Unlocking the Digital Future: A Roadmap for Today's Entrepreneurs
A Digital Transformation Roadmap for Today’s Entrepreneurs
Running a business without technology can feel like rowing a boat against a forceful current. Companies that try to operate without the help of tech solutions are also more likely to struggle than their tech-enabled counterparts.
As a woman-identifying entrepreneur trying to grow your business, you’ve got enough on your plate to fight against the current. Leaning into technology can give you precious time back to focus on the things that matter most in your company. It can also help you increase productivity and revenue.
Implementing tech solutions (a process also known as digital transformation) takes time in any business, but doing so has powerful effects that can last for years. In this article, we’ll walk through:
Why technology is integral to business success
How to get started implementing tech in your company
How Alberta Women Entrepreneurs (AWE)’s Bold Leadership program can support your digital transformation
Technology Drives Business Growth
It’s estimated that there are over 5 billion people using the internet today; a number that has increased exponentially since 2000. But what does this mean for modern day businesses?
The widespread adoption of the internet has drastically changed the expectations your customers have of your company. Businesses that can’t offer seamless experiences that meet their customers where they are simply won’t survive. And technology plays a crucial role in those seamless experiences. One study found companies that pursue digital transformation can increase profit margins by 10%.
In 2024, customers can access almost any product or service near-instantaneously. You can order just about anything online and have it delivered to your doorstep within a day. You can ask a robot to write your emails within minutes. You can even buy a fridge that notifies you when your groceries need restocking. People are getting everything, everywhere, all at once, and companies that don’t keep up risk being left behind.
As an entrepreneur, you understand the importance of creating and maintaining long-term customer relationships. It’s actually 5 times less expensive to retain existing clients rather than acquire new ones. This means the experiences your customers have with your business matter every time they interact with you. And technology can help you deliver better service and create outstanding experiences.
However, adopting technology into your business can look very different depending on your goals, industry, and target market.
For example, if you’re running a consulting firm, you might want to use customer relationship management (CRM) software to help organize client data. If you’re operating a restaurant, you might have your eye on an online booking system to take reservations through your website. And in any business, you’ll probably want to use accounting software to keep your finances organized.
Technology is key at every stage, whether you want to maintain or expand your company. With the right implementation, technology can not only support your business, but help it thrive.
How to Build Technology into Your Business
Getting started with digital transformation can be daunting without a roadmap. Here are a few key steps to take:
Identify Your Tech Needs: Assess your entire business, looking for areas where technology could save you time or money. Start by identifying repetitive or simple tasks that you could cross off your to-do list with the right tech tools.
Research Solutions: Explore the available technologies that align with your needs. These could include software applications, hardware devices, or IT services. Consider the costs associated with implementing technology and weigh them against the potential return on investment (ROI) over the next several years to determine which solutions are best.
Develop a Technology Strategy: Create a plan for implementing your chosen tech tools into your business. Define specific objectives and timelines for bringing technology into your operations, as well as the resources you’ll need to make it happen.
Integrate Tech with Business Processes: Ensure the tech you have your eye on will integrate with your existing business processes. This may involve customizing software, configuring hardware, or redesigning workflows. The more seamless and cost-effective the integration capabilities of a new solution are, the better. Steer clear of systems that will create more work for you as opposed to saving you time.
Train Your Team: New tech is only useful when it’s successfully adopted by your team. So, be sure to provide adequate training and support to your employees to help them navigate the learning curve. This could include workshops or on-the-job training sessions.
Monitor Your Digital Transformation
Implementing new technology doesn’t end with the initial rollout. You’ve got to continuously monitor the adoption and performance of your tech solutions, and measure their impact on your business objectives. Use key performance indicators (KPIs) to track progress and make adjustments as needed.
As time passes, you’ll also want to make sure you’re staying up-to-date with the technology you have and considering new technologies entering the market. Regularly evaluate whether your existing tech stack is meeting your needs, or if it’s time for upgrades or replacements.
Lastly, it’s critical that your tech adheres to security best practices and data privacy requirements. This shows customers that you take security seriously, and helps foster trust.
Driving Tech Innovation: New Canadian Entrepreneurs
When it comes to digital transformation, every business owner can take a note from new entrepreneurs. Immigrant-owned businesses are a driving force in the Canadian economy, many of which are owned by young first- or second-generation Canadians.
According to the Toronto-based innovation hub MaRS, “first- and second-generation entrepreneurs undertake 34.7% of all early-stage entrepreneurship in Canada.”
These business owners are tapping into resources like the Canada Start-Up Visa Program, a Federal Government program that has supported the growth of at least 61 tech firms founded by immigrant entrepreneurs (as of 2023), resulting in $1 billion in annual revenue.
As an entrepreneur, there is a massive opportunity in our province of Alberta for you to take advantage of technology and fuel innovation within your own business. The importance of entrepreneurship, and especially the importance of women’s entrepreneurship, can’t be overstated. In 2020, small- and medium-sized businesses contributed to nearly 50% of Canada’s gross domestic product (GDP).
Resources to Guide Your Digital Transformation
Adopting a new technology strategy can be daunting, but there are many resources available to support you.
Programs like Bold Leadership offered by Alberta Women Entrepreneurs focus on technology adoption and implementation at all phases of your business. Bold Leadership connects women entrepreneurs with a network of coaches and experts to help implement digital transformation in their businesses. More than that, Bold Leadership helps women business-owners gain confidence and skills to work on their business, not just in it.
We recognize the importance of women’s entrepreneurship in our province, which is why we offer programs like Bold Leadership to help you gain a competitive edge. As of 2020, fewer than 14% of SMEs in Alberta were owned by women. But that doesn’t mean this number can’t change. In fact, nearly 30% of self-employed women are new Canadians, and the number of women in entrepreneurship is continuing to rise. With the right support, we can watch this number soar.
Embarking on a digital transformation in your business can help you reduce costs and errors, increase efficiency, strengthen your customer relationships, and so much more. If you’re a woman-identifying entrepreneur with an established business plan and an annual revenue of $250,000+, then Bold Leadership is an ideal fit for you.
Get Started with Bold Leadership
AWE’s Bold Leadership program can help you implement technology effectively into your business to reach your next level of growth. We also offer financial and educational support for women like you. Learn more about Bold Leadership.