Helping hand for small business
A proactive approach can see SMEs both rise to current challenges and thrive in the years to come
Covid-19 restrictions have been a tough test for businesses. With a free programme available to SME leaders, Dr Robert Thomas at Aston Business School explains how a strong response to the challenges now could see them thrive in 2021.
Which businesses have dealt with the effects of Covid-19 restrictions most effectively?
Proactive and flexible SMEs are dealing best with the considerable challenges and drops in demand. Companies with a strong digital infrastructure, flexibility in their workforce, that are not bound by fixed thinking or contractual obligations, where owners have made the transition from being reactive to proactive in their thinking.
How can businesses adapt to meet the changing demands?
The focus needs to be on managers establishing strategies for market development, targeting new investment opportunities, and reinventing, or innovating strategies. We are also seeing opportunities for alliances to develop new offerings that can provide value.
How can businesses futureproof?
Collecting and analysing data can reveal new opportunities. Understanding why you are valued and what role you play in your community is also essential in creating stability. We are seeing lots of small companies engaging more in philanthropy as they realise their business can offer support to those around them. This can have a positive impact on trust and be beneficial for a company that wants to grow and develop beyond Covid-19.
What skills are most valuable for businesses right now?
Relational skills. Relationships with customers, consumers, suppliers, retailers are all now more significant than ever, but so is developing new ones. Also digital skills - resilient companies are harnessing more and more data and using digital platforms to engage with customers a lot more effectively.
What part does investment in training play in helping businesses to adapt and survive?
This is arguably a top priority. Staff are one of a business’s greatest assets and SME owners should know that staff are like customers; they want to invest in a brand and company that treats them with respect, reflects their values and attitudes and wants to develop a long-term relationship with them.
What is the course and how will it benefit SMEs?
The Small Business Leadership Programme is a fully-funded 10-week online course supporting SME leaders across England through a series of eight 90-minute online sessions. Delivered by some of the UK’s leading business schools, it covers a range of practical topics including productivity, innovation, financial management, and marketing.