It’s also known as nimbleness or entrepreneurial agility. Nearly 85 percent of the 600 small businesses we polled for the Global Workforce Survey said they planned to implement a “Work from Anywhere” policy. Small firms have not only embraced the new market for cloud services and solutions, but they are also taking advantage of the Hybrid Work opportunity to complete their digital transformation.
So, activate your VPN, log in to your collaborative platform, and secure it. Unfortunately, reducing the discourse around small business digitization to technology just obscures one of the most significant difficulties facing small businesses: budget constraints. If it is not addressed, the entire digitization of small enterprises will be jeopardized.
Small enterprises face a budgetary dilemma.
Small businesses regard a lack of budget or financial commitment as one of their top hurdles in their digital transformation, according to Cisco’s recent “Small Business Digital Maturity Study.” Surprisingly, the economic constraint is on par with a lack of digital skills or cultural opposition to change (13 percent each). Even more intriguing, small firms regard a lack of critical technologies as a greater obstacle than a lack of funds (11 percent ). Is it easier to benchmark and embrace innovations in the age of cloud services and self-service applications than it is to locate the money?
The survey goes on to explain why this is a problem: financial sustainability and predictability are among the top five goals for medium and small enterprises when it comes to digitalization. Financial predictability is almost as important as enhancing a new product or service at this time (Respectively 14 percent and 13 percent ). After small firms improved their operations and delivery, attaining growth and customer happiness, they focused on launching new services and products while improving their financial sustainability.
This trend is being accelerated by the pandemic. When asked which aspects of COVID-19 have the greatest impact on small firms, cash flow ranks equal to sales performance and even higher than customer engagement, manufacturing, and supply chain. Budgeting and flexible payment alternatives have become crucial for small businesses today, not only for their financial personnel but also for their IT department or the lines of business with whom they interact on a regular basis.
Payment solutions as digitalization facilitators for small businesses
Simply said, cloud, as-a-service, managing software, services, and now Hybrid Work has shifted the focus to pay-as-you-grow, pay-as-you-consume, or basic pay-per-month models. When licensing becomes the new normal, small businesses seek out the advantages of a multi-year relationship with their technology vendor. Whether it’s the pricing, the dedicated support and services, or the lifecycle/TCO.
All of these needs are met by the Global Payment Solutions portfolio. Our multi-year licensing is less expensive, allowing small businesses to pay extra for a little increase in revenue. Small businesses may now plan ahead of time and purchase the latest technologies they require by spreading costs over time. There are also consumption models available for firms who want to preserve the option of paying as they go, or who want to make their software easier to consume in order to reduce software costs.
Digitization necessitates services and support in addition to technology. And it matters because this is where your technology vendor transforms into a valuable transition partner. Our new multi-year services program offers a convenient payment plan that encourages customers to sign service agreements for up to 60 months.
Finally, small enterprises must balance the need to produce a higher performance at lower costs with the need to reduce their carbon footprint. When compared to new products, remanufactured products save about 85% on energy, 86 percent on water, and 85% on materials. Our certified remanufactured equipment program is an excellent choice for small organizations looking for a more flexible solution that fulfils the needs of both current and legacy environments while maintaining a competitive advantage.
As a result of the epidemic, 93 percent of small firms surveyed said they had become more reliant on technology. When it comes to taking the next step in their digital investment strategy, our Global Payment Solutions are here to help.