COVID-19, The New Normal

COVID-19, The New Normal

Things to consider as COVID-19 continues to change the business landscape for SME’s

April 15, 2020

During these times of uncertainty, I am forced to think about the immediate impact of COVID-19 on businesses, specifically SME’s. Many of the articles I have read highlight the pandemic implications as filled with doom and gloom. However, from a positive perspective, this pandemic has presented an opportunity to look at current business models. COVID-19 allows businesses the opportunity to be creative, embrace technology, become more efficient, and develop systems of survival. Some areas to take into consideration are as follows:

I.         Customer Service

What internal processes can you put in place to let your clients know their safety is your priority? How do we go about implementing the right customer service guidelines?

II.         Human Resources

Is collaborating with or outsourcing to another company right for your business? How does HR manage diversity of teams?

III.         Finance

What investments need to be made and is there a contingency fund in place? How do we go about creating the provisions for this fund?

IV.         Information Systems

What does digital transformation mean for your business? How do we go about deciding what systems to put in place?

V.         Safety and Security

For years consultants have advised organizations to create business continuity plans. Does the organization have an Incident Management plan in place, and how do we go about setting that up?

This pandemic has forcefully and quickly introduced us to a new normal. While this may mean very uncertain times ahead, it is a good time for SME’s to regroup, reassess, and plan a way forward. Is your business ready for the new normal?