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Accepting ‘new normal’ best practices for SMEs

Accepting ‘new normal’ best practices for SMEs

Entrepreneurship

Parul Bhandari

Parul Bhandari

21 Apr 2020, 09:40 — 7 min read

We’re often hearing the words ‘new normal’ during this unprecedented time filled with fear and worry. As humans, we are very adaptive and when the coronavirus outbreak began at the beginning of 2020, it was reasonable to think that most of the ‘new’ practices would be temporary. But when the temporary practices have to sustain and begin performing well for more than two quarters of a year, you have to think – why undo it all?

 

COVID-19 has allowed us to rethink towards having a resourceful and lean approach. Therefore, if the new practices are working well for an organisation, it’s favorable to continue with them and make them standard procedures.


One of the most wasteful activity that costs time and money to organisations according to the Six Sigma methodology is ‘rework’. As a business process expert for the last 15 years, I’m sharing a list of candidate ‘new normal’ process activities that certainly have plausible reasons to be embraced. Effective new processes can continue and don’t need to be wound back causing rework. 


1. Teamwork and collaboration

The value of virtual teams and collaborating remotely have emerged as a strong trend. While face-to-face meetings are far from extinction, the value of virtual meetings have decreased response time, quicker decisions, reduced logistical costs and travel time and expenses. Compassion and staying connected within teams, while caring for teammates in times of difficulty is something that has become a part of us.

Also read: People practices in turbulent times

 

2. Cloud applications and video conferencing

Zoom shares rose up by 40% in February alone with 2.2 million new active users according to CNBC. In addition, Microsoft Teams can be an indispensable tool to have as it also comes with all other Microsoft365 applications which can be very useful for SMEs. With MS365, you have tighter controls on user data gathering and security. Cloud accounting like Xero allows management of balance sheets and expenses on the go. While there are cloud data storage and backup applications which when employed allows SMEs to be more resilient and be prepared for further growth.


3. Move to online shop

With the reduced foot fall in physical store locations or shops, the current situation has nudged SMEs to move various products and services online. This might have resulted from a reduction in physical customers, but with meticulous planning for the future, e-shop and e-stores can provide an additional platform for sales. Online presence also provides an opportunity to create further brand awareness and to connect with customers through social platforms. Small service-oriented businesses have been most hit due to the coronavirus pandemic. So innovative solutions like offering online gift cards is one of the areas where some revenue can still be generated. See details on www.giftforward.co featured in Forbes for one such new practice. Company named Eazy Diner has collaborated with over 10,000 restaurants in India, to facilitate advance payments in lieu of customer discount cards.

Also read: Design and market your way through customers' minds with these resources


4. Phone calls

The traditional way of communication is back on the grid. With benefits of better social connections, direct conversations and to discuss complex matters; the good old method of picking up the phone to call a colleague is more constructive. Allowing for increased productivity, faster communication and reduced wait times, phone calls are here to stay.


5. Resourcefulness

Working from home or completing tasks with fewer staff members or lower finances have forced us to find workarounds and new methods of working. Using less paper signatures or adapting to automated payments for most transactions, online learning and virtual seminars have emerged as a strong trend for SMEs and startups. Having the attitude of thinking outside the box and making the most of what we have at our disposal has resulted in teams being more ingenious. Small business restaurants for instance have opted for takeout food according to Forbes, Burger King has begun contactless drive-through options, while Amazon is encouraging contactless deliveries, offering easier methods of providing their products and services.


6. Augmented planning and organisation

With increased pressure from work, home-schooled children and caring for family members; key traits to plan ahead, add more rigour into future projects and being forced to plan for continuity has surfaced. Building on emergency funds, organising life and company insurances, asset allocation for short-term and long-term goals have pushed us to be better planned and organised. Unlike before, more scrutiny of contracts particularly for 'force majeure' clauses and commitment from parties in times of unforeseeable circumstances has proved to be an essential practice, easily missed before. Last but not the least continuing to gain knowledge of financial matters, industry trends and the changing environment has proven to be essential to sustain business operations.


I’m an advocate for change and transformation; especially when it works better for the company in terms of saving time and cost while also encouraging innovation and lean methods. This unusual time due to COVID-19 has allowed us to rethink towards having a resourceful and lean approach. Therefore, if the new practices are working well for an organisation, it’s favourable to continue with them and make them part of standard procedures, rather than causing yet another change cycle for teams to cope with, if undone. 

Also read: Business continuity planning - 5 practical tips

 

Image source: shutterstock.com

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.

Posted by

Parul Bhandari

Parul Bhandari CEO at Cresta Consulting Co, a firm that provides management services for technology and digital transformation initiatives. Parul has over a decade of experience...

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