In spring 2020, digitally transformed businesses quickly adapted and were able to “keep calm and carry on.” For example, the SMBs who were already on the Cloud and leveraging cutting-edge technologies were able to run their operation remotely.
Others were probably some of the hundreds of thousands of businesses that shut their doors for good (and we’re still feeling the repercussions today).
Naturally, enterprises that previously failed to jump on the digital transformation wagon rushed to move up to the Cloud. According to a recent study, as much as 45% of SMBs surveyed were thinking about digital transformation. Another 28% had already started digitizing their processes and operations.
But at the same time, almost half stated that the steep learning curve continued to be a massive barrier to adoption. Although this can be pretty overwhelming, it doesn’t have to be. The good news is that solid tech partnerships can help SMBs stay a step ahead in the innovation curve.
The ability of SMBs to identify and collaborate with technology partners is a competitive advantage (on its own). This is especially true when creating new growth business models and, of course, creating robust digital workspaces where the job gets done.
Successful partnerships often come down to shared common characteristics, values, and desires that allow both to be successful, topical, and ever-evolving. Together, you can strategize, plan, and focus on your immediate and long-term objectives.
SMBs should also have an in-depth understanding of unit economics, natural churn, and so on. For example, they must decide between higher customer retention costs versus the lower cost of acquisition. This is especially true if you’re building applications for your target market.
Thriving ecosystems depend on an in-depth understanding of the business model, customer base, and potential problems and barriers. One of the most common problems small and mid-sized businesses are facing today is security, and a tech partner can help solve that problem.
In a rapidly evolving threat landscape, off-the-shelf security solutions alone can’t help fortify your infrastructure. Sometimes, you might need the help of smart algorithms and security specialists you couldn’t usually afford, and your tech partner will be able to fill those gaps.
So, if you have customer-facing or internal enterprise apps, it’s critical to secure them to ensure privacy, regulatory compliance, and of course, keep your brand name out of the headlines.
Although corporate giants can weather the storm that comes after a data breach, for many SMBs, a single data breach can annihilate the whole business.
Collaboration with your development partner at any level enables access to external expert knowledge and experience. It also provides access to cutting-edge tools and technologies that can propel your company to the next level.
SMBs also get to benefit from extensive experience and the latest technologies without all the HR headaches or overheads that go with it. As you can count on your tech partner’s in-house experts and extensive networks, SMBs can accelerate innovation significantly.
The added advantage of collaborating is learning from your partner’s experience working on similar projects. They will be able to guide you and alert you to potential hurdles that lie ahead, and find innovative ways to avoid them. This means that small businesses won’t have to waste their time trying to get around issues that already have robust solutions.
Established development partners also enable access to the latest and emerging technologies, including next-generation digital products and services—this provides SMBs with the necessary tools to compete in the marketplace with corporate giants.
In this case, SMBs can become far more agile than their corporate competitors. Tech partnerships also empower smaller players to take calculated risks and disrupt the marketplace confidently. However, it’s crucial to always focus on the process instead of potential results.
As things often change during the software development lifecycle (SDLC), SMBs must be open and flexible enough to adapt to their partner’s expert advice. While this might mean that you end up something completely different at the end of the project, it also means that the company was agile enough to be successful.
Successful partnerships open the doors to endless opportunities. Although you may have started with one project, you can always extend your collaboration when you begin identifying new prospects to scale and grow your business.
Most small businesses don’t have the necessary resources to attract top tech talent or the latest technologies. But when SMBs and technology partners pool their resources together, the potential of achieving meaningful is significant.
SMBs can also benefit from their partner’s extensive network to achieve meaningful growth and gain a competitive advantage. If you do it correctly, small businesses can sustain and scale their offering without significant capital expenditure (for example, hardware and software investments, infrastructure, new hires, etc.).
Whenever you augment in-house teams with external developers, you also help your staff improve. For example, your development partner can train in-house staff to get them up to speed or even teach them something completely new.
As you’ve probably guessed, all the above leads to significant cost savings. This is especially true if you’re outsourcing your software development project to Eastern Europe. For example, you can work with an Extended Team of top tech talent based in Romania and Ukraine at a cost that’s significantly lower than your local market rates. As you’re paying the local market rate in those countries, it’s a win-win situation for everyone involved.
If you’re wondering if you need a technology partner, ask yourself this question: are you ready for the fourth industrial revolution? Web 3.0 is here, and the wheels are already turning with smart sensors, cryptocurrencies, and of course, the metaverse.
If you’re wondering if you need a technology partner, ask yourself this question: are we ready for the fourth industrial revolution? Web 3.0 is here, and the wheels are already turning with smart sensors, cryptocurrencies, and of course, the metaverse.
Will you be able to compete? Will you be able to stand out and stand apart in an increasingly crowded marketplace?
If your answer is no, a tech partner might be the right path to ensure business relevance. After all, working with a technology partner is a cost-effective approach to accelerate time to market, which is imperative to stay ahead of the curve.