After the Coronavirus virus, life for UK SME companies will be very different.
The marketplace has certainly changed, the High Street is taking another bashing as more consumers move to more comfortable internet purchasing. In the last five months, the internet marketplace has progressed to where it would have been in five years without the virus.
Many companies are cutting workforces to cope with the expended downturn in the economy, and many are realising that technology can do more to help them. Software companies saw a 5% rise in revenues during the lockdown as companies looked for new solutions.
So what is coming? Well, nothing that will re-invent the wheel, let’s be clear about that. In simple terms, more accessible software that will allow all businesses to identify new leads, deal with those leads, then convert more of those leads into paying customers.
That is already here I hear you say! And you would be right, but many companies have not yet adopted this software as a standard business practice. A lot of SMEs are put off by the cost, failure to understand the benefits of the technology or to understand the real ROI.
Unless all SME companies adopt these tools, they will quickly lose out to the companies that invested in this technology. A good analogy is websites, ten years ago many companies felt they did not need a website and could not see the point, now it would nearly be suicidal not to have one, even a bad one.
A final point to remember, this is not a negative for business, it’s a huge positive. I understand you may say, well you build this software so that you would say this. And this is true, but because we develop software, we can see how effective it can be in daily use, and as we drive down the cost how many people will benefit.
It is a remarkable business tool.
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