“Have a positive mindset. SMEs should protect themselves against fear of failure and action their future model with gusto”
It may seem daunting initially, but forming a new business structure can be an exciting time for the SME.
In the words of Amelia Earhart; “The most effective way to do it, is to do it”!
To establish what your business model should look like in this ‘new normal’, companies should be applying fresh eyes to:
- Who their customer is
- Who they may partner with and
- How their firm creates and delivers.
There are some essential steps SMEs should be taking when developing a new and successful model for the remainder of 2020 and beyond…
Arm yourself with knowledge. The Department for International Trade has been hosting a series of coronavirus (COVID-19) webinars, free for SMEs across the UK. Accessible here,1 the government has launched close to 100 expert-led online information sessions.
“Topics covered will range from managing distribution of supply chains and the movement of goods, to support for selling online overseas.”
Even the biggest technophobes need to boost their online profile. Although most will already be established in this realm - responding to demands, both from the customer and employees working from home, further adaptation will be required.
As reported by Business Standard2, Microsoft CEO Satya Nadella said in April of this year, “We have seen two years’ worth of digital transformation in two months... from remote teamwork and learning, to sales and customer service, to critical cloud infrastructure and security, we are working alongside customers every day to help them stay open for business in a world of remote everything.”
Find your platform
With such heavy reliance on digital methods, SMEs will find themselves even more dependent on big platforms, including Google, Amazon, and Apple in the West. But how does an SME decide on the platform best for their company?
Like any appointment, it is a matter of finding the right fit. Do your research. Check out the competition. Understand and align your social media goals.
Partnering with the most appropriate platform will see you position yourself correctly in the marketplace and help you develop the strategic digital capabilities and resources you need to provide the utmost value online.
Here, the Forbes Communications Council3 offer further tips on what to consider when making this investment.
Act on it
Finally, have a positive mindset. SMEs should protect themselves against fear of failure and action their future model with gusto.
2/Business Standard, 30/04/2020