Joy Agwunobi
In a rapidly evolving world where technological breakthroughs gallop at an unprecedented pace, small and medium-sized enterprises face an unrelenting battle for survival, struggling to keep up with their competition and maximise their productivity and profitability. Against the backdrop of a digital revolution sweeping across the business landscape, SMEs are finding themselves at a crossroads, grappling with the daunting challenge of adapting to constant change while maintaining a firm grip on the reins of innovation.
Drawn to the plight of these SMEs, an industry expert recently took to the stage at a webinar hosted by Zenith Bank, illuminating the complex issues and concerns facing these businesses as they weather the turbulent seas of an ever-shifting marketplace, in their unrelenting quest for sustainable success in this age of breakneck digital transformation. The expert shed light on the need for SMEs to embrace technological advancements as a vital tool in their arsenal for boosting profitability and securing their foothold in this highly competitive landscape.
The webinar, titled “Leveraging Technology for Productivity and Profitability as an SME”, offered a comprehensive roadmap for SMEs to optimise their operations, boost efficiency, and drive profitability through the strategic use of digital tools, automation, accounting and bookkeeping software, and robust privacy and security measures. It also provided practical advice on how SMEs can adapt and thrive in an increasingly tech-driven business environment.
Segun Abodunrin, CEO of Findar Agency, shared his wealth of knowledge and expertise on the vital role of technology in ensuring productivity and profitability for businesses. He also showcased technology’s transformative potential in helping businesses do better, faster, and cheaper than ever before, with its far-reaching impact on diverse sectors such as health care, manufacturing, banking, and telecom, making it a veritable game-changer in today’s competitive landscape.
Abodunrin stressed that technology’s importance cannot be overemphasised, especially in terms of its impact on businesses noting that technology has created numerous opportunities for businesses to start, grow, and scale. He pointed out that starting a business has become much easier in recent years due to technology, which has eliminated the need for physical market stalls and their associated costs.
The Findar Agency CEO further explained that technology has enabled global connections and daily conversations on various platforms, making it possible to start an online business with just an internet connection. He cited e-commerce as a prime example of this, where anyone can sell globally without physical presence, allowing businesses to serve customers worldwide adding that business owners need to leverage the power of technology to enhance their businesses.
Abodunrin laid bare the indispensable role of technology, particularly automation, in maximizing profitability, stressing the significance of leveraging these digital tools to optimize customer engagement and, ultimately, boost revenue. According to him, customers represent the beating heart of any enterprise, and to thrive in the fiercely competitive business arena, businesses must strive to unlock new markets and access more customers. Technology, he asserted, serves as a potent enabler, empowering businesses to efficiently manage customer interactions, cultivating deeper customer relationships, fostering loyalty, and driving profitable growth.
Expounding upon the necessity of leveraging technology to address customer demands, Abodunrin powerfully advocated for business owners to embrace automation tools and harness their full potential in handling customer needs and responding swiftly to their queries. Defining automation as a technological marvel that enables businesses to automate processes, thereby ensuring that even in their absence, customers can still receive the information and support they require, he underscored the unparalleled ability of automation to reach thousands of customers in a matter of minutes, far outpacing the limited capacity of an individual business owner, who may only manage to engage with five or six customers in an hour.
The tech expert also recommended that vendors automate conversations on Instagram by utilising the Manychat automation tool, which facilitates responding to customer chats and converting comments into sales.
Abodunrin shed light on the immense potential of WhatsApp for Business to transform the customer experience. He shared insights into the common practice of using automated messages on WhatsApp to provide swift and seamless customer support, even in the absence of human intervention. This technology, he stressed, holds the power to resolve a myriad of customer inquiries without the need for human engagement, ensuring that customers’ needs are efficiently addressed.
Abodunrin extolled the virtues of Chatrace.com and Zixflow.com, digital platforms designed to automate customer conversations, yet cautioned that maximising operations and revenue necessitates forging a personal connection with potential customers through conversation, a critical precursor to the all-important purchase decision. This pivotal step, he noted, is often overlooked by businesses, yet technology affords a golden opportunity to build these vital relationships and increase customer interactions, ultimately laying the foundation for higher revenue and sustainable growth.
Abodunrin next shifted his focus to the realm of productivity tools, highlighting their immense potential to enhance operational efficiency. Citing ChatGPT and Meta AI as prime examples, he illustrated how these cutting-edge technologies can support a myriad of tasks, from composing emails and engaging with customers to drafting proposals, providing a powerful aid to businesses seeking to streamline their operations. However, he cautioned against falling victim to the seductive ease of these tools, issuing a stern warning that many users employ ChatGPT and Meta AI in a lazy or ineffectual manner.
He explained this point by highlighting a common mistake people make when using ChatGPT: “some individuals ask ChatGPT questions like “How do I pacify an angry customer? or Write me a proposal” which is a lazy approach because it would give you probably the same response that it will give anybody else asking the same question.”
According to Abodunrin, the key to unlocking the true productivity power of ChatGPT lies in crafting well-thought-out and detailed prompts. Elaborating on this point, he cautioned against the pitfalls of generic prompts, warning that such vague requests are doomed to yield equally generic responses, lacking the tailored, personal touch that truly stands out. However, by investing the mental effort upfront and providing specific context and details, businesses can reap the full benefits of ChatGPT, producing unique and tailored content that resonates with clients and boosts productivity, enabling businesses to achieve more in less time and enhance their customer engagement.
He also highlighted Google Drive as a vital productivity tool for businesses, enabling the secure storage of important documents and files. With Google Drive, he noted, access is available on demand, from anywhere, and on any device. He stressed the importance of storing business information in the cloud, which provides access to information anywhere, at any time. “As long as you have a Gmail address, you have access to Drive storage,” he added.
Abodunrin underscored the impact that Google Calendar can have on streamlining business operations and boosting productivity. He also dwelled on communication technologies, shining the spotlight on Zoom as a dominant player in the world of audio and video conferencing,while alluding to Google Meet as a viable option that businesses may wish to explore, depending on their specific requirements.
The tech expert challenged the all-too-common perception among small businesses that technology is a vulnerable and precarious venture, fraught with risks of cyber-attacks. To assuage these fears, he argued that by deploying robust software and implementing secure, strong passwords, businesses can confidently shield their information in the face of the digital onslaught. However, he also struck a balance by acknowledging that no technology, no matter how advanced, is impervious to threats, as the dark arts of cybercrime can turn even the most powerful tools against their rightful owners.
Abodunrin, with his insights on the inner workings of the cybercriminal underworld, revealed the unfortunate reality that WhatsApp has emerged as a primary target for malicious hackers, particularly in the realm of small businesses and individual users. The wealth of customer data contained within these conversations, he explained, provides a tantalising lure for hackers seeking to gain access to sensitive information and perpetrate fraudulent schemes. In light of these risks, Abodunrin advocated for small businesses to adopt a two-step authentication setup, coupling their WhatsApp accounts with a linked email address.
