Harnessing the power of AI to propel your small business forward

By Partner Content on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs

Written by Harry Geisler, CEO of YAVA.com.

As an early-stage startup founder or a small business owner, you’re always on the lookout for ways to gain a competitive edge and drive sustainable growth at scale. We’ve seen this firsthand at YAVA, where we’ve helped businesses accelerate strategic goals with our bespoke development solutions and consultancy services.

In today’s evolving tech landscape, a new ally is at hand; artificial intelligence (AI) and generative AI (GenAI) stand out as potential gamechangers for the entrepreneur.

AI has moved from the realms of science fiction, doomsday scenarios and a niche concept to a tool that is revolutionising the way businesses of all levels operate, from enterprises to startups.

Automating the mundane and empowering the exceptional

One of the key benefits of AI for businesses is its ability to automate repetitive, time-consuming tasks. Studies have shown that AI-powered automation can increase productivity by up to 40 per cent, providing a technology-driven competitive edge.

From software updates and maintenance to customer service and data analysis, AI-powered solutions can handle these mundane responsibilities with lightning speed and precision. This in turn could help address the current skills shortage facing many industries, with individuals being able to spend time upskilling or mentoring younger professionals.

Additionally, AI can also help transform customer experience, which is a huge differentiator in today’s digital age. Without investing significant resources, AI tools can help startups and small businesses personalise interactions and build stronger relationships with their customers, which may stand them apart from their larger competitors.

The Orion Policy Institute provides an example of chatbots like those powered by ManyChat, which can provide 24/7 customer support, answer frequently asked questions and even handle simple transactions.

More recently, GenAI has enabled individuals, startups and small businesses to create content and even generate code to develop new products in the relative blink of an eye. This frees up valuable time and resources, allowing entrepreneurs to focus on more strategic, high-impact initiatives, such as allowing entrepreneurs to get their product or service to market and in front of consumers.

Continuously learn to take advantage of AI

To capitalise on the benefits of AI, startup founders and small business owners must become adept at leveraging these powerful tools. Embracing a mindset of continuous learning and adaptation is important in achieving this. By investing in their own AI expertise, entrepreneurs can unlock new levels of efficiency, productivity and customer satisfaction.

For example, I often use Microsoft Copilot to automate many tasks, such as managing my calendar, to free up time for higher-value activities like focusing on revenue building and strategic planning.

Caution remains

Despite the significant advantages AI represents, UK startups and small businesses are largely apprehensive about embracing AI.

Research carried out by the British Chambers of Commerce (BCC) Insights Unit in partnership with specialist recruiter Pertemps Network Group, found that only 25 per cent of small firms are currently using a specific AI technology, even though 42 per cent of companies say they believe AI will increase their productivity overall.

In response to these findings, the British Chambers of Commerce has urged the new Labour government to take action to help startups and small businesses realise the benefits of AI and make it easier for them to adopt it. Now whether the new administration will do this… I don’t know.

Regulatory considerations

My view has always been to embrace an innovation-first mindset. But with the potential of stricter AI regulations, startup and small business owners may face new challenges in harnessing the full benefits of AI, beyond the initial apprehension.

On one hand, this may be a good thing, but on the other, this could be viewed as anticompetitive, leading to more compliance costs and creating further barriers to entry in AI development and adoption. Firms that are at the beginning of their journey generally lack the necessary resources to navigate complex regulatory environments, which could slow down innovation or deter them from exploring AI technologies altogether.

With the potential for stricter regulations on the horizon, it’s important to understand and comply with any new regulations, while also advocating for policies that strike a balance between protecting workers and enabling small businesses to thrive.

What’s clear to me is that in general, politicians on both sides need to get better familiarised with AI to understand its transformative benefits. Could governments not deploy AI to improve efficiencies and help cut costs instead of raising taxes in the next budget? They need to start thinking like a fast-moving enterprise, willing to experiment with technology at pace.

In a recent BBC interview with former Prime Minister Tony Blair, he views AI as a great catalyst for change and said: “the big question for any political leader in modern politics is how do I understand, master and harness the technology revolution?”

Run towards AI

Startups and small businesses should view AI as a key differentiator that can help them create a business that lasts; mitigating the worrying statistic that 9 out of 10 startups fail.

My advice to fellow entrepreneurs is clear: they need to embrace technology, as those who run away from it will be left behind. It’s also vitally important to learn about the available AI tools and how to use them effectively.

One such solution is YAVA. Our AI-powered platform connects early-stage and small business founders with experienced technology leaders who can guide them through the complexities of starting and scaling a business. We can’t find you love, like Tinder or Bumble, but our AI matches you based on shared passions, values and hobbies (as well as project requirements), ensuring shared motivation and a recipe for success.

Looking ahead, we are building a platform that will revolutionise executive hiring beyond just technology leadership, replacing outdated recruitment methods with an AI-driven approach that matches CFOs, COOs, CEOs and other managers with the right teams.

Ultimately, the future of startup and small business success is inextricably linked to the strategic adoption of AI and solutions like YAVA. By embracing this transformative technology, entrepreneurs can unlock new levels of efficiency, productivity and customer satisfaction – positioning their businesses for long-term growth and success, even in the face of evolving regulatory challenges.

Visit www.yava.com to learn more about our Founder Matching Platform and our Bespoke Development and Consultancy Services.

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