Almost every other business today is going digital. From having a responsive and well-laid out website to fully automated digital marketing systems as well as digitally-controlled logistics and support mechanisms, almost every aspect of business now has a digital component to it. And yes, even small and medium sized businesses are going digital. But the question remains. How do you ensure that your business, no matter how small, will have the digital edge over your competition? Here’s how.
What separates digitally-mature business organisations from the rest is that they often have a very clear digital strategy. You might think that this is a very difficult thing to do for a small business like yours. On the contrary, the small size of your business organisation makes it a lot easier to respond to digital trends. You’re more nimble and more agile than larger businesses. This agility in responding positively to proven digital innovations can help you compete on an almost equal footing with larger, more established players. The key is for you to understand and appreciate how technology fits into your organisation and then to utilise this understanding to formulate a business strategy with digital technology at its very core.
Call it cliché, but really successful businesses are never afraid to take highly calculated risks. If you have to think of a strategy that will blow your competition out of the water, then it is important to have a very clear vision of the distant future. The issue in using digital technology as the core of your business strategy is you will have to think well in advance – more advanced than what your competition are prepared for – on how you can capitalise on a certain digital trend. The point is that many of these trends can go either way. They can go boon or bane. That is why you have to really study the trend and make very accurate, facts-based assumptions on how capitalising on this digital technology now will benefit your company in the future.
The problem with many companies employing digital technology in their processes is that the innovation is viewed as merely a tool to improve work efficiency. This needs to change. Some of the few things that best characterise digital technology are rapid action, collaboration, agility, and risk-taking. These are the very same characteristics that should be woven into your company’s organisational DNA, regardless of how small it is. Everyone should be willing to accept change, take calculated risks, and act quickly on opportunities if you want your small company to succeed.
Keep pushing. Just because you have already tasted success doesn’t mean you should rest there. Every so often a new technology comes along. It is your responsibility as the owner of your small business to study the implications of such innovations and how you can weave this into your existing business strategy.
Remember, you don’t have to be a large business to have the digital edge. Considering these tips will help you have the digital edge over your competition no matter how small your business is.