Free Guest Webinar on Routes to resilience-CGE Risk
The COVID 19 period has been a wakeup call for business owners, to have in place sustainable models in order to come out resilient at the end. With the negative impacts on both social and economic activities being felt globally; and economies losing billions of monies, there is no option but to rethink how to conduct business. It’s not clear how long the pandemic will last, but as businesses we can’t seat back and wait but start acting.
Getting back on feet will take a lot of time, strategy and business re-modelling. Embracing the new norm has been as hard as going up the mountain. As it is, many businesses have closed down leaving others with the option of cutting on their activities or declaring redundancies. This has left many people without livelihoods. Small and medium sized enterprises have been hard hit, which in the long run has seen Kenya’s economy contract between 1.0 and 1.5 percent according to latest world bank economic analysis done on November 25, 2020. Here are some sustainable tips on how your business can remain resilient during and after Covid-19.
Redefining business model(s) is the road to building a future proof business. It’s time to relook and remodel your business practices and adopt the new norm. These could include
- Innovate to go with the current norm. Look at your business through a different lens. What can you do differently? For instance, if your business was focused on exports, maximize on the domestic market; redefine your marketing strategy to target local customers and meet their current needs. Some businesses have already set a great precedence in this regard, redirecting their apparel production to PPEs to meet the COVID-19 demand. The purpose and value of your business to your customer should be clear. In this regard, it has become absolutely clear that innovation is one of the key must haves to remain resilient during and after the Covid-19 pandemic.
- Adopting digital marketing. With the advent of covid-19, we have embraced the use of digital strategies to reach more people online. Employees are working remotely and so are most business operations. Furthermore, with lockdowns and the need to remain at home, more people are transacting online. Digital marketing therefore is crucial for businesses in reaching customers and partners online. Training of staff to empower them with the right skills on online marketing will ensure the survival of many businesses.
- Ensuring good relationships with other stakeholders in your business line, including your competitors. Interact and learn how they have managed to stay afloat, what have they done differently, as well as pitfalls to avoid? One thing that has been clear during this Covid-19 period is that businesses have had to collaborate as a force for good.
- What makes you outstanding, different and extremely good in the market? What is your brand that makes you unique? Selling of your product or service depends on the need in the market. Making products or services readily available in the market. It’s amazing, today at a click of a button you are able to access numerous products. Efficiency is about keeping your end of the deal, deliver on time and in good quality. But excellence is far more beyond making profits. It’s also about your business’s impact on people; including employees, customers, suppliers and partners. Moreover, your impact on the planet is also a major contributor to your excellence as a business. What is your carbon footprint? How much commercial energy does your business use? How does your business dispose of its end product like plastics and electronic waste, and what responsibility are you taking for them, such as implementing a take-back-scheme? To measure excellence, a business should have positive impacts on people, planet and profits.
Covid-19 period continues to persist, as countries are experiencing third waves across the globe, and businesses continue to suffer. Particularly in Kenya, the lock downs and curfews have affected many SMEs to the point of losing their livelihoods. For those that are still in business, this is the time to rethink strategies and adopt sustainable models of business. By implementing some, if not all the above tips, your business will be on a sustainable road towards becoming resilient, despite the pandemic and its fangs.
Do you have the right knowledge and skill to make a difference? What areas of your business do you wish to improve on?
Sustainable Inclusive Business Kenya is the place to go to for your business improvement and resilience. Contact us.
Article By Pracksidis A. Wandera
Admin & Events Officer Sustainable Inclusive Business Kenya[/vc_column_text][/vc_column][/vc_row]