As the world starts to emerge from the pandemic and more vaccines are administered and more businesses start to open, what is your goal for your SME? How can you set goals for a post-pandemic world? Let’s look at six ways to set a goal for your SME.
1. Understand the behaviour of your stakeholders
In the Harvard Business Review article, they state that there are three behaviours to consider when thinking about the stakeholders in your business. They are:
- Sustained behaviour: Behaviour which the stakeholders did before the pandemic and will return to once the pandemic is over.
- Changed behaviour: Behaviours that have changed and won’t return to what they were before the pandemic.
- Collapsed behaviour: Behaviours that will never come back.
By reviewing your stakeholder’s behaviour towards your company and seeing which category they belong in you can develop a plan to deal with the change in behaviour of your customers and suppliers.
2. Plan and strategize for tomorrow
How has COVID-19 impacted your business? By looking at the different parts of your business, you can see what impact the pandemic has had on your business. You can then make plans to see what new opportunities you will continue to exploit and what issues in your business need immediate attention. List those for immediate attention from most important to least important. When assigning tasks to your team make sure you don’t initiate too many tasks that need the attention of a few employees. Brainstorm how to deal with the immediate issues with your team as they may have some good insight on how to solve the problem as they are in contact with your customers every day.
3. Get digital
COVID-19 has accelerated the adoption of digital platforms for business. As you consider moving back to “normal”, you need to consider which parts of your digital adoption has helped to improve your business. If you put in rapid plans for your digital adoption, you need to review it and see if there are cheaper or easier ways to do those actions digitally.
4. Take care of your employees
During the pandemic, many employees showed more empathy to their employees as they adapted to working from home and certain other issues which were dealt with in the pandemic. We need to continue to be empathetic towards our employees and ensure they enjoy a good work/life balance. We may continue to let our employees to work-from-home if it has been successful. You can also consider holding a small get-together virtually or in a space that allows people to gather safely. By looking after your employees well during this period you will be able to grow your business.
5. Be obsessed with your clients
Some of your customers have journeyed through these challenging times with you. How can you reach out to them and thank them for their continued support? Have you found new markets to sell to and is it still beneficial to your small business to service these clients? By reviewing your clients and finding the most loyal and profitable ones, you can continue to give them excellent customer service.
6. Plan for different scenarios
You may not have had any contingency planning in place before these tough times and you may have struggled to move forward. Now is the time to think about all the possible scenarios that could happen to your business and create plans of action for them. One aspect to consider is succession planning or what will happen if a key employee quits during a pivotal time in your business? Try to think of every situation and don’t worry about how far-fetched it might be.
By going through these six steps, you will be able to set goals that have the future of your business and the community at the heart of it.
Proudly brought to you by the NSBC