WEBVTT
1
00:00:00.160 --> 00:00:02.439
The topics and opinions expressed in the following show are
2
00:00:02.439 --> 00:00:04.080
solely those of the hosts and their guests and not
3
00:00:04.120 --> 00:00:07.040
those of W FOURCY Radio. It's employees are affiliates. We
4
00:00:07.080 --> 00:00:10.160
make no recommendations or endorsements for radio show programs, services,
5
00:00:10.199 --> 00:00:12.519
or products mentioned on air or on our web. No
6
00:00:12.640 --> 00:00:15.199
liability explicit or implies shall be extended to W four
7
00:00:15.240 --> 00:00:18.039
CY Radio or it's employees are affiliates. Any questions or
8
00:00:18.039 --> 00:00:20.480
comments should be directed to those show hosts. Thank you
9
00:00:20.519 --> 00:00:22.120
for choosing W FOURCY Radio.
10
00:00:27.480 --> 00:00:31.039
Welcome to Powerful Business Strategies, where you will find out
11
00:00:31.039 --> 00:00:34.359
that everything you have ever learned about growing your business
12
00:00:34.679 --> 00:00:38.439
is wrong. Finally, a show where you'll learn the right
13
00:00:38.479 --> 00:00:41.799
way to grow your business by learning business and financial
14
00:00:41.840 --> 00:00:47.119
strategies that your competition isn't doing. And now here's your host,
15
00:00:47.520 --> 00:00:52.679
the resident of NeXTSTEP CFO Michael Barbarita. And joining Michael
16
00:00:52.759 --> 00:00:58.799
for today's show as an executive moderator is chooky obia.
17
00:01:00.640 --> 00:01:03.920
Yes, this is chokey, and I believe that gratitude is
18
00:01:04.000 --> 00:01:07.359
undefeated and growth is about the next step. It is
19
00:01:07.400 --> 00:01:10.599
an honor for me to moderate today's discussion with my
20
00:01:10.719 --> 00:01:13.040
good friend Michael.
21
00:01:13.159 --> 00:01:14.680
Michael how are you great?
22
00:01:14.719 --> 00:01:16.439
How's it going, Chucky? How's your weekend?
23
00:01:16.920 --> 00:01:18.799
My week one is good. I was nice, Loca.
24
00:01:19.480 --> 00:01:22.280
We've had a really good couple of weeks impacting small
25
00:01:22.319 --> 00:01:23.239
business owners.
26
00:01:23.519 --> 00:01:25.719
It's just an honor to collaborate with you in that regard.
27
00:01:25.760 --> 00:01:29.239
Michael, Well, likewise, and thank you, Chokey. As Chicky said,
28
00:01:29.280 --> 00:01:31.439
my name is Michael bob Rider, a president of Next
29
00:01:31.439 --> 00:01:35.000
Step CFO, and next Step CFO is a fractional CFO
30
00:01:35.480 --> 00:01:39.519
and strategic implementation firm, and our vision is to ensure
31
00:01:39.640 --> 00:01:43.640
overwhelmed business owners achieve the time, freedom and consistent profits
32
00:01:43.959 --> 00:01:46.480
to build a legacy and the life they desire. And
33
00:01:46.560 --> 00:01:49.879
our mission is dedicated to guiding small business owners to
34
00:01:49.959 --> 00:01:54.799
leveraging their time, exploding their profits and build a meaningful legacy.
35
00:01:55.200 --> 00:01:57.799
And this show, Powerful Business Strategies and our book of
36
00:01:57.840 --> 00:02:01.120
the same name, is a step toward accomplishing that vision
37
00:02:01.159 --> 00:02:03.519
and mission. And so with that, I'd like to hand
38
00:02:03.560 --> 00:02:05.879
it back to my co author and moderator for the show,
39
00:02:06.319 --> 00:02:07.000
Chooky Obio.
40
00:02:07.519 --> 00:02:10.840
Michael, thank you, so look a quick disclaimer before we
41
00:02:11.439 --> 00:02:16.840
get energized and activate today's discussion, which Michael, I know
42
00:02:16.919 --> 00:02:21.400
you'll do the introductions for our guests very very energized
43
00:02:21.560 --> 00:02:22.599
about our discussion today.
44
00:02:22.639 --> 00:02:23.360
So quick disclaimer.
