Three ways to run a smarter SMB in 2018
- Empowering employees to make faster decisions – too often, out-dated and rigid internal processes aren’t reviewed as regularly as they should be. Our research reveals that only 36% of SMB leaders encourage an environment where their business can react quickly to change. What works well in an SMB’s infancy doesn’t necessarily continue that way as it starts to navigate the complexities of high-growth. When combined with a stratified culture this can stop new and potentially valuable ideas from rising up the organisation. Combatting this by regularly stress testing processes and reviewing your workplace technology will help ensure the best decisions and choices can be identified and acted upon quickly no matter where they come from within the business.
- Become a better connected business – SMBs shouldn’t wait on the side while their larger, more equipped competitors take full advantage of what technology can do. Cost-effective digital technologies are increasingly commonplace, enabling SMBs to capitalise on the same productivity benefits. 70% of SMB leaders believe technology lies at the heart of their organisation’s ability to thrive. Fast, effective knowledge sharing is vital to business growth. As the market evolves, employee expectations of the type of technology you provide for them to do the best work possible will too. In particular, communication solutions, such as videoconferencing, that support flexible and remote working patterns whilst also boosting productivity are a must.
- Dig into the data a little deeper – a lot of SMB leaders make decisions based on intuition and instinct. Although this is very admirable and a testament to their knowledge of the market, wouldn’t it be better to know the exact products customers will pay a premium for, or the precise moment supplies won’t be able to keep up with demand? Although 64% of SMB leaders recognise this and want to prioritise technology investment in analytics, it’s how they use the insight it derives which really counts – finding trends which were previously hidden. For SMBs this can be invaluable in helping employees make smarter decisions and in boosting their effectiveness. For example, by incentivising your best clients with customised offerings and communications.
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