Small and medium-sized businesses (SMBs) still have a long way to go when it comes to digitization. While the big chain retailers and restaurants allow you to pay through your phone, some small businesses are still cash only. While online ordering is becoming the norm, some don’t even have a website.
Simply put: These businesses won’t last. The power of convenience is taking over, and digitization makes it possible. But for many of these SMBs, digitization seems like a daunting task. Whether they think it’s too expensive or too time-consuming to integrate (or both), many businesses hold onto their old-school mentality.
However, this thinking is outdated. In fact, many of these organizations are going through some form of digital transformation without even realizing it. Maybe it’s finally launching that website or accepting new-age forms of payment. There are many ways to move forward and be relevant in today’s marketplace to meet customer demands and expectations.
The best news is that it’s not the incredible task many believe it to be. And the ROI? Try this — digital SMEs grow revenue and profits up to twice as fast as their offline competition. The bottom line is pretty simple: Go digital to drive revenue and growth.
But there’s no one right way to move into the digital age. You don’t want to go for it all at once — take baby steps, but the right ones. Here are a few strategies your SMB should keep in mind when going digital.
1. Adopt The Technology You Actually Need
Whether it’s installing barcode readers or credit card payment swipes, you can go as tech-savvy as would best suit your particular needs. But having a customer need to find an ATM to complete their purchase is definitely archaic and not providing a good customer experience.
The first thing to do is to consider what technology your business needs. Every company has unique needs and goals — step one is to write them down. Then, prioritize what you need to optimize your customer experience. Whether that means improving delivery times, spending less time at the check-out counter, or handling orders online, you’ll figure out how to easily implement technology to improve your processes and drive revenue.
2. Think Of Technology As Your Ally, Not A Burden
Technology isn’t the enemy! When used properly, technology is your friend. It will make your life easier, improve your customer experience, and drive greater revenues. Aren’t those the three hallmarks of any thriving business?
No matter the size of your enterprise, technology can help you reach a bigger audience.
If you've already adopted basic technology but aren’t taking advantage of the data, we can help. You can define what processes need to be updated and optimized via automation. Then, you can spend your valuable time actually working on your business. Develop new products, spend more time engaging with your customers, and improve your all-around operations with a little help from your friend: digitization.
3. Go Beyond The Website
A digital presence is more than just having a website, and you will need a bigger digital footprint and impact to be competitive in today’s tech-savvy market. Don’t just throw a website up there for the sake of it — optimize it so your name actually shows up in search results. Introduce your customers to the sales funnel and turn a site visitor into a loyal customer.
Make sure your website is mobile-friendly as websites are not one-size-fits-all when it comes to our devices. You have to cater the experience to the increasingly-mobile crowd.
And digitization means installing modern tools in your office or shop as well. Card readers, scanners, pay systems, and more will make your check-out process more convenient.
4. Let Your Data Work For You
The digital age is really based on data. What can you learn about your operation from your sales numbers? Are you using your numbers to your advantage or just logging them for the sake of it?
With digital tools, you can analyze your data in real-time and make better business decisions. You’ll gain insights into your customer behavior and preferences. You’ll learn what to push and what to eliminate. Your business will surely benefit.
Digitization should no longer be scary for SMBs. On the contrary, it should be embraced with open arms for its sheer power to turn profit. You can harness the power of digitization and ride the wave of a stronger revenue stream.
And you don’t have to do it yourself — find a trusty partner like aACE business management software to help move your company into the digital age. Learn how to manage your operations in a single platform and see what a modern solution can do for you today. Let’s connect!