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What Are SMEs Investing In Now – And Why?

The secret to business success can change in a heartbeat. One moment you are building a pool of potential customers through word of mouth, and the next you are investing thousands of dollars every month into social media advertising and online search campaigns.

So as we enter a new year, it may be useful to understand what you should – and shouldn’t – be investing in for your SME. Here’s what some of our most forward-thinking clients are doing to reach new audiences right now.

1. Leads through strategy

When you are busy with the day-to-day operations, you are essentially losing time that could be better spent on generating leads and cultivating client relationships. That’s why SMEs are now looking to bolster their teams with strategists – individuals who have the knowledge and the tools to drive more leads to their business.

2. Technology

Modern businesses require modern technology solutions to stay ahead of the pack. Depending on your industry, technology can help automate repetitive tasks, handle transactions for your online store, calculate your real estate footprint to reduce overheads, and even help expand your operations beyond traditional geographies.

And with a post-COVID workplace on the horizon, connecting with your people and your customers via technology will be more essential than ever.

3. Updated website

It may seem like a small part of your overall business model, but don’t underestimate the power of building a user-friendly website.

“It’s very easy for busy owners to get bogged down in the details of running their business,” says David Crook, Managing Director of Nero Financial. “But with digital sales increasing year-on-year and Australian eCommerce sales exceeding $50 billion in 2020 alone, you need to make the online sales experience seamless for your customers – and that starts with a great website.”

4. Marketing spend

Speaking of investments, where SMEs are directing their marketing spend is evolving. We’re seeing less and less physical assets like flyers and billboards, and more money poured into online campaigns. In fact, the average small business is spending up to $10,000 per month on Google advertising. If you aren’t competing with them, how can you expect to be heard among the noise?

5. Rebranding

For established businesses that have been hamstrung by legacy systems and a low rate of technology adoption, a business rebrand may be in order. It could be something as small as a new logo and website overhaul, or a total transformation of systems, operations and long-term goals.

6. Cloud-based software

The way that we conduct work today is very different from just 10 years ago, let alone several decades. With client demands increasing, AI and automation taking over manual, repetitive jobs, and a digital work economy fuelled by the pandemic, smart SMEs are recognising the value in cloud-based software and other digital platforms.

They can help streamline your day-to-day tasks, boost productivity and create a collaborative environment that thrives in a digital setting.

Are you ready to fund your ambition? We have the experience and the expertise to set you on the right path. Contact Nero Financial today or call 1300 025 949 to find out how we can support your SME journey.