How Did Small and Medium Companies Overcome the COVID Situation

The coronavirus situation had an impact on every field of our living. This year, 2020, business leaders have reorganized supply chains, established telecommuting, and made tough financial decisions.

The world is anxiously awaiting an effective COVID-19 vaccine that can be easily distributed. Until then, the priority is for organizations to react — to act rather than react. Even when the COVID-19 crisis’s uncertainty increases, the goal must be to rebuild in the long run. There are many ways to lead, but regardless of the type of business or geography, several activities can form a way out of the crisis in a strong way.

We start with the idea — that the return is a muscle to be exercised, not a plan to be performed once or to reach a date. We move on to more specific considerations, such as the need to make big moves quickly and be prepared to re-examine entire portfolios, including where the work will end.

During the lockdown in spring 2020

The lockdown has taught the entire business world a lesson in surviving the strongest tactics and how to best use seemingly unfavorable conditions to one’s advantage.

While the coronavirus situation wreaked havoc on the organized world, it also created the possibility of new tides of transformation. This bleak situation in which businesses and institutions have suffered significant losses due to the global pandemic also holds the potential for announcing a profound paradigm shift in the way businesses conceive and define, namely, the shift from offline to digital media on the Internet.

While most organizations around the world have sanctioned their employees for working from the security of their homes, much remains to be done. There is a huge range of business activities belonging to sectors that have so far operated in a conventional way. Types of industry, such as manufacturing industry, retail operations, hospitality, mobility, etc. They have always existed along the physical contours of operation.

As large enterprises have a vast capital and resources from their disposal, small and medium-sized enterprises benefit from their agile and more compact nature of the operation. This is why there are opportunities for both David and Goliath in this new world order to streamline their operating media in order to achieve smooth objectivity.

Here are the four essential factors that all SMEs and SMEs must go through before relaunching their activities:

1. Neutralize the scene

Regardless of size, nature, or size, the primary concern of any business is to begin an in-depth assessment of a company’s existing assets, its overall aspects of financial health and safety. As the pandemic disrupts operations, production, and sales across borders, companies need to come up with a realistic and holistic overview of the current situation in the face of a virulent pandemic.

2. Embracing the digital

The current situation dictates that small and medium-size companies should immediately switch to the digital paths of business engagement and create a strong and real Internet presence. Optimizing the potential of social media, businesses can even generate sales through interactions with peers and customers through online communication channels.

3. Set your goals

Reassessment of all business plans is of paramount importance to SMEs in the event of such an industrial backlash. The post-pandemic landscape will undoubtedly be different from the previous days of COVID and the business entities should adequately renew and harmonize their planning and strategy for the future. A realistic and well-formed roadmap is needed for the road ahead, while at the same time taking into account the prospects of the various stakeholders of the company.

4. The revolution must be live

The Fourth Industrial Revolution is a real-time boom, a truly disguised blessing for businesses around the world. Even SMEs must take advantage of the latest technological breakthroughs such as AI, ML, IoT, CRM, VR & AR, Blockchain, Cloud, and other innovations.

Businesses need to adapt to the fourth revolution of smart automation and invest accordingly to deliver an operational adjustment with new technology enhancements that will thrive in the digital economy. Businesses with the power of technology have an advantage over conventional competitors who have higher profitability and market performance even in times of pandemic.

What can we expect in future outcomes?

A survey from Altaro shows that 80% of MSPs retain staff despite decreasing revenues due to COVID-19.

The findings reveal an SME industry that continues to evolve and adapt while identifying opportunities to increase revenue and business performance.

Although one-third of SMEs said they were facing losses of up to 50% in the first half of 2020, 21% reported revenue increases of up to 25%, while 21% saw no change in revenue.

Despite the difficult start of the first half of the year, not everything is ruin and darkness. More than two-thirds expect a better performance in the coming months compared to pre-COVID levels.

Nearly 40% of SMEs said that business performance was expected to remain the same in terms of revenue over the next six months, while 28% expected performance to improve to 40%. Of those SMEs that expect business performance to decline (27%), 6 out of 10 said they expect the decline to be between 21–40%.

Conclusion

Many people have feared their workplaces and how to survive the COVID-19 situation if they have been fired during this hard time.

Also, it is well-familiar that many people across the globe were fired because of the economic situation in their respective companies. If the company is tourism-related, it’s obvious that the whole tourism area has suffered a lot; maybe the tourism area suffered the most in this awful period of human living.

Businesses need to adapt to the fourth revolution of smart automation and invest accordingly to deliver operational adjustment with new-age technology that will thrive in the digital economy.

Businesses with the power of technology have an advantage over conventional competitors, with increased profitability and market performance even in times of pandemic.

While the necessary investments for these comprehensive increases and improvements in business activities may seem impractical, they are a substantial expense that must be borne in view of the future consequences.

Businesses must pursue optimal risk mitigation strategies before the pandemic and should also try to adapt to any future crises.