The future of business is digital
|With the current focus on a change in tax record-keeping obligations to encompass all things digital plus the need to businesses to adapt to a new era in the way they operate, going digital is more important than ever.
The virtual world that we’re currently living in doesn’t allow for the same face-to-face interaction that many of us have become accustomed to and there is a concern for many businesses that this inadvertent transformation in the way business has traditionally operated will mean they have already fallen behind.
It is not too late to get started! The future of business is digital and small business needs to pivot away from traditional practices and realise success is now dependant on operating via digital channels.
The first step
The first step to going digital is to understand how it can benefit a business.
The benefits of digital mainly come from the following sources:
Systems that communicate
Implementing systems such as the way staff are paid and rostered, customer relationship management programs, product inventory systems and financial management systems that can be integrated for streamlined processing means less processing errors and empowers your business to track and reduce expenses.
Embracing new digital technologies can save time, help find new customers and assist businesses to become more efficient.
How to prepare your business to be digitally ready
There are several tools you can use to convert to a digital platform. Business.gov.au have developed a digital transformation guide to understand the benefits of going digital and what that means for small business.
The Australian Small Business and Family Enterprise Ombudsman (ASFBEO) have also developed advice on helping small business to digitise.
Source: ICB Vol 12 Issue 8, Feb 2021