45
00:02:23.400 --> 00:02:26.080
Look, Michael and I are both affiliated with a number
46
00:02:26.080 --> 00:02:29.479
of different organizations, and I currently serve as the managing
47
00:02:29.599 --> 00:02:33.159
director of business Development for Veta Price, which is a
48
00:02:33.199 --> 00:02:37.080
global business focused law firm. In addition to that, as
49
00:02:37.120 --> 00:02:39.400
I noted earlier, it's truly an honor to collaborate with
50
00:02:39.479 --> 00:02:44.080
Michael to moderate business roundtables, really coast to coast with
51
00:02:44.759 --> 00:02:48.120
small to medium sized business owners, and then document the
52
00:02:48.159 --> 00:02:52.360
insights that we gather from these roundtables. We've even documented
53
00:02:52.759 --> 00:02:54.879
a number of these very powerful insights as part of
54
00:02:54.960 --> 00:02:59.280
our book Powerful Business Strategies. But look, please note that
55
00:02:59.479 --> 00:03:03.000
the views expressed on this show are our personal views
56
00:03:03.039 --> 00:03:07.400
based on successful experiences, and my mission as a fearless
57
00:03:07.439 --> 00:03:10.599
moderator is to ask the right questions to help you,
58
00:03:11.000 --> 00:03:16.199
the listener, learn the best business strategies that the competition
59
00:03:16.719 --> 00:03:21.800
is not doing. Michael, how energized are you about today's episode?
60
00:03:21.800 --> 00:03:23.240
Oh? God, am I excited? You know?
61
00:03:24.080 --> 00:03:27.719
Today excited to have Josh Thomas, who is the co
62
00:03:27.840 --> 00:03:33.080
founder of Annabot's AI, which is a practical, practical AI
63
00:03:33.280 --> 00:03:36.879
for non techi entrepreneurs. Yes, and Josh is also the
64
00:03:37.199 --> 00:03:41.439
podcast host for The Douzone as well as the podcast
65
00:03:41.520 --> 00:03:46.439
host for the Basic Business AI podcast. And so we'd
66
00:03:46.520 --> 00:03:52.360
love to welcome Josh to the show. Josh, are you there, Hey, guys,
67
00:03:52.439 --> 00:03:54.520
good to see you. How you doing, Josh?
68
00:03:54.759 --> 00:03:55.240
Excellent?
69
00:03:55.680 --> 00:03:57.199
Great to have you guys.
70
00:03:57.240 --> 00:04:01.039
Came on camera and I realized I was completely underdressed
71
00:04:01.039 --> 00:04:01.599
for that, So.
72
00:04:01.960 --> 00:04:04.479
That's all right. Hey, you know I Hey, you know,
73
00:04:04.800 --> 00:04:05.960
you don't. You can't mind me.
74
00:04:06.080 --> 00:04:08.680
I'm the most uncomfortable person in the world, you know,
75
00:04:08.800 --> 00:04:09.960
just think of it, Just think.
76
00:04:09.759 --> 00:04:14.120
Of it that way.
77
00:04:14.560 --> 00:04:17.480
Well, Josh, you know something I don't think we business
78
00:04:17.480 --> 00:04:19.800
owners can run from uh these.
79
00:04:19.639 --> 00:04:20.959
Days, and that is AI.
80
00:04:21.120 --> 00:04:22.839
And that's why I'm so excited to have you on
81
00:04:22.879 --> 00:04:25.800
the show today, uh, to give us some you know,
82
00:04:25.839 --> 00:04:28.920
some some some insights and some points of view. And
83
00:04:29.040 --> 00:04:32.680
let me start by asking you should should you use
84
00:04:32.839 --> 00:04:35.319
AI for business? And if so, in what way?
85
00:04:37.079 --> 00:04:40.160
Yeah, that's a great question. So here's here's the thing
86
00:04:40.399 --> 00:04:46.800
that uh, most people are really trying to grasp is well,
87
00:04:47.000 --> 00:04:50.959
what's the point? What is it all for? And a
88
00:04:51.000 --> 00:04:54.680
lot of us just recently, over the last several years,
89
00:04:54.839 --> 00:04:58.000
we've gone through these cycles of somebody saying, oh, this
90
00:04:58.079 --> 00:05:04.839
new technology, it's going to change everything. Remember Bitcoin became
91
00:05:04.920 --> 00:05:07.519
a thing, and then after bitcoin was a thing and
92
00:05:07.519 --> 00:05:11.879
then it crashed, then it was like NFTs and I
93
00:05:11.959 --> 00:05:14.519
still don't know what those are. And I think I
94
00:05:14.560 --> 00:05:16.319
even bought some, but I don't know what they are.
