Savings, Thrift & Investment | |
Savings, Thrift & Investment | |
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Wednesday, April 29, 2020
12.55PM / Sponsored Post by Kelvin Bob- Manuel / Header Image Credit: Score
Notwithstanding the losses incurred as a result of the
COVID-19 Pandemic worldwide, I daresay that this is a rare opportunity for
businesses. This may be the best time to dot the i's and cross the t's, making
necessary adjustments to strengthen operations, service delivery and other
major aspects that are vital to the growth and stability of any organization. In this piece, I will share 5 things that
businesses across board can do to bring their operations up to par.
Update Database and
Codify Processes
This pandemic provides a good opportunity for businesses to do
some re-evaluation; ask questions about how to improve efficiency after this
blows away. One way to achieve that is by codifying processes and updating
database. It is popular knowledge that information is vital for any business to
survive. This means that customers and employees must be up-to-date on the
business plans and direction as it changes to meet market demands and different
realities. Businesses must take this time to document/update all of the
unwritten policies, processes as it involves the business as whole. Many times,
there have been experiences of employees claiming not to be aware of a certain
rule that should have guided their decision, so codifying all the information
that your employees need to be aware of should be written down somewhere and
shared across the board so that everyone is aligned. This would go a long way
in helping to improve communication and efficiency in the long run.
Another important part
is uploading information databases onto any of the cloud systems.(G-suite,
Dropbox, Salesforce etc) The pandemic has forced many businesses to go digital
and having as much of your information saved online is critical so that anyone
who needs it can have access at their convenience. Digital transformation is a
thing and we need to adjust as soon as possible. The quickest way down for any
organization is to lack accurate data on policies, structural adjustment and
customer information which often translates to poor strategy execution when
forecasting for the business and its future.
Build Social Presence
The use of digital platforms have been on the increase during
this period and very rightly. Businesses are trying to gain market share and
are competing for audience attention. Beyond ensuring that you have an active
online presence, what is key is focusing on the platform that targets your
audience. As a small business, you cannot be everywhere because you most likely
do not have the resources (finance and manpower), so what is advisable is to
“go deep and go wide.†Find out what platform(s) your audience congregate and
create high engaging content and begin to build human interaction. The trends
of events have shown that there is so much to be gained from active
participation on these platforms.
Platforms such as Facebook, Instagram, Whatsapp for Business,
Twitter, Medium, LinkedIn, to mention a few should be taken very seriously
because of the large number of users.
If you are yet to set up your platform, you can start off
telling your business journey; challenges and lessons learned. Nothing beats
value- relatable content.
The opportunities are endless and it will also afford an
entrepreneur or business owner the chance to engage and feel the pulse of its
target market/audience which will definitely take the business to the next
level.
Rejig or Revamp Branding
Materials
Nothing tells the story of a business as much as its brand
materials. Beyond the promise and messaging, other elements that make up a
brand including the materials. While speaking with some businesses, there were
conversations about wanting to update some brading elements but due to busy
schedules, these could not happen. Fortunately, or unfortunately, businesses
now have some time to work on this so that it reflects the image you want the
brand to have. These materials include brand logo, message fonts, colours,
design layouts, tagline,
color palette, and all the marketing and promotional materials, letterheads,
signage etc. These as we know amongst other things will aid giving your
company an appeal in a very attractive way.
With adequate feedback through communication with customers and your
team, you can birth something that will keep your target audience glued to your
brand.
Encourage Professional
Development
The success of any business lies with its people. As a
business owner, it cannot be over-emphasized the importance of professional
development for employees. Given the current reality where non-essentials have
been forced to work from home or take unpaid leave, businesses should encourage
employees to take advantage of this 'opportunity' to develop themselves and
build in-demand skills. As a CEO or a manager, you
want the best people on your team especially coming out of this pandemic. You
want people who can hit the ground with ideas to keep the business running.
As you know, professional development helps
employees continue to not only be competent in their profession, but also excel
in it. It should be an ongoing process that continues throughout an
individual's career.
Actively pursuing professional development
ensures that knowledge and skills stay relevant and up to date. It also allows
employees to be more aware of changing trends and directions. With the
professional world moving at a faster pace than ever before, not developing
oneself will cause one to be left behind as peers expand their knowledge and
skills.There is always room for growth and improvement of professional skills.
Attending a webinar or live session on social media, and so on, can provide
employees with new ways to sharpen skills within their professions. The more
knowledge an individual gains of a specific skill set, the more confidence they
will have when performing these skills.
There are several webinars- free and paid currently being
advertised that your team can sign up for. Select the one that is relevant to
them (individually or as a unit) and encourage everyone to participate. There
is no better time than now to drive professional development to sharpen skills.
The chances of having a positive impact on your output as a business from this
period onwards are high.
Build Thought Leadership
Every business has a story to tell; journey, challenges,
learnings, insights and general experience. If there was ever a time to share
that story, it is now.
Procrastination and tight schedules might have restrained many
businesses from unleashing the phenomenal content that could turn things around
in their fields. Incidentally, this period has also forced a lot of people to
stay online and access the necessary knowledge and know-hows on various issues
of interest. There is no better time to unpack all that knowledge living in
your head and share with the world than now. Value is the number 1 magnet in
business and thought leadership is arguably the fastest way to give value.
Thought leadership is a type of content marketing. It
positions you as an expert leader in your field. People look to you for
information and ideas because you are able to lead their thoughts. It makes
life easy for you as an entrepreneur when you are perceived as a thought leader
in your industry. Platforms others pay to get on, you are invited to. Also,
access others struggle to get, becomes easier. For SMEs, especially service-based
SMEs, thought leadership is infinitely cheaper than expending resources on core
marketing.
Some of the
things to settle in your mind before starting out include, what platform is
suitable for your subject, following relevant people and contributing to their
conversation.
In addition, deciding the format or medium is
important. Many are comfortable with writing which can be translated into an
ebook. You can decide to give it out for free or charge a token for it. Other
formats to consider are podcasts and videos. For podcasts, tools like
audioboom, anchor, headline.app etc. will come in handy. While for videos, you
can launch a webinar, live session on Social Media (Instagram, Facebook or
Youtube) or record video content and share on your platform. These are also
called digital products.
If you can
establish yourself as an expert in your industry, potential clients and
customers will inherently trust you more and are likely to respond to you more
warmly.
This list is
inexhaustible but these pointers can guide you to other areas that directly
impact on your business. In every dark cloud there is a silver lining, the
lockdown may just be the silver lining your business had always wished for. I
look forward to sharing more tips that will take your business from where it is
to where it ought to be.
About the
Author: Kelvin is a Media and
Marketing Specialist at West Africa Vocational Education. A Social Impact
Organisation that teaches unemployed youth work ready skills and connects them
to a pool employer.
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