Only When Disrupted, Businesses Are Forced to Adapt or Risk Falling Through
Disruptions, while heavily focused, will definitely throw your balance off. For those who can adapt, will weather the interruption and come out stronger. The same concept applies when conducting business. In each era, there is an industrial revolution that makes businesses thrive for the better. These are the business that adapts and change accordingly. Nonetheless, the world has been talking about the fourth industrial revolution for quite some time. Nations around the world are trying to implement relevant strategies to suit their economy. At one point, new approaches were called disrupters. Then, comes the pandemic COVID-19, where most businesses are disrupted. The time is now for businesses to adapt to survive COVID-19.
The New Normal
The new normal of doing things is no longer an option. People are assets to businesses. Thus, companies will need to adapt to survive COVID-19. Globally, all nations are fighting the pandemic in their separate ways, for the general health and the economy. Singapore is no different. With the COVID-19 disrupting the conventional way of doing things, small and medium-sized enterprises are the most affected. A lot of these businesses rely on crowds of physical interactions. But, the coronavirus spreads and infects through groups of human. Hence, preventive measures call for people to stay apart. The new normal of physically staying apart from one another leads to minimal business transactions. Working from home was an option some companies offered, but now, it is taking over the workforce. Taking the business online is virtually a pivotal decision for companies and traders, even hawkers.
Grab the Opportunities
SMEs were doing just enough to keep their business afloat. Unlike their larger counterparts, SMEs do not have deep pockets to sustain businesses for the longest time. That said, the Singapore government has rolled out many economic incentives to support businesses and limit job losses. SMEs must grab relevant opportunities to safeguard their company in any way possible. Opportunities such as jobs support scheme, property tax rebates, deferred tax payment and cheap loan offers can go a long way if utilised appropriately. With these incentives, a business can get the ball rolling to adapt to survive COVID-19.
Recession is looming. Preserving cash is the utmost priority. It applies to both businesses and consumers. The ‘R’ word shudders even the most experienced business owners as the effect can be a lasting memory. But, all companies, new or old, should come up with a masterplan to survive global scale disruption such as the COVID-19. For starters, employees to the small or medium enterprise may have to experience pay cuts and shorter workweeks. As for debts, companies can look into debt restructuring. It is unlikely for companies to expand or need investment in times like these, but companies can look into crowdfunding or venture capitals if need be. All in all, businesses must adapt to survive COVID-19 interruption. Who knows, adapting to the current needs will birth a new business model and foresee success in the future.