The Covid-19 pandemic has not only created significant challenges but has also brought in numerous changes in the business and social environment across the world. Though some of those changes may seem scary, the SMEs have no option but to welcome them and adapt to them as soon as the pandemic comes to an end.
First and foremost, many SME owners may be required to make an in-depth assessment of the overall financial situation of their business enterprise. They would have to call a meeting and discuss all the related issues with their finance, marketing and production teams. It will give them a clear idea about the deficits, future inflow of funds, potential expenses as well as the assets and liabilities of the organization. Based on the insight, they will have to draw up a new action plan for the next six months or more.
Some SMEs may be required to redefine their business goals and draw up a more realistic and well-rounded growth strategy as well as a detailed roadmap for its execution. The power of digital engagement will have to be clearly understood, and a strong digital ecosystem will have to be created. Many SMEs may have to switch over to digital marketing and online retailing as the pandemic has expedited a change in the shopping habits of consumers. While some firms will have to rebalance their priorities, others may have to expand their work-from-home capabilities significantly.
Entrepreneurs will have to put in place an effective crisis management plan taking into consideration the immediate and long-term impacts of unexpected developments. They will also have to draw up a robust business revival plan and create a reservoir of funds incorporating additional resiliency measures. Some of them may have to even rethink their business models as just tweaking them in the face of the changed reality won’t suffice. Meanwhile, the employees may have to learn new ways to connect with the customers as well as cheaper and faster ways to ensure positive brand recall and generate new business.