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Tuesday, April 21, 2020 / 07:30AM / MSMEStandards
The longer the fight against the COVID-19 pandemic the more difficult it will be for many MSMEs to stay in operation. Even large enterprises with established reputation and market presence are currently feeling the shock of the pandemic. However, not all MSMEs will go down with the turbulence of COVID-19 pandemic, because it is in darkness that stars shine the most; so this will certainly be the time for some businesses to shine and take on new grounds.
Lack of access to markets,
infrastructure challenges, access to information and an enabling environment
that provides support services have been the challenges faced by Nigerian
businesses over the years, thus the need for palliatives to help businesses
scale though these times.
Beyond accessing the N50 billion Targeted Credit Facility
(TCF) stimulus package of the Central Bank
of Nigeria (CBN), more needs to be done by small businesses at this time as a
global recession looms.
As a business owner, what do
you do to minimize the negative effects of the pandemic? what should you be
doing differently in order to position your business aright now and after the
Covid-19 pandemic? Below are some points to consider.
Maintain Existing
and Build New Relationships
Relationship management is an important aspect of building a business. Before COVID-19 business or MSMEs owners were keen on networking and attending events that would lead to more business opportunities. Now is not the time to relent and be wondering why you need to spend more on data and phone calls. It is the time to reach out to all stakeholders within your sphere including your existing and potential suppliers, partners, customers and staff. People only remember you when you remember them especially in times like this.
Similarly, there are
numerous events happening online these days via Webinars and Webcast, join in
and get noticed positively. Ask intelligent questions, share your story,
improve your business skill and get more information needed for your business
to thrive.
With a thriving
relationship, you can negotiate new deals, seek extension on old ones and get
help. This would also boost your access to information which could probably be
known only in closed circles.
"Relationship
networking is about who you know and more importantly, who knows you. Building
the right network can open new doors to future success in your business" - Heidi
Increase
your Visibility
Visibility enables you showcase your value proposition and differentiating features. There are different ways to enhance your MSMEs and ensure your brand is appropriately positioned during and post COVID-19.
Beyond hosting webinars,
Instagram-live sessions and the usual advert placement through various social
media channels, you can also explore the following:
a.
Optimize your
website: Do detailed research on how to
achieve this or get help.
b. Content Marketing: Develop content (text, image or visual) and embed your business links
in keywords popular within your niche. You can write thought leading articles
that can beam light on your products and services or your skill as an expert.
By creating useful and educative content, you can attract more prospects,
nurture and turn them into profitable customers that would continue to engage
your business and make your company name top on their minds till the pandemic
is over and afterwards.
c.Email marketing: Beyond your social media posts, send out personalized newsletters to
your target audience and key stakeholders.
d. Offer discounts: This may be difficult for small businesses considering that consumer
behavior is changing while demand and supply is slowing. However, as long as
you have a valuable product, it may be the best time to use juicy discounts to
attract potential customers to try your products and services and retain old
ones. Everyone likes a deal and "volume" is sure good for your business. Would
you rather have stockpiles or be sold out? Think about it.
e. Bring to live the
unseen about your business: Peruse your
archives and bring to life the behind the scene activities you have engaged in
through-out the journey of your business. "Throwback" to the good and
challenging times and let others learn from you. This would not only make your
products and services visible but would enable you connect with your audience.
Rethink your
Strategies, Business Model & Structure
The first step to
developing and implementing the right strategy is to go back to the drawing
board and rethink your business. Some aspects of your business you may need to
consider include:
a.
Your Processes and
Procedures
This include your
operations, strategies, business model and most importantly your governance
structure.
Now that you have an
atmosphere free from the usual hustle and bustle, you may need to create time
to think through your business. Have sessions with your team and rethink the
entire process down to the pieces that seem neglected. Consequently, you may realize that you are
carrying so many burden (staff, asset, etc.) irrelevant for your business
efficiency, and become fortunate to discover hidden treasures you can leverage
on to diversify your business.
An efficient and effective
standard operating procedure
is sure going to help you stand out at this time. Explore the possible options
and act now.
b.
Your Platforms
Is your platform
interactive or contributing to your business efficiency? Can people search for
what they want on your website with ease?
Your platform could be
offline or online depending on the type of business you run. If your
engagements were mainly offline (e.g. event planning) now is the time to
consider how to make use of online platforms as well and go digital. Consider
adopting a project management suite that can enable you, your client and staff
members work seamlessly. If you are a fashion designer explore means to make
your platforms more robust. This applies to every other business as well. Do an
audit of your platforms, revamp them or build new ones.
c.
Your People and
Policies
All over the world both
big businesses and MSMEs are considering the option of downsizing because of
COVID-19 in order to cut cost. Similarly, many are recruiting more because of
the increase in demand. For instance, Amazon having to hire about 100,000 new
workers within one month.
Although Amazon is already
a big brand, the truth is, the decision regarding recruiting more, cutting
salaries or laying off staff is dependent on what you are doing now. There is
no "one size fit all". As MSMEs you can achieve the best with your people if
only you think through your business model. If in doubt, consult with experts,
take up courses and talk to your coaches or mentors so you can make the right
decision for your business.
In addition, you can use
this time to put in place policies that would guide the way your business is
managed. You can re-orientate your workforce about the culture of the business,
retrain employees (via virtual media, courses), and integrate staff into the
company's vision and mission. It is also
the time to study and reassess your workforce to determine the lapses that
would require fixing. Also, consider putting in place a sustainable or business
continuity plan that would enable your business stand the test of time.
Most importantly, prepare
for new competitors that will emerge in your niche.
Become
Compliant
Funders and Donors usually
seek out compliant businesses when opening up opportunities for them to access
funds. Only clean and compliant businesses
can easily access funding in a time like this and thereafter, because investors
are likely to be more when giving out funds, considering the impending
recession.
What are you doing about
being compliant? Here are few areas you should consider, to ensure you are not
left behind:
a. Your Records & Regulatory Standing
b. Your Resources
c. Your Risks
Think through this and
ensure to become MSMEStandards Compliant. You can also take our Assessment here
www.msmestandards.com/certification to ascertain your level of risk, governance and anti-corruption
compliance.
Conclusion
To ensure your business continues
to earn during and post-Covid-19, implementing one or more of the points listed
above will go along way in setting you on track.
For more insight and help
in getting your business on track, you can reach out to us via info@msmestandards.com. You can also use the MSMEStandards Platform Free of Charge to list
your services as a Service Provider and also benefit from engaging other reputable businesses as a Service User.
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