Small businesses have been facing unprecedented challenges due to the pandemic, inflation, labor market uncertainties, and technological advancements. To better understand how small businesses are coping with these challenges, the Thryv Small Business Index was launched in 2023. The index found that small business owners are increasingly relying on new technologies to enhance their operations and improve efficiency.
One major challenge faced by small business owners is burnout, with many working close to 50 hours per week, leading to health risks. Investing in business technology can help reduce workload and create more efficient workdays. By automating back-office tasks and implementing customer management systems, small businesses can prioritize customer care and enhance the overall customer experience.
Marketing automation is another crucial technology that can give small businesses a competitive edge. Many small business owners lack the expertise or resources to create comprehensive marketing campaigns. Automation tools allow businesses to nurture customers with personalized messages, track customer interactions, and save time on marketing activities. The use of automation has been shown to provide a competitive advantage to small businesses.
The importance of artificial intelligence (AI) in managing business operations is also on the rise. Small business owners are increasingly prioritizing investments in tech, and AI is playing a significant role in various aspects of business management, from communications to marketing to accounting. AI tools can increase productivity, help business owners stay on top of industry trends, and streamline operations without the need for additional staff.
Overall, technology has emerged as a key factor in building resilient small businesses that can withstand economic challenges and competition. By leveraging modern business technologies such as AI, marketing automation, and advanced insights tools, small business owners can create efficient and competitive businesses. Embracing automation and AI can not only improve operations but also boost confidence and competitiveness against larger competitors.
The Forbes Business Council recognizes the importance of technology in small business growth and offers networking opportunities for business owners and leaders. Small businesses are increasingly recognizing the value of technology in navigating challenges and achieving success in today’s competitive business landscape. By embracing new technologies and staying ahead of trends, small businesses can position themselves for long-term success.
