Take your SME into the digital age

Technology is really making it easier for SMEs to do business. It may seem daunting at first, particularly if you’re used to more traditional ways, but reviewing everything from online marketing to using digital accounting tools can significantly help you improve your efficiency and business outcomes.  

It’s up to you to decide what and when to digitalise by converting business processes to use digital technologies, but digitalise you must. 

Record your transactional history digitally  

First and foremost, you need to consider digitalising your transactional history. While certain businesses run largely on cash, it is important to digitalise your transactional history if you’re planning to grow your business.   

The first step to doing this is a dedicated business account. Opening a business bank account when your business is still in the start-up phase might seem like unnecessary admin, but it will benefit you in the long-term — and with TymeBank, opening an account takes less than five minutes. 

With a business account you can keep track of your income and spending so you will have a better picture of your business’s financial situation.  

A business bank account also helps you to establish a professional image for your business. With a TymeBank business account you will get a free debit card with your business name on it, and your clients can pay for products or services into an account with your business name — showing them that you are the real deal and not a fly-by-night hustler.  

Similarly, using a business account to make payments to suppliers is the most professional way to do business.  

So, what more can you do to be digitalised? 

Financial management is one of those things that can be handled so much more efficiently online, particularly given the many affordable accounting packages available. Example of these include the accounting, payments and payroll software and systems from Sage. Understandably, you may feel your business is too small to go this route. But even if you issue 10 invoices or less a month, using a professional accounting package can make a major difference to how you manage your business and increase your profits.  

Speaking of payments, with a TymeBank EveryDay Business account you can make bulk payments to settle your monthly bills and pay salaries. This means you can pay up to 30 different accounts in one go, either by making payments into any bank account or just using cellphone numbers. This will cut down the time you spend on admin, allowing your business to gain the time and insight to grow faster.  

Taking your marketing and sales channels online  

Another key area to consider is digital marketing and sales channels. E-commerce exploded during Covid-19 and many businesses, large and small, benefited from creating an online sales channel. While the Covid-19 “rush” may have plateaued somewhat, what has changed is how customers browse, review and shop. It is in your best interest to understand if your customer is an online shopper; if that’s the case, that’s where you need to be.    

Digital marketing is another key ingredient in your business’s digitalisation journey. Social commerce is growing rapidly as more and more consumers choose to shop through their favourite social media channel, be that Instagram or Facebook, among others. Offering a social commerce option that allows consumers to interact with your brand, and buy and pay for your products and services online is a relatively simple and cost-effective way of increasing your sales. 

Take the digital leap, it’s what your SME needs as you grow  

Digitalising aspects of your business may well be the most empowering step you take in your early years in operation. Shop about, get advice about the digital solutions that suit your business and your budget and get started. Even one small step towards digitally transforming your business can save you time and money, which is what every start-up or new business wants and needs. 

This article is sponsored by TymeBank.