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Can Your Business Survive Tough Times?

The COVID-19 pandemic has put millions of companies worldwide in fear of being forced out of business. 

The crisis has hit small businesses and their workers particularly hard with lockdowns, supply problems, loss of customers and technology lags underscoring the areas that need addressing.

Your company needs motivation and drive to survive these tough times that could persist for at least another three years.To come out on top,you may need to overhaul certain key operational areas such as technology, communication, leadership, and finance.

Technology & communication

The rise of digital commerce has accelerated during Covid.  Companies and customers who had not yet entered the digital world, now surged online. 

Employees had to work from home, services and products had to be acquired remotely and face-to-face time was replaced by virtual communication.

You need to invest in technological innovation by developing or acquiring new software, digital systems and communication methods. 

What can you expand upon, how you can do things better and what new things can you try out on a small, manageable scale? Small scale experiments allow you to test your market without too much risk.

At the same time, you need to step up your communication efforts. Do you know what your customers like about your business and what they’d like to have that you don’t currently offer? There is a global movement to support local businesses, are you capitalising on that?

This is a good time to revamp your website, refresh your branding or even rebrand, and venture into social media. Customers and potential customers are spending hours online, is your digital message exciting and inviting or is it bland and boring?

Review your current customer database. Is it up-to-date? Do you have permission to send out newsletters, quick offers, company updates? 

Start deep diving into your customers’ past purchases and reimagine ways to create products that would interest them. Start small customer surveys online and through emails, which can lead to new ideas or services.

Finally, remember the importance of good logistics. Delivery must be on time, and to the customer’s satisfaction, or all your sales and marketing efforts will be in vain.

Leadership

The new buzzword for this post-pandemic world is business agility. This is an organisation’s capacity to adapt quickly, respond rapidly, be creative, lead change and maintain its competitive advantage when faced with difficult problems and uncertainty.

It is time to create high-performance teams that are committed to growth. This means taking people out of silo thinking, where they see your company as being divided into sales teams, marketing developers, accounting people, HR officers and management, and start seeing the overall picture of survival.

Take one person from each section and have a short brainstorming session on how to develop a new product or revamp an old one. 

Once people realise that their job is dependent on the overall success of the business, they will commit to the concept of agile business thinking and a common culture that is based on survival not silos.

Finance

One way to expand your business is to extend your services and products to the international market. However, this often creates complicated financial transactions and risks that you may not understand well enough to be willing to undertake.

This is where PayPugs is ready to assist you by offering you a financial platform that enables you to transact with partners, pay your bills, and reward your employees, all in one place, across borders and in multiple currencies.

We understand the complexities of international payments to both suppliers and customers, which enables you to focus on customer service and profit.

Join the collaboration platform designed with collaborators, freelancers, start-ups, organisers, project managers and business owners in mind.