A report by YouGov and ‘Do It Digital’, a campaign to get small businesses digitally engaged, shows that 1 million small and medium sized businesses (SMEs) are yet to set up an online presence.
One in four SMEs still don't have a website, while 40 per cent are not on social media. Yet the findings suggest that small businesses in Britain without any digital infrastructure are missing out on a total of £20.2 billon in revenue each year. In terms of increased revenue or efficiency savings, this equates to £20,000 per business across all sectors from retail to manufacturing. This could in turn help to expand the economy by a collective £8.4 billion.
Minister of State for Digital and Culture Matt Hancock said: “Digital know-how can help firms save money, increase profits and improve productivity, yet too many firms still do not use websites, trading platforms or social media channels.
“It is essential we take every opportunity to create the world-leading businesses of tomorrow, so I welcome Do It Digital’s campaign and pledges from other organisations to increase digital skills in small businesses.”
Michelle Ovens MBE, director at Do It Digital, said: “All evidence supports the belief that there are clear financial benefits for small businesses embracing digital. But we also know that many don’t have the time or access to the expertise to take advantage of what’s available to them. We want to help change that, one step at a time, by showing that digital needn’t mean a leap into the unknown by giving them access to support and guidance on how to engage in a way that is best for their particular business.”
To find out more about the Do it Digital Campaign, visit https://doitdigital.co.uk/
At Beavis Morgan, we work with SMEs across a range of sectors, assisting with their business growth plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.
To find out more about how we can assist, contact Steve Govey or your usual Beavis Morgan Partner.
Further reading:
Retail Sector: Digital technology and social media key to reaching customers