Myth: Your Business is Too Small for Digital Transformation
August 5, 2021
At a glance:
- The main takeaway: It’s a myth that smaller businesses can’t benefit from investing in digital transformation. In fact, prioritizing technology investments is crucial in today’s market.
- Know the pain points: Smaller businesses have less room for error, so you need a strategy that works with your struggles, whether it’s lack of time, manpower, or cash flow.
- Ask for help: Digital transformations can be trickier for small businesses, but they’re not out of reach. Streamline the process by partnering with a knowledgeable advisor, like Aprio’s Digital Transformation & Cybersecurity Advisory Services.
The full story:
Many smaller businesses think digital transformation is out of their reach, writing it off as something only large enterprises with infinite resources can achieve. In reality, digital transformation is exactly what small and medium businesses (SMBs) need to compete on a more level playing field.
Today’s consumers expect a fast, user-friendly digital experience from any business, regardless of size. A smaller company with a great web presence can draw in customers just as effectively as a large company, as long as that smaller company is harnessing the full power of modern technology.
When technology provides such an effective tool to help companies grow and operate more efficiently, why do so many SMBs write off digital transformations as unobtainable? To answer that question, I think we need to address some common myths:
Myth: My small business can’t afford the costs of adopting new technologies.
Fact: Today’s SMBs can’t afford not to invest in technology, and the ROI is probably higher than you think.
When you fully consider the benefits digital transformation can bring to your business, they often far exceed the cost. Adopting and deploying technology effectively within your business can improve the customer experience, heighten your cybersecurity, broaden your data insights, and achieve huge operational efficiencies.
Beyond the potential benefits, think about the overall value of these improvements. In many ways, the value of a dollar feels more significant to an SMB than a large enterprise. One lost customer weighs much more heavily on an SMB than a big company. On the flip side, one customer gained is that much more impactful. The same concept applies to the value of time. What is the value of one hour of your time? or your employees’ time? If technology can cut out one hour of inefficiency, that is an hour you can now reinvest in improving your business.
Myth: My business can’t waste time on vetting and deploying new technologies; we need to focus on revenue.
Fact: A well-executed digital transformation will ultimately improve efficiencies, boost productivity and increase profits in the long term.
Yes, vetting and deploying new technologies is time-consuming. Still, it’s a myth that you have to tackle that process alone, and it is certainly a myth that the burden of implementing new technologies is a justifiable cause for delaying digital transformation. As I explained earlier, the potential benefits far exceed the cost. Rolling out new technologies may require some extra time commitment at the early stages of a digital transformation. However, the result will be a more efficient, more effective workforce that spends less time on menial tasks and more time generating revenue and bringing added value to your customers.
You can also streamline the process of vetting and deploying technologies by partnering with a consultant, but more on that later…
Myth: My company only has a few employees; we don’t have the manpower to support a project like digital transformation.
Fact: You don’t have to implement your own digital transformation alone. Work with a consultant that can help you create and execute a strategy tailored to your future goals and your current needs.
Limited resources, especially limited employee resources, can often be the main thing holding a smaller company back from adopting new technologies. After all, it can be a tedious process to research new technologies, meet with vendors, train your workforce, and inevitably troubleshoot through the transition. Working with a digital transformation consultant or advisor can eliminate each of those pain points.
Aprio’s Digital Transformation & Cybersecurity Advisory services simplify the digital transformation processes for businesses of any size. We want to remove the barriers preventing your success and streamline the transformation process through carefully designed and executed strategies. Leave the tedious tasks to us while you focus on your business.
The bottom line
Don’t let myths and fear hold your small business back from success. Aprio’s Digital Transformation & Cybersecurity advisors can help create a digital transformation strategy that is tailored to your business’s needs and goals. Contact us today for a consultation.
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About the Author
Jeff Kramer is Aprio's Executive Vice President of Digital Transformation Advisory and Cybersecurity | Specializing in providing managed IT solutions and advisory services to small, medium and large businesses in manufacturing, consumer products and insurance. In an evolving world, Jeff is there to provide ever-adapting solutions to meet any client needs.