95
00:05:16.439 --> 00:05:20.639
And we've gone through these cycles of like somebody gets
96
00:05:20.639 --> 00:05:23.279
this new tech craze and then it dies and it
97
00:05:23.279 --> 00:05:26.120
goes away, and then we all feel dumb. And so
98
00:05:26.160 --> 00:05:29.040
now AI is here, and it's like, well, I've seen
99
00:05:29.079 --> 00:05:34.120
this before, and so as an entrepreneur, what we have
100
00:05:34.199 --> 00:05:36.639
to ask ourselves is, well, should we even be messing
101
00:05:36.680 --> 00:05:39.800
with this? If I was going to use AI in
102
00:05:39.839 --> 00:05:45.480
my business specifically, what purpose would it serve me? And
103
00:05:45.560 --> 00:05:48.560
so that's where with me, I asked myself that question.
104
00:05:48.600 --> 00:05:50.360
If I'm going to use AI, why would I use it?
105
00:05:51.199 --> 00:05:53.160
And the best way that I can think to use
106
00:05:53.199 --> 00:05:55.439
AI as an entrepreneur is well, how's it going to
107
00:05:55.480 --> 00:05:58.759
increase my bottom line? How's it going to bring more
108
00:05:58.839 --> 00:06:03.040
sales in the door, How's it going to make making
109
00:06:03.120 --> 00:06:07.000
money easier for me? And so should you use it?
110
00:06:07.720 --> 00:06:10.639
If you can find a way to use AI to
111
00:06:10.759 --> 00:06:14.680
increase your sales and reduce your effort in making those sales.
112
00:06:14.800 --> 00:06:16.959
Then it makes a lot of sense. If you can't
113
00:06:16.959 --> 00:06:21.120
do that, then probably don't use AI. And fortunately there
114
00:06:21.120 --> 00:06:23.839
are lots of ways that you can use AI to
115
00:06:23.879 --> 00:06:25.920
make more money and reduce your effort.
116
00:06:26.680 --> 00:06:29.399
Really remarkable, Josh, and I want to pick up on that, right,
117
00:06:29.480 --> 00:06:31.879
So we have a number of small business owners Coast
118
00:06:31.920 --> 00:06:35.240
to Coast the tune into the show, and a lot
119
00:06:35.279 --> 00:06:37.439
of these business owners, Josh, are from the school of
120
00:06:37.480 --> 00:06:41.839
hard knocks, right, these are small, family owned businesses. A
121
00:06:41.920 --> 00:06:45.800
number of these business owners have let's just call it
122
00:06:46.240 --> 00:06:49.519
constructive skepticism when it comes to like you talk about
123
00:06:50.120 --> 00:06:54.360
with technology and the tech craze. Now, they'll say things like, look,
124
00:06:54.439 --> 00:06:57.319
my customers want to talk to human beings, right, how
125
00:06:57.319 --> 00:06:58.240
do you respond to that?
126
00:06:59.680 --> 00:07:03.759
So I've actually heard that many many times. You know,
127
00:07:03.959 --> 00:07:06.600
my people want to talk to humans. Yep, Well my
128
00:07:06.839 --> 00:07:09.199
people are different. Oh that doesn't work because this is
129
00:07:09.240 --> 00:07:14.959
a more sophisticated market. Yeah, and that's a sentiment that
130
00:07:15.079 --> 00:07:19.480
you believe. But sometimes somebody I've been studying marketing and
131
00:07:19.480 --> 00:07:22.480
sales for a long time, and one of the hardest
132
00:07:22.519 --> 00:07:26.399
things for me to do as a copywriter is to
133
00:07:27.600 --> 00:07:32.199
write from the perspective of my client, my prospect, who
134
00:07:32.279 --> 00:07:36.079
is thinking about whatever problem they have from their point
135
00:07:36.079 --> 00:07:39.680
of view. They're so selfish, you know, they're thinking about themselves,
136
00:07:40.920 --> 00:07:44.519
and so we're thinking about, well, the reason that you're
137
00:07:44.560 --> 00:07:46.959
not getting results is you're not working hard enough, or
138
00:07:47.000 --> 00:07:49.000
you're not doing the right things, and you're not consistent.
139
00:07:49.240 --> 00:07:52.279
But they're not sitting there thinking that. They're sitting there thinking, well,
140
00:07:52.319 --> 00:07:54.439
I hired this coach and he ripped me off, and
141
00:07:54.720 --> 00:07:56.160
you know, I tried to sell the thing and it
142
00:07:56.199 --> 00:07:58.360
was a scam, and then I just don't have time.
143
00:07:58.439 --> 00:08:01.399
I'm too busy. That's what they're thinking it. And so
144
00:08:01.560 --> 00:08:03.959
we think, well, my customers want to talk to humans.
