How can SMEs stay ahead of the competition considering the Covid 19 pandemic?

SMEs stay ahead of the competition

December 11, 2020

When Darwin propounded the theory regarding the survival of the fittest, he surely must not have thought that what stands true for the business world also stands true for the business one. The Covid pandemic has taught business owners a thing or two about the importance of being able to remain afloat especially during stormy waters. With the increase in competition one quite naturally expects that small businesses will be affected the most. The question however, remains as to whether they will be affected positively or negatively. For instance, if the small business is able to adapt to the dynamic changes that are coming in due to the pandemic and upgrade the way its business was run this would certainly be a change for the better. Accountancy services would surely help to boost the success ratio here. However, if the business instead chooses to focus on the cons the negative impact would pull sales down even further.

The government has provided a lot of support to businesses but now the ball lies in their court to see things through. A simple thing like deferral of the VAT payments could go a long way in easing the burden on your cash flow. However, misuse of the deferral time provided can cause you to have a bill that you feel you are unable to pay. Thus, now is the time for an informed decision and not a rash one.

This crucial time has proven more than ever the need for proper business accounting. Doshi Accounting is a pioneer in the accounting field as far as embracing remote and cloud accounting goes. They have offered their clients these services much before the pandemic started and since their workforce can even work from home if the necessity be, their clients are assured of quality work delivered on time. Accounting no longer is solely from the compliance point of view. With cash being short in hand it makes perfect sense to have proper cash flow management in place. What better time than now to start? Apart from the accounting element listed below are some of the other ways through which SME’s can stay ahead of the competition despite the Covid 19 pandemic.

Encourage your employees to work flexibly

Rigid rules are certainly not part of the 2020 business mantra. Flexibility seems to be what 2020 is all about post the pandemic. Due to the repetitive lockdowns and the restrictions that the government has been forced to place due to the virus it does indeed make sense for employers to take upon a more flexible approach. If you are unable to have your employees working at your premises then instead of the inconvenience of their coming and going on a short time basis opt for their working from home instead. By having your employees working from home you can cut out the operational cost and also not face difficulties in getting work done during restrictive periods like lockdowns as everything is already set and in place. Your employee morale too will be higher as they will appreciate that the company has taken this move in lieu of the protection of their health and family well-being. With your employees working from home things will be easier for them to manage as well since they do not have to switch between home working and coming to the office premises.

It is now time to go online – it is now or never

Despite the way that businesses have been embracing technology over the years, a lot still has to be said about the various avenues where businesses could still have digitally upgraded themselves. Considering this aspect, it makes sense for businesses to work at becoming more technologically savvy in this new world. The best example for the same are the accounting firms that have always had a rather orthodox way of operating as far as business goes. Since employees cannot go to their offices, office equipment and facilities need to be accessible from home, hence, the emergence of remote working and the increasing dependence on the internet and video conferencing applications and platforms.

By achieving cloud connectivity and ensuring that your data is safely accessible, you are effectively making a move toward a more upgraded and technologically compliant business. Even small businesses have realised the importance of the internet when in comes to marketing their goods and services. If an accounting firm can change the way they work, small businesses too need to understand the importance.

Re-modeling your business plan - aligning as per your business’ present

A well set out business forecast can help your business more than you know. While having lofty goals is a good thing, in the present scenario it is advisable to keep your objectives to a more rational scale. While planning for the short term do not leave out the plan for the long term so that you are informed about the repercussions of your short-term goals.

Prioritise yourself – your time has value!

A business owner normally holds himself and herself on the short end of the stick but this self-depreciation can prove fatal in these dynamic times. You need to hold on to the fact that your time matters as business decisions, planning and understanding the competition and how to deal with it are things whose onus depends on you. Thus, during the quiet lockdown period even if business is idling do not let your mind idle. Explore new avenues, accesses what the competition is doing and most importantly stay a player in the ball game and not a bencher. Introspection and goal planning is one thing – actual execution and how you expect to slowly reap a reward for your labours is another. That is why it is best you entrust the business accounting related tasks to capable hands like Doshi Accountants – your accounting partner in these trying times!