All businesses had to adapt during the pandemic. Some have found it easy, while others find it difficult.

Surprisingly reports reveal that small and medium-sized businesses and SMEs have been most successful in navigating these difficult and changing times. Their survival depended on their ability to think strategically and quickly. 

What has changed in the last year?

Online sales increase

Many retailers have made the switch to online shopping. Many retailers have made the move to online shopping after experiencing a loss of footfall from closures and social distancing. They have been able to continue trading during the lockdown, and have even exceeded their revenue targets in some cases. Many businesses that would normally only have profited from local sales now enjoy the benefits of being able to sell their products to customers all across the country.

It has not been without its challenges. Although retailers have had to make provisions for online shopping in some cases, the extra revenue has covered the cost.

Remote Work

We have also seen remote working as a change. Some businesses have experienced significant savings in overheads, including travel and office expenses. As a result, commute times have decreased and distractions from the office have been eliminated, efficiency has increased.

The flexibility to work from home has been a benefit for employees. However, this does not mean that businesses will go 100% remote. A new hybrid way to work will most often be seen. This allows employees to choose to work remotely or from their offices.

Small businesses have found it easier to manage this shift, largely because they can quickly set up their employees at home and often with very minimal costs.

Certain sectors cannot be set up remotely, but they have managed to put in place safe working practices and social distancing to ensure their employees stay safe while at work.

Wellbeing

Businesses are now focusing more on employee well-being. People have been affected by the pandemic in different ways. Some have adjusted well while others struggle to live without the social aspect.

SMEs have been able to create wellness programs to support their employees during difficult times. It is a blessing to be able to work with employers that care about our well-being at work and off work.

Cloud Software

In addition to the shift to remote work, cloud software has seen an increase in usage, especially in virtual meeting systems such as zoom.

Cloud-based accounting systems have seen an increase in popularity, allowing users to access their financial accounts from anywhere. Businesses can now produce timely, informative reports that are more accurate and help them spot trends and address concerns.

Environment Awareness

The environmental issues we face today were a major focus during the pandemic. Many people have started to buy more locally owned businesses. Local businesses have been thriving over the past year with many residents supporting them.

Many businesses are becoming more conscious of the environment. They are looking at ways to reduce their carbon footprint, assess their supply chains, and make them more sustainable.

As more businesses become more aware of sustainability and the environment, they should make sure that this is their main focus.

Talent Management

As we emerge from the pandemic, many businesses have experienced an increase in staff turnover. Many businesses are now able to work remotely or in a hybrid mode of working. This has made it possible for them to tap into the talent pool across the country.

Businesses have learned that being able to quickly move when it comes time to hire has been a key factor in managing talent and recruitment over the past year. This will continue to be a challenge for businesses in 2021. Your focus should be on how to retain your existing talent.

Conclusion Thoughts

SMEs’ survival has depended on their ability to react quickly and take quick decisions in a changing environment. They are more adaptable than larger companies, which will invariably have more complicated management structures and slower decision-making.