Digital Maturity and SMB Resilience
By Stephen Marshall
BuzzBoard believes that SMBs are inherently digital businesses. We believe digital permeates every element of an SMB’s existence.
Accordingly, we’ve presented “Digital Maturity” as a matter of competitive advantage, facilitating better customer service, operational efficiency, supply chain management, employee relations, and overall security for an SMB.
However, the onrush of the coronavirus pandemic is adding more depth to this perspective. This tragic situation is showing how Digital Maturity may enhance the very survival of an SMB.
Just in the last week, many SMBs have had to stop direct contact with the public. SMBs like retailers and restaurants have had to “flip a switch” literally overnight, from a “storefront” business model to an online business model.
Of course, most of them are simply not prepared to make this 180-degree change on such short notice. However, SMBs that are Digitally Mature have an advantage.
Digitally Mature SMBs are able to:
- Reach and connect with their customers online
- Fulfill orders online
- Work away from their premises (especially professional services providers)
- Coordinate quickly with their supply chain, employees, and contractors
- Handle complex and non-standard financial arrangements (credits, discounts, rebates) with both suppliers and customers
In sum, a high Digital Maturity score (D Score) confers resilience and strength—always good qualities, and crucial in a time of crisis. By analyzing an SMB’s D Score, BuzzBoard customers will be able to quickly identify those SMBs that need assistance growing their digital presence now more than ever.
While COVID-19 has no doubt been the cause of real stress in everyone’s business and personal lives, one thing is for sure: we will get through this together and we will all emerge with a few new skills, a larger digital presence, and (most importantly) a ton of gratitude for one another.