None of us imagined our everyday work to be done mostly or completely online, from home. The adjustments any online and brick-and-mortar business had to make to this pandemic have been rough.

Small and medium enterprises (SMEs) had little choice but to innovate or, reinvent their business models altogether. Many had had to find creative and cost-effective ways to meet their customer’s needs as demand and consumption patterns changed almost overnight.

Let’s look at what this pandemic has to teach for businesses and discover the positivities as we scroll down the page.

Lesson 1

Be Online
Many of us had to learn the hard way that an online presence and point of sale are mandatory for any seller today.  Since customers are online almost 100% of the time, online presence turns out to be vital and a Website is a MUST.

Businesses that gave importance to being digital and agile quickly got adapted to the required changes imposed as a result of the lockdown. Your choice and usage of technology platforms are going to be good predictors of whether your business will be successful or not. Businesses have to identify the right platform to reach their customers, quickly re-allocate resources, and push customers to purchase through their online channels.

Businesses that depended solely on their physical stores went through the biggest setbacks as the lockdown forced all businesses to close down, and people were advised to stay home. On the other side, few of the physical stores that maintained their operations during the pandemic had to face issues like limited hours of operation and less human resources forcing them to automate, digitize and optimize their selling process. The pandemic re-shaped the selling process in all industries.

So do not underestimate or postpone channel diversification for your business. Using multiple sources to reach your customers is the key to servive in crucial times such as this.

Lesson 2

Cost control and reduction
The most common impact Covid19 has on businesses is obviously an increase in losses or a decrease in profits.

Companies need to redefine their workforce to cut down costs. By 2025, it is expected that there will be a mix of four bots or virtual assistants per employee in all types of companies. Almost every job has some level of automation potential. You may want to check out the Dash Carts by Amazon Fresh recently in California, which takes automation to the next level.

Companies need to partner with other businesses to find co-existing synergies. For instance, they can share a workspace, internet, equipment, and other essential things with another company to reduce rent and other costs. All spendings that don’t contribute to the growth of business directly can be avoided.

Building and managing your cash reserve can help to navigate the crisis.

Lesson 3

Monitor and communicate well
Effective communications during any crisis are crucial to gaining customer trust. Effective communication during COVID-19 requires compassion and it comes from understanding your audience.

Businesses stay connected with customers with updates on business operations, including notes about improving sanitation, closing stores temporarily, updating sick leave policies, reducing hours, and much more.

Since the crisis seems to be never-ending, business managers should ensure that the daily activities are monitored and issues are identified ASAP and, are properly communicated to the authorized persons in order to make quick decisions to avoid any undesired results in the future.

Companies must continue to communicate with customers through multiple channels to reinforce that customer as well as employee interests are a priority and provide information to alleviate their concerns.

Brands must remain vigilant in their compliance efforts as they will eventually remain responsible for the communications.

Lesson 4

Secure Your Data Assets
Since the start of the pandemic hacking and phishing attempts are way up. As many businesses suddenly shifted their workforce to work-from-home status, data security became more important than ever.

As employees are working from home using unsecured devices and working out of unsecured networks, businesses had to focus on issues like cybersecurity.

It has become important for companies to consistently update and patch all their systems and teach employees about security practices to reduce human error and avoid security risks.

Lesson 5

Contactless payment options

The health concerns of COVID-19 has led people to prefer contactless payment. Customers have already moved towards digital payment before COVID-19. But COVID-19 is making digital, e-wallet, and contactless payment methods even more necessary to businesses and customers.

As per The Malaysian Reserve – “According to data from Bank Negara Malaysia (BNM), the number of credit card applications stood at 72,200 in April, a 70.62% plunge from 245,800 in March, with an approval rate of 32.43%”

Digital payments will continue to be the preferred mode of payment in the near future.

In a nutshell, together with the many challenges and competitions to survive, the pandemic has provided us with many opportunities for growth and has also taught us a few lessons. Let’s learn to sustain the “current scenario” and make the best use of our available resources.

Do the work now so your business will thrive in the coming years.