The New Normal for Small Business

The coronavirus has undoubtedly shaken the lives of everyone across the globe whether socially or economically and has tested the levels of preparedness for such a crisis in almost every nation. Equally so, the small business sector both locally and regionally has seen a major test regarding its readiness for what the future holds.

Many business owners who were once reluctant to adapt to the changing trends in business are now being forced to alter their operational strategies to include various approaches like working remotely, enhanced digital marketing, the use of e-commerce platforms and the offering of delivery services. The world is now online more than ever before, and so is business. Arguably, these huge shifts in the way we now conduct business as a result of the COVID-19 pandemic will pave the way for a more technologically inclined business environment. However, there is definitely no question that businesses will no longer be able to drag their feet or maintain archaic policies if they wish to retain and grow their customer base after the pandemic has died down. 

Customers will now be even more demanding as it relates to the luxuries of online shopping and will gravitate towards the firms willing to be most flexible in accommodating them. Compounding this issue, will be the new surge in online businesses which will emerge as persons who were laid off try to create alternate sources of income, further saturating the market and increasing competition. 

As a result, it will be imperative for small business practitioners to truly reevaluate their business models and formulate plans which encourage swift adaptability to trends and profitable investments in technology, if they wish to make it out alive. Small business owners should also reexamine their goods and services and the likely demand for these products once the pandemic is over. Similar to those businesses that modified their product offerings to satisfy the need for masks and hand sanitisers in this crisis, the best way forward is to identify a foreseeable area of demand and prepare to dominate that market when businesses are permitted to reopen.

Does your business have a gameplan?