In the middles of all the gloom and doom surrounding the future for small business and SME’s post COVID-19 we take a brief look at some good news that outlines why small business still has a big future.
With the majority of the world still in some form on lockdown, facing continuing travel and border restrictions, the spotlight for daily survival has suddenly turned away from the thriving success of Fortune 500 companies in search of the personal support of the small businesses forming the backbone of our local communities.
Accounting for over 95% of all organisations and responsible for more than two thirds of jobs globally, sustainable economic success post COVID-19 is heavily reliant on the cumulative success of our small to medium sized businesses.
This is good news for our SME’s, in particular those who have the passion and determination to use their small business advantages at this time as a springboard to overcoming the long range and unforeseen obstacles of COVID-19.
Small Business – Driven by passion and empathy
Running a small business is more than buying a job, it’s the realisation of an unexplored outlet for passion and creativity bringing real solutions to everyday problems.
While there are many factors surrounding the impact of the global COVID-19 pandemic that no one can control, when it comes to what happens to you and your small business, the keys to survival lie well and truly in your hands.
We’ve all heard the news…surviving COVID-19 is going to take time, energy and commitment but more importantly it is going to take a healthy dose of passion and determination.
As large global and multinational organisations laden with overwhelming overheads and complex organisational structures scramble to meet mounting economic pressures, traditionally congested pathways for market share suddenly lay open and ready for the taking.
With creativity, flexibility and speed becoming the critical drivers for pandemic survival, it’s good news for small, nimble and determined small business owners who are clearly at an advantage.
Small Business – Playing to your advantages
Let’s look at a brief overview at some of the some of the areas that as an SME you can play to your advantage to not only survive COVID-19 but more importantly thrive on the other end.
SME Advantage #1 – Quick to decide
Large companies especially multinationals are often bogged down in layers of management structures, each flooded with middle to upper level leadership teams all vying for pole position. Add to this the mounting concerns of physical, financial and job security and suddenly corporate leadership and management becomes quite a complex business.
The simple and uncomplicated structure of SME enables you as the business owner the freedom to adopt to change as quickly and effectively as needed.
Regardless of your industry or product offering, the quicker that you can recover your diminishing and lost income, the stronger your potential for survival. Incorporating change is a must during these turbulent times with success being awarded to those who have been effective in reviewing, rethinking and then reactivating their business position through a quick and effective decision-making process.
SME Advantage #2 – Quick to communicate
Just as entertaining as the childhood game of ‘Chinese whispers’ is the process of communication in a large, multi-structured organisation. Anyone who has worked with teams knows that the shorter the distance between the speaker and the receiver, the stronger the pathway for clear and effective communication.
One of the greatest advantages that you have as a SME is an uncluttered communication channel with very few barriers between you and your customer. The opportunity for you to promote a unified voice across your marketing channels strengthens a communication process that is fast and relevant.
The closer you are to the end user the greater your ability to capitalise effective forms of communication that let your customers know that you not only care about them but more importantly are making the necessary changes to your business to help them with their changing needs.
SME – Advantage #3 – Quick to adapt to economic and market changes
Any one who has tired to get a decision passed through a bureaucratic and highly structured organisations understands the difficulty of being able to adapt to sudden market force changes.
Being agile and remaining flexible to change is by far one of the strongest advantages that SME’s have when it comes to implementing strategies required to keep pace with market place developments.
Stronger online sales options for repackaged product with contact-less deliveries is just one of the leading strategies adopted by many SME’s during the early onset of COVID-19. The effectiveness of this and similar strategies was the speed in which these SME’s were able to adjust their marketing plans in light of the many unanticipated changes brought about during the global pandemic.
SME – Advantage # 4 – Quick to manage risks
Whilst any certainties that we thought we had in business have all bar vanished in the growing pool of fear and insecurity surrounding life during and post COVID-19, the ability to remain focused and invested has been an effective key for survival for those SME’s who have been quick to count the cost of inactivity and have launched head on into managing the risks associated with new business tactics.
One of the greatest advantages that SME’s have during these turbulent times, is the power of the drive and determination of its founding leaders who in most instances are still at the helm of the decision-making process.
Resisting the temptation of being paralysed by the economic gloom and doom plastered all over the global media, it has been these leaders who have clearly seen the advantages of becoming market leaders that have taken a host of calculated risks by being willing to invest into the unique opportunities that directly resulted form the unanticipated COVID-19 impact.
SME – Advantages #5 – Quick to target niche markets
One of the greatest marketing upsets to emerge following the onslaught of COVID-19 was the dramatic upturn in the demand for online niche brands. With the forced shift from instore to online spending, consumer demand elevated the visibility and profitability of thousands of niche markets that have emerged through the very personal and specific needs surrounding the unanticipated lifestyle brought about due to COVID-19 concerns and restrictions.
Online shopping, online schooling and even online socialisation became the catalyst for a host of demands that were capitalised on by a number of quick thinking and acting small to medium sized businesses who saw the value in small, targeted niche markets.
Who knew that providing simple everyday items such as toilet paper, soap, apples and flour as well as the old board game of monopoly could be so lucrative?
Ready to play to your SME advantages?
At creative excellence, we understand the uncertainties that you as a small to medium sized businesses are facing at this moment and believe that if you still have the passion and the drive that got you started, you can get through this COVID-19 disruptions.
As business and marketing consultants we are passionate about partnering with businesses of all sizes who have a real desire to succeed.
If you’d like more information about how we can assist you in helping to review and rework your business strategies during this season, we look forward to hearing from you soon.
As an Integrated Marketing Strategist with over 20 years’ experience in business development and brand marketing, roslyn whately knows what it takes to keep a business relevant, profitable and sustainable.