What if we told you that 40% of small businesses won’t survive the next ten years unless they successfully embrace digital transformation? You would be sceptical right, I mean, we’re not exactly a huge research institution with the ability to carry out that level of analysis.

So what if we told you that Gartner, a leading research and advisory company that provides insights, advice and market research reports for the world’s leading company’s said it? Would you believe us then?

Regardless of the source, any critically-thinking business owner will know that the next few years are crucial. The doom and gloom rhetoric is not one we subscribe to, but at some point, every business needs to look in the mirror, smell the coffee and face the facts.

Technological advancement is not new. Tools and the way we work have been changing for centuries, but every now and then, a change comes that alters the landscape dramatically. In the late 18th century, it was the Industrial Revolution, in the mid-20th century it was the advent of Computers, in the early 2000s it was the Internet, and now, it’s Artificial Intelligence.

But AI is not what we want to talk about today. Today is about how we can build a “Digital First Mindset” and that goes beyond merely using ChatGPT, Midjourney and the like.

Having worked with small businesses, startups and entrepreneurs for a number of years, we’ve seen that regardless of the new technology being developed around us, businesses are ill-prepared and lack significantly in “Digital-Readiness”. We speak to business owners who still don’t know how social media works, what SEO is, what the differences between inbound and outbound marketing are, and much much more.

So if 40% of businesses are expected to fail in the next 10 years, what are the other 60% doing right?

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Digital-readiness is incorporated into their Vision and Strategy

Vision statements are bold and ambitious declarations of what a company strives to be in the future. It’s coupled with a long-term strategy that outlines how it plans to get there. In this strategy, small businesses often neglect the impact of technology. The focus is often on how they’ll sell more, market more, develop new products etc. without much consideration for how they’ll embrace technology along the way.

Shifting the mindset at this stage involves integrating digital-readiness into every facet of the business strategy. This means not only recognising the potential of new technologies but also actively planning for their implementation and evolution. Businesses need to start by evaluating their current digital capabilities and identifying gaps. From there, they can set clear, measurable goals for how technology will support and drive their broader business objectives.

Key takeaway: It’s about fostering a culture of continuous learning and innovation.

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Revamping Core Business Processes

Core business processes are the heartbeat of your organisation. Processes such as customer service, sales operations, marketing, and financial planning all contribute to the success of your business, but many businesses still operate these processes inefficiently. Embracing a digital-first mindset means leveraging technology to streamline these essential functions, making them more efficient and responsive.

Revamping these processes requires a thorough assessment of current workflows and identifying areas where digital tools can make a significant impact. It's about shifting from manual, time-consuming tasks to automated, data-driven solutions that enhance productivity and agility.

Key takeaway: Embracing a digital-first mindset means integrating digital-readiness into your strategy and revamping core processes to enhance efficiency, responsiveness, and growth potential.

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Metrics and Iteration: The Cycle of Improvement

If there’s only one thing you take away from this article, it’s this, do not be a “set and forget” kind of business. What do we mean by this? A set and forget business is the type to set up a website, or social media pages, or any new digital process, and then move on from it without revisiting it and assessing it’s effectiveness.

To truly embrace a digital-first mindset, you must continuously measure and iterate. For example, start by establishing clear, relevant metrics to track performance, such as website traffic, social media engagement, email open rates, and conversion rates. Regularly monitoring these metrics provides insights into what’s working and what needs adjustment.

Adopting an iterative approach by continuously refining strategies based on data, is the backbone of succeeding online. This cycle of measuring, learning, and adapting ensures your business remains competitive and innovative in the evolving digital landscape.

Key takeaway: Do not be a “set and forget” kind of business. Always review your digital processes and find ways of improving them using the mountains of data available to you.

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In Summary: Uniting Your Organisation Under a Digital Banner

Transitioning to a digital-first organisation is not just about adopting new technologies; it's about rethinking how your business operates in a digital age. Starting with the 3 steps above, you can start to shift your business’ mindset in the digital arena, and mould your company into a more agile, efficient, and competitive entity, ready to face the future's challenges. Embrace this shift with an open mindset, and let the digital transformation journey begin.

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Need Help?

Embracing a Digital First Mindset starts with assessing your current digital capabilities to identify where the gaps are. At Improvio, we help businesses do exactly this through both simple or comprehensive digital strategy analysis. If you're ready to take the next steps and innovate, get in touch with us and we’d be happy to help!

Visit: www.improvio.io

Send us a DM or email us at info@improvio.io

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