Covid-19 has had a massive economic impact on businesses across the world. Globally we have seen employees lose their jobs and businesses close their doors and the face of South Africa’s SME’s will look very different in the years to come. This does not mean there aren’t any opportunities for your business to expand your current business plans and increase your revenue. The impact of Covid-19 has also allowed businesses to change and innovate their current structure, as more businesses try to drive an online presence and capitalise on their competitors closing their businesses. Being smart and innovative has allowed some entities to double their historic revenues.
As we move into the last quarter of the year, most businesses are getting ready to recoup the losses that they have incurred during the pandemic. It’s time that your business builds resilience and eliminates the weaknesses in your organisational structures to be prepared for the next disruption. Now is the time to get your business strategy in place.
Cash Flow Capital hopes that the following steps will give your business the clarity needed to establish operational resilience:
- Safety, Safety, Safety!
Be sure to keep your employees and customers safe. Take every precaution to ensure no one gets affected by safety issues and as much as possible enable your employees to work remotely. Provide the correct tools and equipment to execute their job successfully. Check-in frequently as it might take a strain on them to work from home the whole day.
- Communication is THE key
We cannot emphasise this enough; communication needs to be clear and concise. Put a control person in charge of the communication and make sure that they are driving productivity and results. The communication strategy should include all facets of your business including:
- Senior management
- Adapt your services
Now is the time to be innovative and make changes to your current services. Our Government is recommending that most people stay home and continue with social distancing. This poses big concerns if your business model relies on the interaction between clients or suppliers. Think creatively and come up with a solution that will generate interest from potential clients and not increase your overheads. Make sure your clientele knows you are still open for business and working on solutions to keep them safe and satisfied. Remember this does not mean you always have to be the one with the solution. Something as simple as partnering with Uber Eats, or a logistics company is another way to solve a problem.
- To Tech or Not to Tech
Technology is vital for the survival of a business in the 21st century. We don’t know where the world is headed, but one thing is sure, with Covid-19 a lot of businesses have moved their presence into the Tech space. This would include:
- Accounting systems, operating systems and pos systems.
- Website, CRM systems.
- Increase your web traffic and gain a bigger online footprint.
- Products, Selling and Marketing
Most businesses know what it takes to prepare for a festive season and what the upfront costs are. In these unprecedented times, it’s crucial to plan for the increase in production and capacity. Stay vigilant in seeking the options that will drive revenue. Upskill your sales staff and help them reach a bigger target market. Market directly to your clients from the database you have collected. Order enough stock to last you till January. Ensure speedy service and customer satisfaction.
Goodluck in this changing environment and know that Cash Flow Capital is there to assist during these times.