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Small Business Focus

How to digitise your business into an asset of value (and what that means)

5 October 2017 11:35 AM
It's inevitable. All businesses will soon be tech businesses. Pavlo Phitidis presents the Nedbank Business Accelerator breakfast.

(Need more detail than this article provides? Bookmark it; we’ll have a video of the event within the next 24 hours.)



Also read:

*How to digitise your business (and why it’s critical that you do)

*How to turn your small business into a wealth-creating asset of value


It's inevitable. Every single business will soon be a tech business.

So said Pavlo Phitidis, host of the Nedbank Business Accelerator breakfast and presenter of The Money Show’s Small Business Feature.

There’s a wave of change coming. The impact of technology is being felt everywhere. All of this is leading firms to adopt new business models, and small businesses – inherently nimble – have the advantage over lumbering corporates.

All small businesses must develop a relationship with tech.

Pavlo Phitids, Aurik Business Accelerator

Why digitise your small business?

  • To survive – To remain relevant you have to become tech savvy. If you fail to adopt technology you’ll go the way of the Yellow Pages, Kodak, Toys "R" Us… The list is long and growing.

  • To scale – Digitisation enables you to grow fast at a lower cost than ever.

  • People – Digitisation enables your staff to do higher order work.

Last year we digitised 68 administrative tasks... nobody got retrenched, and people are doing far more meaningful work.

Pavlo Phitids, Aurik Business Accelerator

The first step towards digitisation is clearly defining what your business is all about.

Why do you do what you do? Who are your customers? What are the problems they have that your business can solve?

Once you can definitively answer those questions you need to build systems to deliver solutions.

It’s vital to involve your customers and employees when building these systems.

Start digitising the most hated (e.g. admin) work first. Prioritise whatever is the cheapest to digitise.

Doing this will build experience and will increase the confidence of naysayers in your business.

The digitisation of your business is not one grand solution - start with the smallest pieces first. Build pilots. Measure performance!

Pavlo Phitids, Aurik Business Accelerator

There's so much free tech stuff out there! Not taking advantage of it is crazy.

Pavlo Phitids, Aurik Business Accelerator

The price of tech has collapsed... find a way to digitise your business.

Pavlo Phitids, Aurik Business Accelerator

If your tech developer can't explain things simply; don't trust her!

Pavlo Phitids, Aurik Business Accelerator

What is an asset of value?

A business is an asset of value if it goes beyond surviving – if it’s built off systems that enables the owner to work “on” the business not “in” it.

In a nutshell: it’s a business that you can sell.

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5 October 2017 11:35 AM

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