Keeping up with the Joneses: SMEs must focus on industry changes and innovation

Regardless of its particular nature, every industry is constantly changing. New ways of working and emerging technologies mean that no sector remains stagnant for very long. Hundreds of years ago in the West, the printing press replaced scribes and town criers (for the most part). More recently, Google has rendered telephone directories like the Yellow Pages obsolete. All sectors have jobs and aspects that become redundant eventually, and business owners must be cognizant of that.

Whether you own a multinational retailer like H&M or a local mom-and-pop restaurant, it's crucial to keep up to date about what and how consumers are purchasing if you want to remain competitive. Let's have a look at some considerations:

Banking

Gone are the days of pen and paper financial transactions. While some businesses do still use written checks and cold hard cash, the vast majority have migrated to digital banking and bookkeeping. You'll be hard pressed to find a shop or restaurant that doesn't have credit card facilities. And, on top of that, many customers don't even carry cards anymore, paying instead with smartphones or watches. Whether a customer can pay quickly and conveniently is often the factor that determines whether they'll support your company. Banking is almost 100% digital and small businesses need to keep up.

The future of banking is digital, and your business needs to be forward-thinking.

Advertising

Like banking, marketing is almost entirely digital now, too. Sure, you'll see the odd printed flier at a mall or billboard along a freeway, and old-school print media does have its value. But, for the most part, your customers are online and you need to find them there. To survive in a dog-eat-dog world, your business needs to market itself on social media sites, search engines (think pay-per-click advertising on Google), mobile apps and other digital marketing platforms. These new ways of advertising might be a bit tough to nail at first, but the return on investment is worth it.

Customer experience

It's critical to attend to your customers timeously and with care. And, these days, people aren't picking up the phone to yell at or praise the person at the other end of the line. Like the big fish in your commercial pond, you need to provide unparalleled CX using automation whenever and wherever possible. Make sure your website has a chatbot and an online query form. Furthermore, ensure that customers receive an automated response acknowledging their request once they've filled in the form. Leaving customers in the dark and unattended is a surefire way to drive them to your competitors.

Are you concerned about whether your business is meeting the latest industry-specific legal requirements? Reach out to the Law Offices of Donald W. Hudspeth, P.C. for assistance.

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