Before now, it was possible for small businesses to completely rely on print media and word of mouth to get the word out about their business while relying on traditional methods to run said business. Today however, there has been a massive shift in the way business is run across different industries as digital has taken over literally all spheres of life. It means that people are more likely going to hear about a business for the first time by looking at an ad online than at a dinner with friends. It also means that customers are more likely to pay for goods with credit cards even on the increasingly rare occasions they walk down to a local store to make a purchase.
Digital has become king and the influence will only to continue to grow. This is why it is now critical for small businesses to embrace digital more than ever. We take a look at top reasons why you should be making the transition sooner rather than later.
Reduced operational costs and increased efficiency
Building a website for your small business for instance, is a sure way to reduce the strain on the ground staff as many people will embrace the opportunity to buy your services online than visit in person. This can in turn save your business a decent amount in overhead costs required to maintain the offline shop. Fortunately as properly covered in this piece from the Telegraph, setting up a website for your business doesn’t always mean taking a huge financial hit. By creating a website for your business, you can also embrace digital payment processing, taking advantage of the benefits that come with its cost effectiveness and speed.
Cheaper marketing and advertising
Word of mouth advertising and listing in yellow pages can only go so far these days. The competition is fierce amongst businesses so many have moved away from these traditional means of promotion to other more effective but costly options like TV. Small businesses that can’t afford the financial commitments that come with being on TV have not been left behind either as the internet allows them to bring their businesses to the eyes of millions of prospects. Many small businesses grew to immense heights without ever getting on TV through embracing digital marketing and advertising opportunities like Pay Per Click advertising.
Better funding opportunities
According to a recent research, most businesses will struggle if they faced a setback or unexpected expense. However, businesses can remedy the situation if they embrace digital funding options as offered by crowd funding and peer-to-peer lending sites. These digital solutions have helped keep many businesses afloat.
Improved business growth
This article in the Financial Times outlines the importance of embracing digital as the top 25% of small businesses that have witnessed the most growth in revenue are does that have embraced mobile digital technology the most. Customers can for example, make payments for wines at home after watching a video on the origin of the wine and its production. Also some cafés and boutiques now use iPads in place of conventional till. All of these ensure better sales for the business as it allows customers see why they should buy products in a fun and interactive way.
Regardless of what small business you are running, your business results can almost certainly be improved on by embracing and exploring digital!