Disruptions happen. The cabin fever, the distressing headlines every day, and the constant being on tenterhooks over the health of our families’ have spelt that out for us — disruptions happen, seemingly with increasing regularity. But, while the fickleness of the virus has given us a lot to lose, there has also been much to take away from.
If anything, the unpredictable COVID-19 situation has directed the spotlight on the well-prepared, who have demonstrated with grit what it means to adapt and innovate. Amidst shifts in the marketplace, the ability of SMEs to stay afloat and showcase developmental growth through new opportunities increases their brand value and customer value index. To offer your business a boost, below are some steps to help companies to navigate times of uncertainty.
Genuinely embrace change to drive innovation
There is no controlling the societal factors brought by the pandemic — the best way to adapt is to accept that the new normal is here and embrace it fully. Shifting demographics and transitory behaviours can well be further opportunities for business growth. As such, evaluate new ways of doing things by readjusting to the circumstances.
Many distilleries, for example, are making admirable use of its facilities and raw materials to produce fresh-from-the-barrel hand sanitisers. Fashion brands — both leading houses and small businesses alike — are repurposing left-over materials and fabric to make face masks. Not only do these solutions do good for the community, but they also provide businesses with an alternative stream of revenue.
While there is no fixed equation of success, the fundamental idea of riding out this pandemic is to innovate, sustain and grow. Besides, with every challenge comes opportunity. Those who adjust quickest and with the most precise intention are likely to profit from the opportunities.
Maintain contact with loyal customers
The pandemic has heightened and confirmed that we need a digital platform; everyone needs a convenient, engaging, and seamless digital platform. Be it hosting a product launch on a live stream, creating a virtual question-answer chatbot or producing a fun newsletter to share information about your product or service, show your customers that you’re staying in touch with them. These platforms also help customers with concerns because they stand as open lines of communication to reach out to you directly.
While addressing reachability, it is also vital to proactively train your employees to manage these shifts in customer service effectively. Your staff needs to be prepared to answer any questions customers may have, as your solution will help to shape the type of customer trust, loyalty and support that can crisis-proof your business.
Cloud solutions are more important than ever
Central to our ability to lead a remote team to perform regardless of geographical location, the cloud is a cost-friendly solution that supports remote teams, provides data back-up in real-time and offers enhanced security measures — all of which points to improved business continuity. Chances are, you might already have cloud-based applications powering your business. Think the likes of Google Drive and Microsoft OneDrive.
Furthermore, cloud-based storage can scale up instantly, so you never have to worry about your laptops running out of inbuilt storage. With that, it’s easy to see why firms that have leveraged cloud-based technologies pre-pandemic have earned a smoother transition into a remote working environment.
Kayaroll — A cloud-based payroll software in Singapore
The new environment has forced employers to rethink how they could execute even once-simple tasks, such as performing payroll manually.
Often, such manual processes see HR personnel still manually logging hours and printing multiple payslips in the office. In the case of a lockdown, this would translate to delayed compliance with payment calendars and cause significant lags in business continuity. With remote working as the default, it’s crucial for business leaders to identify the right tools for their home-turned-transient office and support the needs of their employees from afar, including utilising a leave management system.
Automatic, quick and remote, Kayaroll is a payroll software in Singapore that can be run anywhere with internet access and complete payrolls within minutes. With our automated payroll software, you eliminate the risk of reduced efficiency and the stress of keeping track of regulatory changes — yes, we take the load off you! Not only does Kayaroll bring possibilities of data inconsistencies to nought, but the cutting-edge software is also compliant with the Inland Revenue Authority of Singapore’s (IRAS) requirements and compatible with the Auto-Inclusion Scheme (AIS) in Singapore.
Though unwelcome, COVID-19 has taught the world many valuable lessons by forcing us outside our comfort zone. Specifically, as a business owner, it’s time to look beyond your challenges and seek out opportunities. After all, crisis and opportunity are often two sides of the same coin.