All businesses had to adapt during the Pandemic. Some have found it easy, while others find it difficult.
Surprisingly reports reveal that small and medium-sized businesses and SMEs have been most successful in navigating these difficult and changing times. Their survival has depended on their ability to think strategically and quickly.
Online sales increase
Many retailers have made the switch to online shopping. Many retailers have made the move to online shopping after experiencing a loss of footfall from closures and social distancing. They have been able continue trading during lockdown, and have even exceeded their revenue targets in some cases. Many businesses that would normally only have profited from local sales now enjoy the benefits of being able sell their products to customers all across the country.
It has not been without its challenges. Although retailers have had to make provisions for online shopping in some cases, the extra revenue has covered the cost.
Remote Work
We have also seen remote working as a change. Some businesses have experienced significant savings in overheads, including travel and office expenses. As a result, commute times have decreased and distractions from the office have been eliminated, efficiency has increased.
The flexibility to work from home has been a benefit for employees. However, this does not mean that businesses will go 100% remote. A new hybrid way to work will most often be seen. This allows employees to choose to work remotely or from their office.
Small businesses have found it easier to manage this shift, largely because they are able to quickly set up their employees at home and often with very minimal costs.
Wellbeing
Businesses are now focusing more on employee wellbeing. People have been affected by the Pandemic in different ways. Some have adjusted well while others struggle to live without the social aspect.
SME’s have been able create wellness programs to support their employees during difficult times. It is a blessing to work with employers that care about our well being at work and off.
Cloud Software
In addition to the shift to remote work, cloud software has seen an increase in usage, especially in virtual meeting systems such as zoom.
Cloud-based accounting systems have seen an increase in popularity, allowing users to access their financial accounts from anywhere. Businesses can now produce timely, informative reports that are more accurate and help them spot trends and address concerns.