Article provided by Santam
An entrepreneurial spirit is a mindset of constantly wanting to learn, share and disrupt the norm. This is even more vital when trying to keep your business afloat in the current economic environment the world finds itself in. Why? Because tough times often force focus and drive innovation, leading businesses to come out of the storm stronger and more accomplished than before.
Philippa Wild, Head of Commercial Lines at Santam, says, “This is unchartered territory for all individuals and businesses alike, with many facing loss of revenue, retrenchments or bankruptcy. According to the 2019 Santam Insurance Barometer, small to mid-sized companies had business confidence levels of 45% to 46% respectively, due to their ability to absorb the consequences of a subdued economy. In the current climate, these have decreased. However, now more than ever, South African businesses need to bolster their confidence, find opportunity in adversity and evolve in order to weather the storm.”
Below, Wild shares four key insights for businesses to keep continuity during this tough economic environment:
1. Prioritise your people
Your employees are by far your most valuable asset, so put measures in place to protect them as far as possible. Ensure all your employees understand the hazards to their health and safety within the workplace should you be able to operate during the pandemic and implement all precautionary measures that you can to reduce exposure. In addition to this, offer as much financial and emotional support as your company can afford, if and when necessary, to encourage your employees to keep on producing at your normal standard.
2. Prepare for post-lockdown
Now may be the time to review your business operations and services and upgrade to stronger, more efficient alternatives. If possible, consider updating outdated equipment or implementing key training for staff. Do a review of your business to see where there may be gaps that might have cost you revenue or gaps in the market that you can cater to. Use your time wisely and spend time reflecting.
3. Refine your client journey
Client-centricity is key to long-term business success, especially in an age of unprecedented transparency. Map out your clients’ current journey at every touch-point – from awareness to post-purchase stage – then identify how you can streamline this to automate more of the admin and optimise the user experience (UX). Ask your clients and staff for input, conduct surveys, and test different solutions. Right now, encourage iterative micro-innovations that’ll enable you to learn but won’t cost you too much if they don’t work.
4. Get up close and personal with your insurance
Now is the time to ensure that you’re adequately insured and prevent any further losses. Interrogate your policies and make a checklist of what is covered and what is not. This way, you can pick up on where you are left most vulnerable and take the steps to mitigate risk. Speak to a broker to fully understand your insurance policies without making assumptions.
Wild concludes, “It is important to note that having good risk management practices, updated safety training for employees and clients alike, as well as a solid plan for the new normal can influence whether or not a business makes it past this next hurdle. To further bolster our clients’ businesses during this time, Santam has made R400-million available as COVID-19 relief to help clients, suppliers, and to contribute to the Government’s Solidarity Fund.”