RICHMOND, Va. — Richmond small business owners are turning to artificial intelligence, novel marketing strategies and new networking opportunities to stay competitive in a changing economic landscape.
At Thursday's Pivot Symposium, local entrepreneurs learned how changing government policies, emerging technologies such as AI, and evolving market demands are reshaping the way their companies operate and grow.
Carol Reese, CEO of ReeSources Company, has been running a successful logistics business since the late 1980s. For decades, potential partners have sought her services, but now she faces a new reality.
“This new paradigm, this new change, is the first time I've had to market to get business,” Reese said.
Rees says businesses need to change the way they do business to remain competitive, especially by incorporating AI into their operations.
“Before, I was doing the entire static planning for the company, but now we connect it to AI, let the AI do the strategic planning, and I focus on the implementation,” Reese said.
Reese says these are skills that must be learned in real time, but she attended the symposium to help small and non-traditional businesses cope with these changes.
“We're here to help businesses make money,” said Pat Foster, Richmond's director of minority business development.
Foster helped organize the symposium on how state and federal governments work with startups.
“Differences in attitude with DEI, stagnation in DBE programs,” Foster said. “Small businesses have policies and procedures that they put on the back burner, and large businesses are able to take advantage of because of their economies of scale. So we want to make sure that we're doing things that are competitive and advantageous for all businesses.”
How Richmond small businesses are using AI to stay competitive
At the symposium, CEOs with a range of business expertise provided advice on best practices small businesses can implement to expand into new markets, focusing not only on how business is done through emerging technologies such as the internet and AI, but also with whom business is done.
“For us to be able to compete as a small business, we needed to understand what tools were there to help us go to the next level,” said Devon Henry, CEO of Team Henry Enterprises.
Henry says he doesn't have to rely solely on chasing state and federal government contracts to survive.
“Especially now that you can get together and network with like-minded people and people who are doing what you want to do. I always say that when you go to a networking meeting like this, seize the moment. There are people there who can change your life,” Henry said.
Financial planners like SRT Wealth Design Group CEO Sonji Rollins-Tucker say their big advice for small businesses is to find new ways to work smarter while working harder.
“Learning shortcuts and learning how to do things makes a big difference,” Tucker says. “This is to ensure that you can shorten your pivot and apply the tools that will be provided to you over the coming months to help you succeed and grow your business.”
Foster said the symposium will address fundamental challenges facing today's entrepreneurs.
“That's what Pivot is about: an ever-changing landscape and how do you pivot to make sure you stay relevant,” Foster said.
CBS 6 is committed to sharing our community's voice on this important topic. Email your opinion to the CBS 6 Newsroom.
📲: Connect with us
blue sky | facebook | Instagram | × | thread | TikTok | YouTube
This article was first reported by a journalist and translated on this platform with the help of AI. Our editorial team verifies the fairness and accuracy of all reporting across all platforms. Want to learn more about how we use AI in newsrooms? click here.
