After having worked with large enterprise level businesses as well as small and medium businesses, I have realised one thing that big businesses take a longer view whereas small businesses have a smaller view. What do I mean by that? Let me explain. When it comes to taking strategic decisions, larger businesses look at investments into projects that will give them runway till atleast 5 years. But when it comes to smaller businesses, the business owners take a much shorter view which is roughly around 1-2 years. Why is that? I think one of the most important reason is that in case of smaller businesses, there is always working capital problems, there are issues with payments, salaries, margin, etc. Investment into platforms like new ecommerce platform, booking engine, professional photos or simply working with an influencer are seen as not urgent, until there is business survival need such as Covid.
Overall , the business owners make decision based on solving problem that are currently at hand i.e. payment to suppliers, paying this month's salary to their employees etc. And rightly so, the owners will only see a tomorrow , if they survive today. Now as technology has advanced and cost of building an e-commerce site has never been cheaper, its high time for smaller businesses to wear a "strategic" hat and think like a business owner, not just an operator. Large businesses always have a long term view where they make decisions in line with the market trends and after consulting agencies or their marketing teams. Yes, its true that small businesses do not have access to a full fledged marketing department, but they do have access to people in their network who can support. You do not need a full time person to revise strategy and plans every day. One suggestion would be to have a person one day a month who can guide you through what is happening in the market. This will help businesses stay ahead of competition. Having experts come in regularly and updating you on how the digital platforms are performing and also educate on what is trending.
Time is the most important commodity. Ask a business owner and he/she will tell you how they are juggling 1000 things ever single day. In a lot of meetings with my clients, I have discovered that there are some business owners who do understand what needs to be done, but as they are trying to do everything by themselves, leaving them no time to implement the better digital strategy they were made aware of just now.
Business schools teach a very important principle to its MBA students all over the world. A business needs to focus on its core competencies, understand what is important keeping a longer view of things and collaborate with other companies to unleash that vision. The word to note here is businesses should collaborate with companies who can assist them in implementing their vision. There are case studies where the business owners (acting as operators) get burnt out as they try to do everything themselves rather than focusing on their core competencies which is leading their business and serving their clients. Because they have built their business from scratch, they find it difficult to let go.
We at Technik assist small businesses in focusing on the stuffs that are important to them. We work with owners by firstly understanding their business vision and then guiding them through right choices. We have a strong team of developers, designers and digital marketing experts who can guide you through what is best for your business.