As the government begins to explore options for reopening businesses, citing South Korea and Singapore as successful models for restarting the economy, many small businesses will looking for the light at the end of the tunnel in surviving what has been one of the most challenging economic times in recent memory.
Other countries, such as the UK have also begun to unveil it's 'roadmap' out of lockdown. One thing made clear, however, is that for most businesses it will be months - July 1st - before things begin to get back to normal.
As businesses begin to reopen across the country, second waves and possible second lockdowns are still on the horizon. Reece Tomlinson, CEO of RWT Growth, a corporate advisory firm for global SMEs, offers some handy advice for struggling SMEs to stay afloat and recover.
5 Expert Tips for SMEs to Recover Post-Coronavirus
According to Reece, there are at least five key things that any SME needs to be focusing on in order to stay in the market and keep competing post COVID-19 lockdown:
1. Manage cash flow is paramount.
Every effort needs to be made to ensure the SME is not burning unsustainable levels of cash, which could otherwise cause the SME to be forced to close its doors.
2. Have a clear strategic focus.
The SME needs to have a crystal-clear focus on where it is going during this time. It may be as simple as ensuring the SME can remain in business.
However, the focus must not waiver from the key tactics that will allow it to achieve its objective.
3. Become highly flexible.
COVID-19 has changed the current market landscape and post COVID-19 remains highly unknown. It is imperative that your SME places a high degree of emphasis on becoming operationally flexible.
That includes everything from the way its products/services are delivered to how and when it sells them. Those can be flexible and pivot during this time will prove to be successful.
4. Look for creative solutions.
The good thing about COVID-19 is that it is impacting everyone, which means we all need to work together to find solutions.
For the SME, this means that there is a large degree of propensity to utilize creative solutions to solve critical problem’s (including cash flow management), which may not be possible during a healthy economy.
5. Take advantage of this time.
Times of crisis present SME’s with the opportunity to make strategic changes that they would otherwise be hesitant to make.
For those that deem it so, COVID-19 can be a big opportunity to make acquisitions at low valuations, make strategic changes and catapult the business to the next level by taking advantage of the many deals that are currently and remain to be emerged.