There are over 500 million small to medium business owners (SMBs) around Earth. Regrettably, however, over 50 million businesses fail each and every year.
How do we solve this issue? At the peak of the list of answers was small business coach training. Give a struggling business owner the right advice and they will avoid potentially unseen pitfalls. Plus, show them the perfect way to run a business and they will rise to their potential. It’s a worthwhile profession and a much-needed strategy. However, as good as small business coaching is, it does have its limits.
So here is list of the issues related to business coaches:
- High Price — When it comes to business coaches you pay for what you get. The really great leadership consulting companies know they are good and they charge accordingly. Plus, when you think about the fact that half of the world’s entrepreneurs still live on less than $20 per day, they just cannot afford the help they so desperately desire.
- Very Limited — If you’re lucky enough to pay for a business coach, and they just so happen to be in your region, you’re doing well if you’re able to meet together once a month. That means if you’ve got an issue, between sessions, you will be sitting on it for a while.
- Not Particular — When you receive an advisor or coach, you will quickly realize they’re probably a generalist. They know a little bit of knowledge about a lot of subjects but ask them ‘how can I conduct Facebook Ads?’ or ‘what POS system should I use?’ And 99 percent will have no idea.
- Not Scalable — Say you do locate a business coach in your budget and they’re willing to assist. You’re among the lucky ones. Regrettably there are hundreds of millions of others which are still forced to tough it out on their own. Quite simply, there are not enough good advisors to go around.
Next on the list of answers that don’t help were: Novels, YouTube Videos, group run corporate programs, meet-ups and networking groups. All offer something a bit different, but again, all have their drawbacks.
So it was time to search for a new solution, a lasting one that was fit for our contemporary world, the answer came in the form of Artificial Intelligence (AI).
Quite Simply AI is a field of computer science that’s aimed at programming computers to do things which are typically done by people — specifically, things connected with individuals acting intelligently.
AI is going to play a significant role in the progress of each business. The guarantee is that it will reduce costs, save time and also save lives, AI already accounts for some automated business processes that were not previously able to be done by people, such as GPS fleet tracking and mobile data capture.
So how could AI help this business and provide millions of business owners their very own, private business coach. The response was BRiN, the world’s first artificially intelligent business advisor. It has the potential to give businesses 24/7 advice to cultivate the company. But best of all the company are now able to provide the service at scale, meaning they are able to provide human-like coaching to each entrepreneur on the planet, all at exactly the same time.
At this point, you might be wondering if there is room for different players in the sector and are there other niches where artificial intelligence can be implemented. The answer is a resounding, yes and yes! In the future, there will be countless AI-powered digital assistants. There’ll be ones for; client support, booking flights, tax advice, medical diagnosis, safety management systems and much more.
However, Closer to home, in five years a number of these assistants will come in the kind of coaches who will help you do just about anything, it’s possible they will provide career advice, weight loss and nutritional advice, tutoring, relationship counselling and even business management systems.
This is a fantastic thing for society. Bear in mind, in most areas, just one to three percent of the populace engage the help of a coach. With Artificial intelligence at work, these amounts will stay consistent and they might even grow as the rest of society will then have the ability to try out training services for the first time, albeit through electronic means. Then once people get results and expertise benefits, naturally many will attempt to update to a more personal service.
Now to those that see opportunity. As you know, there are a whole lot of people in the world — about eight billion or so. And the vast majority have not had the means and for that reason the chance to seek expert aid.
So there you have it, get out there and get future-ready as you too may be able to design automated software for your work processes.