4 Key Small and Medium Business trends that will bring your company success in 2022
Since the start of the pandemic, small and medium enterprises (SMEs) across Asia have found creative and innovative ways to keep pace with evolving customer expectations and drive business growth. In the face of great upheaval, the characteristic grit and resourcefulness of SME has been on full display. Almost two years on from the start of the pandemic, what will be the new mandate for business transformation? And, what will be SME’s roadmap to the future of growth and success?
With 2022 on the horizon, SMEs must reflect on past learnings and continue to evolve for the future. Salesforce is excited to launch the latest fifth edition of the Small and Medium Business Trends Report to help SMEs in Singapore get their business back to growth, reinvent and succeed in the future. In the report launched recently in September, Salesforce has surveyed 2,500+ small business owners and leaders worldwide including Singapore and the new research reveals how SMEs are meeting today’s challenges and building resilience for the future.
Here are four key takeaways from the report:
1. Support goes both ways as communities step up and SMEs respond to customer needs
Globally, two-thirds of SME leaders say community and government support has been important to their company’s survival during the pandemic. In Singapore, that community support has been even more critical, with 66% of SME leaders saying it has helped their businesses survive. SME leaders have stepped up to cater to customer needs and build trust during the pandemic. Omni-channel, personalised engagements, quick and seamless customer service, and connected customer experience have built trust and loyalty when it’s most needed. With that said, Salesforce is a pre-approved vendor under the Productivity Solutions Grant (PSG) programme and aims to help SMEs in Singapore kickstart their technology journey by providing grant support of up to 80%.
2. Growing SMEs prioritise employee engagement
As remote working has scattered employees far and wide, keeping staff engaged and supporting their wellbeing over the past months has been crucial to the success of growing SMEs. Meeting employee expectations for flexible schedules, remote work, and COVID-safe workplaces has been imperative for successful SMEs. The report reveals that SME leaders have created trusted relationships with employees by responding to their needs, asking for feedback, and allowing autonomy.
3. Growing SMEs accelerate investment in digital to deepen customer relationships
All SME leaders surveyed in Singapore have moved a portion of their operations online in the past year, with almost half moving their operations online. This will help them cater to the new digital imperative in customer service and enable a safer remote working environment. Many leaders are making these changes permanently, which will continue to benefit them in the long term. This is a crucial step to building resilience in SMEs. 78% of growing SMEs say their business survived the pandemic because of digitisation and 62% are accelerating their investment in customer service to manage customers’ expectations and deepen customer relationships in the evolving digital landscape. This has proved that a focus on customer experience is even more of a differentiator for growth in the digital-world. It also makes it clear that the right technology can help SMEs build relationships with their customers and establish a good foundation for growth.
What kinds of technology are growing SMEs investing in? The findings show that growing SMEs have moved the majority of their operations online, prioritising customer service, sales, marketing, and IT operations. The types of software that growing SMEs use include customer service software, email marketing software, and ecommerce software. The research also shows that even the majority of stagnant/declining SMEs are investing in these four areas.
4. Growing SMEs look to the future and learn from the past
After an extended period of uncertainty, many SMEs are finding the steps they’ve taken to survive the impact of the pandemic have made them more efficient. 86% of Singapore SME owners feel the operational shifts they’ve made over the last year will benefit their businesses going forward. Implementing digital solutions to deal with the demands of a socially distanced customer base has set SMEs up well to cope with future consumer trends. 85% of SMEs plan to make contactless services available permanently. Secure digital payments, digital customer service, and ecommerce are set to become the standard ingredients of a contactless shopping experience.
Agility and innovation are necessary for long-term growth and success
The past almost two years have been a rollercoaster ride for SMEs in Singapore and across the world. For many, the dips have far outweighed the peaks. However, this latest research demonstrates that the reputation SMEs have for being agile in the face of change and resilient in the face of challenge is well deserved. As savvy SMEs prioritise solutions and relationships that fortify their businesses, they will be well equipped to weather whatever may come their way. That said, agility and innovation are necessary for long-term growth and success.
If you haven’t developed your 2022 business strategy, start the new year with a clear action plan of the goals and achieve them with high performance. Join Brian Solis, Global Innovation Evangelist and Gerald Tjan, SMB Sales Leader from Salesforce, on 25 November, 11.00am SGT in the webinar where they will be sharing more in depth details of the important business insights to watch for, tips to grow your business and how to prepare your business in 2022 and beyond.
In this webinar, you will takeaway:
- The four major trends that every small business needs to know to succeed in an all-digital world
- The crucial insights into how to strengthen and grow your small business
- The success tips to help SMEs find, win, and keep customers
- Webinar Topic: 4 Key SMB Trends shaping the future of work
- Date and time: 25 November, Thursday, 11.00am SGT
- Venue: Virtual Webinar
- Suitable to: Small business owners and founders, Leaders, C-Levels, Vice President, Head, General Manager, Director, Managers and Above
- Job titles: Sales, Service, Marketing, Digital, IT, Operations, Analysts, Customer Service, HR, Finance etc.
- Register now: sfdc.co/sbfsmbtrendswebinar
Can’t attend live? Register anyway and you will be receiving the on-demand recording after the webinar ends.
You can also download the complimentary report to use this knowledge to reinvent your workplace and engage with your customers for success in the 2022 and beyond.
Salesforce is a global leader in integrated customer relationship management, which gives all departments in a company – from marketing and sales to commerce and service – a single, shared view of every user, allowing them to deliver the personalized experiences that their customers expect in the digital age. Salesforce helps small and fast growing businesses around Southeast Asia find more customers, win their business, and keep them happy so you can scale and succeed.
Brian is a world-renowned digital anthropologist and futurist who serves as Global Innovation Evangelist and Vice President at Salesforce. Brian is also an 8x best-selling author and international keynote speaker. Forbes has called him “one of the more creative and brilliant business minds of our time,” ZDNet said that Brian is “one of the 21st century business world’s leading thinkers” and The Conference Board claimed that Brian is “the futurist we all need now.”