Businesses across the globe are going digital. Digitisation can provide a whole host of new opportunities for your business and employees. Small businesses should utilise the digital world to access new markets and services. In fact, 55% of start-up businesses have already developed a digital transformation strategy.
The digital industry can help start-ups innovate, grow and discover new sectors in the industry. There are new ways to manufacture products, deliver services sustainably and interact with potential customers. Digital services can streamline your customer service experience, increase business efficiency, speed-up decision making and transform your business model.
However, many small-medium enterprises (SME’s) avoid making a clear digital transformation strategy. This may be because they don’t fully understand digitisation and how to optimise its results. Nonetheless, strategy and preparation should be at the heart of any business growth plan. Business owners need to identify where they can use technology and how it can improve the service they offer to consumers, investors and clients.
Digital trends and current social media algorithms should be at the heart of any digital strategy. Analytics can help you to identify how your customers behave, what they think of the brand and where you can improve. Sometimes data is overwhelming and challenging to understand, but it can save you time and money in the long run. Ignoring customer demand and everchanging technology will lead to an unsuccessful digital launch, which could damage your brand image.
There are 5.9 million SMEs in the UK, and most of them have faced detrimental challenges in 2020. Supply chains were disrupted, finances dwindled, and consumer demand plummeted. In 2020, businesses were forced to change their way of thinking in order to survive in the industry. Fortunately, the UK government offered various schemes to help SMEs, including the Coronavirus Business Interruption Loan Scheme and the Small Business Resilience Programme.
Digitisation can offer a sustainable and resilient approach to any business model. Even when the pandemic shut down real-life living, the digital industry continued to thrive and rise.
Digitisation has impacted various industries and saved countless SMEs from bankruptcy. For example, shop keepers, who only accepted cash, now accept contactless payments. Affordable international courier services have helped SMEs reach a global market and grow their business. Mechanics have moved online, and manufacturers are using social media to find new customers online.
Over 2 million businesses worldwide are using Xero, accounting software that helps small businesses work globally. Companies are also trying to enhance their growth through e-commerce platforms like Shopify.
Small businesses across the globe are adapting to new digital processes and using them to increase their customer base and profit margins.