With the COVID-19 outbreak, many SMBs have retreated into their shells, and for good reason. However, there is a silver lining. An international lockdown might be just the thing that gives SMB owners the final nudge towards digitising their businesses. As citizens are confined to their homes, and traditional brick-and-mortar businesses are no longer able to rely on foot traffic, digital transformation is essential to ensure business continuity in the midst of social isolation.
Taking into account the valid concerns expressed by SMBs about going digital, the best way forward would be to provide adequate solutions needed to expel these safety and finance-related concerns. Support programs initiated by the Government like the SMEs Go Digital programme by the Infocomm and Media Development Authority (IMDA) makes digitalization even simpler for SMBs to protect and grow their businesses in the immediate-to-far term.
The natural next step of a business’ growth should see SMBs set their sights on international expansion. As they open themselves up to the multitude of opportunities that a digital business strategy model would provide for their business, they will find that international expansion is not as “out-of-reach” as they would perceive.
With government aid within close reach, and the challenging landscape forcing SMBs to digitalise, more SMBs can start to enjoy the benefits that digital technologies bring to their businesses. As more SMBs incorporate digital processes into their businesses traditional or new, society may soon start to see a landscape full of outward-focused SMBs that are born and raised in Singapore, expanding into the region and even internationally at some stage of their growth.
To view the full survey and infographic by QBE Insurance, click here.