There isn’t any doubt that the small and medium business (SMB) sector in India contributes significantly to the country’s GDP. However, you will be surprised to know that in 2018, around 68 percent of the SMBs were unaware of the power of digitization and technology adoption!
There has been enough emphasis on technology adoption in the MSME sector to enable their growth and increase their contribution to the country’s GDP.
According to the Google-KMPG study conducted in 2018, digitally empowered SMEs can double their revenue growth in a short time.
Now that SMBs have realized the opportunities that come with unlocking the digital world, there is no looking back. SME’s spending in the software, SaaS and hardware is likely to increase further.
Cost-Effective Tech Adoption on the Cloud
SMBs majorly face challenges in managing customer relationships, mailing lists, endpoint security, accounts and their workforce. Cloud-based CRMs software, utility tools, HRMS and accounting solutions have made it possible for businesses to become technologically advanced within their budget.
A recent study on "Socio-Economic Impact of Cloud Adoption by SMBs" establishes a direct relation between cloud adoption and the increase in productivity by 1.5 times for SMBs!
Chatbots to Increase Customer Outreach
One of the most important factors in improving the bottom line is adopting a more sensitive approach to customers’ concerns and expectations. With limited resources, SMBs are going the path of chatbot automation to reduce the time lag is answering customers’ queries. This has not just helped in building customer loyalty, but also there is a boost in their revenue through repeat website visits and purchases.
Workforce Mobility & Productivity
Collaboration technologies like video conferencing software, webinar tools and meeting solutions have made it possible for SMBs to benefit from the mobile work culture. Thus, they can achieve higher productivity without spending much on updating the on-premise infrastructure. Also, it helps in retaining the talented employees who can work with higher flexibility.
Pay Attention to Your Customers’ Likes & Dislikes
If you ask me, I would have written a handwritten note to appreciate my customers. However, that’s not practically possible! Fortunately, there are other interesting ways to make your customers feel valued. Make it a point to genuinely thank your customers after the deal closes. Also, listen to them, and act immediately on their concerns.
You can always take help of customer service solutions like Freshdesk to analyse customer sentiments and provide the best resolution for their queries.
Keep Your Credit Terms Clear & Maximize the Cash Flow
Small businesses often go through the peaks and valleys of the cash flow, which intensifies their fund concerns. To avoid such scenarios, keep your credit terms short and clear. Also, think of innovative ways to persuade your customers to adopt the pre-paid mode. You can offer them discounts and redeemable points if they opt for pre-paid.
Just ensure that you integrate your website with secure payment gateways to build the trust of your customers in paying online.
Market Your Offerings Smartly
Small businesses often fall into the trap of popular marketing practices and end up speaking out loud on a platform that’s not right for their product. It’s important that they understand their target audience, ideal marketing channels, and customize their messages accordingly.
Moreover, you can track your website visitors with live chat tools like Freshchat to generate viable leads. Further, you can nurture those leads and track their journey through the sales pipeline with sales management software like Freshsales.
Always Look for New Opportunities
As a small business owner, don’t get attached to your business model. Always look for opportunities, that may or may not support your current business model. If required, change your current approach to increase your earnings through a completely out-of-the-box business idea. But most importantly, never give up on learning. Stay in the know with your industry trends and the cutting-edge technologies to power your endeavours.