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It has been a tough year for businesses of all sizes especially small & mid segment companies. The outbreak of COVID-19 is continuing to cause disruptions for many small to-medium businesses, and is fundamentally changing the way you do business, now and in the future. It can be overwhelming for business owners to keep up with the new laws, rules and regulations, let alone work out an action plan for your business.

The coronavirus has rapidly made "business as usual" a phrase from the distant past. There is no "usual" in this uncertain time. But organizations who outmanoeuvre uncertainty create a resilience they can count on, no matter the changes that come.

We see three phases that all resilient business owners must face to recover from the COVID-19 crisis:

No doubt many business owners have spent the last few months in Respond mode. Now is the time to turn your attention toward Recover, to ensure your business is ready to Thrive.

Recovering & Thriving would require various measures at various levels. Businesses need to rework technology Infrastructure; How Information is handled across the organisation. We have to understand that now Business is done differently.

I see new priorities that strategists will need to put on their radar for the years to come.

• Aim for survivability and resilience before economic efficiency 

• Identify and prioritize revenue opportunities - What’s important is to identify the primary sources of revenue and, on that basis, make the “now or never” moves that need to happen before the recovery fully starts.

• Act with Urgency- During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Maintaining that sense of possibility will be an enduring source of competitive advantage.

• Building operations resilience - Companies should redesign their operations and supply chains to protect against a wider and more acute range of potential shocks.

• Accelerating end-to-end value-chain digitization - Creating this new level of operations resilience could be expensive, in both time and resources. The good news, however, is that leading innovators have demonstrated how “Industry 4.0” (or the Fourth Industrial Revolution suite of digital and analytics tools and approaches) can significantly reduce the cost of flexibility. 

Some of the key figures

• 35% of Businesses have shifted to online only sales. 

• More than 60% businesses have moved their current IT infra on Cloud

• Around 60% of SMB’s now use video content to help customers buy & for customer care

• 45 – 55 % companies have increased remote interactions with their customers

• 30% of SMB’s have implemented touch less online payment methods for sales

SMB’s need a wide range of Digital services to run their organisation in current situation

• ERP & CRM Software

• Online Training for Employees

• Ecommerce / Online Sales Platform

• Business Intelligence & Analytics

• Real Time Tracking & Tracing

And many more…

Evaluate your business resilience and respond effectively to the impacts of COVID 19. To know more get in touch – info@lfcpltd.com