With no explanation we all know the waves that are sweeping off the globe. The pandemic has created a very ugly disruption for the global and local everything.  Everyone is directly or indirectly affected by the pandemic. Changes will inevitably come. Nothing is going to remain the same.  

Amidst all, one thing is for sure – We shall make a comeback, but,  we cannot come back and do business as it was pre-covid19 time. We must revise the way we do business. This revision is relative to each industry and business. But few things remain evident to make meaning in the days ahead.  I explored few nuggets briefly below!  And these are not thoughts to just rub on top and run but thoughts that require deep digestion. The era for pass-by, try-and-see business people is fading and thus calls for understanding of detail in every aspect. Let’s roll;

Technology, e-commerce and digitization

 Inevitably digitalization is the way we shop and do business of late. It may seem that these innovations favor big enterprises, but the truth is that small businesses have much to gain from embracing new technologies as well and these tools are frequently both affordable and cost-effective given much attention, e.g it costs less to subscribe to an existing online store. The success of most businesses post covid19 shall be determined by how flexible they adapt to digital and technological trends.

Movements and crowding is likely to remain a mystery for some good time and even if your business had the capacity to pull on site crowds as clients, the regulations are likely to affect you.  So, what happens?  Even if you are running a retail store, the days of delivering paper quotations and then deliver items, etc physically seem to be going, more than ever small and big business shall get to digital means for most of the services.

The businesses whose policy is come to shop, store or office are likely to lose out big. More than ever, phone call orders, digital transactions, communication and allied flexibility is going to be a mandatory aspect for any succeeding business.  Many trends ranging from CRM Systems, Cashless Payment, digital invoicing/receipting, Cyber/digital security, data collection and communication systems, etc are going to be the  new normal for a business to succeed regardless of size.

So pause and ask; What digital trends can I apply to my business, what e-commerce opportunities can I grab and what technological tools can I use to keep relevant?

Data collection and management

I work withdozens of small and medium enterprises as a consultant. Most SMALL businesses have no single effective data collection and management systems. This is going to change. Having data about your business transactions and customers is going to be a game changer in many ways, from marketing, to retention, to seeking financing. The client who got all data well managed has many chances to turn things around than the traditional wait business person.

Flexibility in Employment

When the going gets tough, the tough get going, says an old adage. Employment is going to change too. From limited money to pay salaries to limited access of work places (and narrow spaces since many offices shall zero down on space) and less physical interactions, the successful entrepreneur must revise and understand a new way to have partners and teams that deliver.  Could be there some workforce that you can outsource to remote freelancers who don’t require big payments and regulatory benefits and contractual obligations?

Could many employees get an option to work from home part timely or get paid per task and allow you to cut some expenses? As Richard Branson says, business is mainly about identifying the right people, trust them to deliver at their discretion.  The coming days are not for solo egoistic entrepreneurs but for the fast moving and flexible ones.

Security and hygiene

More than ever, the entrepreneur to succeed post Cvid19 must be a security conscious one. As crisis increase, crimes too are going to increase and corrupt behaviors and to succeed this there shall be need to secure tangible and intangible properties, data, systems, ideas, etc.   More than ever the careless entrepreneur shall lose out. The way you keep records, confidential documents, discussions, property, equipment, etc depending on your industry.  Is your office and data protected from data loss and hackers yet 50 % employees work from home under unmonitored network sources and IP addresses? Digital and cyber security are going to be key drivers of what next.

Getting to hygiene, more than ever disorganized and unhygienic packaging, processing, work force, work places and etc, shall be seen as losers in the coming season. The whole crisis resonates on hygiene practices and people especially those dealing in food and human consumption services more than ever are to adapt to high standard hygiene services else they lose. 

What hygiene solutions are required at your work place and delivery models of products or services and what are you doing about it?

Expert Business Support Services

Where as everyone is smart in business (which we tend to be as entrepreneurs) but you cannot tackle all business matters personally and hiring a full time professional for such tasks that come once in a while is not a good move, so engaging an outside expert can be an extra measure to ensure business receive proper attention for growth.

It also can be useful to have a third-party’s perspective on matters that require objectivity, or an “extra set of eyes” to verify that no mistakes made in a critical process and the business growth is on an ascending curve other than gambling.  Before it was ok to try and fail and try again until you figure things out but now it will be expensive to be a try-and-see person in such a delicate situation of low resources and jaw biting competition.

