SME’s fast forward their digital growth to overcome setbacks in 2020

The pandemic instantly changed plenty of small and medium businesses. Suddenly, face-to-face sales and working environments were no longer possible. The pandemic hastened many companies to switch to digital, and the best prepared businesses were the ones that were able to forge ahead quickly into the new normal. Below, we explore the impact COVID-19 has had on SMEs and how the world saw businesses moving to digital platforms much sooner than planned.

Working from home

Working from home was, perhaps, the biggest change. To halt the spread of the virus, it was no longer possible for everyone to work in the office. An effective work from home culture required some technological infrastructure though. The most prepared businesses had ways of communicating efficiently via video (with colleagues and with clients) and cloud sharing services to ensure that everyone could access files from home.

Cloud-based solutions

Working from home has also increased the demand for cloud-based platforms. You want a safe, secure workspace to collaborate and work on company projects. The software to achieve this is now in more demand than ever before.

Increased risk of cyber crime

Working from home was a beneficial change for most employees, but it did bring an increased risk of cyber-crime. As everyone was working remotely, this meant that more data than ever before was online – presenting a heightened risk of cyber-crime. Strong defences are now vital to any company. A report from Cybersecurity Ventures predicts that cybercrime will inflict $6 trillion in damages globally in 2021 – SMEs need to rigorously prepare themselves for cybercrime.

Adapting fast

Businesses have had to be agile to adapt to consumer demands during the pandemic. Those that have diversified into areas of demand have been successful, while some businesses have suffered with products that people have lost interest in. Switched-on alcohol distilleries, for instance, identified the demand for hand sanitiser and began to produce that product alongside their traditional offerings. This can be a lesson to other industries – never find yourself rigidly attached to a business plan as you tackle the coming years.

Growing availability of data

With less face-to-face shopping than ever before, consumers have used online services heavily. One knock-on effect is that there’s now also more shopping data available than ever before. Businesses have a greater insight into their clients’ behaviour than ever before and have the opportunity to capitalise on this to find a competitive advantage.

Adapting to such uncertainty can feel overwhelming. But there are options for your business. Seeking advice from an outside consultancy firm will enable you to be agile and continue to grow in the right direction, despite rapid global changes.