Small Business
In an era defined by technological advancements, the need for businesses, regardless of size, to digitize operations has become more pressing than ever.
Small and medium-sized businesses (SMBs) are the backbone of the global economy, and embracing digital transformation is crucial for their survival and growth. There is a myriad of benefits to harvest from digitizing operations for SMBs and the transformative impact it can have on efficiency, competitiveness, and overall success should make it the top priority for any small business owner and SMB leaders.
Running a small to midsize business has all sorts of challenges. You constantly struggle with the budget. You’re always wondering if you’re the right size or if you should start hiring. You tend to prioritize product development. You probably wonder if your marketing spend will give you the return you are hoping for. No doubt - Life as an SMB can be exiting and frustrating at the same time. Non the less, this is the reality for the vast majority of companies. In fact, more than 99% of companies worldwide fall into the SMB category and contribute to about 50% of total employment globally.
While SMB is not an industry category, there are so many commonalities in terms of operational needs, characteristics, goals and aspirations – especially when it comes to digitization and digital transformation – that it makes sense to approach this segment as a whole.
We support SMB’s or those who “fall into the bracket”, by supporting digital transformation, building workflows and applications that meet their specific needs, drive improvements in cost and quality, support creative freedom, strengthen scalability and improve business outcomes. We offer a unique combination of advanced no-code capabilities to help realize impactful change, services to digitally transform operations, and the ability to implement and scale, with the support of trusted partners.
SMBs vary in size and complexity depending on the industry. However, SMB organizations tend to share common characteristics across the board:
More Creative
SMBs are more nimble than larger companies. As a result of limited resources, they must be more creative to claim their stake. Typically, there is an emphasis on innovation in these organizations, whereas larger companies are invested in tried-and-tested approaches that have worked for them in the past. Sure, this can be an advantage but it comes with a risk of becoming obsolete.
Greater Flexibility
An SMB’s size also gives it greater flexibility. Like turning a large cargo ship compared to a small motorboat, it is harder to implement change in larger firms. SMBs are open to change and can respond quickly to new opportunities. They adopt new technology and approaches more readily than a large organization. SMBs have shorter more efficient decision-making processes and typically there is only one person who can approve or disapprove a substantial change.
Responsive
Thanks to their flexibility, SMBs can act and/or react quickly. Decisions can be made within a very limited timeframe compared to large organizations, where substantive decisions may have to go through approval processes and red tape. This means that SMB’s can react to changes in the market or new opportunities that lager enterprises would have to pass on, provided that they have workflows in place to support it.
Value Practical Solutions
Large enterprises have the resources to put together long-term roadmaps and plot even vague and broad goals. SMBs on the other hand, are focused on the short term and thus value practical solutions that will have immediate impact. SMB’s focus on problem solving and define clear problems through daily practice. They seek solutions to create a competitive advantage, not in years but within months or even week.
Capital Constraints
SMBs have limited access to capital compared to larger organizations and therefor must be more cost-effective in their budgeting. This requires more creativity, but it can also inhibit their ability to attract talent or establish the necessary marketing and advertising activities to increase brand recognition and awareness. Capital is the #1 advantage of large firms. They can flood the market with advertising, buy their way to the top of every search engine and finance ambitious product development projects without breaking a sweat, not to mention scoop up the best talent money can buy.
Less Risk Averse
Because of a lack of capital and resources, SMBs are more conservative with their budgets or less risk averse. Small companies cannot afford to take big risks that will potentially cripple the organization financially if the venture is not successful. Often, a single owner will be making the decision and may subconsciously seek not to lose rather than to win, thus missing out on opportunities.