Creativity and entrepreneurship

Small business blog posts we liked this week

We hope you have a nice, relaxing weekend planned! Here are some interesting small business blog posts and articles we’ve read recently. Have you read anything you’d like to share?

 

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digital technology small business

Digitally-advanced businesses perform better, according to study

A recent study by BDC reveals some interesting findings about digital maturity, and the effects it can have on Canadian businesses.

What is digital maturity?

In the study, “digital maturity” is defined as a combination of digital intensity and digital culture. Digital intensity comprises customer experience; data and analytics; digital technologies; and process and communication. Digital culture comprises leadership and strategy; and staff and expertise. These six factors work together to influence a business’ performance in our current technological climate.

Canadian business digital maturity statistics

BDC’s study, “Seize the Technological Advantage – Why Digitally Mature Companies Perform Better” surveyed 1,500 small and medium-sized businesses on their use of digital technology. Here are the key findings from that study:

  • The most digitally mature businesses grow faster, are more resilient, innovate more and are more likely to export.
  • 9 out of 10 SMEs invested in digital technology in 2021.
  • Only 60% of companies have a website; 34% analyze customer data.
  • The average digital maturity score of Canadian SMEs was 51 out of 120.
  • The main challenges of digitization are cost (42%), cyber security (32%), uncertain benefits (27%) and technology integration (27%).
  • Larger SMEs, Indigenous entrepreneurs, and young entrepreneurs achieve higher levels of digital maturity. Women owned businesses lag behind in digital adoption.
  • Digital maturity is unevenly distributed across industries. The retail sector went completely digital during the COVID-19 pandemic, while the construction and services to individual sectors had the least investment in 2021.

The study divided these businesses into four categories: Latecomers, Beginners, Emerging, and Advanced. Out of those, 47% of businesses were classed as Beginners, with only 5% being digitally advanced.

For more detail about these findings, real-world examples of how Canadian businesses use technology, and to learn how to digitize your own business, check out BDC’s study here.

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Can your business use augmented reality?

augmented-reality-small-businessRemember the Pokemon Go craze? It seemed like the whole world was obsessed with it, downloading the app and “catching” Pokemon that were overlaid over real-world views. While it may seem like a great idea for a game, augmented reality like this can have applications in business, too.

Check out our list of five ways that AR can improve your small business:

  • Training. Whether it’s a download onto their smartphone or through special AR glasses, employees can receive animated instructions that are overlaid on the equipment in question.
  • Product visualization. AR apps allow customers to see your furniture, artwork, or decor in their homes before they buy. Real estate agents can give virtual tours of their properties.
  • Improving efficiency and troubleshooting. Those working with specialized equipment and processes, such as in manufacturing and farms, will be able to troubleshoot without having to leave their work stations to double-check things or consult with a colleague.
  • Better patient experience. There are many problems that AR can solve in the healthcare industry. For example, AccuVein‘s augmented reality scanner allows healthcare workers to see where veins are in patients’ bodies, improving accuracy, and most likely reducing the fear of needles as well.
  • More engaging education. Students young and not-so-young can enjoy a more immersive educational experience with augmented reality. Whether it’s guiding children through a library scavenger hunt, helping students visualize math problems, or giving people an immersive experience in another language, AR can change the way lessons are taught.

Do you have any ideas for an augmented reality-related business?

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Small business blog posts we liked this week

Happy weekend, everyone! Enjoy these small business blog posts that we enjoyed this week. We hope you like them too, and share any suggestions you think we might like!

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