5 ways small businesses can remain relevant and competitive in the ‘new normal’ beyond 2020

Written by Topco Staff Writer

05/08/2020

Here are 5 ways that businesses can adapt and remain relevant as the world changes.

Things will never be the same again and business will not be conducted the same as it has been prior to the global pandemic of 2020. We have seen changes that have tested many companies and while some have not survived [and sadly so], others have flourished just by embracing the change and not resisting it, by adapting their systems and procedures and finding the opportunities within crises. It’s time that everyone accepts that this is the ‘new normal’ and it is here to stay – it’s about maintaining a good attitude and a positive outlook that will determine the success and longevity of companies around the world.”

The global pandemic has seen the rise of a ‘new normal’ and both businesses and people need to adapt and change to remain relevant and competitive currently and beyond 2020.

Here are 5 ways that businesses can adapt and remain relevant as the world changes.

Communication is key

 Businesses need to make sure that they communicate with their staff, stakeholders and clients about the challenges being faced and what changes are being implemented to adapt and survive in the new normal. These will almost always effect financial changes and working structures, so ensure that your key people are aware of what is happening to avoid anxiety and uncertainty. It also shows that leaders are caring, empathetic and understanding of how the change is affecting people.

Change your strategy

The ‘new normal’ has seen a massive impact on the way companies are going about their business and has highlighted where the gaps are in the way things are done. Now is the time to put new procedures and systems in place to fill those gaps and ensure there are flexible systems in place to deal with crisis situations.  Diversify your product lines or services so that they meet the changing needs of your clients.

Make use of collaboration

Businesses are competitive in tough markets, but the new normal is giving rise to opportunities for businesses to collaborate with others to help them survive. Look at aligning your business with another of similar or complementary services that will add value in the market.

Be part of the gig economy

In a world now reliant on technology to drive change in a positive and meaningful way that allows companies to survive, there is an increase in the demand for freelancers and contract-based professionals who are on-demand. They use mobile technology to create synergies with others on projects and short-term opportunities driven by customer demands. They create cost-efficiencies within varying sectors and allow businesses the opportunity to free up their resources for other dedicated tasks.

Make use of a virtual workspace and remote working

A lot of businesses used to assume that for their staff to be productive and for the company to remain competitive, that their employees need to be office-bound. The changes brought about in 2020 have proven this where businesses have been forced to utilise a remote working model, and it works! Not only are their staff proving to be a lot more productive, but it has seen a drop in the operational costs of having a full staff contingent in the office and allowed them to allocate resources more effectively and productively. Companies with remote-working models are more agile than those without it, providing a better competitive edge and a happier workforce as well. Remote working will ensure that through any crisis that limits personal contact, companies will remain competitive

Chantelle Smith

Recruitment Specialist

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