Small and medium-sized enterprises (SMEs) face unique business challenges. It helps to be prepared and, most importantly, to master the art of reinvention when faced with tough times. Let’s find out how digital solutions empower SMEs. It could be the lifeline that you and your business have been waiting for.

Having a small or medium-sized business can be challenging. Although you and a larger operation may face similar demands on your products and services, you may just not have the equipment, people or resources to truly function at your best. Times like these can leave you feeling at odds, but it can also inspire you to become resourceful, rise to the challenge and grow.

It is estimated that SMEs contribute 40% to South Africa's GDP. This shines a light on the important role that the sector plays in contributing to both the economy and job creation. SMEs need to be innovative to make progress, especially when it comes to adopting digital solutions.

What digital solutions are available to SMEs, and what are the benefits?

• AI and automation
• Your revenue payment channels are diversified
• Digital payment options
• Digital training programmes for your staff
• It raises your profile and positions you as a key player

How do digital solutions power SMEs?

1. AI and automation: Get the tools you need to help with decision-making

AI, or artificial intelligence, has entered the chat in a big way. SMEs benefit from AI tools for many different functions, such as time management, customer management, content creation and data analysis and more. If you expect customer interaction after hours, you can set up a chatbot or virtual assistant to collect invaluable information and queries. System maintenance can also be scheduled and automated with the help of AI.

Understanding the behaviour of your customers can be an invaluable source of information – but first, you need to be able to track this. Set up analytics tools that can help you understand customer behaviour. Did you know that AI can be used to analyse customer calls and emails, and even make predictions about whether or not a customer is likely to complain? The data that you receive can be analysed to improve services and products.

2. Your revenue payment channels are diversified

As an SME, you can end up having limited reach, especially if you have a brick-and-mortar operation. By investing some of your budget in digital marketing strategies like paid social media advertising campaigns and SEO for your online content, you can sharpen your access to new markets and raise visibility of your products and services online.

3. Digital payment options: Get greater access to new markets through digital payment options

It’s always beneficial for your customers to have a number of payment options. Set up the digital channels that make it easy for your customers to get in touch with you and pay for your products and services.

Some options to consider:

• Digital payment gateways like PayPal, SnapScan and Yoco.  
• Setting up an online store.
• Getting WhatsApp for Business.  
• Setting up QR code payments.
• Investing in invoice and billing software to be more efficient and reduce the need for (and added costs of) printing and paper.

4. Digital training programmes for your staff

The growth and progress of staff members, if you are also an employer, is a key indicator of success in any business. With that should come the elevation of your people, products and services. Whether you’re a business owner or SME owner, study your business needs and connect with your team members about areas that they would like to grow in. You can invest in strategically tailored online courses that will help empower your teams.

5. It raises your profile and positions you as a key player

Your digital presence can help you to overcome physical barriers and allow your business to compete with larger operations. As a smaller fish in a big pond, you can still have access to bigger markets, showcase your product to new audiences and expand your methodology, training and thinking.

Business leaders are sharing their insights on how SMEs and small, medium-sized and micro-enterprises (SMMEs) can be strengthened by the power of digital solutions. Watch this episode of the Telkom Blaze podcast to find out how digital tools and tactics can inspire the transformation of a company:

How digital solutions empower SMMEs