Never ever has the globe been in a hibernation mode before 2020. This pandemic is translating into an economic situation which nobody would have anticipated. However, great disturbances bring great disruptions and great disruptions bring great opportunities and new ways of attaining goals.
The micro, small and medium enterprises are the hardest hit. In fact, many businesses are expected to have a long journey to recovery for which they will need to make significant efforts. There are eight basic steps that one can focus on while on this journey towards transformation:
1. Be optimistic : If you emit positive energy, you will attract positive things. Positive outlook towards current situation will keep you and your teams motivated. This probably should be our first step towards revival.
2. Evaluate business Plan : Assessing the current situation, one needs to redefine business goals and plan a more realistic, and well-rounded growth plan that can be immediately executed. Setting a realistic and thought through plan will simplify the journey and avoid deviations.
3. Track Government regulations : It is important to get reliable and accurate information about government relief packages, financial support initiatives and support extended from trade bodies like CII etc. Keep a track of this of all the government policies and regulations announced to assist businesses and individuals. The Finance Minister announced a detailed stimulus package for the MSME sector, and it is important to understand it and use it effectively for the sustenance of your business. Watch this video to understand the finer details of the economic stimulus packages announced by the central government for MSMEs.
To know more details about the eligibility criteria and to know how to avail these packages, visit this page .
4. Money matters : This is a basic and one of the first concerns for any business, especially for MSMEs. It is crucial to do financial assessment of current situation of the company The decision maker may require discussing the financial matters with CA and arrive at decisions related to investments on infrastructure, team hiring, fund flow, receivables and liabilities. In short to put the house in order one should know what the right order is.
5. Four letter word “TECH” : The world will maintain distance in physical world and get closure in the virtual world. We must be ready to anticipate and adapt to the changing technology. Journey from identification of prospect to loyal customer will most likely happen with the help of technology. All processes will have to be moved from physical to digital. Technology adoption in this department of business have moved from good to have category to MUST have.
6. Digital Brand Creation : Creating a strong digital brand will be another crucial aspect for businesses. It is about knowing who our customer is and how we can tell them who we are, what makes us different, and what makes us better.
7. People : If you take care of your team, they will take care of your business. Motivation and trust are major ingredients for a productive team. People tend to be more productive when their roles are clearly defined, and instructions are specific. Training to adapt to the changing environment will improve morale of the team.
8. Customer : Question that every business will need to answer is “How do I support my customer in a more effective way?” A large section of customers prefer to interact with human versus an automated machine. Assigning a personalised account manager would be a very effective mean to help customers navigate the many friction points of this ‘New Normal’.
Every disruption gives us two options one to resist change and second to welcome and embrace change. Though the first option will avoid the complexity of transformation but second will help us build brighter and stronger tomorrow. Believe that there is always an alternative!
By- Samir Dixit, General Manager- West Zone, Tally Solutions
