Small businesses survivors of the pandemic have one thing in common.
Despite all of the challenges they faced in the past year, they managed to stay connected to their customers.
With shutdowns and restricted trading conditions, this required creativity and ingenuity.
Many small businesses adopted better use of mobile and internet technologies as a result of the crisis.
In fact, being digitally engaged has been very important for businesses, particularly those in rural and regional areas.
MYOB research tells us that SMEs with advanced levels of digital engagement are 50% more likely to grow revenue and earn 60% more revenue per person. Greater digital adoption by SMEs would result in a $10 billion boost to the economy.
So what’s stopping small businesses from becoming more digitised? According to a new report from MYOB 24% of SMEs are worried new technology is too expensive and a further 24% say they don’t have time to set it up.
But it’s worth noting that of the businesses that digitised during the pandemic, 39% found themselves to be more productive and 34% were more profitable. A whopping 85% of small business owners say they used digital tools to keep their business running.