Can AI Really Add Any Value to Growing the Average Business?

I admit, I have been skeptical!

I was around for the first big dotcom boom when people would say things like “everything is different now” and this is “the economy 2.0” and all the old rules don’t apply.

I was also around when a ton of those new businesses imploded and it turned out a lot of the old rules still did apply and eyeballs and domain names alone weren’t enough to pay the bills.

AI feels like a lot of the same hype. It’s new and amazing and going to change the world as we know it. It’s going to put virtually everyone out of work. Everything is different now. My standard response has been along the line of “well, my toilet has a leak, can AI come over and fix it?” because if it can’t then I don’t know if we’re as far along as you’re making it sound.

Of course, when I do that, I sound like an old, cranky person who doesn’t get it.

And I do recognize that technology has transformed the world in amazing ways just since I’ve been around. I’m no Luddite. But I do wonder how much AI can actually do for the average main street business.

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So in next week’s issue I’m going to go over a bunch of things I think the average business owner can do with AI to actually make a significant impact on their not necessarily techy business or decidedly main street business to still take advantage of some serious computing horsepower.

But for this week, here’s what I’m going to do- give you an AI-powered amazing freebie!

I went to Google Notebook, which is a free and frankly pretty astounding AI tool, and I put in the sum total of all my newsletters to date. Which currently stands at just over 75,000 words written.

All written by me personally and all based on 25 years of business ownership. And in about 12 seconds, this AI distilled it into a one pager of key bullet points organized into a few different related buckets in a way that would have taken me days to pull together.

Here’s what I suggest you do with this, aside from reading it over once.

Copy it into a word doc and delete stuff you think doesn’t apply. Cross off everything on the list you feel like you already do really well. Then review what’s left and start picking out those things you think you can tackle first. Then a second batch, and then a third. Organize it into sections to work on. Make it your own for your business and goals.

Then keep your list somewhere you see it regularly and work on it a little bit all the time. I guarantee if you do that by the end of this year your business will be measurably better.

Not because I am some self-proclaimed business genius with all the good ideas. But because the ideas on here are long-term business 101 basics that will always be worth keeping in mind and help you grow your business. Through this hype phase and the next and the next.

At least until the day the robots do take over for good and we can all just go hang out at the beach!

Check out the concise summary take on my grow your business content here:

To effectively grow a business, a business owner should focus on several key areas, including mindset, customer understanding, financial management, and operational efficiency.

Mindset and Planning:

Strive for continuous improvement by making small, incremental improvements every day. This can involve reading customer reviews to identify areas for improvement or keeping up with industry trends.
Set clear, measurable goals. Goals should be set for the short, medium, and long term, and should include specific actions that can be delegated to others. Regularly monitor progress towards goals and revise them as needed.
Adopt a growth mindset, understanding that business ownership is a journey, not a destination.
Plan for the future, not just the present, by allocating time each week to think about the business’s growth and address issues that create daily headaches.
Be willing to experiment with new products or services without overthinking. It is important to get customer feedback to determine if you are on the right track.
Focus on growth, because cutting costs can only go so far, whereas growth can lead to greater financial security.

Customer Focus:

Understand what customers truly want by focusing on outcomes rather than just services. You must know why customers choose your business over competitors.
Cater to customer needs by niching down to a specific subset of customers you can serve best.
Deliver value that customers appreciate in excess of the price they pay.
Make sure your customer experience is excellent to encourage repeat business and referrals.
Ask for sincere feedback from customers, new employees, and vendors to identify areas for improvement.

Financial Management:

Keep detailed financial records to demonstrate the business’s financial health to potential buyers.
Understand key performance indicators (KPIs) such as leads per month, conversion rates, profit per sale, customer lifetime value, and cost of customer acquisition.
Price based on the value you provide, not just on what competitors charge.
Ensure your business is charging enough to pay good wages and manage costs and margins properly
Monitor cash flow, but not just as the only way to manage the business
Understand your profit margin, both overall and by product or service.

Operational Efficiency and Growth Strategies:

Identify and address capacity constraints that limit growth. This may involve exploring ways to get the most out of existing resources and creative solutions.
Create documented processes to ensure consistent operations.
Delegate tasks to others so you can focus on the things that bring the most value to the business.
Hire the right people and empower them. Treat employees well and create a safe and friendly work environment.
Build a lead generation system to ensure a steady stream of new potential clients. This involves identifying your target customer, what makes you different, and a consistent delivery method.
Focus on the most profitable and valuable parts of the business. It may sometimes be more effective to grow by reducing unprofitable activities.
Be aware of single points of failure in your business and take steps to minimize them.
Ensure your business can run without your daily input to maximize its value.
Be open to expanding what your business offers. The best way to do this is to ask your current customers.
Recognize and utilize all business assets to generate income.
Prioritize a balance between sales and customer retention by focusing on both bringing in new customers and ensuring a great experience so they continue to do business with you.
When you expand, make sure to do it in a way that allows cross-selling and upselling to your existing customers.
Be prepared to adapt and learn from your competition.