Our country’s economic landscape is driven primarily by small and medium enterprises which further signifies its need to constantly meet the global demands, keep in tune with the emerging trends, and respond proactively to everyday challenges by pushing forward innovative solutions and embracing a more digitally-enabled future. Micro businesses have felt the impact of this pandemic more keenly than the most, and while viability remains uncertain, there is still no indication that the economy will begin to turn at a faster pace, for better or for worse.
You can, however, bounce back sooner by recognizing your struggles in a constructive way, and chartering up a solid roadmap that will allow you to reinvent your identity and culture with these points in mind:
1. The pandemic does in fact, discriminate.
Even if we agree that this crisis affects all businesses in different ways, we can half-heartedly do so. This pandemic offers a fresh territory for all of us, and while we recognize its effects to large-scale businesses, we simply can’t overlook the fact that SMEs actually have less resources to work with, which gives them a slim window of opportunity to initiate a change, pronto. Large corporate entities can leverage on a bigger financial cushion, greater access to credit funding, and better technological capabilities to adapt and outpace small businesses on a whim. SMEs, on the other hand, won’t be able to afford a quick turnaround since most of them are still trying to gain a ground, with some, already threading a needle even before the pandemic happened. There is one place to give yourself an equal footing though, and we call it the digital space.
2. Desperate times shouldn’t call for desperate measures.
As shutdowns continue to create hurdles for small businesses, modern entrepreneurs are now faced with a tough question: “What is the right thing to do?”. With no formula to success, small businesses are now forced to rely on hit or miss strategies, let alone use loose tactics, just to bail themselves out from the limbo of a scrambling economy and an embattled market. While shaking things up increases your chances of landing a positive result, a trial and error approach is not something you need in times where every decision is looked under a microscope. You still need to play with your strengths and carefully figure things out as you go. Desperate times call for desperate measures, but they can also undermine your efforts when done in reckless abandon. If you’re pressing on with persistence, at least press on with purpose!
3. Your options might be running out, but never your creativity.
“You can’t use up creativity. The more you use, the more you have.” Crisis breeds innovation and opportunity, and this quote from Maya Angelou perfectly sums up how businesses were able to respond to this call head-on. The pandemic might have brought much hardship to us, but it also showed us how quickly we can adapt to necessary change once we put our minds into it. With new small businesses sprouting everywhere, there has been no shortage to how far our creativity can go. From selling online to introducing smart shopping options, we have managed to harness resiliency by just learning how to navigate digital potholes and make short detours once in a while from our brick-and-mortar selves. Creativity only stops when you stop thinking, and if you’re constantly coming up with new ideas, you will never run out of creative ways to sell your product or service. Besides, you can always lean on us should you need a creative bump!
4. Your biggest opportunity in this crisis is to be better.
Improving yourself is the only thing that separates your business from closing its doors to making it work. Before everything came down to how it is today, going digital was seen as a luxury more than a necessity. But in times of growing uncertainty, one thing can be certain: none of us are going back to normal. This new narrative challenges us to look at the familiar in new ways; not necessarily a restart, but an initiative to explore new ways of doing what we normally do. E-commerce, websites, and social media have set up a good springboard for SMEs and startups who are looking to bootstrap their business under the far-reaching consequences of the new normal. So if you’re looking to future-proof your business, these options can definitely help you create a favorable environment that projects the way people consume brands today: multi-channel, inclusive, and most importantly, accessible at any point. Because truth be told, this is what a sustainable business should be– flexible enough to accommodate different work setups and friendly enough to conform with any type of situation, with or without a pandemic.
5. SMEs should adapt to thrive than to survive.
If you want to dig yourself out from this crisis, then better do it without giving any space for reservations; otherwise, you’ll just find yourself digging the same hole or a deeper one the second time around. Investing on a website or social media without any plans to sustain it for a long haul is just a Band-Aid solution to the bigger problem at hand. This pandemic serves as a reminder to what we have missed and an opportunity for us to prepare for what’s next. And if you have already failed to make significant changes before, reverting back to your traditional ways will not do you any good in the post-pandemic setting. Digital transformation is not an isolated need that should exist only in these times– it’s a constant for growth. Let’s not compromise a long-term solution over a short-term remedy, but rather, we should consider pivoting progress with a willingness to remain relevant and competitive, so our businesses can thrive now and tomorrow.
6. A valuable brand is always a practical one.
Just as when we thought that the market behavior and consumption patterns will shift towards practicality, brand loyalty remained intact. Consumers have grown to be more budget-conscious than ever, but we also have to remember that practicality isn’t about the price, it’s about getting the best value for money which can only be perceived through a brand that knows how to value and return people’s trust. SMEs often ignore the importance of building their brand because they see themselves more as a business than as a brand. Businesses come and go, but it is your brand that connects deeper and positions closely to your customers’ mind wherever they go. When your brand comes first, people will always have a valid reason to visit you before they turn elsewhere. Focus on growing the value of your brand and the profits will surely follow!
7. Getting a loan is just a starting piece in the puzzle.
When business owners get in a tight financial spot, they are generally expected to apply for loans. The same holds true for entrepreneurs who are looking to secure a sizable amount of capital to start a new business. The only problem is, most SMEs don’t prefer to get one. This can actually be traced from a long-embedded sense among small-time business owners that they won’t be getting a fair shake, or at least, score reasonable credit at a bank. While it can certainly get in the way, loans do make up for a conventional financing that will prove useful if you’re planning to get onboard the digital space or incorporate contactless functionalities to your business. Getting a loan is just a starting piece in the puzzle, how you’ll use it later on will determine how quick you can bounce back soon!
Let’s walk through this together!
Having a better perspective is a key to producing a better outcome. Which is why we think that equipping you with the right mindset is the best way for you to get a good grip of the challenges in front of us. Just like you, Sunday Studio is also a startup company that is managing to weather out the same storm by making better use of our team’s creativity and digital expertise. Whether you need branding, social media, website, and other design services, we can help light your way through this pandemic so you can bounce back with a new meaning and intent!
Are you in to hit the ground and rebound? Let us get you on the pitch by hitting us up at hello@sundayelephant.ph today!
