Digitising your small business has never been more important, and the past year has highlighted how it strengthens organisational agility. A Microsoft study found SMEs that implemented digitalization initiatives increased their revenue by 26% and decreased costs by 22%. Read on to learn how digitalization can support your ability to grow and enhance your bottom line.
Systemisation is an important profit driver in business. Going digital can greatly increase the efficiency of your operations by creating streamlined systems to manage your workflow, facilitate seamless collaboration and ensure that clear lines of communication are in place. Best of all, cloud services are cost-effective because they do not require you to set up an in-house IT structure or be exposed to regular maintenance costs. Furthermore, it facilitates expansion and rapid scaling of your business.
More Effective Marketing
The rise of digital marketing has allowed companies to boost customer engagement and market more effectively. By positioning yourself as an authority, you can attract new prospective clients in a manner that’s more effective than conventional forms of marketing.
Furthermore, digitizing your marketing will make it easier for you to use data to refine your approach. For example, the data on visitors that find and engage with your site can help you determine what content appeals most and how best to present it. You can also see what type of audience you have across social media platforms, which helps you create more effective and targeted campaigns.
Increased Customer Satisfaction
The way that customers search for and buy products has changed significantly in recent years, with the internet now playing a vital role in this process. According to a study by Google, 67% of consumers worldwide turn to their mobile devices to research potential purchases before going into a store.
Improve Employee Experience
Happy employees and successful businesses go hand-in-hand; a study by Gallup found that businesses with energized and motivated teams are 22% more profitable, have 37% less absenteeism, and receive a 10% better rating from customers.
Digitising your small business can empower your employees. Services like smart notifications, communication tools and streamlined systems make their lives significantly easier, focusing attention on what matters. Furthermore, technology supports continuity which saves significant time and frustration.
Digitizing your business also makes it more flexible and productive. According to a survey by CoSo Cloud, 77% of employees believe that they are more productive when working remotely and Amerisleep research discovered 80% of telecommuters experience less work-related stress. OwlLabs found that US-based companies with flexible working schedules have a 25% lower turnover rate than their non-flexible counterparts.
Additional Income Streams
Digitizing your small business could complement the income you get from traditional sources. It is possible to create digital products relevant to what you sell, for a constant revenue stream even while you sleep. Consider selling:
Digitizatisating your small business can also make your current offerings better. For example, you could provide continuous customer service on your website or create a library of how-to videos for customers to access. You could also add an e-commerce function to your website.
Digitising your small business will lead to enhanced employee experience, improved customer interaction, and increased organisational agility. Digitising will ultimately lead to more profit and a healthier enterprise. Talk to us today to see how the team at local-accountants.com can help your business grow.