‘Redevelop your business models’
Head of the Small Business Association, Senator Dr. Lynette Holder, is advising businesses to redevelop their strategies to ensure relevance in the current COVID-19 pandemic environment.
She highlighted that with restrictions relaxed, the business community must look at restarting its engines and facing the new normal “head on”, while remaining conscious of the uncertainty of the progression of COVID-19 and the probability of a second wave affecting the island.
“As a result, the reopening of firms will require business owners to do more than simply swing their doors open. They must now redevelop their business models and create agile operational strategies that can manoeuvre comfortably around any future probabilities that may arise,” Holder outlined.
In her Outlook June message, she also advised how critical it is for businesses to be dynamic.
“It is also imperative for companies to listen to the changing wants and needs of consumers and respond quickly with effective solutions if they wish to remain relevant and profitable. One glaring example which comes to mind is the heightened demand for delivery services across the island. This demand, which was once only a want, has now evolved due to the health and safety concerns surrounding COVID-19. Now customers have become more insistent on utilising firms which offer e-commerce platforms and delivery services to avoid unnecessary interactions with the public,” she said.
Holder highlighted that as a result, businesses which already offered and perfected this service ended up being miles ahead of those who refused to implement such measures in their operational systems before and as a result were left “scrambling” to catch up.
The Association’s head therefore told small business owners to acknowledge the beginning of a new era for commerce, as the rules of marketing have changed with ‘Place’ now being redefined from brick and mortar to e-business and delivery services.
“Now is the time for small business sector to re-engineer its thinking and mechanisms to emerge stronger and more ready for whatever lies ahead. Perhaps it is also time for marketers to update their foundational model for business,” she added.