SMEs have not only learnt to pivot to virtual, they have learnt to use it to its full advantage, to rely upon it, and in many cases now prefer it to the old way of doing business, says Anthony Chadwick
As of October of this year, 68% of UK SMEs predicted that their businesses would return to normal profit-making levels by the first part of 2021. Of those business owners, 75% were more optimistic than they had been in July (Starling Bank / GBEA). That outlook, of course, was declared before the current wave of infection gripped the region. Nevertheless, those entrepreneurs are decidedly in a much brighter place than they had been just four months ago.
Those numbers may come as a surprise to anyone who’s been hearing nothing but bad news about the UK’s tanking economy. But to those of us who have been following (and propelling) the virtual movement, it’s precisely what we’d been expecting. SMEs are simultaneous drivers and indicators of any economy’s prospective wellbeing.
And the increase in confidence? How can that be substantiated when the virus has not gone away…and is, in fact, getting worse by many counts? The answer is simple: SMEs have not only learnt to pivot to virtual, they have learnt to use it to its full advantage, to rely upon it, and in many cases now prefer it to the old way of doing business.
What SMEs have learnt about virtual
When the pandemic first hit, virtual conferencing and communication were met with a massive amount of resistance. Even the most seasoned, capable and brilliant entrepreneurs were reluctant to take the leap to digital. And though most businesses might now say it wasn’t as hard as they’d thought it would be, I have to play devil’s advocate for just a moment.
Think about it: Never in the history of the earth have we, as a global population, been asked to make so many changes so quickly. The virus affected nearly every facet of our existence. Restaurants and theatres closed, 75% of children were schooled at home and 96% of airline travel stopped. Not just at home, not just at recreation, not just at work…and so the resistance was to be expected, because the change was so encompassing.
But as with most types of change, the results are rarely as devastating as we had believed they’d be. In fact, we’re often pleasantly surprised.
As I speak to more and more SMEs, I’m getting a clearer picture of what this pivot to virtual has taught them:
- They’re saving money on airfare and travel accommodations.
- Their teams are more productive whilst working from home.
- More diversification is possible, since anyone in the world can connect, anywhere.
- Information can be shared in real time.
- Local businesses are going global.
- Networking opportunities have been expanded.
- Their carbon footprint has been reduced, and that just makes them feel good.
I would venture to guess that the impressive majority of SMEs that claim they’ll weather this storm have already gone virtual. They have seen the advantages…and therefore, can see the light at the end of the tunnel.
If you have not already made the pivot to virtual, you will certainly have some catching up to do. However, thinking it’s too late and refusing to change could mean the end of your business. Maybe a little targeted advice is all you’ll need to get started.
How any SME can make the shift to virtual
Any business can increase their chances of survival by adding a virtual feature. To throw your hands up and surrender, believing that a landscaping business, a woodworking shop or a catering service cannot survive under any circumstance is discounting the power of your own creativity and resourcefulness…and of virtual marketing, conferences and communication.
Before the Covid19 crisis, I could have made some projections as to how SMEs would jump on the virtual bandwagon and manage to endure this storm. I knew they could do it. But in most cases, those businesses exceeded their own expectations.
Here’s how they did it:
Start small
No one is suggesting that an SME go straight from no virtual communication to a large online conference. Instead, invite one or two colleagues to a brainstorming session or a test meeting on Zoom. Play around with the settings. Get comfortable. Have fun.
Get creative
As you begin to discover how you can pivot to virtual, you may find that the majority of your operations need to be conducted in-person. Question that. Second-guess it. Ask yourself how you can enact changes that will make going virtual fun and more effective than in-person interactions ever were.
Reallocate funds
We’ve already discussed how you’re going to save money by going virtual. Now, how can you spend that surplus to make the virtual more effective? This might involve bringing on a virtual communications coach, or someone who has a creative way of thinking around obstacles. It might mean investing in marketing, to keep your business top-of-mind until in-person interactions can resume.
Engage your audience
Everyone is reluctant about these changes to some degree. However, the worst thing you can do is take your audience down a path of no return by complaining about the new normal. Stay positive. Allow that excitement to pervade your interactions with your audience. Persuade them to give virtual a try and then talk to them about their reactions. Foster a feeling of being in this together—of discovering new ways of interacting, thinking and being. Inspire them to open their minds, and you will have their attention long after this thing has passed.
Embrace your free time
If you’ve ever wished you could have more time with family without stunting the growth of your business, your wish is about to come true. Virtual communications and conferences save a significant amount of time. There’s no reserving of venues, no travel…and you only have to get dressed from the waist up and comb the front of your hair. Use the time you save to accomplish your non-business bucket list items.
Educate yourself
You’re not the only one going virtual. In fact, it’s safe to say that nearly everyone is. And that includes institutions of higher learning. Even if it’s just acquiring a certification that you can tout on your website, do it now. You’ve got the extra time, and instructors are ready to teach!
Pay attention
Our environments are in a constant state of evolution. So are our businesses. And those changes are, more than ever, driven by consumer trends and preferences. Your customers are going to decide if they like the new way you’re doing business, and if you ask for feedback, they will guide you to growth and success. Listen to them. Ask about their growing pains, and bring them out the other side. Do this right, and you just might be thanking your lucky stars for virtual conferencing.
Keep growing, keep doing
There’s no need to halt business growth while you figure out the new virtual landscape. On the contrary, you can find new ways to communicate virtually—ways that grow your SME by placing it out in front of the pack.
Do not wait for perfection. No one is expecting that right now. What they are expecting is for you to have the courage to try something new that will benefit them.
Do not fear innovation. These are the times when you’re free to try, fail and eliminate what doesn’t work. It’s the best time to set foot in new areas, where others aren’t yet going, so you can capture mindshare, break new ground and set a new standard in your industry.
Good luck. Be ambitious- this is a time of opportunity. Seize the day.
Anthony Chadwick is a serial entrepreneur, and is the Founder and CEO of The Webinar Vet, the largest online veterinary education provider in the world. He is one of the most recognised and respected thought leaders in the UK veterinary sector.
Anthony founded The Webinar Vet in 2010, when the word webinar was not in the veterinary dictionary. A vet by trade, whilst at an internet conference he spotted a gap in the market to make veterinary education and training more accessible and affordable, via the medium of webinars. Trailblazers in the industry, the company grew very quickly and now has over 40,000 veterinary professionals accessing the training in over 120 countries. Students currently spend a combined annual total of approximately 60-70,000 hours a year training on the site.
