Rumor has it that small and medium businesses (SMBs) aren’t ready for the big leagues. Despite their reputation for being competent and dedicated, some misconceptions about their readiness for larger-scale markets still linger.
Our latest Small and Medium Business Trends Report dispels the three most common myths about small businesses once and for all. Are you ready to learn the truth?
What we’ll cover:
- Myth 1: Small businesses lack the budget for modern technology
- Myth 2: Small businesses aren’t competitive
- Myth 3: Small businesses aren’t ready for artificial intelligence (AI)
- Bust the small business myths and scale your business
Myth 1: Small businesses lack the budget for modern technology
Reality: Small business owners don’t hesitate to invest in software that delivers a bang for their buck. While they laser-focus on their budgets, they’re often early adopters of modern technology. They understand that the right technology can enhance their market reach, and customer service, and level the playing field with large enterprises.
Source: Small and Medium Business Trends Report, Sixth Edition
76% of businesses are increasing their tech spending compared to last year. This proves that SMBs are open to tech adoption now more than ever. Mature and digitally savvy SMBs prefer investing in cloud-based solutions like customer relationships management (CRM) and financial services solutions to get a unified view of their customers and business.
Start with SMB Basics
Myth 2: Small businesses aren’t competitive
Reality: It’s often commented that small businesses don’t compete with established companies. But the truth is that all enterprises began as small businesses. Six in ten SMB leaders consider enterprises their biggest competition, not businesses their size. SMBs are lean and have shorter feedback loops — so they can adapt to market changes and customer needs faster than enterprises. SMBs understand that flexibility and agility are the keys to competency.
Source: Small and Medium Business Trends Report, Sixth Edition
However, despite keeping up with technology trends, SMBs believe they can do better. Our research reveals that SMBs are concerned about falling behind and want to be more tech-focused.
Myth 3: Small businesses aren’t ready for advanced AI
Reality: Untrue. Small businesses are innovative and mindful of the benefits of advanced technology like artificial intelligence (AI). Implementing AI is a lot like coming of age for fast-growing small businesses. Whether using chatbots or predictive forecasting — 75% of SMBs use AI in some capacity. The primary use case is using agents for round-the-clock customer service and delivering personalized recommendations.
Source: Small and Medium Business Trends Report, Sixth Edition
Our research shows that 85% of SMBs that invest in AI are confident they’ll yield positive outcomes. Besides, nine in ten SMB leaders admit AI makes their businesses efficient. The verdict? Small businesses are beyond ready for advanced AI solutions — in fact, they’re leading the way.
Using AI to make operations more efficient is the number-one priority for most SMBs. AI agents can take mundane tasks off your table. In fact, Kris Billmaier, EVP & GM, Sales Cloud & self-service & Growth Products at Salesforce, stated, “All small businesses could use an extra pair of hands — without the cost of additional headcount. We’re focused on doing everything we can to help SMBs be more productive, effective, and drive growth.”
With Agentforce, you can build and customize AI agents that best fit your business needs. They can operate across various channels like Slack, WhatsApp, and email and practically mimic a physical agent. From handling customer queries and offering product recommendations to running end-to-end marketing campaigns and helping your sales teams sell better — Agentforce helps scale your business more efficiently.
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Bust the small business myths and scale with AI
Want to debunk more myths about small businesses? Check out our Small and Medium Business Trends Report for all the latest insights. SMBs require tools, resources, and techniques that drive growth. We understand that small businesses have unique needs. As your business grows, your requirements also evolve — and we’re here for it all.
Whether you want to create marketing content or automate repetitive and taxing tasks, Starter Suite makes your business efficient from day one. Try it out today, for free.
