The idea of digital transformation can sound a little scary. Maybe it’s that word transformation — it sounds too grand, too daunting. Or perhaps it’s the association with corporate enterprises. For whatever reason, small business owners tend to ignore it.
But actually, businesses of all sizes can benefit from introducing digital technology and transforming at their own pace. The benefits can be enormous, dramatically increasing a business’s sale price.
So how do you use digital technology to maximize business value and achieve digital transformation that’s suitable for small businesses?
Audit Your Current Processes
You need to start by learning what you’re currently working with. You probably already use some digital solutions alongside manual processes. For example, you might use email and Office apps to record documents and communicate with team members but rely on manual action to pull everything together.
Decide on What You Want to Achieve
Next, what results do you want to see? You might want to improve operational efficiency by connecting teams on collaborative projects or reduce expenses by eliminating waste. Adhering to regulatory guidelines on sustainability and energy usage might be another target.
Then you’ll need to consider how technology can make this happen. Project management solutions keep teams on the same page and important communications in one place. Enterprise resource planning software can ensure your supply chain is running smoothly and your day-to-day processes are optimized. Selecting specific solutions for specific goals will help you target your approach to transformation.
Integrate New Solutions
Integration is key to digital transformation for small businesses. Your solutions need to fit with what you’re working with currently, minimizing the amount of time you need to spend on training and supporting your team through the transition. This also means no losses associated with business downtime.
Adopt an Incremental Approach
It’s not going to be feasible to transform everything at once. Instead, refer to your original audit and prioritize the solutions you want to incorporate — like collaborative work solutions so you can avoid wasting personnel hours on task do-overs.
After this is successfully implemented, your next milestone might be the introduction of project management software that integrates with this new solution. A measured approach like this one ensures no one gets overwhelmed and your business stays on track.
Measure Your Progress
Of course, you need to measure the improvements that digital transformation brings — whether in terms of cost savings, reductions in time to market, or improved energy efficiency. This is important for a few reasons:
1 To know that the changes are getting you where you need to be
2 To strategize the next steps of your transformation
3 To be able to demonstrate the value the changes have brought to your business
This last point is crucial if you decide to sell. Prospective buyers will be impressed by the future-ready nature of your business, but demonstrating the monetary value of this will tangibly increase the sale price.
Get the Help You Need With Selling Your Business
Digital transformation can dramatically increase the sale value of your small business, but executing that sale is still a delicate process.
Here at The Batallan Group, we have a strong track record in helping businesses across the Southeastern US achieve success when they come to sell. Reach out to the team today and learn more.