#6 The best way for small and medium-sized businesses to succeed? Digitization.

Digitization is not just for the large corporations, it also leads to major success for the smaller options. 

Are you aware that in emerging economies, small to medium-sized enterprises (SMEs) contribute up to 40% of GDP and create seven out of 10 jobs? While many may assume that massive corporations are the ones controlling commerce throughout all industries, small and medium-sized businesses play a much larger role than you would think. One of the ways that these smaller businesses can become successful is through digitization.

As with many organizations today, Covid-19 has been the most significant factor responsible for digitization being a vital source for growth. With a lack of in-person events and businesses being unable to open their doors, utilizing digital sales and projects allows for a business to thrive. They can complete research, better understand industry trends, and even better promote their products or services to clients. If needed, digitization allows for at-home services so customers do not have to leave their homes. This is expected of organizations in today’s society, so small and medium-sized businesses need to ensure they are making this a part of their practice.

Of course, for a smaller business, this leap into digitization can come with various risks. As with any investment, the leaders of the organization need to properly manage their new digital platforms and services in order to ensure they are working to their full potential. If they are not working, customers will turn to a competitor and that business will fail.

A great tip to prevent this failure is to start digitization with easy projects. If a small or medium-sized business starts their digitization journey with an extreme and complex project, there is a much higher chance they will get in over their head and it will not work out. Starting with something small and simple allows all the leaders of the organization to get a grasp of the technology, and better gain the skills they need to work their way up to more advanced digitization. 

As mentioned before, small and medium-sized businesses play a much larger role in our economy than many realize. That means that any sized Korean company interested in becoming involved in the United States has a chance for success. Just because they are not as large as the big economic players does not mean they will fail. They just have to ensure that they are utilizing digitization in order to provide customers with the best service possible.