Posted By Megacap | September 2, 2020 Photo Credit

Just as the case is with large businesses, the COVID-19 disruption has also hit small and medium enterprises (SMEs). The impact on SMEs may, however, be more significant, given that many may not have invested in a robust business strategy. But all is not lost. With the guidance of business strategists, small and medium businesses can stay afloat during this lockdown period and swiftly bounce back post-COVID-19.

Considering these unprecedented times, every business owner must quickly ask a fundamental question: what must I do differently? This question is key because any business that does not re-strategize could soon become obsolete.

Here are three ways companies can adjust to remain afloat now and into the new re-defined future after the COVID-19 dust settles.

#1. Adapt Your Services to the Current Situation

As a business, the best way to cope with the current changes is to quickly figure out the questions your customers are asking and find new ways of answering them. And, that is not complicated at all. After all, don’t businesses exist to solve clients’ problems? While the

coronavirus pandemic may have made it difficult for you to meet your customers’ needs in the usual manner, there sure must be a way out. How else can you still serve them? The answer lies in one little word: adapt!

Examples abound of companies that have already adjusted the way they work. Take, for instance, a shop in Nairobi Kenya that sells supplements, healthy foodstuffs, and products. When the government of Kenya announced a lockdown in the capital city, they realized that clients from outside the Nairobi metropolis could no longer purchase. That meant lost business. What did they do? They thought on their feet! Now the shop is offering delivery services to other counties. They must have quickly obtained the “essential services sticker,” from government authorities which allows them to deliver products to customers residing outside Nairobi and its environs. Subsequently, their customers shop online, pay online, and wait for their supplies at the comfort of whichever part of the country!

Another great example is the now popular TeleHealth business model, where many hospitals are offering online consultation to their clients. Most health care providers are sending text messages to their clients, informing them of this new option.

#2. Re-Look At Your Business Strategy

While most businesses may be cash trapped, this is not the time to cut back on business planning. As the adage goes: failure to plan is a plan to fail. So, what can you do within your current limited budget? Talk to a business strategist. A business planning professional will help you develop several scenarios on how else you could continue generating revenue despite the current tough times. Business strategists are great at scenario mapping from an objective point of view since they will come in with an outsider’s perspective. They can help you see new possibilities that you may not have considered. They will challenge you out of the decision paralysis that this COVID-19 disruption may have caused.

#3. Embrace Technology as the Centerpiece of Your Business Strategy

If there was a time when your business needed to embrace technology, it is now. With the need for social distancing now a reality, technology is your best business partner. For instance, you can book a session with a business strategist for an online consultation via one of the many video conferencing platforms such as Zoom, Microsoft Team, Skype, Google Hangouts, or Jitsi, to mention a few. Most of these software allow screen sharing, which means you and the business planning consultant can re-look at your business plan together and map out a new winning strategy. Before meeting the business strategist online, you can use the same video conferencing platform to hold a virtual brainstorming meeting with your team to tap into their ideas. Better still, you can invite the business strategist to participate in your online team brainstorming meeting.

Final thoughts

Extraordinary challenges call for unique solutions. To adapt quickly to the current COVID-19 disruption, get in touch with a business strategist who will support you in three key areas. They will help you adjust to the current situation, reshape your business strategy, and use video conferencing technology to guide you in tweaking your business strategy. Social distancing should not deny you the opportunity to do what you love most – serving your clients. So, explore business opportunities that the new reality presents and take your business to the next level.

The writer is the Managing Director of Megacap, a top tier consultancy company that offers customized capacity strengthening solutions for businesses and organizations enabling them to flourish.

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