By Jessica Dolton
Amidst the countless industries and companies that have struggled in 2020 as a result of the coronavirus pandemic, many SMBs are often the ones that have taken the biggest hit. With thinner margins for error and limited resources, people in charge of smaller businesses have had to make difficult decisions, and in some cases shut down completely. This has been evident from Asia, to Europe, to the Americas; one alarming picture of small business impact from The Washington Post back in May indicated that more than 100,000 SMBs had closed up shop. And that was in the U.S. alone, just a few months into the crisis.
It’s undoubtedly a grim picture, and for some smaller businesses — sadly — there may not be a road back. On the brighter side of things though, parts of the world are progressing back toward normal. Part of that process includes SMBs coming back to life. And for some of those doing so, a focus on digital transformation may be beneficial.
Digital transformation is something that’s been increasingly recommended to SMBs in recent years, even before any hint of the pandemic or the need for a revival. Now, however, the following tools and methods may be particularly helpful for SMBs looking to recover from the struggles they’ve experienced in 2020.
Cloud Communications
Cloud communication services may be somewhat new to some small business owners — but they’re increasingly essential. Earlier this year, Etisalat’s release of its CloudTalk service was framed as something that would offer a solution for “businesses looking to simplify their complex communication infrastructure.” That description alone describes a benefit that most any modern business could enjoy, particularly now that so many are operating with remote or part-time employees. For an SMB, adopting cloud communications now can provide a much-needed boost in cohesion and connectivity. It’s a means of getting employees back on the same page, and streamlining communication and information sharing even beyond where it may have been pre-COVID.
Payment Flexibility
One of the easiest and smoothest digital transformations a small business can make is the adoption of flexible, electronic payment methods. By this point there are seemingly countless surveys that indicate growing preferences among consumers for payments that can be conducted via mobile phone. Factor in the pandemic, and new preferences for minimal in-person contact, and it’s likely that these preferences will only intensify. It would stand to reason then that in-person SMBs would be able to appeal to customers upon reopening by offering contactless, digital payment acceptance.
Digital Marketing
Digital marketing isn’t necessarily new, but it can be somewhat foreign to smaller businesses, simply because it can be a challenge. However, it’s not a challenge that can’t be overcome. In Ayima Hong Kong’s list of marketing difficulties for startups and smaller businesses, needs like technical SEO, optimised content, and link generation are all mentioned. And these are things companies can make a specific effort to work on. Ultimately, by focusing more on SEO, optimising online content accordingly, and generating incoming links, even a small business can start to piece together an effective digital marketing campaign. Particularly now, given the need to bring business back following the pandemic, such a campaign can make an enormous difference.
Automation
Automation sounds like a big, bold idea, and is thus something some small business owners may be inclined to look past. However, the truth is that there are some smaller automated practices that can be quite beneficial. To give a single example, an SMB might consider investing in automated bookkeeping equipment that can gather and analyse financial data to provide a clearer picture of where the business stands. It’s a simple adjustment, but an example of how automation can save time and improve efficiency — both of which can help a business get back on its feet.
These are ultimately transitions that SMBs have been resistant to in the past. A Bloomberg report on digital transformation chalked this up to “limited resources,” implying that business owners recognise the importance of digital practices, but don’t always see a path toward bringing them about. Now, however, with unforeseen and unprecedented challenges to overcome, more SMBs may be looking into how digital transformation might help them. Changes like the ones listed above should be part of those considerations.
