Suneera Madhani is the founder of Stax, a payment technology company, and CEO and Founder of CEO School, a top 0.5% business podcast worldwide for women.
When you think of VIP treatment, you imagine the glitz and the glamor: a red carpet rolled out, champagne popping and a team ready to meet your every need. For consumers, the VIP treatment consists of streamlined experiences, tailored recommendations and a commitment to customer satisfaction. It’s about creating a moment that says, “You’re valued.” While this experience is often reserved for individual consumers, it’s time we extend the same energy to small and medium-sized businesses (SMBs).
SMBs are the rockstars of our economy, driving 44 percent of U.S. economic activity and generating nearly two-thirds of net new jobs annually. Yet, despite their influence, SMBs often feel more like an afterthought than a headliner in their interactions within the user journey. Clunky processes, endless paperwork and limited access to resources make them feel like they’re stuck outside the velvet rope.
It’s time for a change. By offering SMBs the VIP treatment through consumerized solutions, enterprises can build stronger relationships, unlock untapped market potential and fuel long-term growth.
Putting SMBs Front and Center
SMBs as the Economic MVPs
Think of SMBs as the unsung heroes of our economy. They’re not just clients; they’re strategic partners fueling innovation and growth across industries. Yet, their contributions are often met with outdated systems and processes that don’t reflect their value.
If you’re not rolling out the red carpet for SMBs, you’re missing out on a massive opportunity. Their collective spending power runs into the billions, and their need for user-friendly, efficient solutions is growing.
An Untapped Market Awaits
Too often, enterprises focus their energy on landing big-name clients while SMBs get the equivalent of a standing-room-only ticket. But SMBs are evolving. They’re ready to partner with enterprises that can simplify their operations, deliver transparent solutions and value their time.
Cutting Through the Complexity
The Burden of the “No-Guest List” Treatment
Imagine a small business owner trying to secure a line of credit while juggling payroll, inventory and client meetings. The last thing they need is to face manual processes, redundant paperwork and endless delays. Every extra step is a missed opportunity to build trust.
This is the equivalent of being left outside the velvet rope. If enterprises want SMBs to stay, they need to remove the barriers. That comes with complex, time-consuming processes.
Give Them the One-Click Checkout Experience
SMBs are used to the ease of B2C platforms: One-click checkouts, instant responses and seamless interactions. Enterprises that bring this same consumer-grade experience to SMBs will win big.
Automation plays a starring role here. Pre-filled applications, real-time data validation and self-service dashboards turn clunky processes into a smooth ride. These tools aren’t just convenient, but they show SMBs that you value their time and are ready to make their lives easier.
The ROI of VIP Treatment
Retaining an existing SMB customer is far more profitable than chasing a new one. Studies show that increasing retention by just five percent can boost profits by as much as 95 percent. Treat SMBs like VIPs, and you’ll see the returns in loyalty, repeat business and referrals.
Building Trust on the Red Carpet
SMBs Deserve Personalization
VIP treatment isn’t one-size-fits-all, and neither are SMBs. They need tailored solutions that reflect their unique goals and challenges. Whether it’s flexible payment options, personalized onboarding or proactive communication, enterprises that prioritize personalization send a clear message: “We’re here for you.”
Trust Isn’t Given; It’s Earned
Trust starts with transparency. SMBs want to know that you’re not just selling to them but partnering with them. By offering user-friendly tools, clear communication and solutions that adapt to their feedback, enterprises can solidify their role as true partners.
Nurturing Long-Term Relationships
Just like VIPs expect consistent treatment, SMBs value ongoing support. Enterprises should prioritize regular check-ins, educational resources and tools that anticipate their needs. It’s not about a one-time grand gesture; it’s about proving you’re in it for the long haul.
The Business Case for Consumerized Solutions
When it comes to onboarding and underwriting, too many enterprises are still stuck in the past, treating SMBs like an afterthought instead of the VIP clients that they are, but the companies that simplify, streamline and personalize their interactions with small businesses are the ones standing out in a crowded market.
Personal finance is currently getting that desired red carpet treatment. Apple Wallet, for instance, lets you add a credit card in seconds, access funds instantly and move money with ease. Meanwhile, SMBs are left waiting in a never-ending line, buried in paperwork, outdated processes and unnecessary delays. If consumer finance can be seamless, why is SMB finance still a headache? It’s time to roll out the VIP treatment.
With solutions like Custom Onboarding and Pre-Fill technology, financial institutions can finally give SMBs the fast, effortless experience they deserve. If you serve small businesses, you should onboard them like any other premium digital experience, making sure it is quick, seamless and stress-free while also protecting your bottom line.
Delivering a consumer-grade experience for SMBs is about raising the standard across the industry. The right solutions make all the difference:
- Efficiency: Instant verification means no long wait times. SMBs shouldn’t be stuck at the door.
- Transparency: Clear, intuitive tools that keep SMBs informed every step of the way. No guesswork.
- Personalization: Tailored workflows that adapt to each business’s needs, making every interaction seamless.
Fintech is evolving, and SMBs are done being left out. It’s time to stop treating them like a paperwork burden and start giving them the VIP experience they deserve.
Lights, Camera, Action
The curtain is rising on a new era of B2B interactions, and SMBs deserve to be front and center. By rolling out the red carpet with consumerized solutions, enterprises can build loyalty, foster growth and create lasting partnerships.
SMBs are the VIPs of the economy. It’s time we start treating them that way.