How AI can help grow your small business [Microsoft Study]

AI is already here, and Windows 11 is using it to become more flexible and intuitive. Microsoft is also all about AI, from its AI-based products, such as Microsoft Fabric, to AI research, such as LongMeM or Orca 13B.

And since AI is everywhere these days, it seems Microsoft also conducted a study on AI can help grow your small business.

During the pandemic, small businesses were especially affected by lockdowns and a lack of social presence. Now, after a post-COVID period, inflation remains high, putting additional pressure on this kind of business.

However, this is where AI comes to the rescue. By adopting AI and AI-based tools, small companies were able to overcome a lot of challenges, including financial and management ones. According to Microsoft, small businesses everywhere are intrigued by AI. Especially because it brings a lot opportunities in areas where it doesn’t seem it would bring any.

Here’s why Microsoft thinks AI can grow your small business

Microsoft conducted a survey of 1,000 small business owners with 0-24 employees and they found some very interesting facts about AI in the business world.

According to the Small Business State of Mind report, it turns out there are four main points to consider when talking about AI in a small business.

Balancing act

Inflation as well as data security are the biggest pain points of any small business.

• 65% of small business owners are blaming inflation as the main factor for their financial struggles. And with financial struggles, there are also many other struggles, including a tight budget for security.

• 49% of small business owners agree that data security is essential, but many don’t have the money for it. So it all falls on the hope that they won’t get affected by security breaches.

Automating a lot of a small company’s processes with AI would free up the budget to invest in other areas, such as data security.

Entrepreneur to admin

Small business owners focus too much on daily tasks, to think about innovation, though they want to innovate.

• 47% of small business owners are too focused on daily tasks, to even think about innovation in their company.

• 59% of small business owners want to innovate, though, And they would spend more time on new ideas if only they could find the time.

Tools such as Microsoft Teams and Microsoft Edge, that incorporate AI in their features could also greatly improve the workflow. If time is required to think about new ideas, then AI could very easily make that time.

AI Optimism in your small business

• 47% of small business owners say AI is a game changer and a valuable asset to their company.

• 88% of small business owners who consider themselves experts on it, think the same.

This means AI is already seen as a game changer for small businesses. Potentially, it could even be a tool to make their companies grow.

However, according to the study, only:

• 10% of small business owners know how to use AI for their work-related tasks.

• 67% of small business owners know nothing about AI in general.

But overall, 79% of small business owners want to learn more about using AI in their companies. Another study conducted by Microsoft says that early adopters are four times more likely to be confident in their business as they progress against business objectives. So it’s a good thing many small business owners want to learn more about AI.

Overall, AI can greatly improve the infrastructure of your small company, if you know how to use it. You could easily automatize tasks with AI. You can easily create content for your marketing strategy using AI. Ai would not only mean more time, but more money as well.

Are you a small business owner? What do you thin about using AI in your company? Let us know your opinions in the comments section below.