SME Digitization helps small businesses increase sales and reduce costs
The COVID-19 outbreak disrupted business as we know, but smart SMEs will digitize and use it as an opportunity to evolve and thrive.
SMEs (Small and Medium Enterprises) are essential to economies around the world. These small businesses and startups produce most of the jobs and wealth of countries in which they operate.
The entrepreneurs that run them are positive thinkers, quick to innovate, and find creative solutions to challenges that they are facing. Something that the world needs a lot of these days. That’s why governments around the world are scrambling to find ways to support them.
COVID-19 has disrupted business as usual and has accelerated change – especially the move online. As quarantines and lockdowns took place all over the world, the pandemic forced people to use online sites and apps to get by.
Businesses that were ready with a good online presence had the most to gain. Most small businesses, unfortunately, weren’t ready were caught off-guard.
SME Digitization
The good thing is that digitizing SMEs has never been easier.
Entrepreneurs should focus on these two areas to help them make the most of the new economy:
- Digitize the sales process to increase sales and revenue
- Digitize the business operations to reduce costs and increase efficiency
All businesses these days need to see themselves as tech businesses.
Technology and digitization are not only needed by online businesses but are a necessity to operate, just like a license is.
Increasing Sales through Digitizing
Let’s start with the most important aspect of a business – that is increasing sales.
Without sales, there is no business.
Some of the essential aspects of an online small business sales strategy include:
- A user-friendly website, app and social media presence that explains offering
- A quick way for browsing users to buy or register their interest to buy
- Be able to launch online marketing campaigns to the target audience with a clear value proposition and a clear call for action
- Being able to quickly engage customers and ask them for referrals
SMEs could set up all the above essential elements within a week for a few hundred dollars. So there is no reason for any small business not to have the above SME digitization elements set up.
Efficient Operations through Digitizing
When it comes to operations, the aim is to reduce complexity and increase efficiency in how the small business is run. Most businesses can benefit from the following operational improvements:
- Moving software to the cloud and paying for usage. This will help free up cash
- Having a simple and effective cloud-based accounting system
- Developing the team on future skills so that they are ready for future jobs.
Again, small businesses can achieve these operational improvements easily within a week or two.
SME Empowerment Program helping SMEs Digitize Efficiently
To support SMEs digitize, we have created a free program, SME Empowerment Program, to help develop an SME digitization action plan. We will also link the SMEs up with service providers that have solutions to help implement the improvements. The program offers an end to end SME development and empowerment strategy.
Corporates and governments are invited to join the program and provide any support that they can.
Small business owners can make use of this opportunity to improve, prepare, and evolve their business.
In the process, they will help maintain jobs in your community and help in building for a better future.
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