145
00:08:04.160 --> 00:08:08.720
But here's the problem with that. Your customers, when they
146
00:08:08.720 --> 00:08:13.879
reach out to you, they want an answer, and their expectation,
147
00:08:14.079 --> 00:08:18.680
according to science, is they expect you to answer within
148
00:08:18.759 --> 00:08:24.360
five minutes, and if you don't answer within five minutes,
149
00:08:24.639 --> 00:08:27.879
your chances of ever doing business with them drops eighty percent.
150
00:08:30.040 --> 00:08:32.519
And the average time chooky. Do you know what the
151
00:08:32.519 --> 00:08:37.279
average time frame is to get back to an online inquiry?
152
00:08:37.399 --> 00:08:39.320
Like for any business across the board? You know what
153
00:08:39.399 --> 00:08:46.120
it is? No please tell forty seven hours? Wow? Two days?
154
00:08:46.639 --> 00:08:47.360
Huh?
155
00:08:47.919 --> 00:08:51.159
Now, chookey. Do you remember a website you were sitting
156
00:08:51.200 --> 00:08:52.000
on two days ago?
157
00:08:53.759 --> 00:08:55.879
I do not. Now my memory is not that good.
158
00:08:56.240 --> 00:08:58.120
Michael may actually have a better memory than.
159
00:09:01.080 --> 00:09:01.440
Michael.
160
00:09:01.440 --> 00:09:03.960
Do you remember a website you were on two hours ago?
161
00:09:04.480 --> 00:09:07.279
No, that's the problem. When you're sixty seven years old,
162
00:09:07.279 --> 00:09:09.840
that's where the problem's got. Your memory goes.
163
00:09:09.879 --> 00:09:13.799
First, here's the thing. If you're listening right now, just think, listen.
164
00:09:13.799 --> 00:09:15.639
If you're listening to this show, I want you to
165
00:09:15.679 --> 00:09:18.759
just go back twenty minutes. Do you remember a website
166
00:09:18.759 --> 00:09:21.519
you were on twenty minutes ago? I don't know, Probably
167
00:09:21.600 --> 00:09:24.320
not unless it was Facebook or something or whatever. But
168
00:09:24.559 --> 00:09:26.879
that's the thing is your customer is expecting you to
169
00:09:26.879 --> 00:09:28.799
get back to them within five minutes, and if you don't,
170
00:09:29.240 --> 00:09:32.120
they're going to move on. Ten minutes after they reach
171
00:09:32.159 --> 00:09:35.120
out to you, they're already talking to your competitor. And so,
172
00:09:35.759 --> 00:09:40.639
according to the surveys that have been done, eighty percent
173
00:09:41.360 --> 00:09:47.840
of your customers would prefer an automated means of communicating
174
00:09:47.879 --> 00:09:50.960
with your business if it meant they could get a
175
00:09:51.039 --> 00:09:54.720
quick answer to their question. Four out of five of
176
00:09:54.759 --> 00:09:57.919
your customers would rather not talk to you, not because
177
00:09:57.919 --> 00:10:01.360
they don't like you, but probably because they don't want
178
00:10:01.399 --> 00:10:03.879
to bother you with their silly little question. I don't
179
00:10:03.879 --> 00:10:05.519
want to waste his time, you know, it's just a
180
00:10:05.600 --> 00:10:09.399
dumb question. Or they think, oh man, he's just going
181
00:10:09.480 --> 00:10:11.279
to try to sell me something, and I just don't
182
00:10:11.320 --> 00:10:13.399
want to get in there. I don't want to feel uncomfortable.
183
00:10:14.080 --> 00:10:17.360
Or the most more likely version is they know you're
184
00:10:17.360 --> 00:10:18.799
not going to get back to him for two days,
185
00:10:19.960 --> 00:10:21.519
so if I could just get the answer now, I'll
186
00:10:21.559 --> 00:10:25.639
take the answer now. And so my customers want to
187
00:10:25.639 --> 00:10:28.759
talk to humans. Is it's kinda true, you know, like
188
00:10:29.200 --> 00:10:33.879
we're not making that up, but in reality, practically speaking,
189
00:10:34.440 --> 00:10:36.480
they just want the answer. They don't care if they're
190
00:10:36.480 --> 00:10:40.519
talking to you or a chat bot or you know,
191
00:10:41.000 --> 00:10:45.559
the dog or you know, anything like divine intervention doesn't
192
00:10:45.600 --> 00:10:46.919
matter as long as they get the answer.
