The evolution of technology has helped millions of businesses grow throughout the century. And with business digitalization nearing its peak, everyone is focused on transitioning over the past couple of years.
But as exciting as transitioning to the golden age of digital commerce may seem, the risks small businesses face during this transition is still alarming. To help your business thrive amidst this change, here are five practices you should remember to do during your transition to digitalization.
Safeguard Your Income Through Advanced Studies of Digital Marketing Trends
According to recent studies, 57.6% of the world’s population uses social media on a daily basis. That’s more than four billion people you can sell your products and services to. However, with the rise in social media usage, it’s safe to assume that the number of online businesses you’d compete with is also extremely higher than your traditional local competitors.
Knowing digital marketing techniques as early as possible can help make you stand out. A great example of an effective 21st-century marketing technique is the meme culture. By connecting to your target market through shared pop-culture references, you get to build relationships on an emotional level. And with the speed of content sharing visible in social media right now, it can take just one meme to make your business a viral hit.
Fortify Your Time and Effort Through Simplified Workloads
One of the most time-consuming and physically and mentally draining aspects of owning a business is the administrative work you have to do. With digitalization, the mountain of documents you’d have to slave through is reduced to a couple of clicks.
Automatic administrative programs have paved the way to more efficient experiences for both entrepreneurs and consumers alike. There are now easily accessible mobile forms and collection systems that can save 50% of your time. With the dangers of the recent COVID-19 outbreak, even restaurants have found ways to take customers’ orders and payments without breaking social distancing protocols.
Workflow automation has also progressed, making service-oriented businesses like home maintenance and construction more efficient. For example, plumbers have to record the completion of their tasks online before the electricians can proceed.
Lessen Your Business Expenses Through Outsourcing
This is, by far, one of the most effective impacts of digitalization. Through outsourcing, you won’t only be able to spend less on recruitment, but you’d also be able to hire experts on a global scale. To put it simply, by hiring a degree-holding marketing specialist in Asia at half the amount of the American rate, you’d be saving more money and doubling the productivity of your business processes.
And since the work hours usually differ in the most common outsourcing countries, you can literally earn more as you sleep.
Shield Your Business From Unnecessary Lawsuits Through Data Protection Awareness
One of the most common causes of small business failure this year is negligence concerning data protection. From sending emails and filling out forms to paying services and purchasing products, your customers’ personal data is within the palm of your hands. And as mind-blowing as that sounds, it leads to a heavy responsibility.
The loss of said data, whether due to an accident or an intended action, can lead to multiple lawsuits that might leave your business bankrupt. That’s why the General Data Protection Regulation (GDPR) has been established and strictly followed throughout the western countries for a while now.
Even a simple misstep in handling these data can lead to litigation. And even if you win the battle, there will still be a high probability of losing the war due to the unwanted public fiasco it can cause. To avoid this, enlightening yourself regarding this subject is essential. You can do your research on your own, but having professional help from established GDPR SaaS providers can prove to be more beneficial in the long run.
Ensure Your Long-term Success Through Growth Opportunities
Looking at the bigger picture is vital to seeing your business grow. Do not get complacent due to the initial success that you might encounter. Do not get distracted by the hype. Since digitalization has introduced you to thousands of opportunities to branch out, take your time and plan your steps meticulously.
Develop multiple strategies for capitalizing on the safest opportunities for growth. You can also go the opposite way and focus on the riskier but more rewarding opportunities. Just make sure you have foresight on all the possible dangers you might face to conceptualize all the solutions you need.
But most importantly, invest in business insurance to ensure that your business is accident-proof no matter what.
The Bottom Line
Transitioning from the traditional business model to a digitalized commercial enterprise can be daunting. But with extensive research and meticulous strategies, your adjustment will feel like a walk in the park.