RICHMOND, Va. — Richmond small business owners are turning to artificial intelligence, fresh marketing strategies, and new networking opportunities to stay competitive in a changing economic landscape.
At Thursday’s Pivot Symposium, local entrepreneurs learned how shifting government policies, emerging tech like AI, and evolving market demands are reshaping the way they operate and grow.
Carol Reese, CEO of ReeSources Company, has been running her successful logistics business since the late 1980s. For decades, potential partners sought her services, but now she faces a new reality.
"This new paradigm now, this new shift is the first time I've had to market to receive business," Reese said.
Reese says she's had to shift the way she does business to stay competitive, particularly by incorporating AI into her operations.
"It used to be I would do a whole static plan for a company now I plug it to AI and I let AI do the strategic plan and I focus on the implementation," Reese said.
These are skills Reese says she has to learn in real-time, but she attended the symposium to help small and nontraditional businesses navigate those changes.
"We're here to help businesses make money," said Pat Foster, Richmond's Director of Minority Business Development.
Foster helped organize the symposium in response to how state and federal governments work with budding businesses.
"Differences in the attitudes with DEI, the slowdown of DBE programs," Foster said. "There are policies and procedures that require smaller businesses to kind of take a backseat, that large businesses can take advantage of because of the economy of scale. And so we want to make sure we're doing things that make it competitive and advantageous for all businesses."
During the symposium, CEOs with a variety of business expertise gave advice on best practices small businesses can implement to expand into new markets by focusing not only on how business is done through the internet and emerging technologies like AI, but on who business is done with.
"For us to be able to compete as small medium-sized businesses, we had to figure out what the tools that are out there that are going to help us advance to another level," said Devon Henry, CEO of Team Henry Enterprises.
Henry says he doesn't have to rely solely on chasing contracts with state and federal governments to get by.
"Particularly now to be able to come together and network with like-minded folks or folks that are doing things that you want to do. I always tell folks that when you come to these networking meetings, don't miss the moment. There are people there who can change your life," Henry said.
Financial planners like SRT Wealth Design Group CEO Sonji Rollins Tucker says her big advice for small businesses is to find new ways to work smarter while working hard.
"When you learn shortcuts and you learn how you're supposed to do things, it just makes a huge difference," Tucker said. "To make sure you shorten your pivot and you can apply the tools that are being given out over the next several months to thrive and grow your business."
Foster says the symposium addresses the fundamental challenge facing today's entrepreneurs.
"That's what Pivot is about; the ever-changing landscape and how do you pivot to make sure you stay relevant," Foster said.
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