Pandemic Proof Your SME
As national stay at home orders began to ease within many countries, SME owners across the world are faced with the daunting task of remaining not only profitable but operational during one of the most globally disruptive events in recent memory.
Though government relief is being earmarked within budgets and distributed within some nations, for SME owners the ability to adapt will be the deciding factor in remaining solvent during the pandemic.
Taking into account the many inherent challenges in pivoting a business within such a tight time frame, it’s worth exploring some ways you can pandemic proof your SME during COVID-19.
Digital Is The New Norm
The inability to conduct business as usual, well, as usual, has forced many SMEs to adopt digital solutions as critical operational facets.
Thus, digital solutions are quickly becoming the only channel of communication and smart collaboration for many SMEs under lockdown.
What does this mean for your business?
Well, if your business is able to conduct business outside of its usual brick and mortar setting, it is imperative that you adopt digital solutions across all facets of operations.
That should include creating clear channels of collaboration with online tools, transitioning marketing efforts towards digital mediums such as social media and pivoting business to include eCommerce options, if the nature of your business allows.
Those within the retail industry and F&B industry can look towards developing digital storefronts either through creating online eCommerce portals connected to their websites or by utilizing pre-existing selling platforms to supplement their reduced ability to conduct business.
Though, for some, it will require a hard look at the core functions of your business to determine possible opportunities to go digital.
Cultivate New Streams of Revenue
Bear in mind, utilizing digital solutions to simply replace operational procedures may not be enough for some SMEs to remain operational throughout the entire crisis.
Thus, it becomes necessary for SME owners to explore new potential streams of revenue.
What does this mean for your business?
As a business owner it is imperative to identify opportunities in which your products and capital can be redirected to create new revenue.
Online consultations, digital tours and eCommerce allow for a natural pivot in resources for some businesses.
Finding where your business can utilize your efforts to generate new revenue may be harder for some SME owners than others. Though during this current pandemic, being able to cultivate new streams of income will become critical if stay at home orders continue to be extended globally.
Financing Your Business Future
The above taken into consideration, for some SME owners, pivoting their business and creating new streams of revenue may not be viable nor enough to cover operations during this crisis.
If that becomes the case, as a business owner the decision to look towards outside financing options becomes all but necessary.
Though as businesses are finding traditional funding channels less than receptive to loaning funds during a potential fall towards recession and limited government assistance, alternative funding methods are filling the gaps for many owners.
What does that mean for your business?
If your business is operating at a loss during the pandemic, traditional financing can offer some relief until your business can adapt.
Though if traditional financing methods of financing are unavailable or insufficient in covering shortfalls in funding, crowdfunding, P2P lending platforms and CI funds will allow your business to remain solvent while directing limited resources to necessary operational facets.
Business as Close to Usual as Possible
The current crisis’ impact on society and the economy is yet to be seen, though, with the inherent challenges of remaining operational during a pandemic there are opportunities for SME owners to adapt.
And until a viable solution to COVID-19 is made available, that ability to adapt will become more critical than ever before.
If your SME is suffering a loss of revenue due to COVID-19?
Let us help you finance your working capital with crowdsourced funding tailored to your company's needs.
Find out how you can cofund your company's working capital today!