Businesses large and small are investing in technology. More than ever, customers and other stakeholders expect to interact with digitized businesses through enhanced customer experiences, social media engagement, convenient online shopping, and much more. Thriving businesses are leveraging tech more than ever to focus on what’s important, to align resources and to measure what matters.
Time to Tech-Up!
Today’s businesses and consumers expect to be able to interact with businesses through digital tools and online technology. But according to a Deloitte small and mid-sized business (SMB) study* commissioned by Google a few years ago, 80 percent of these businesses were not taking advantage of even the basic digital tools. Not surprising, the top 20% of businesses that leveraged technology and digital tools realized significant benefits compared to businesses that didn’t. For starters, they:
- Earned 2X as much revenue per employee
- Experienced 4X the revenue growth over the previous year
- Were almost 3X as likely to be creating jobs over the previous year
- Had more than 6X the average employment growth rate
- Were 3X as likely to have exported over the previous year
So what specifically did these businesses do that made such a difference and how can your business begin to enjoy the benefits of the technically engaged?
A basic necessity for any business is a website where customers can read about the business, its products and services, hours of operation, and any other important information they need to know. But that’s not all. Social media has become important to establishing and enhancing relationships that traditional “brick and mortar” businesses naturally developed. Find out how >>
Coordinate & Collaborate
Whether small or mid-sized, it’s important to identify what is mission critical to the business, align team objectives and key results (OKRs) to those of the business, then identify metrics to measure what matters…and adjust as needed. This ensures resources are aligned on what matters to the success of the business, optimizes collaboration critical for innovation and minimizes wasted work. Find out more >>
Effective organizations don’t get bogged down with the mundane. They automate much of the repetitive behind-the-scenes processes in marketing, sales, and customer support to focus on impactful customer experiences. Discover their secrets >>
*Unfortunately, there is no standard of what constitutes a small or mid-sized business. The US Small Business Administration definition of small business varies by industry, ranging from $1 million to over $40 million in total revenues and by employment from 100 to over 1,500 employees. For the purposes of its research, information technology research company, Gartner, defines small and mid-sized businesses (SMBs) by the number of employees and/or annual revenue. Small businesses have fewer than 100 employees and less than $50 million in annual revenue; midsize businesses are those organizations with 100 to 999 employees and/or make more than $50 million, but less than $1 billion in annual revenue. According to SalesForce, SMBs are defined as 2-200 employees and an annual revenue of less than $1 billion. For this study, Delotte surveyed 2000 businesses with less than 250 employees.
percent plus of businesses are small & mid-sized
Million small businesses in the U.S. (2019)
Million net new jobs created/yr by SMB in US (2019)
Percent of the total new jobs/yr are SMB in US (2019)
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Goal-setting Made Simple
If OKRs, KPIs, and the latest 3-letter labels make your head spin, you are not alone. Discover how you can simplify the important process of goal-setting and performance improvement.
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According to worldwide Internet networking conglomerate Cisco, by 2022 online videos will make up more than 82% of all consumer internet traffic — 15 times higher than it was in 2017.
In 2017 Google commissioned Deloitte to conduct a study to understand what is preventing small businesses from using digital tools. Results showed the need to embrace technology, but many struggle with how to do it, which tools to use and how to measure success.