Vodafone UK’s Head of Small and Medium Business Andrew Stevens shares his views on the vital contribution leading technology can make in helping SMEs navigate and adapt to an ever-challenging economic environment.
Whilst many SMEs had been fortunate to try and build back better following the COVID-19 pandemic, a combination of macro and micro challenges have since emerged, bringing along brand new challenges from which many SMEs may not recover.
Millions of households have seen their energy prices and cost of living increase vastly in recent months and in the private sector SMEs are faced with the same challenges. Significant rises in energy costs as a result of the Russia/Ukraine conflict have been described as an “existential threat” to SMEs and, with no price cap to protect them, almost two-thirds of small and medium sized businesses across the UK are spending around 20% of their business costs on energy.
Whilst the outlook may indeed look harsh, there are several ways SMEs can use digital tools and technology to help them remain resilient in the face of both known and unknown challenges.
We recently launched a new report ‘SMEs Like Me’ which looked into how SME’s were faring post pandemic. Unsurprisingly, we found that a quarter of SMEs were simply focused on trying to stay afloat this year.
Check your mobile and broadband packages are still delivering great value
Having the right technology and connectivity can streamline business admin, whilst also keeping you connected with employees and customers. Our research found that for 12% of mid-size SMEs, technology and connectivity was one of the biggest hurdles. With such an unpredictable business landscape, SMEs need flexible packages that are tailored to their needs and help save time and money.
Last month we launched Vodafone Pulse Connect – a new converged offering enabling SMEs (with between 10 – 150 employees) to build their perfect package of secure mobile, broadband and collaboration tools – all in one package and one monthly bill. Vodafone Pulse Connect customers can also add new users as they require, whilst Vodafone is the only UK network to enable customers to disconnect up to 20% of their mobile and collaboration users within a billing month without charging a recovery fee.
Remember expert help is only a click away: Our research also found highlighted an emerging “guidance gap” with 89% of SMEs missing out on valuable support, often because they didn’t realise it was available to them. For example, did you know that 71% of sole traders were not seeking out the help they were entitled to as they didn’t identify as a SME?
Whilst the internet can be a great source of insight – finding trusted, reliable information and a network of other business owners can help give you the reassurance you need to keep going. We set up the V-Hub Small Business Support website with this in mind – free to access, the website offers a wealth of free business resources covering a range of topics from digital marketing to cyber security. In addition, users can also speak with a V-Hub advisor either on the phone or webchat – free of charge.
Create a digital roadmap to upgrade your tech and digital skills
Despite a rapid shift to online brought about by the pandemic, our research shows 44% of SMEs are slow to upgrade their digital tools and services. As the London School of Economics found last year as part of our Fit for The Future study, companies further along their digital transformation journey are more successful financially and from an Environmental, Social and Governance (ESG) perspective – so it pays to make the leap.
That said, we know that kickstarting your digital transformation journey can be daunting, which is why we launched business.connected in partnership with leading small business network Enterprise Nation, to help 800,000 SMEs digitally transform with free tools and training over the next three years. The training programme includes free workshops, webinars and e-learning courses to help small business owners – no matter where they are on their business journey – create a structured digital strategy and unlock the benefits of digital connectivity.
UK small business owners are some of the most ambitious and adaptive people around, and their businesses are just as unique. However, what fundamentally remains the same across all businesses – no matter the size – is the need to improve the use of and proficiency in digital tools and services. In today’s world, these elements do not only help you build resiliency within a difficult business environment but can be the difference between meeting a challenge head on or falling victim – you decide!
