Sage Advice on Digital Transformation and Risk
I had a brief chat with Viresh Harduth who is the Vice President of Small Business, Sage Africa & Middle East about the vision and mission for Sage for small businesses across the region, and how your business can ready itself for the digital transformation and risk beyond COVID-19
1. Viresh, as Vice President of Small Business, Sage Africa & Middle East, what exactly does your role entail and how does it, and Sage support small businesses?
My job is to lead sales and renewals, channel development and customer engagement for our start-up and small business solutions portfolio. In practical terms, that means building awareness of our solutions in the marketplace, working with our business partners to help customers meet their business goals, and providing education and information to the market.
Sage’s vision in small business is to help our customers thrive by automating accounting and compliance and by coaching them to success. The way we do this is by reducing administration for our customers, helping customers to comply with tax regulations, and enabling businesses and their accountants to collaborate better.
2. In the established distinction of an SME and a Start-up, do Sage products apply to both? And at what stage should a business consider bringing in the skillset of accountancy and financing in their business, digitized or human capital?
Our goal at Sage is to build relationships with customers for life, so our Sage Business Cloud encompasses offerings for small businesses and start-ups through to sizeable medium businesses. Our solutions, designed for smaller businesses, are tailored to their specific needs, so they can subscribe and get up-and-running at an affordable cost.
Clients can start with a simple solution that makes it easy to invoice customers and track expenses, then move up the ladder to online and accounting solutions with richer functionality for budgeting, forecasting, multi-currency management, inventory tracking, employee self-service, debtors management and more.
Formal businesses – that is, limited companies – will need an accountant to prepare their annual financial statements. They will usually start by outsourcing to an accounting practice. Generally, it is only when the business grows into a larger and more complex operation that they will consider a permanent accountant. We are seeing accountants in practice become real advisors to small business clients, helping them with strategic advice around optimising costs and finding growth opportunities.
3. Before your current role, you were the Director of Optimisation and Operations at Sage International and I’d like to think that you, more than anyone else recognises the importance of embedding business optimization tools to contribute to your business’ success. How does and can Sage do this for small to medium businesses?
Our business solutions help our clients to optimise their business in two ways. Firstly, we streamline and automate many tasks for them, from financial recordkeeping, invoicing to filing tax submissions, saving them hours of human time each month. That time can then be directed to sales, strategy, billable work or other activities that add value. Automating red-tape and paperwork is a significant cost-saver.
Secondly, we understand that making the most of business opportunities must be balanced with managing cash flow and keeping costs under control. Companies need a clear, real-time view of how the business is performing to achieve that goal. Our solutions empower them with the business performance information they need to make good financial choices that translate into higher revenues and profits.
Making an investment in your business’ digital transformation is an investment that takes more than one purchase and optimising one process, it is an evolving strategy that takes time, skills and the right technology.
4. As small businesses are moving from being digitally resistant to the aspirational observers and challengers, and ultimately digital natives, what would be your advice to founders of things to consider as they map out their digital strategy?
Digital technology doesn’t need to be as complex as some small businesses outside the tech industry might imagine. A good place to start is by identifying areas where manual processes are slowing you down, costing you money, restricting your flexibility or hampering your customer experience. From there, you can look for cloud-based solutions that address your pain points through automation. Many of these tools can be trialed for a month or two for free.
To sum up: digital technology is at its most powerful when you’re starting with the goal of solving a business problem. As a small business owner, you might have limited budget and time to rapidly incorporate new technologies and skills into your business, so look for the quick wins. And remember that the cloud can adapt as your business changes and grows, remaining a valuable business tool that evolves with you.
5. Your message to founders as they are coming out of Global Entrepreneurship Month, and into a 2021 that will definitely still require us to do business differently?.
At Sage, we know the pandemic has compounded the effects of the recession, and that many small businesses are struggling just to pay the rent and keep the lights on. Their grit and resilience are inspiring, as is the role they are playing in maintaining jobs and economic activity throughout this time. But if you are running a small business, you’ll know that platitudes are not going to be enough.
There are no quick fixes for the damage that the pandemic may have dealt to your cash reserves and your cash flow. Nonetheless, there are also opportunities to get closer to your customers and find new purpose in a crisis. Stay focused on your vision, watch your cashflow, and look out for how customer behaviour is changing. Aiming for small wins makes you flexible, adaptable, and able to make faster decisions.
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