Building your digital presence and literacy
Small business owners embracing digital technology say it has made them more profitable, found them new customers, and made them more productive or efficient.
However, insights from our engagement with small business showed digital literacy and capability still need to be built up, and adoption of advanced digital technologies is low with 67% of survey respondents not adopting any new or advanced technologies.
Further, the MYOB Business Monitor surveyed 1000 Australian small and medium-sized businesses and found just under a third (31%) still don’t have any online presence; 26% had a website; 15% only used social media; and 22% had both a website and used social media.
For those that do have a website, the top benefits they found were a more professional brand image, more new customer inquiries or leads and ease of customers to do business with them. For social media, the top gains were all the above plus an increasing appeal to younger customers.
- software to keep track of your transactions
- social media to promote your products or services to new customers
- e-invoicing to save you time and money and improve your record-keeping
- e-commerce website to make sales 24/7.
To effectively run a small business today, it is crucial to have a basic understanding of digital literacy - this is an umbrella term used to describe the skills and tools you need to communicate and access information via technology such as internet platforms, social media and mobile devices. It is more than just knowing how to create a document on a computer and save it to a folder or surfing the internet.
Measure your digital maturity
You can measure your current digital maturity by using the Australian Government’s free Digital Readiness Assessment Tool. The survey takes about 10 minutes to complete and looks at seven key areas:
- Customers: How you interact with your customers and the digital channels you use.
- Operations: What systems and administrative technology you use.
- Data and analytics: How you collect and use data for decision making.
- Technology: What hardware, software, devices and platforms you use.
- Risk, privacy and cybersecurity: How you keep data safe and what policies and procedures you have in place.
- Digital capability and culture: What digital skills you and your team have.
- Digital strategy and innovation: Your planning, investment and involvement in technology.
Based on your answers you will receive a report benchmarking your digital readiness and a list of actions that you can consider taking.
By having a basic understanding of digital literacy areas, small business owners can more effectively navigate the digital landscape, communicate with their customers, suppliers, distributors and other business partners, protect their data, and leverage the right digital tools for their business growth.
Continuous learning and keeping up with digital advancements will further enhance your digital literacy skills and contribute to your business's success.