In the wake of the Covid-19 global pandemic, 2020 has been characterized by the deep impact on economies, job losses and increased business uncertainty. You can almost hear the sighs of relief as the year comes to a close.
In another light, the virus has demonstrated global inter-connectedness and enthusiasm for business sustainability. We must now begin to adapt to the new reality of running and growing businesses. The question of growth versus profits has always been a dicey one. We shall tackle that another time.
How then will businesses be able to revamp and now set growth in motion whilst increasing profitability?
1. Embrace the cultural and behavioural changes that Covid-19 has introduced -Most life activities as we know them have been erased by the threat of the virus. As Kenyans, shaking hands before a business meeting was a sign of acknowledgement, this can no longer be as we have to wave and gesture our acknowledgements. The government has set in place guidelines that have to be adhered to by individual staffs and businesses as a whole. For a business to grow, it must embrace the new norms and adapt its processes around this reality
2. Embrace Technology– Now more than ever, non-physical meetings and sales activities will be utilized. Business must rethink how to introduce or enhance virtualization into many operational aspects. Both customers and businesses depend on technology to complete everyday tasks. Thus efficiency and speed of delivery are achieved.
3. Employee Wellness– Employers must more than ever be involved in the well-being of their employees. Issues like health insurance provision, availability of safety tool kits for staff should be prioritized. Sufficient and appropriate resources should be provided to ensure there is no excuse for non-performance. This will ensure happy and thriving employees who in turn will give value through performance.
4. Brand Enhancement– Businesses should use this time to revamp and sell their valuable brands. This will ensure repositioning for the next normal. Springboard Capital recently held a Webinar on Branding Excellence that you can rewatch here and learn how to strengthen your brand.
5. Customer Centrism -Businesses must focus on providing a positive customer experience in the whole customer journey process, this is the best differentiator and advantage a business will offer. Even in business, customers will never forget how you made them feel.
6. Source For Funding– For any growth boost, businesses must make an investment in the above areas discussed. As such they will need to allocate capital to boost this. This could come from their investment, profits, angel investors and others.
One of the best alternatives for funding is through business loans. Springboard Capital offers Business loans at affordable rates and terms. Loans are available from KShs. 100,000 upwards. Click here to view the requirements and Apply.
Article written by Anastasia Karuiki (Head of Brand and Business Development) – Springboard Capital Ltd.
At Springboard, we never stop improving our services to enhance our team’s capabilities and increase customer satisfaction. We are a client-centric organization. We make it our business to understand and help our clients achieve their business goals.