How can Small & Medium Business orient themselves during the current Corona Pandemic & Lockdown?
How can Small & Medium Business orient themselves during the current Corona Pandemic & Lockdown?
We at SME Consultants specialize working in the SME segment. We know that most of the SMEs didn't have good business during Jan-Feb 2020 & the same trend has continued in March because of the Corona Pandemic.
"Life is 10% what happens to you and 90% how you react to it." I am sure many of you would have encountered this famous quote by Charles R.
As we are in the cusp of entering the next financial year 2020-21, it's time for SMEs to introspect and reflect on the 3Ps of their business.
Product-
- SMEs can introspect their existing products/services & check the current state of their products/services in their Product Life Cycle.
- What are the differentiators you could add-on to build USPs in your existing product/service?
- What are the new products/services that you intend to launch in the upcoming financial year?
- Have you interfaced with the MSME - Centre of Excellence to seek help & to plan your new innovative product/service?
Process-
We know that Marketing & Sales plus Customer Support plays a major role in Business Revenues. This is the time SMEs should adapt & derive the benefits of Technology as an Enabler For Business.
Marketing & Sales–
- SMEs can use Collaboration tools like Skype/ Zoom for video conferencing or use Whats App video calling option to connect with your key team members & customers.
- This is the time to connect with your existing customers, strengthen relationship and position Up-sell & Cross-sell of your products/services and add to your planning process for the next financial year.
- Can explore additional sales channels by listing at e-com market place & GeM portal.
Support-
- SMEs who are in the service industry are aware that customer care is an integral process of support. You can still serve your customers by adapting cloud based IVR solutions & facilitate the WFH- Work from Home option for your customer care executives & use Google Drive for sharing and collaboration .
Manufacturing -
- The sector of manufacturing is increasingly undergoing innovation. Digital ways of manufacturing & supply chain management coupled with Industry 4.O are driving the change.
- SMEs in the Manufacturing sector can explore listing in B2B Market Places like Udaan.
People –
- SMEs who are facilitating WFM for their team members can ask their management team members to think /reflect on the SWOT of the organization and recommend the new initiatives for the next financial year.
- You can initiate Go2Meeting/Zoom for the brainstorming session of your management teams.
- HR team members can connect & speak to the employees who are WFH to encourage & appreciate/support them .
Business Owners can reach out to Business Consultants & initiate a Skype/Zoom call seek their help to plan for the next financial year .
"Tough times never last. Tough people do" ? Robert Schuller