Stop winging it: your business needs a digital strategy

No one could have predicted the impact from COVID-19. But while some businesses struggled to manage the challenges that came with the pandemic, those that had a digital strategy felt more confident they were equipped to make it through. This was in fact something we were tracking at the end of 2020 – although back then none of us knew that we were in effect only at the half-way point of the pandemic and its effects on business.?Research ?by Telsyte that we commissioned (completed in December 2020) indicated that less than half of those SMBs surveyed claimed to have a digital strategy but that COVID was accelerating their move in that direction. More than have (56%) said that they were fast-tracking their digital transformations as a result of COVID-19, and we expect that trend continues.

A digital strategy may sound like something only large businesses need. As an?SME, you might feel you only manage a small number of digital tools – most likely a website, email, social media platforms, and an internet connection. But in the current landscape, being a digital business is all but unavoidable. Over the past two years, businesses in every industry, of every size, have been forced to change the way they stay connected – to their people and their customers.?

It has been a rapid shift: 55 per cent of tech leaders?accelerated adoption of cloud computing in 2020 . For businesses without a digital strategy, that acceleration had no roadmap. They quickly chose from what was available without the luxury of time to spend researching and deliberating. As a result, some SMEs now find themselves with the wrong tools, lacking the right knowledge, or missing pieces of the tech puzzle.

COVID-19 was the catalyst for change. But in a market currently affected by supply chain issues, geopolitical unrest and other challenges, businesses of every size are vulnerable to sudden, unpredictable change. There doesn’t even have to be one big single event. In recent years, we have seen many examples of industries disrupted - often permanently- by new competitors leveraging digital platforms. Take taxi drivers, for example, and the impact of ride-sharing apps.?

“Have a plan” may seem obvious advice. But even this far into the pandemic, many businesses are still trying to wing it. In fact, some might imagine that if they got through COVID-19 without a plan, they can survive anything!

Those that were already thinking about tech when COVID-19 hit were able to execute much faster and continue their journey. Those that weren’t suddenly found themselves scrambling to find answers to questions like: what am I doing? How do I get people to work from home? How do they get access to our corporate information? How do I do team meetings? The changes came without much warning and without a plan, they were stuck.

I believe being fully versed and immersed in digital is no longer optional. So, two years after COVID-19 uprooted your plans, how can you ensure you’re better prepared next time??

1. Seek the best help

As a small or medium business, you might not have an IT expert in your team, so you’ll need to get external support. Engaging someone to help you create a digital strategy can be intimidating. You may be worried about the investment or not knowing whether you’re being given the right advice.

It may be useful to seek a recommendation from businesses within your network. You can also search for business?nbn -accredited advisor *?to take you through the process of building and executing your own digital strategy.

1. Learn from your community

One of the things I like most about championing SMEs is how they work together. Even competing businesses form part of a community of helpful, like-minded individuals who will often reach out or offer insight to others.?Industry associations and Chambers of Commerce, and any number of industry-focused social media groups, many with large memberships, provide public forums to share ideas and learn, and to seek leverage around new ideas or to influence policy.

Start by trying to understand a bit more about the technology that is available, whether it’s new ways to manage video communication, a cloud-based accounting tool or online booking system. But consider the work already done by others. Look at what has made people in similar industries successful and bring those ideas into your own strategy.

1. Understand what your business needs

While digital will be relevant to almost every SME, the way it’s used won’t be the same for everyone. Take the time to properly assess your needs. You might ask yourself questions like:

●??????What are the tools – both offline and online –?you use in your business every day??

●??????Do you have measurements in place to understand if they’re working well??

●??????Where has digital already improved performance or streamlined a process?

●??????What are the opportunities to try new or different options?

●??????Are there any tools we are paying for but no longer need?

Speak to the people in your business about their needs too.?McCrindle research ?from last year found that?61% ?per cent of people want a hybrid work life . If your staff do prefer hybrid, what will that mean in terms of equipment, security and access?

1. Make sure you have the right infrastructure

Your internet connection might not be the most glamorous part of your digital strategy, but it’s essential to accessing the solutions available to businesses.?

There are some amazing applications out there. Everything is becoming more sophisticated in terms of insights and analysis. There are tools to help you better understand your customers and know how to give them a great experience, from tracking a delivery to touring a venue via video or anticipating a product they want to buy.

Having access to all of this information can transform what you know about your business. Make sure the connection you choose is business-grade and can support it.

1. Update the plan you already have

Even if you did have a plan that helped you through the pandemic, COVID-19 has forever changed the way we all use digital. In this new hybrid world, SMEs will have to consider more factors than ever as they choose the best platforms, tools, apps and services to drive success.

That means the plan you made before COVID-19 needs a refresh. Look closely at what you implemented during the pandemic and ask:

●??????What was the impact of the strategies we deployed?

●??????What could have worked better?

●??????Do we now have new digital tools or processes that need to be incorporated?

●??????Which of these have been the most successful?

●??????Where are the gaps in the way we use digital?

●??????How feasible is it to keep running our current digital landscape for the long-term?

It boils down to this: the businesses that survive upheaval – whether it’s the result of global disarray or some local threat – are the resilient ones. And having a digital strategy is a critical element in building resilience.

Whether your business is big or small or somewhere in between, a solid digital strategy can help you respond to the next disruption with confidence.

* business?nbn??accredited advisers have undertaken a short course on the?nbn??broadband access network.?nbndoes not sponsor, endorse or guarantee any advice given or representations made (including any recommendations to purchase goods and services or purchase telecommunication services over the?nbn??access network from a phone or internet service provider) and does not guarantee the accuracy of that advice or representation.