Why Your Small Business Will Fail By 2020
Would it be crazy for you to think that your small business may fail by 2020?
It’s a possibility.
As I have just gone through the process of writing and creating the second edition of my book Think #Digital First I have realised that digital transformation is so important.
I noticed that at least 35% of the tools that I mentioned in my first book of Think #Digital First were now, in 2017 no longer around, or no longer the market leader. This worried me, and made me think about YOU, as a small business and how to make sure that you are still in business by 2020.
I came across an infographic created by BM Interior Management which states that 80% of companies are still in the early stage of digital transformation and if they “ignore this” their business loses 30% of its value, and within five years will end up bankrupt.
The 25% of those who “took action” (according to this study) paid back their initial investment (should they have got investment) within 12 months, increased their bottom line by 50% and performed 2.91x better than other businesses.
Four in 10 small businesses may not make it past their fifth anniversary, according to a new study based on ONS data.
So, what can YOU do to make sure you are one of those small businesses that can continue, grow and most importantly; thrive?
There is only one thing I want you to do today, and that’s embrace technology, and encourage your digital transformation.
I always talk about getting online, using social media and other forms of digital marketing to help with small business growth and that’s important but the bigger picture is what will make or break your business.
You need to be online. You need to be utilising the technology available. You need to have a website/landing page, and be communicating with your customers on a regular basis through the digital world.
You’re probably reading this thinking “I’ve done all of this and it’s still not working”.
I want you to ask yourself the following four questions:
- Do you know how to measure your online success?
- Can you communicate with your audience in real-time on your website?
- Are you not working collaboratively with your team?
- Do you know how to create the perfect content for your target audience?
Did you answer “NO” to any of the above questions?
I know I did at one point.
Let’s help your small business thrive online.
Do you feel:
- Unsure about technology for your business?
- Desperate to make that digital transformation?
- Like you don’t know where to start?
From the 1st August, I am going to be running a 30-day digital transformation that I want YOU to be a part of.
Watch the below video to find out more.
This challenge is 100% complimentary. Each day you will receive an email from me, sharing why I use the tool, what it is and how you can use it in your business.
How You’ll Benefit:
- Better brand recognition amongst your audience with social sharing opportunities
- Improved customer insight on a platform where the audience provides its point-of-view through comments and other interactive behavior.
- Improved brand loyalty with communication technology tailored to the desired audience
- Better SEO and higher website higher conversion rates
- Reaching new groups of target audiences and the ability to amplify social content
- Driving leads through content marketing
- Learn how to automate your content through artificial intelligence
The tools I share with you over the 30 days are tools I have personally used in my digital transformation, and I know that they will be beneficial for you too.
Join hundreds of entrepreneurs and go through my 30-day digital transformation!