193
00:10:49.519 --> 00:10:52.639
Let me ask something, charge, Do you recommend that they
194
00:10:52.919 --> 00:10:56.399
have a human backup? Or is that most for most
195
00:10:56.399 --> 00:10:58.360
small businesses, that's just not practical.
196
00:11:00.360 --> 00:11:05.480
So every idea and opinion is based on some level
197
00:11:05.519 --> 00:11:08.480
of truth. My people want to talk to humans, you know,
198
00:11:08.559 --> 00:11:12.960
you're kind of right, like technically speaking, you're right, but
199
00:11:13.639 --> 00:11:16.840
in practicality does work that way what we want to
200
00:11:16.840 --> 00:11:19.480
do back to the first question, should we use AI?
201
00:11:20.120 --> 00:11:23.360
If AI can reduce your effort and increase your results,
202
00:11:23.679 --> 00:11:28.240
then yes, AI is just there to preserve that speed
203
00:11:28.279 --> 00:11:31.399
to lead response. Because there's one more stat that I
204
00:11:31.399 --> 00:11:33.559
can share with you. If you can if you can
205
00:11:33.639 --> 00:11:38.759
respond to your online inquiries within one minute, which is
206
00:11:38.840 --> 00:11:41.559
very difficult to do as a human being, If you
207
00:11:41.600 --> 00:11:44.559
can respond within one minute, your chances of closing that
208
00:11:44.639 --> 00:11:47.720
business goes up by three hundred and ninety one percent.
209
00:11:48.440 --> 00:11:49.000
Oh wow.
210
00:11:49.320 --> 00:11:52.000
And you're thinking like, well great, but I can't hover
211
00:11:52.120 --> 00:11:54.080
around the phone all the time. I can't just be
212
00:11:54.120 --> 00:11:56.120
waiting for emails to come in and fire back. I'm
213
00:11:56.159 --> 00:12:00.639
only human. You're right, You're only human. And so that's
214
00:12:00.639 --> 00:12:05.720
where AI can come in and preserve that opportunity. Because
215
00:12:05.759 --> 00:12:08.720
people tend to seventy four percent and I'm not making
216
00:12:08.720 --> 00:12:10.919
these statistics up, by the way, ninety five percent of
217
00:12:10.919 --> 00:12:14.399
all statistics are made up, but these are not. So
218
00:12:15.000 --> 00:12:20.440
seventy four percent of online consumers at least are going
219
00:12:20.519 --> 00:12:26.720
to go with the company that responds to them first period.
220
00:12:26.840 --> 00:12:29.240
And so if you can respond First, your chances of
221
00:12:29.279 --> 00:12:33.320
doing business with them is extremely high. AI can respond
222
00:12:33.360 --> 00:12:35.000
within five seconds.
223
00:12:35.000 --> 00:12:38.440
Interesting, and we certainly have a number of other questions
224
00:12:38.720 --> 00:12:40.519
and Michael, I'm going to just interject here with a
225
00:12:40.639 --> 00:12:43.919
quick question or Josh, So there are a couple of
226
00:12:43.919 --> 00:12:48.639
phrases Josh that you've used this idea of an answer
227
00:12:49.320 --> 00:12:52.440
or a quick response. What do you have in mind?
228
00:12:52.519 --> 00:12:54.919
Like what are they really respond because I would imagine
229
00:12:54.919 --> 00:12:58.679
folks will get frustrated if the AI chat body is
230
00:12:58.720 --> 00:13:03.440
not really address the question right, So take us through
231
00:13:03.480 --> 00:13:04.879
that thought process if you don't mind.
232
00:13:05.799 --> 00:13:06.039
Yeah.
233
00:13:06.080 --> 00:13:08.960
Sure. So there's a lot of really crappy chat out there.
234
00:13:09.000 --> 00:13:12.960
It's like, yeah, chatbots aren't new on site chat, which
235
00:13:13.000 --> 00:13:16.519
this also works on SMS, social media, Google, my Business,
236
00:13:16.600 --> 00:13:19.840
pretty much anywhere that you can communicate with your customers,
237
00:13:19.840 --> 00:13:22.759
including voice. We can do AI voice. It's come a
238
00:13:22.799 --> 00:13:26.080
long way in the last couple of years. But most
239
00:13:26.080 --> 00:13:28.600
people when they're thinking of a chatbot, they're thinking of
240
00:13:28.639 --> 00:13:31.639
this little badge on a website and they go and
241
00:13:31.720 --> 00:13:34.720
they and they pop it up and it's like, oh,
242
00:13:34.759 --> 00:13:37.720
what do you want? Yeah, what's your email? We'll get
243
00:13:37.720 --> 00:13:41.679
back to you later. And it's like I already get