By Randal Adcock
Yes, AI is changing the world of work, and no one knows exactly how this will play out. But we should all be paying close attention to this new and emerging opportunity/threat. I have been testing ChatGPT, the latest breakthrough in AI technology. The answers are interesting, somewhat revealing, and maybe even sometimes suspect. But ignore it at your peril! There is a virtual explosion of software applications that are using this same AI technology to solve the full range of human challenges. Meaning — that it could put you out of work.
In a recent conversation I learned that Deloitte is forecasting that as much of 50 % of the workforce will be impacted over the next five years! If you are lucky enough to keep your job at a larger company, the work will be so automated that it will leave little room for your creative talents. Work will continue to be even more meaningless.
Other people will be laid off. They will have to redefine themselves and compete against a growing cadre of the unemployed. I expect that many people will have to work gigs, i.e., freelance, from one task or project to another. People will need to adopt software tools and agile methods to quickly join teams of complementary competencies. In other words, I expect that there will be growing demand for the kinds of support services that Wayfinders is imagining.
I asked ChatGPT this: “What are the top 20 tips for improving small business management efficiency and effectiveness?”
In about five seconds it answered:
ChatGPT
As an AI language model, I have gathered some of the most effective tips for small business management efficiency and effectiveness based on industry best practices and expert opinions. Here are the top 20 tips:
- Set clear goals and objectives: Clearly define what you want to achieve and create a roadmap to get there.
- Prioritize tasks: Determine what is most important and urgent and tackle those first.
- Create a budget: Know how much money you have to work with and where it’s going.
- Monitor cash flow: Keep track of incoming and outgoing funds to ensure financial stability.
- Automate processes: Utilize technology to streamline tasks and reduce manual labor.
- Hire the right employees: Find candidates with the necessary skills and experience to complement your team.
- Delegate responsibilities: Assign tasks to employees who have the necessary skills and experience.
- Communicate effectively: Provide clear instructions, share feedback, and encourage open dialogue.
- Encourage creativity and innovation: Foster an environment that encourages new ideas and solutions.
- Use data to make decisions: Analyze data to inform business decisions and track progress.
- Develop a marketing strategy: Create a plan to promote your business and attract new customers.
- Focus on customer service: Provide excellent customer service to increase customer satisfaction and loyalty.
- Network: Build relationships with other business owners, industry professionals, and potential customers.
- Embrace change: Be adaptable and willing to adjust strategies and processes as needed.
- Manage time effectively: Use time management techniques to stay organized and productive.
- Set up a mentorship program: Pair employees with mentors to help them grow professionally.
- Provide ongoing training: Offer professional development opportunities to employees to improve skills and knowledge.
- Keep up with industry trends: Stay informed about industry news and trends to stay competitive.
- Foster a positive company culture: Create an environment that promotes collaboration, respect, and positivity.
- Take care of yourself: As a leader, it’s important to prioritize your own well-being to ensure you have the energy and focus to lead effectively.
By implementing these tips, small business owners can improve their management efficiency and effectiveness, leading to increased productivity, profitability, and overall success.
So, not much new, here, but some good reminders for those who have been running a business for a while. If you want to play with ChatGPT for free, you can find it here.
