Why small businesses should embrace digital transformation

When a business begins to digitise and use digital tools, it opens up new opportunities to grow, diversify revenue streams, find talent, access finance, work smarter and enhance the value of the business when it is time to sell. If you’re not going digital, you should be.

That’s a message I’ve believed in for a long time now, and the exact words I used when we kicked off the Small Business Digital Taskforce, which I chaired for the Federal Government back in 2018. 

Despite improving results over the last few years - as indicated in CPA Australia's small business survey - the majority of small businesses are still yet to realise the productivity enhancements that come from embracing digital tools and technologies for their business.

So how do we get more Aussie small businesses investing in, talking about, and driving innovation and digital transformation in their businesses? Here’s a few reasons why Aussie SME’s need to double down on digitisation.

Improving remote work

Look, I’m unashamedly someone who believes that our best work is done when we’re out of our homes and together in one place with our team. But as the last couple years have demonstrated, we need to be able to work flexibly both for when the unexpected happens and because it’s a crucial tool for employers in competing for talent.

We’ve got a historically low unemployment rate, and while you can’t exactly hire remote waitstaff or tradespeople, the ability to facilitate remote work easily and effectively can be a real drawcard in hiring staff to help you grow your business.

Digital workplace management tools like Monday.com or even simply moving key files to a cloud-based drive like Google or Dropbox are table stakes for making remote work effective. But ultimately, it’s good communication that really drives the success of teams, whether working remotely or together in the same place.

Beyond the however many instant messaging platforms or different email clients we find ourselves jumping between, digital tools like auto translation apps can be critical in helping businesses access new ideas, employees, and markets.

Embracing digital technology not only helps make literal sense of your phone calls, but helps you make sense and bring a bit of structure to the day-to-day chaos of running a small business.