What is your digital strategy?

 

Entrepreneurial business owners could be forgiven for thinking that the ‘digital revolution’ only applies to larger businesses and that they can continue in their old ways and still remain competitive: nothing could be further from the truth.

All businesses need to adopt a digital strategy that’s supported by a clear digital implementation roadmap.

The problem for many smaller businesses is in understanding exactly what a digital strategy should cover and how to make sure it delivers real business value. It’s no longer good enough just to have a website and correspond using email!

Here are the 10 questions you should be able to answer to define your digital strategy:

  1. Do you have a clear idea which of your business processes are most amenable to automation?
  2. Do you have a clear technology adoption plan in place?
  3. Does your digital strategy ensure that your technologies will integrate and work with each other?
  4. Do you have a ‘single view of the customer’ through integrated CRM or related technologies?
  5. Have you assessed how your customers could better engage with your business using technology?
  6. Do you regularly review and monitor customer feedback using digital mechanisms?
  7. Do you have a full understanding of the data available to your organisation?
  8. Do you have a mechanism for collecting all your data – both financial and non-financial?
  9. Is your data actively curated to provide insight to the owners and key staff?
  10. How do you compare with your competitors when it comes to digital adoption?

Having a digital strategy is no longer a ‘nice to have’ in your business, it has become a key business tool if you want to remain competitive.

Here’s two  actions you can take right now to start your digital journey:

  1. Grab a coffee and a memo pad and score yourself (-5 to +5) on each of the questions above and then decide where you’d like to be. Which are your top three? Create a plan to work on these first, then the next three and so on.
  2. Ask your three best customers about their digital experience of working with you and which of your processes you could automate to better serve them.

To your success

Noel Guilford

 

Noel Guilford, Principal at Guilford Accounting
Noel Guilford is the principal of Guilford Accounting a small business accountancy practice specialising in advising owner-managed businesses on current accounting, finance, and tax matters. You can reach him via email at noel@guilfordaccounting.co.uk or by phone at 01244 660866. He is the author of the 'Figure it out - an entrepreneurs guide to understanding your business numbers' which you can obtain by visiting guilfordaccounting.co.uk.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ His latest book, How to Build a Successful Business' will be published in 2018.

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