How small business can overtake big business in the future
Posted on July 16, 2018
The days of small businesses struggling to compete with big corporations is rapidly becoming a thing of the past.
This is largely due to the changing digital landscape which arms SMEs, start-ups and small businesses with many tools that give them advantages over big businesses.
Through social media, small enterprises are able to appear closer to customers, more personalised and deliver more customised experiences.
But on top of that, digital innovations allow small businesses to move faster than big companies ever could.
Agility is small business' biggest weapon against big business
The modern world has changing consumer tastes, desires and needs that can move from week-to-week.
This is where small business has the distinct advantage over big brother, as SMEs can change business plans and tactics much faster.
Products can be brought to market faster and changed to suit customer needs at an equally rapid pace.
Communications consultancy firm KPMG boss Martin Heath said small business should be adapting their operations to incorporate technology to maximise that agility.
"It's only when you change your strategies and automate your processes that technology can bring business benefits," he said.
"Technology is an enabler and you need to make sure you change your structures to account for that technology."
New technology and solutions allowing SMEs to be more agile
Big data is not the exclusive domain of big business. While many smaller operators may believe this technology is only available to the giants of industry, it is actually more accessible than you might think.
There are many free or low cost tools available that can compute the data being farmed by your business through sales, social media interactions and website traffic.
This allows you to better know your customer and deliver personalised experiences just for them.
Cloud storage is another cost-effective modern innovation that small business can use to great effect. This allows greater collaboration with customers, allowing both parties to share and access data and make adjustments on the fly. It also gives small business a low cost way to store data without having to purchase and maintain expensive server hardware.
Fintech solutions are also driving change for small business, with the New Payments Platform to be rolled out in early 2018. This will allow for instant payments which will speed up cash flow for business. New accountancy programs using artificial intelligence like Intuit QuickBooks is also assisting small enterprises with the accountancy.
Vocus solutions that can boost your small business
There are many solutions that Vocus offer that can bring your small business into the digital era. Vocus offers cloud solutions for all small enterprises, as well as internet, telephony systems, data centres and networks and more.
One of the small businesses that has reaped the rewards is the BCS Group, a small but rapidly-growing enterprise that provides innovations and solutions for the transport of luggage and complex materials around the world.
Those international connections meant that the small New Zealand business could not allow its size or location to limit operations, so Vocus set BCS Group up on their network through a bespoke design to ensure all data is transported quickly and reliably across the globe.
To find out how VOCUS can tailor a solution for your small business, phone 1800 030 057 today.