WATCH LIVE | How to reset your business post-pandemic
SMEs must be poised to take the gaps presented in a recovering economy
As SA begins its recovery from the Covid-19 lockdown, the actions that business leaders and entrepreneurs take in the next few months will be critical in determining their success. The pandemic-inspired disruption has demanded a rapid adaptation to change and a new perspective on the world.
While there have been numerous setbacks for many SMEs, there are also new opportunities for those prepared to rise to the challenge and grab an advantage. But how do they take effective action to make the most of a gap in the market?
In the words of Bill Gates: “Success today requires the agility and drive to constantly rethink, reinvigorate, react, and reinvent.”
Agility is an important aim for any business in a world that is volatile and unpredictable. The pandemic has reinforced the value of preparing for the unexpected. The ability to transform and adjust quickly to a new market environment with changing consumer needs is how businesses will stay one step ahead and maintain longevity.
The journey starts with understanding who a business serves: the consumer.
Deenash Pillay, Enterprise Direct Propositions head at Standard Bank, says: “Business owners need to consider the extent to which consumers have been affected by the pandemic, at a social and financial level. Disposable income has diminished for many individuals, and buying habits and priorities have also shifted.”
The willingness to reimagine the purpose of a business — and re-evaluate aspirations in the current socioeconomic climate — is also necessary to maintain relevance.
Pillay says many forward thinkers are already asking how the climate affects the market view of their offering. “What remains business-critical, and what is redundant?
“Importantly, however, businesses need imaginative leadership to fine-tune and modify what they already have, so they can continue to play to their strengths,” she says.
By supporting entrepreneurs and small business owners with business banking products like the MyMoBiz account, and the SimplyBlu platform for taking businesses online, Pillay believes Standard Bank is providing the platform for SMEs to manage their money with ease, while focusing on the business changes they need to implement.
Join business growth expert Pavlo Phitidis and a panel of innovators and business turnaround entrepreneurs — along with a well-known dating coach (yes, you read that correctly) — as they explore the finer details of how to balance priorities and take quick action when a window of opportunity opens.
This is the second episode of the four-part Standard Bank SME Summit in partnership with Business Day online series, geared towards getting SA’s entrepreneurs and small businesses back on track and firing on all cylinders in a post-Covid-19 economy.
Date: June 23
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