Federal Budget 2020 recap: Embrace digital to fast track business success
Joe Papadatos, Managing Director
In this third part of our series on the 2020 Federal Budget and SMEs, we focus on digital services for businesses and the opportunities for SME business owners to take advantage of everything on offer in the recently handed down Federal Budget.
Like many aspects of business in 2020, the COVID-19 pandemic has accelerated the adoption of digital technologies by Australian businesses and consumers. This has enabled many SMEs to transform their operations and continue to trade – and even thrive – through the crisis.
Digital technology comes in many forms. It’s not just one thing; rather, when we talk about digital technology, we are talking about everything from:
- email communication;
- digital marketing;
- infrastructure & data;
- customer relationship management;
- social media strategy;
- business analytics;
- marketing automation;
- cloud storage;
- cyber security;
- website development;
- e-commerce; and
- inventory management.
For business owners, managing directors/CEOs, and in-house marketing managers, embracing digital technologies and tools can save you time, help you find new customers, and enable you to become more efficient. When working in unison, embracing digital will put you ahead of your competitors.
A recent Deloitte Access Economics report found SMEs with a higher level of digital engagement achieved 28 per cent more revenue growth and earnt 60 per cent more revenue per employee than those companies with low-level digital use.
How Federal Budget 2020 can help you become more digital
As part of its economic recovery plan, the Federal Government is undertaking a comprehensive program to improve the ease and security of digital technology for SMEs.
Federal Budget 2020 included $800 million to improve access to digital services for businesses to aid in the post-COVID economic recovery. $420 million of this package is allocated to speed up the government’s plans to create a single national business registry, which will cut red tape for small business operators.
“SMEs with a higher level of digital engagement achieved 28 per cent more revenue growth.”
The funding package also includes $257 million to expand the government’s Digital Identity Program to enable more secure and convenient engagement with government services.
Plus, there is $2.5 million in 2020-21 to support an industry-led Digital Skills Finder Platform to enable SME employees to more easily find digital skills training courses for reskilling and upskilling in digital literacy.
The Government also announced further deregulation activities designed to facilitate the ease of doing business for SMEs, including changes to Fringe Benefits Tax, insolvency and industrial relations reforms.
How to move your business to digital
To take advantage of these Federal Budget 2020 measures, SME business owners need to ensure that they are up to speed on digital technology for their business. Here are some of the key first steps leaders in SMEs – whether CEOs, managing directors or marketing managers – can take to
Develop a website to market your business
Consumer research around buying habits shows that customers are now more likely to search for goods and services online, even if they also visit a physical outlet. A functional and attractive website can tell potential customers all they need to know about your business, as well as improve organic visibility with search engines such as Google.
“SME business owners need to ensure that they are up to speed on digital technology for their business.”
Content that is descriptive, including titles, keywords, service descriptions and images, will help search engines to locate your website and ensure your target audience can readily find your business.
Use digital marketing and social media to promote your business
Marketing your business through digital channels can open up new markets outside of your physical location, as well as helping you increase your reach within your local area.
Digital marketing tools such as social media (organic and paid content), email marketing, SEO, PPC advertising and content marketing can help your business stand out from the crowd and attract more customers.
Set up online sales and booking capability
Ensuring that you have a mobile-friendly website that loads quickly and includes an e-commerce platform or online booking capability can help meet customer expectations and improve access to broader markets. An e-commerce platform can also help reduce time-consuming manual tasks and simplify inventory tracking and stock management.
Automate your business processes to free up your time
Using business software, such as modern cloud-based accounting software platforms, can make data entry and invoicing simple, seamless, fast and efficient. As the business owner, you can then redirect the time and money saved back into growing your business.
How can we help
At Icon, we partner with owners, managing directors/CEOs, and marketing managers of SMEs to help them solve business problems and grow their business by building customer connections through innovative marketing programs. As experienced business advisors, we understand the challenges SMEs face every day.
* This is part three of a five-part series digging into Federal Budget 2020 and outlining what it holds for SMEs. Stay tuned for part four shortly. Read part one and part two now if you haven’t already.
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