From business development strategies, to compliance, contracts and tender processes, legal suits, name it all, you need an external support consultant or professional. Better to spend 10m shillings on consultancy services and 10m shillings on business set up and development than putting all 20m to risk and burn while drifting.  Business support services like consultancy, accountancy, legal, technological etc are going to be key drivers of any business regardless of size and industry.   Unarguably, we all know that every new development brings with it changing risks and it becomes good to prevent the risk than curing it. External support service makes this possible.

Communication and negotiation

More than ever for businesses to thrive they must learn the art of communication and negotiation, short of that, few will survive.  How we interact both directly and indirectly matters. Business communication can be direct verbal, text or psychological like the way we position, structure offices and stores, websites, etc. 

Negotiation is a discussion or systems built to take into account everybody’s needs and interests so that no one is at loss. Good negotiations are very important as they contribute much to business success and build better relations.

The businesses that know what I am talking about in this section have a higher chance of surviving. From your marketing materials to the website and phone calls you make to the set up of an office and systems, this must be kept in mind and positioned well.

Communication and negotiation is not only about talk but also in overall branding processes. Ever walked to an office and felt intimidated to ask a question or discount just because of their system structure or access set up?  Ever went to the bank that its set up was not good to strike good conversation away from the formal inquiries, the list is endless. This is too integral in overall business processes.

Systems & Standards Certifications

From documentation, policies and procedures, quality control, financial records, customer interactions, transactions, delivery models, plans, business contacts, employee details, regulatory requirements and so on, business require certain standards and systems fully certified to beat competition and have smooth productive operations.  Without effective systems you cannot manage to thrive effectively. Systems and standards are an essential part of the business and post Coid19 it will not only be essential but integral to manage and build a successful business.   

System certifications and standards are used by both small and big businesses to demonstrate their ability to consistently provide products and services that meet customer and regulatory requirements under acceptable disciplines. As people are getting cautious and skeptical of what they buy, the entrepreneur with no standards and certifications will not make massive sales and deals. Adoption of both micro and mega local & internationally recognized management systems and  standards is a great deal in the coming days! 

Ditch the deal mindset & focus on Cash flow

Like a bouncing castle, when things get to the low and rigid you will not jump once and get to the sky, there are many warm-up jumps till the mega jump and this calls for patience.  To be a buffalo hunter is to know that you will not shoot at first glance often, you must first study the surroundings and the prey’s defense system and all your walk out moves.

Businesses face chunks of challenges and opportunities and these too demand different solutions.  Good cash flow control is important for any business that wants to generate profit. Many businesses before have been focusing on profit even when cash flow is negative, this is going to change, a negative cash flow business will likely not survive.  Your Inflow creditors are going to reduce on morale and payers are going to learn the tactic to delay payments to build their cash flow too. You can guess how tough it will be.  

Making the best use of your finances should be a key driver. Every element of working capital should be carefully controlled to maximize your cash flow. Knowing how to extend or fasten payment of debts, taking loans and making payments will all be great game changers.

These are my personal insights for a smart entrepreneur and implementation may vary from business to business and after analysis of needs. They are not typical but I hope you find meaning in each!  If you need guidance on how to restructure your enterprise and investment Post Coid-19 crisis, reach to us; NBK-PREMIER SOLUTIONS, CALL/WHATSAPP: +256 704 597816.  We take you further!

Let me hear from you in the comments section, what is your take?. Also DON’T MISS my top FIVE Insights for the Entrepreneur in this Crisis.   Below!  SHARE!

Nicholas K Quest Top Five Insights!

• Sharing and generosity shall make you stronger. Don’t fall for the greedy and hoarding scourge, it is an enemy of the hustle.  Focus on gratitude. Be thankful for what you have, tough times call for new perspectives.

• Stay mentally, spiritually and physically fit. Now than ever, we cannot depend on smarts minus intuition and the two needs a functioning body.

• Look at what you have, not at what you don’t have. Build momentum other than toxicity. Give up what is gone and catch up with what can be born.

• Turbulent times create opportunity for those that are looking for it, just like when a bush fire occurs, the seeds that hold on to the ground come to life stronger and newer.  Hold on to the rope. Control your mind.  

• Don’t make your business take your life. Family and social networks still matter. Chose to live but too stay alive! They are too different things!

NAMASTE!

About Me

Nicholas K. Quest  >> a Best Selling Transformational Author, Consultant and Serial Entrepreneur. I am passionate about helping others to achieve their greatest dreams and ambitions through Transformational education & development programs. Follow my work through our training/Publishing and Consulting firms respectively: Legacy Pearls Africa,  NBK-Premier Solutions,  DETT Community

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