“Most small business owners are not particularly sophisticated business people. That’s not a criticism; they’re passionate about cutting hair or cooking food, and that’s why they got in the business, not because they have an MBA.” – Andrew Mason
Do you own a Small Medium Enterprise (SME)? If so, are you able to embrace the rapidly changing environment that we currently live in? The rise of the Information Age and all of its associated technologies has radically altered the way in which consumers interact with business. Unfortunately, the bottom line is that if you are not willing or able to change with the trends and keep up with the consumer, you stand a real chance of losing sales, and ultimately your business.
The quotation mentioned above by Andrew Mason notes the pertinent issue that most small business owners face. They are passionate about their trade; ergo, the administrative, marketing, and management side of the firm often fall by the wayside. Ergo, the question that begs is how do SME owners embrace the modern world to ensure that they can run a successful business. By way of answering this question, this article will note several reasons why a company fails to do well in its chosen niche.
No online presence
It is vital that your business is represented online. Statistics show that over 50% of people currently access the Internet via a mobile device. Additionally, if your business is reliant on local customers (such as a plumber or hairdresser, etc.), it is imperative that you ensure that your contact details are listed correctly everywhere on the different web directories.
Poor quality website
Not only is it important to make sure that you have an online presence, it is vital that your website is well designed, responsive, and is easy to use. Ergo, online platforms are a great way to build a good-looking, intuitive site. The good news is that the website’s framework has already been designed. All you need to do is to fill in your details and populate the eCommerce store.
Not adopting modern software
A 2013 Yodle survey indicated only 51% of SME owners use accounting software to help manage their finances. Furthermore, only 34% of the total number of business owners surveyed use customer relationship management software, 39% appointment booking software, and 25% use the latest point-of-sale technology.
Resting digital media marketing trends
A combination of factors working together has changed the face of marketing. Of these factors, the most prominent are the increased ease with which consumers can access the internet via mobile technology as well as the huge influence social media has over whether consumers will purchase a product or not.
For example, you own a hairdressing concern, and a prospective client is looking for a hair salon in your area. You stand an excellent chance of gaining a new customer if her social media influencing circle approves of the service you give, and if your business gets positive reviews on social media as well as the local discussion forums. On the other hand, if you only have negative reviews and you are not on social media, then your business is at a huge disadvantage regarding increasing your market reach.