The Importance of Digital Innovation for Small Businesses: Stories of Success and Support

The COVID-19 epidemic has caused businesses to be compelled to reassess their strategy, which has led to an increased reliance on the innovation brought about by digital technology in order to remain profitable. In this backdrop, NAB‘s recent success stories of small firms adopting digital innovation to scale up their operations and grow serves as a testament to the significance of embracing digital transformation.

The success story of the bakery owner is a great illustration of how the implementation of automation may assist a company in expanding its operations. As organizations automate routine tasks like bookkeeping, supply management, marketing, and communication strategy, they may save time, cut expenses, and improve their efficiency all at the same time. In the instance of the bakery, automation assisted them in satisfying the requirements of a significant supermarket contract, which ultimately led to the growth of their company.

In a similar vein, the success story of the candle company demonstrates how important it is to make use of e-commerce and internet marketing. Because of the epidemic, the company was compelled to shift its focus to online sales and to the creation of gift baskets that included its wares. Because of this decision, the company was able to expand its customer base to include huge corporations and events, all while reducing its expenses and boosting its profit margins. The company was able to separate itself from its rivals in the Asian market thanks, in part, to the usage of organic resources sourced from Australia.

In spite of these examples of success, a significant number of small firms continue to be slow to adopt digital innovation. This is frequently the result of a lack of either expertise or resources. This challenge is addressed by the government’s Digital Solutions program, which assists small companies in maximizing the benefits of digital technologies and gives broader assistance that is tailored to the requirements of the firms themselves. Moreover, banks such as NAB offer financial help in addition to a variety of technologies that facilitate the operations of businesses.

One example of such a product is the NAB’s Simple Tap, which does away with the requirement that companies have a separate terminal by enabling them to utilize their Android smartphones or tablets as a payment terminal. This technology is especially helpful for small firms who are always on the go and need fast insight into how well their business is doing. Simple Tap gives companies the opportunity to examine a breakdown of their earnings for the previous week, month, or quarter within the app at any time. This may be done on a weekly, monthly, or quarterly basis.

In spite of the fact that adopting digital innovation is essential for the success of a business, it is essential not to neglect the human element of business. Relationships built directly with clients and other important parties will continue to set apart small firms from their larger competitors. In the same vein, having a one-on-one talk with a financial adviser may be quite helpful when making significant decisions like taking out a loan to expand the company or refinancing the equipment you already own through your mortgage.

In conclusion, the pandemic has increased the urgency with which small firms must adopt digital innovation in order to maintain their position as market competitors. The terms “automation,” “e-commerce,” and “online marketing” each play an essential role in the execution of a successful digital strategy. But, it is essential to remember not to ignore the human element of running a business, since developing personal relationships with clients and investment advisers may make all the difference in the world. Small businesses have the ability to embrace digital innovation and thrive in an ever-changing business landscape if they receive support from the government and utilize tools such as NAB’s Easy Tap.

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