The development of a digital strategy for small and medium-sized enterprises (SMEs) has become increasingly important in today’s business world. Our era, the era of technological revolution and digitalisation, is bringing new challenges and opening up infinite opportunities. Companies have to adapt their business operations to new circumstances in order to remain competitive. Without a well-developed and clear digital strategy, an SME is at risk of lagging behind others in the race for digital supremacy. This article focuses on the key elements for the development of an efficient digital strategy for SMEs, while taking into account their unique characteristics and general business goals.

1. Identifying opportunities  The first necessary step in the development of a digital strategy is understanding and identifying digitalisation opportunities. This step includes a comprehensive analysis of available technologies and competition and a detailed understanding of market trends and consumer habits. It is important for companies not to neglect their own internal strengths, such as the available personnel skills, the existing technological infrastructure, organisational culture, available funds, etc. Once all these opportunities have been identified, an SME is able to plan its path towards the digital transformation in compliance with its unique characteristics and available resources.

2. Defining the goals 

Once the opportunities have been identified, the next step implies defining the goals of a digital strategy. Strategy goals should be formulated in a precise manner, be measurable and in compliance with the overall business goals of the company. This makes it possible to measure the success of the digital strategy and its contribution to the achievement of such goals. They may encompass different aspects of business operations, such as increased sales, improved customer experience, optimisation of business processes, increased productivity, etc.

3. Defining tactics to achieve the goals 

Defining tactics to be used to achieve the goals is a key element of any digital strategy. Tactics should be specific, feasible, measurable, but also adaptable, since the digital environment is changing fast.  Such tactics may include different digital channels and techniques, such as social networks, SEO, e-mail marketing, content marketing, digital advertising, e-commerce, etc. When selecting the tactics, it is also necessary to take into account the capacities of the company and the expectations and needs of the target audience.      

4. Implementing the digital strategy 

After having defined the tactics, a key phase ensues – the implementation of the digital strategy. This phase includes the development of digital tools and platforms, employee training, organisational changes, adaptation of business processes, etc. The implementation of the digital strategy requires careful planning and management in order to ensure the achievement of strategy goals. Failure at this phase may have far-reaching negative consequences. It is therefore indispensable to devote due attention to this issue.

5. Monitoring and evaluating the success

Last but not least, monitoring and evaluating the success is an equally important step in the development of the digital strategy. This phase implies measuring key performance indicators (KPIs), analysing the results and adapting the strategy based on the results. The evaluation is a continuous process that helps companies improve their digital strategy and achieve better results.

Conclusion

Developing a digital strategy for SMEs is a complex and challenging process that requires strategic planning, careful management and continuous evaluation. However, the right approach enables SMEs to benefit from all advantages of digitalisation and achieve their business goals. Given the increasing importance of digitalisation in the business world, a digital strategy is not just an option – it is a necessity to maintain the market competitiveness. We may not forget that a digital strategy is a matter of technology. In essence, it is about people – how they use such technology, how the use of technology changes the way in which work is performed, and how companies are therefore able to better serve their customers.