI in Small Businesses

As economic challenges loom, small and midsize businesses (SMBs) are turning to technology, particularly artificial intelligence (AI), to navigate uncertain waters. Verizon Business' recent survey reveals that active AI use among SMBs has surged from 14% in 2023 to an impressive 39% in 2024. This doubling isn’t by chance; many business owners have gained familiarity with AI tools and are finding innovative ways to automate tedious tasks.

Shifts in Technology Investment

The survey, conducted by Morning Consult, encompasses insights from 621 SMBs across the U.S. It illustrates a significant shift in technology investment driven by the growing necessity of online operations. Approximately 38% of respondents added digital components to their businesses, while a substantial 66% upgraded their internet bandwidth to manage increased demand. Such changes are not merely reactive; they reflect a forward-thinking approach to business growth.

Optimism Amid Challenges

Despite the present economic climate filled with concerns over inflation and financial stability, SMBs exhibit a surprising sense of optimism. Over half of the surveyed businesses believe that their financial situations will improve shortly. This resilience offers a glimpse into the entrepreneurial spirit that drives these businesses, motivating them to prepare for a strong upcoming holiday season by adopting an in-store-first strategy.

Embracing Social Media for Growth

Social media platforms have become vital for these businesses, with Facebook leading the way—84% of respondents use it to reach customers. Emerging platforms like Instagram, YouTube, and TikTok are also gaining traction, showing that SMBs are adapting their marketing strategies to engage with today’s digital-savvy consumers effectively.

Verizon’s Support for SMBs

In an effort to bolster this trend, Verizon Business is offering free consultations during its Small Business Days. These “tech checks” are designed to help businesses assess their technology needs, a crucial step for sustainable growth. Additionally, Verizon’s Small Business Digital Ready platform offers free training and resources, including courses on AI and financial planning, aimed at supporting one million SMBs by 2030.

With AI’s transformative potential and the support of initiatives like those from Verizon, small businesses are not just surviving but thriving in today’s challenging landscape. Understanding how to utilize these technological tools will undoubtedly be key to their continued success.

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