The SME Segment has been severely impacted because of the pandemic. Yet, I know of many enterprises that have not only survived the storm but thrived in this period. They have tackled the constraints with innovative solutions.
COVID has profoundly changed the way we look at our business and life. Many of these changes will remain forever. Here are some of the trends that SMEs should consider in shaping their business hereafter.
Digital Existence: People are spending a lot of time online. They have got more comfortable in ordering and receiving services online. So, SMEs need to be present there. It's a no-brainer.
Agility and the power to execute: We have seen authorities changing rules every day. The larger companies would struggle to adjust to it quickly, while the SMEs can use their small size to their advantage. They can swiftly create project teams, change delivery models, and run innovative marketing campaigns.
Build a team culture: Talent crunch is faced by all organizations. Mobility will be an additional constraint. SMEs should focus on creating a team culture and making the most from their existing pool of employees. They should plan more expenditure on training and development.
Think of collaborations: It is essential to create cost-effective and diverse solutions. It is necessary to collaborate with other small businesses to achieve this dual requirement. It also reduces the risk faced by a single entity.
Local Marketing: It may seem counter-intuitive but, SMEs should focus on networking with their local community. In the pandemic, people rely on someone they trust and know instead of an unknown digital entity.
Technological Disruption: Keep an eye on the innovations happening at the speed of light around us. They are also making advanced technologies easily accessible to SMEs at affordable prices. This is the time to take advantage of it. SMEs can create innovative business models. People close to them will be willing to try now.
Metrics:
Evaluate your readiness on all the 6 points mentioned above.
Make necessary changes to your strategy and budget accordingly.
Pilot initiatives and roll them out quickly.
Subodh
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