DURBAN - Entrepreneurs who keep up with and make use of technology as they evolve, will maintain a healthy growth trajectory in 2019, according to Jenny Retief, chief executive of Riversands Incubation Hub.
“Things move fast in the world of small business. Change in technology is probably the biggest single driver of disruption in this sector.
“New technologies make it possible to deliver at far lower cost, and to overcome geographic constraints. This creates many opportunities, but it can be a threat if competitors embrace it and you aren’t.
“The increasing access to technology and tools that your customers probably have will raise their expectations of you, especially your accessibility,” says Retief.
A customer-centric ethos is the core thinking of sustainable SMEs.
“Customers will go where their needs are met, and where the experience of doing business is easy, enjoyable and comfortable, for your most tech-savvy customers.
“The human element is important - the quality delivery which made your customers love you. Technology must complement, not replace that,” says Retief.
Retief offers these tips to future proof your business:
Be clear about your definition of success. What does doing better look like for your organisation?
Actively drive and embrace change. Be the catalyst of, rather than reactor to, change.
Make it safe for your staff and you to get it wrong when trying new things. Empower your team to make decisions fast within whatever policy frame is needed to manage risk.
Position your business to quickly identify whether your innovation is making things better or not. Having key measures in place that you track regularly will help you to rapidly detect unintended consequences.
Keep your customers and partners front and centre in your thinking.