Online business leads the way
The results are in!
This week at MYOB, we’re proud to release the 2011 MYOB Business Monitor Special Online Report, which is a fantastic insight into the online attitudes, habits and activities of 1000 business owners from all demographics and corners of the country. You can read the more about the report here or watch our highlights video, ‘SME’s & the Web’.
One clear message from the report is that businesses with a website are more successful than businesses without a website. The research shows that businesses with a website report higher revenue performance and more work in their sales pipeline than those who don’t have a website. A pretty good demonstration of how the web can benefit your business!
Businesses with a website are also much more positive. A key theme emerging from the report shows that web savvy businesses have a much more optimistic view about the future.
We all know that we’re in the rise of the online era, and with more and more folks heading online to purchase or research a future purchase, the web is becoming a vital tool for business today. Think about your own behavior. When was the last time you headed out or bought something without a quick online search? I’m a consumer and I’m constantly searching reviews of restaurants, looking for a local nail salon and checking out where to find the best price on a product I’d like to buy. Google and I are best buddies!
While it’s positive to see more businesses embracing the web (39% of businesses have a website, an increase from 35% in November 2010), the report highlighted that there are many businesses still missing out on the advantages the web has to offer.
The majority of Aussie businesses (61%) don’t have a website. And of this group, 45% don’t intend to get one at all (around 27% of Aussie businesses). In addition, 26% don’t think a website would benefit their business. It’s concerning that there are some business owners who aren’t convinced of the tangible benefits that the web can offer.
And it’s not just consumers flocking to the web. A third of business owners indicated that they use their supplier’s website to pay bills or invoices. In an increasingly time poor business landscape, an ability to pay bills easily, at a time that suits them, is a part of the service experience. While you might have flawless customer service and attention to detail, it could be a frustrating payment experience that ultimately drives customers away. An important consideration if you are running a B2B company.
Ultimately, as more and more of our everyday life heads online, businesses are going to find themselves unable to rely on traditional channels and media to generate sales. If you’re not online, you really don’t exist for the increasing number of web confident consumers that are searching online for the very goods and services you offer.
Do you have a website for your business? What advice or tips can you offer for those who haven’t jumped online yet? How has embracing online tools changed your business?