Celebrating Entrepreneurial Spirit and Pushing Digital Tools Forward
As we conclude National Small Business Week, the entrepreneurial spirit of America is still alive and well. Small businesses are truly the backbone to the economy and serve as a catalyst for economic development across all of our 82 counties in the Magnolia State.
In the US, small businesses generate about 44% of economic activity in the US, account for over 46% of private sector jobs, and, from 1995-2021, small businesses were responsible for 62.7% of all net jobs created.
The robustness of small businesses is more crucial now than ever. As economic uncertainties persist, small businesses provide necessary stability and recovery dynamism. They typically rebound faster than larger corporations because of their nimbleness and deep community ties. This agility helps in adapting swiftly to economic shifts and consumer behavior changes, underscoring the importance of sustained support and targeted policies to enhance their resilience.
Last year, Mississippi SBDC launched the Resources for International Success and Expansion (RISE) Center at Ole Miss to boost existing small businesses poised for growth and expansion.
Of the six resources available, Digital Transformation continues to gain traction, particularly with businesses positioning their business model to include evolving digital tools.
What is Digital Transformation? Ask 100 business executives across the country what that trending catchphrase means, and you’ll likely get 100 different answers.
At the RISE Center, we look at Digital Transformation as a multifaceted approach.
From the ground level, Digital Transformation may mean bringing outdated, analog processes to the digital world. This could mean a small business moving to a point of sale system, adopting accounting software, or establishing a baseline social media footprint.
Or, maybe small businesses have established digital systems but need analyzing the effectiveness of these areas, such as search engine optimization (SEO), website review, social media digital marketing, etc.
Finally, Digital Transformation for larger, more established businesses could mean incorporating artificial intelligence (AI) tools to streamline efficiencies, identify critical insights, and/or automate processes. However, the integration of AI is not just about automation; it's also proving to be a job creator. About 80% of CEOs have reported that AI has boosted productivity and contributed to job creation within their organizations.
Many ask – What Generative AI tools are out there for small businesses to use today?
1) ChatGPT: An AI-powered chatbot from OpenAI. Benefits for small business owners include automating customer service to handle inquiries 24/7, assisting with content creation, providing input on communications, as well as strong research capabilities. This helps save costs and improves efficiency and customer satisfaction.
2) Google Analytics: provides essential insights into website performance and user engagement, helping businesses optimize their digital strategy based on real-time data.
3) Zoho Inventory: employs AI to optimize stock levels by predicting inventory needs based on historical sales data, helping businesses avoid overstocking and understocking.
4) LinkedIn: LinkedIn’s AI-enhanced tools help small businesses find and recruit top talent by matching job listings with suitable candidates and providing insights into the hiring landscape.
As we look to the future, the importance of digital proficiency for small businesses cannot be overstated. To bridge the digital gap and equip our small business owners with the tools necessary for growth and competitiveness, Mississippi SBDC will host 10 Digital Marketing Bootcamps (DMB) as a statewide program in the second half of 2024 (locations and dates coming soon).
Over 99% of businesses in Mississippi are small businesses. Small business owners are our relatives, friends, neighbors, and community leaders. By investing in digital skills and tools, we are not only enhancing our businesses but also strengthening the fabric of our communities, ensuring that the entrepreneurial spirit thrives in Mississippi for generations to come.
