Harness technology to transform and grow your small business

Over the past three years, SA SMEs have faced huge financial pressures as a result of the pandemic and the subsequent global economic fallout. They have been forced to adapt their business models to meet the expectations of rapidly evolving marketplaces and consumers — all while dealing with the difficulties of operating in an environment where consistent electricity supply is never a given. 

Fortunately, SMEs are typically agile; their smaller size and uncomplicated business structures allow them to adapt quickly. Furthermore, the large-scale digitalisation of consumer and business environments allows SMEs to turn challenges into a competitive advantage if leveraged correctly.  

A recent Business Day SME Matters webinar in partnership with Nedbank examined the ways SMEs can harness technology to help them achieve their business goals. 

Watch the full Business Day SME event below:

“SMEs are the lifeblood of the SA economy and it’s essential that their business approach is innovative and efficient, so they can access new markets and secure their growth,” said Matsi Modise, founder and CEO of Furaha Afrika Holdings, pointing to the power of technology to allow SMEs to function effectively from anywhere in the world.

“Best of all, many of the digital tools SMEs can use are free. A business owner can build a thriving, tech-enabled business simply by leveraging services such as Google for their document management, Doodle to stay on top of their schedules, Trello to seamlessly co-ordinate team tasks and Evernote to keep track of business information.” 

Modise also recommended that SMEs maximise the potential of social media to market and grow their entities and ensure their messaging speaks to their target markets.

Terry Behan, executive head of design and group technology at Nedbank, added that a digital presence is inexpensive, simple to obtain, and absolutely essential. “Registering your business with Google My Business, for example, ensures you are easy to find online [as] geotagging pinpoints your physical location, and WhatsApp Business enables you to establish a verified business profile and ensure easy and effective communication with your customers.”

He advised SMEs to be curious and spend time in and on their businesses — constantly thinking about how to leverage the power of technology to market, grow and evolve them, and to find solutions to the challenges they face. 

Said Behan: “Just as Nedbank provides every business with a dedicated relationship banker that delivers personal service, SMEs should make sure they offer their customers a personal touch, and technology is a great way to do that when you have a growing customer base.”

Alan Shannon, executive: small business services and private clients at Nedbank, said technology underpins the financial and operational sustainability of any SME. “Access to funding is a vital component of SME growth and SMEs can improve their chances of securing funding from banks if they are able to demonstrate healthy cash flow, profitability and financial efficiencies.” 

Technology makes it easier for SMEs to achieve these outcomes across all areas of the business. “A reliable point-of-sale device, such as Nedbank PocketPOS, can enhance and optimise your payments ecosystem by allowing you to easily accept payments, while limiting the risk to your customers of having to carry cash,” said Shannon. 

Platforms such as MarketEdge provide valuable insights into stock levels and customer purchasing patterns, which ensures greater operational efficiency. Digital accounting software, such as Xero and QuickBooks, keeps track of business finances and ensures it has all the required information on hand if it ever needs to approach a bank for finance. 

“There are many of these marketplace platforms readily available to help you make sales and grow your customer base,” said Shannon. “For example, a small payment gives an SME access to more than 1.6-million customers registered on the Nedbank super-app, Avo. 

“In an over-traded market, SMEs need to ask themselves what they can do differently and better to make themselves stand out, and then they need to investigate the plethora of digital tools available that can help them achieve that competitive advantage and underpin their sustainable success.”

This article was paid for by Nedbank.