It seems you can’t swing a cat these days without hitting a headline about Artificial Intelligence. It’s either coming for our jobs, launching a robot uprising, or writing suspiciously good university essays. But for the millions of people running the small businesses that form the backbone of our economy, AI often feels like a party they weren’t invited to. It’s a distant, complex, and frankly, expensive-sounding concept for someone who’s just trying to manage payroll and keep the lights on.
Let’s be clear: the gap between the promise of AI and the reality for a small enterprise is vast. A recent report highlighted in an article from Financial-IT found that a staggering 48 per cent of Australian businesses are not using AI at all, with only a meagre 14 per cent having properly integrated it. Why? Commonwealth Bank CEO Matt Comyn puts it bluntly: “many tell us they don’t have the time or resources to explore how technologies such as AI could help them.” This isn’t just a tech gap; it’s a resource chasm.
This is precisely why CommBank’s new initiative, a plan to upskill one million small businesses in AI and cybersecurity, has caught my attention. It’s an ambitious move, partnering with the very epicentre of the AI boom, OpenAI. But is it a genuine lifeline, or just a clever piece of corporate strategy dressed up as altruism? Let’s unpack it.
Getting Your Digital House in Order
Before we even talk about AI streamlining your invoicing, we need to talk about security. Increasing your digital capability is like opening new doors and windows into your business. It lets in fresh air and new opportunities, but it also creates new ways for opportunists to climb in. Embracing new technology without simultaneously ramping up your cybersecurity training is like buying a beautiful new house and leaving the front door wide open with a sign saying, ‘Help Yourself’.
Cyber threats are not just a problem for big banks and governments. Small businesses are often seen as softer targets—less likely to have a dedicated IT security team, making them low-hanging fruit for ransomware attacks and data breaches. This isn’t about fear-mongering; it’s about being pragmatic. The same technology that helps you can also be used against you.
Therefore, any meaningful discussion about small business AI must start with a solid foundation of cybersecurity knowledge. It’s about building digital street smarts for your entire team.
The Promise of Smarter Productivity
Right, with the security lecture out of the way, let’s get to the exciting part. What can AI actually do for a small business? The term “AI” itself is annoyingly vague. Think of it less as a single entity and more like a Swiss Army knife of different productivity tools.
Instead of just automating repetitive tasks, modern AI can act as a junior analyst or a creative assistant. Imagine you run a local café. An AI tool could:
– Analyse sales data against local weather forecasts and community events to suggest daily specials that are more likely to sell out.
– Draft social media posts in a tone that matches your brand, complete with relevant hashtags.
– Monitor online reviews and summarise customer feedback, flagging recurring issues you might have missed.
For a sole trader, it might be an AI that helps draft project proposals, creates accurate invoices from a simple description of work, and even sends polite but firm payment reminders. As Jason Kwon from OpenAI noted, AI is poised to become “as essential to small business as the internet or mobile banking.” It’s a fundamental shift in how work gets done.
CommBank’s Big Bet on Small Business
This brings us back to the announcement from CommBank. The bank is launching a national program featuring practical masterclasses and learning resources to boost digital capability for a million Australian small businesses. In partnership with OpenAI, the initiative is designed to be grounded in reality, not abstract theory.
Matthew Addison, Chair of the Council of Small Business Organisations Australia (COSBOA), rightly points out that “Small businesses are natural innovators and they want to use AI to save time, improve productivity and stay competitive.” They just need a guiding hand.
Now, let’s apply a bit of strategic analysis here. Why is a banking behemoth doing this? It’s a brilliantly strategic move. In an increasingly competitive Australian fintech landscape, traditional banks can no longer compete on transaction fees alone. Their most valuable asset is their huge customer base. By providing essential training and tools, CommBank isn’t just being a good corporate citizen; it’s deeply embedding itself into the operations of its business customers.
If your bank provides the training that helps you save 10 hours a week, you’re far less likely to switch to a flashy new fintech competitor, aren’t you? It’s a classic platform strategy: become the indispensable operating system for your customers’ success. It’s shrewd, and if executed well, it could be a massive win-win.
How to Actually Start Using AI
For a business owner reading this, the idea of “integrating AI” can still sound daunting. So, where do you begin?
– Start with the familiar: Many tools you already use, like Microsoft 365, Google Workspace, or Xero, are rolling out powerful AI features. Explore them first. You might already be paying for tools you aren’t fully using.
– Focus on a single pain point: Don’t try to overhaul your entire business. Pick one thing that consumes too much of your time. Is it responding to customer enquiries? Creating marketing copy? Find a specific AI tool designed to solve that one problem.
– Educate yourself and your team: Take advantage of initiatives like the one offered by CommBank. This isn’t just about learning to use a new app; it’s about understanding the possibilities and, crucially, the limitations and risks.
– Think about your data: AI is powered by data. Ensure your business data is organised and accessible. Also, be deeply conscious of your responsibility to protect customer data. Responsible AI implementation is not optional.
The journey into small business AI is a marathon, not a sprint. It starts with one small, well-chosen step.
The New Competitive Edge
Ultimately, the integration of AI into small businesses is no longer a question of if, but when and how. Initiatives like CommBank’s are a significant nudge, moving the conversation from the theoretical to the practical. The data from Financial-IT clearly shows a hesitance in the market, but that is changing fast.
The businesses that successfully adopt these tools won’t just be more efficient; they’ll be more intelligent. They will understand their customers better, anticipate market shifts faster, and free up their most valuable resource—their own time—to focus on what they do best: building relationships and driving growth.
What we are witnessing is the quiet democratisation of powerful technology. The challenge for small business owners is to tune out the noise and find the practical applications that will genuinely make a difference. What’s the first pain point in your business you think AI could help solve?
