What Should Small Indian Businesses Do During Covid-19 Lockdown?
People across the world are in lockdown mode due to the COVID-19 pandemic. As responsible citizens, we can stop the spread of the virus by following social distancing, basic hygiene and taking precautions as advised by the WHO.
But individuals aren’t the only casualties of the lockdown – it has affected the economy as well. SMEs are under pressure, forcing many to slow down due to limited resources and cash flow. Business owners can utilize this time to work on the development of products and unique business solutions with the resources available at hand, but that won’t be enough to get them through this. There needs to be a streamlining of business processes and a focus on research to help businesses develop improved strategies.
- Social distancing is the need of the hour, and, along with it, cashless payments to avoid physical contact. Accepting orders online and through digital channels like wallets, GPay and the like can help. To avoid multiple deliveries (which puts both the customer and the delivery person at risk), bundle product offerings.
- Businesses need to analyze inventory levels and make a note of how much they actually need in this situation to avoid spoilage and an excess of unsold stock.
- Since the government has advised all citizens to maintain social distancing, business owners can work remotely and set up systems that allow employees to do the same.
- Arrange live training sessions and crisis management system training to employees and provide tools that will help the business grow.
- An efficient communication strategy that will help stay connected to your employees and customers will definitely strengthen the bond and improve relationships. This can be in the form of weekly online meetings, calls, chats, messages etc.
- Show gratitude towards your employees by taking care of their needs, like regularly taking updates of their well being. If possible, give them advance payments: this will help in employee retention and keep them motivated.
- Ventures and cross functioning can save your business from crisis and is one of the best strategies to focus on during the market crashing crisis.
- Analyze your sales revenue and make note of the products that were the most in demand in the past few months. This will give you a better idea of what products and services are likely to be popular post the lockdown.
- A digitized setup for your business will help ease the business management process remotely, helping overcome any emergency.
Digitizing all aspects of your business is important – including payments. Unfortunately, many Indian consumers still prefer cash transactions that come to around INR 25,000 crore of cash circulation. Avoid cash entirely and opt for digital transactions and start getting your customers and vendors to pay through mobile wallets, apps or any bank application.
The digital revolution is booming – online payments cannot be a second option, it should be the priority right now. It is the need of the hour to practice online payments not just in metros, but in tier I, II, III cities as well.
And tracking digital payments becomes easier with a payment tracking app like Paytrac. It automatically tracks payments across all modes like PoS, cash, UPI, wallet, online & bank payments etc. Start using this app today for your business!