The business strategies must be reoriented during and after the Covid-19 crisis. Learn more on Why and How!
Covid-19 had created some irreversible changes in the business. The old strategies might not be profitable and need to reorient SMB strategy during and after the pandemic. The concept of remote working and coordinating multiple departments with Cloud-based solutions.
Many ideas had become obsolete in a few weeks and many new trends had formulated. Consequently, technological updates including contactless payments are now norms. The unprecedented events have created disruptions.
However, the current situation can create an opportunity to reform your small business and reorient its strategic goals.
What after Lockdown?
As UAE reopened and businesses are getting back to work, the managers had realized various innovative yet cost-effective ways to enhance productivity. In short, there are much better ways to get things done.
As the restrictions are being eased off, it is time for small businesses to create a strategy not only to survive but to boost the small business.
Clearly, the idea is to optimize the use of resources to the maximum. In addition, there are ways to improve the productivity of software and employees.
The pressure of digitalization is more prominent than ever.
It was more critical for small businesses to make the transformation to digital and let go of conventional systems.
In the customer front, SMBs took their business online setting up e-commerce pages.
Social media platforms like Instagram and Facebook experienced a surge in the use of shop pages and similar options.
The transformation to a digital world
Learn more about How to do social media marketing for your small business.
As work from home is the new norm, digital communication, synchronization, and data transfer had become crucial. Certainly, they care about the security of confidential information and hence had to choose the right tool.
Real-time data of inventory, productivity, workforce productivity, and financial transactional details are more crucial for business operations.
Cloud Systems- Smart Solutions for SMB strategy during the Pandemic
Agile and feasible systems like Cloud ERP will let you set up an online business ecosystem. It comprises Smart Terminals, POS applications, payment solutions.
Unlike On-premise systems, the data is stored and transferred via a virtual network, often known as Clouds.
The primary feature is the ease of access from anywhere at any time.
Another advantage is a more detailed view of operations and finances which will help you to create a more focused strategy eliminating distractions.
Business Intelligence and Analytics for powerful Insights
One of the most powerful tools an SMB owner can have to reorient the SMB strategy during the pandemic is Business Intelligence and Business Analytics. Even if they sound the same, it is not!
Everybody is well –versed with the analytics. The Analytics dashboard shows the data in a more understandable format so you can infer conclusions from them.
Business analytics analyze statistics to predict the trends and outcomes of informed decisions.
On the other hand, with business intelligence, you will get not just the data, but actionable insights from your data. The data and the insights both power your business strategy.
BI helps you take better decisions, eliminating the risk factors. Or phrasing it better, it helps you to create calculated risks.
BI creates performance analysis, set the benchmark, and improve compliance.
You’ll get the answers to ‘What’, ‘Why’ or ‘How’ on your business performance and nothing else could prove more useful for formulating a successful small business strategy.
BI and BA are different yet using software comprise both the features is more powerful.
For instance, With Checkout Progress Cloud ERP, you can pull out data, reports, statistical analysis, and other information, now for free!
At the same time, the descriptive insights will equip you with information like which products do well in sales, the preference of your customers, and much more.
It is important to reorient the SMB strategy during the pandemic. Surviving through the pandemic crisis and boosting your small business is one humungous task. However, there are powerful tools that will help you through it.
Be it a small café or large garment store, your business would be doing better with these powerful tools.
Certainly, creating a strategy with an informed decision is less risky than the uninformed ones and is more profitable.
Checkout Point is a leading Fin-Tech company [a subsidiary of WayPoint Systems]operating in GCC since 2013. We help small businesses to implement a Smart business solution with payment solutions, POS applications, Cloud ERPs, distribution software.
We focus on creating multi-capable software with our core tech infrastructure. Our relationship with OEMs like Poynt brings additional value to our products. Our shift towards SaaS-based products helps us creating the finance ecosystem and providing value to our customers.