At ANZ, we’ve identified four things SME’s can do to see their businesses survive the economic fallout from the pandemic:

1) Control your costs and be careful about debt

Payment deferrals on your debt are a useful tool for you to pause and take stock of your balance sheet and future demand, but they won’t be available forever. Use this relief to reflect, take stock and plan.

2) Adjust and adapt

We’re through the immediate health impacts of COVID-19 here in Fiji, but now is when the rubber hits the road in terms of our economy.

The best-laid plan has to adjust and adapt. You may have to look at temporary fixes to deliver to your customers that may continue to change. For the time being, your customer is Fijian, not a tourist coming in from New Zealand or Australia. What they need is different so talk to them. Revisit your business strategy. Find out what they want and pivot your business to answer their needs.

Plan for different scenarios and be ready to pivot again when the time is right, and your customer base changes.

3) Switch to digital

Here at ANZ we’ve been focusing on helping our customers move to digital solutions for some time. Now, in an age of physical distancing and border controls, digital is more important than ever.

Using digital channels means SMEs can conduct their business quickly, access new markets for products and services, and save time and money through banking solutions like internet banking, our ANZ Pacific App and fast deposits.

Digital also means we can all maintain physical distancing and keep our people safe while continuing to operate our businesses. So, if you haven’t yet switched to digital, now is the time.

4) Look after your people and your community

Talk to your people and keep communicating regularly. They may be the only one still working in their family, and that pressure can be immense.

Here at ANZ Fiji we’ve had record staff engagement since the pandemic hit. I’m not saying it will stay that way forever, but I think part of that high engagement is down to us communicating with our staff at every step of the way and checking in to make sure people are safe, healthy and supported.

When people feel motivated, they’re more likely to be happy at work and perform well. Things like trust, encouragement and praise can be more powerful motivators than financial reward.

ANZ Fiji also supported more than 2000 of our retail customers with loan repayment deferrals through our COVID-19 hardship package. The third part was access to capital and additional funding.