Read the latest news about alternative business finance.
A third of UK SMEs plan to expand their business in 2018 according to the results of a recent survey.
Digital technologies will be one of the main influences on the way that entrepreneurs are transforming their business.
Cathy Daum, Senior vice president at Global Channels & General Business, Cloud Sales & Solutions, has said: “The high-street has seen major changes over the past ten years, and digitisation is playing a key role in that transformation. Initially, the emergence of smartphones created an impact on the bottom line of brick and mortar stores. Today, creating an ‘omnichannel’ experience that is rooted in technology, is crucial to providing customers with a seamless end-to-end experience.”
The survey reports that 54 per cent of SMEs in the retail sector plan to invest in digital technology innovation for their businesses in the coming year.
The main reasons that SME’s in the retail sector are investing in digital technologies are to reach new customers (54 per cent), help grow their business or meet business goals (54 per cent) and to help manage their business more efficiently (48 per cent).
If you don’t currently have an online presence you should certainly consider this as it will help you to not only boost your sales, but to reach out to a wider audience and grow your business. The internet has revolutionised the way that businesses operate and even though this is very clear in today’s market, there are still many small businesses who aren’t taking advantage of it to help them grow.
If your business provides a service rather than goods and products, you can still take advantage of -commerce. Rather than using it as a platform to sell goods, you can use it as a facility for your customers to schedule bookings or appointments online. This can help to increase your customer service as it will increase speed and will make it clearly visible for both you and your customers.
Most small businesses are already using a mix of social media channels to help their business grow as this is a way to connect personally with your customers. Social media is a great place to improve your customer service as you can see what comments, good or bad, are being said about you. So, if at the minute you are just using solely to promote your business through a few posts, try to interact more on your page and engage with your customers. Setting up a competition is a great place to start, you can get your customers to share posts and hashtag your business. You should also mix up your social feed to keep your customers interested, you can do this by including a mixture of images and videos of your business and happy customers.
It’s not only through social media that you can boost your customer service online. You can diversify your customer support by offering alternative ways of reaching out to your customers, such as introducing a text function, a live chat or video chat feature through your website.
If you would like to find out more about how you can invest in technology to grow your business, Quick Capital can help to fund your investment with simple business finance. A business cash advance offers a quick and easy alternative to traditional methods of accessing finance, with flexible repayments that are tailored to your income from card sales.
If you would like more information into how a cash advance can help your business grow, call one of our advisors on 0800 3777 402 or visit our website.