As technology takes over the world, businesses must also go digital in order to keep up and maintain their business. Traditional small and medium businesses have no choice but to establish an online presence to stay relevant in a world that is continually changing and improving. Most big businesses got this aspect covered because they have the money to burn and the manpower to do the job for them but many small and medium enterprises struggle in making this transition, with many forming professional groups to cooperate and share resources.
A globally interconnected world can actually work to your advantage because you are no longer limited by physical barriers that normally affect businesses in the past. The world is your oyster and you can make business in different corners of the world, which can probably increase your profit by more than you can imagine. However, for newbies and entrepreneurs who have no idea how to navigate technology, it might be a struggle and can greatly impede the growth of their business.
The entrepreneurial landscape has been transformed by global interconnectivity, new supply chains, dynamic emerging markets and technological innovation. For European small businesses, taking full advantage of these opportunities and continuing to reach new customers in today’s global economy is vital for growth and ongoing success.
To remain competitive and ensure you stay on the upward track, it is important to make consistent improvements to your business.
Revisit your business plan
Update your plan thoroughly at least once a year as your business evolves. Bringing it up to date will allow you to step back from day-to-day activities and re-align your strategy, ensuring the big picture still makes sense.
Build a strong team
It’s no secret that high-performing companies have high-performing teams. Having the right infrastructure for growth is important and this starts with having talented and engaged team members throughout your organization.
Don’t be afraid to pitch to investors
Fundraising can be hard work and the opportunity to raise investment can come in many ways and from many places. Consider pitching to investors or securing alternative funding through other channels.
With the rise of ecommerce, there are a number of exciting opportunities for international trade and overseas business success. If you’re planning to go global, consider which markets would be the most beneficial to your business and prepare a clear exporting strategy.
Build up your business image
Your online presence is crucial to creating a good first impression. Ensure your website and social media channels reflect your brand values and the image you’d like to project.
Taking the big leap might be a little scary for a small-time business owner but your business will stagnate and so will you if you don’t take the risk. While there are risks involved depending on the direction you are planning to take, you can always research and make preparations in advance.
Avoiding technology to reduce complexity is certainly not an option. SMEs often get caught in the trap of using one-off IT solutions to meet short term needs. That approach quickly results in problems as more disjointed solutions are added to the mix. This is why many SMEs often have the misperception that digital transformation is costly and difficult to manage, or that employees will get bogged down by inefficiency.
Whether you’re a logistic company competing with disruptors or a food producer looking to reinvent to expand globally – there are enormous business opportunities and cost-savings to reap by using technology to modernise and scale their business, fuelling productivity and growth.
SMEs have the advantage of being flexible, adaptable, scalable and responsive – will they be bold and stand out in the digital economy? Innovating will give them the edge. The imperative is to focus on simplifying your business with technology now – in the long run, it will perform better and grow faster.
The only way for any small or medium-sized company to succeed is to go up. There is actually more room for growth for you than the bigger companies because you are yet to tap new markets and resources, of course, with the help of social media marketing and other digital tools that help promote your business at a fraction of the price of traditional advertising. There is a way if you just persevere and don’t throw in the towel just yet.
Technology may be a bit daunting for the untrained eye but you can always use it to your advantage once you learn to accept that it is here to stay. Once you have changed your disposition on things, you can finally see your business in a new light and see clearly the direction you want it to take. Take your cue from other small and medium businesses who managed to make it big on the web.
Take social media marketing seriously because you’ll never know how much money you can milk from it unless you apply it to your own business. Hence, don’t be afraid of all these changes and use technology to your advantage by leveraging your business and tapping new opportunities only the World Wide Web can offer.