Three ways to keep your business on top of digital technology trends

It’s an exciting time for small business in Australia. Rapid advances in digital technology are empowering people who work for themselves in ways we wouldn’t have thought possible 10 years ago. It’s hard to believe a sole trader travelling to Melbourne can pay her contractor in Perth, check her sales figures in the US then approve her staff’s timesheets back in Sydney all from the palm of her hand. Cloud technology has made all of this possible. It is giving small businesses more time to focus on what they do best.

The challenge now is keeping up with the pace of change. Trends such as artificial intelligence and machine learning is only going to escalate that pace in the coming years. To be a successful small business, you need to be across the latest developments and trends in digital technology and be ready to adapt your business plan accordingly.

I spoke about this recently with one of our customers, Greg Merrilees of Studio1Design.com. He’s built a successful website design business with a team of 20 across Australia, the Philippines and Thailand.  He is using cloud technology to make it easier for his customers and suppliers to communicate with his company.

The power of podcasts

He started out in 2000 designing T-shirt prints for wholesale fashion clients. When the retail giants began dealing direct with manufacturers, he found he was being squeezed out of the market. He hit the internet and began listening to podcasts about digital marketing. Inspired by what he learned, he shifted his business model to sell T-shirt designs online through his own website. Then he pivoted to designing websites for podcasters and their communities. “If you study your competitors, don’t copy them,” he says. “See what they aren’t doing, then fill that gap.”

It’s great advice for anyone who works for themselves. This needn’t be the path for everyone in small business, but it does illustrate how beneficial it is to stay on top of digital trends and where you can go for information. Podcasts are a great resource for anybody who wants the very latest information on their industry.

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Leanne Davis is the bookkeeping brain behind regional business Sort It Out Office Assist. Like Greg, she has embraced the potential for digital technology, saying, “A lot of people know about the cloud but don’t understand the products. I have to educate myself to stay up to date.”

She says it’s imperative to make the time. “You have to schedule it in – make sure you do the reading,” she adds. Aside from scouring the internet, she suggests opting in for newsletters by providers who can keep you up to date.

Register for industry events

The one area where Greg and Leanne are in complete agreement is how valuable industry events can be. Greg recently attended the Traffic and Conversions Summit in San Diego. Leanne attended the Accounting Business Expo in Sydney. Both events provided the opportunity to connect with people within respective industries, learn new ways of doing business and keep abreast of the latest digital technologies.

The best events are those that draw in the most engaging speakers, attract the finest minds and provide genuine opportunities for attendees to connect. Until you can join such events, start by listening to podcasts, signing up for industry newsletters, and scouring social media for the best posts on digital technology. You’ll be ahead of the curve in no time. As Greg says, “The brands that make it are the ones that zig when everyone else is zagging.”

Nicolette Maury, Vice President and Country Manager, Intuit Australia