Preparing for the Post-Pandemic: Understanding the New Norm for SMEs and Traditional Businesses
‘Change is the only constant’
It was thought that traditional business owners would never transit online because that is not their ‘thing’. However, this perception has transitioned into a grey area during this period as more SMEs and traditional business owners have begun to adopt new ways to navigate through the obstacles of COVID-19 by digitizing their businesses.
This transformation is not easy, especially for traditional business owners with little to no experience when it comes to using technology and changing the mindset of their employees, old habits die hard. However, certain platforms have helped ease the process for these techno-phobic business owners. Gradual introduction of new technology can be incorporated into business practices to better promote and increase reach.
This has evolved into an age whereby almost everyone is on at least one Social Media platform. Marketers have since noticed this behavioral trend and hence, been leveraging on Social Media platforms to engage with users, share about latest additions, upcoming launches and many more informative contents to create excitement and anticipation among the users.
Transforming their business into a digitalised one has benefited most companies, especially when user activities can be easily analysed, and conclusive findings can be determined using data analytics. With the use of data analytics, the number of views, click-through rates, engagement (Likes, Shares, Comments), as well as the most active timings of the day or week can be identified.
Nowadays, coupons and discounts are given in the form of unique codes that can be entered upon checking out from online stores, or even QR codes that are scanned upon purchase.
Government Measures to Aid SMEs Over This Pandemic
Recent government budgets have helped small and medium-sized enterprises (SMEs) to weather the challenges faced during the circuit breaker period. However, these past two months have had financial consequences for SMEs, some of which have suffered significant losses.
Most SMEs have shorter-term leases, and the loss of business opportunities during these two months, coupled with preventive measures taken by the authorities against Covid-19 going forward, will make it more difficult for business owners to recoup their investment.
Landlords of Government-owned properties were encouraged to lead the way by extending the leases of tenants whose leases are due to expire during the ongoing pandemic. This would enable business owners to recoup their investment and retain their workforce.
In efforts to keep SMEs and businesses afloat, the Singapore government has introduced multiple schemes to support businesses financially. Bizsquare Management Consulting Pte Ltd is currently still operating to extend their help towards SMEs who have been badly affected by this pandemic. In order to ensure our clients’ outmost safety, we offer virtual consultations by pre-booked appointment-basis. We aim to provide SMEs with effective strategies to obtain financial assistance from loan providers to help them in these difficult times. Enterprise Development Grant (EDG) is one of the schemes that many business owners seek our consultation and assistance for.
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