I think we can all admit that to digital innovation isn’t an easy task for anyone – it requires a lot of time, support throughout the entire business and more often than not, investment. But, if done right, the payoff is huge!
For small business owners around the country trying to introduce digital innovative solutions into the business, the changes announced to the $30,000 instant asset write-off couldn’t have come at a better time.
What does the Instant Asset Write-off mean for digital and innovation-charged SMEs?
The increased threshold to $30,000 and instant write off allows greater investment toward innovative changes and reforms across several businesses while reducing financial drain. Digital innovation has opened up a surplus of avenues for small business owners and entrepreneurs everywhere to reach out to potential customers and creating a meaningful change to not just the brand but the revenue as well.
Why has the Australian Government taken this initiative to encourage Digital Innovation?
The bad news for us is that while small businesses are turning out to be the backbone of the Australian economy, with over 2 million recorded businesses spread out across the states, they still lag far behind when it comes to investing in digital innovations. Of course, this isn’t because most small businesses aren’t aware of the importance of digital innovation or haven’t already laid the foundation for changes, far from it, yet success has been hard to come by.
The problem is mostly centered around the lack of funding and knowledge on adapting the current business to include a digital strategy. Digital transformation can include mapping out a digital strategy around your product or services or upgrading a website with a modern, professional design to capture more customers and boost sales, to building a social media marketing plan that covers several platforms and using analytics tools to track sales and market share. The opportunities here are basically endless.
The instant asset write-off is the perfect opportunity for all SMEs to invest in digital innovations that will further boost their business’s web presence and convert consumers into sales. By capitalising on a good digital marketing plan, this will develop and fine-tune your current goals and align them with a new digital strategy.
Netstripes has several business plans that offer everything from a specialised plan for budding entrepreneurs, to premium plans that cover all areas of the digital scope to accelerate business success and growth – not just through advisory and professional branding but web development, along with expert guidance for marketing and tech support.
SMEs need to get on the digital bandwagon quickly to reap its benefits. Innovation not only creates value for future customers but can also help organizations retain good employees, reduce overhead costs over time and stay ahead in a competitive economy.
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