“Do you want good news or bad news first?” You’ve probably been asked many times in your life. Research shows that most people prefer to hear the bad news first and save the good news for last.
Recently, many small and medium-sized businesses (SMBs) have been hit hard by a severe downturn in business and are barely making ends meet. In the first year of the pandemic alone, nearly 200,000 people had to close their doors. But others not only survived, but thrived. In fact, according to the latest Verizon Small Business Business Conditions survey, many SMBs are optimistic, with more than 60% of respondents believing that their business will be better this holiday season compared to 2021, and 46% of respondents What do you have for 2023.
“Small businesses are the lifeblood of the U.S. economy; they create two-thirds of net new jobs, drive U.S. innovation and account for 44 percent of U.S. economic activity,” said the U.S. Small Business Administration’s Office of Advocacy. Think of business owners, their employees, the consumers who support them, and the entire supply chain affected.
Finding new ways to grow for SMEs requires them to be resilient, tailor products to meet new market demands, and improve digital strategies by updating their tools and technology infrastructure. Savvy SMEs are better equipped to compete and thrive post-pandemic. I would call it good news, wouldn’t I?
New survey finds challenges for SMEs…good news to come
The latest Verizon survey identifies key trends affecting small businesses across the country. Concerns about maintaining adequate staffing; supply chain disruptions affecting procured materials; cyber threats and viruses, especially cyber risks doubling almost every year; and the upcoming holiday season and the impact inflation will have on their business.
Fortunately, SMBs have found that integration technologies can help address these challenges. In fact, more than 77% of SMBs have completed their digital transformation efforts based on recent lessons learned and implementing digital tools and technologies.
5 Ways Digital Transformation Enhances Your Business
Adopting new digital technologies for businesses of all sizes can help enhance business operations and increase sales and profitability. While the average business may lack the budget and resources of its Wall Street counterparts, there are easy-to-implement industry technology tools and strategies SMBs can implement—without an IT department or massive budget:
- Update Broadband. Businesses running 5G, the ultra-fast, low-latency cellular standard that increases data transfer speeds, can empower new customers with instant credit checks and precise tracking of shipment accuracy when conducting business in today’s competitive environment.
- Invest to support mobile and digital payments. Make it easy for customers to pay the way they want and make sure it can happen safely by having the right point-of-sale system in place.
- Automated orders and reservations. Make it easier for your customers to interact with your business, such as installing a booking app or creating a chat for questions and feedback.
- Utilize technology to update online company information. Consider a service that updates all of your company’s websites (eg, Yelp, Google, etc.) with your store information, including hours, address, and contact information.
- Make sure your website supports mobile devices. No matter what business you’re in, make sure your website is ready for both in-store and online needs. 23% have considered and resolved this issue because they know that mobile is the preferred tool for one in three consumers to shop.
Technology implementation has proven to be a winning strategy for SMBs, with more than 78% of SMB owners adopting new tools and technologies to streamline operations and costs, deliver new customer service and experiences, and drive sales.
As small businesses continue to innovate, drive jobs, and thrive, they are also keeping the American Dream alive.
Verizon will also bring back Small Business Day from now until November 23special offers for small and medium businesses, and a free technology assessment by Verizon Business experts to identify technology solutions to grow your business.