9 Apr 2020, 18:04 — 4 min read
While we put in immediate measures to counter the impact of COVID-19, we as SME entrepreneurs should also consider medium and long term actions to help navigate crises that may arise in the future. This means developing greater agility and becoming more resilient.
This article looks at some action points for SME entrepreneurs.
Consider creating pre-emptive action plans with enhanced risk management practices based on analysis of past event and future threats. This will help organisations identify strategic and concentrated supplies that are at risk in major crises, and most importantly, recognize when current internal risk capacities prove insufficient.
Sudden crisis bring with it price surges as the demand may exceed the supply. Hence organizations may benefit by creating a balance between supply and demand, and internal stakeholders. Consider creating contractual agreements with critical suppliers on logistics based costs to reduce surges in prices during crisis.
Consider advancing your abilities to model and predict consumer behavior, both in times of stability and uncertainty. A comprehensive end-to end supply management will help you cope up with demand.
While global and integrated networks have the advantage of economy of scale, organizations should be able to balance this with creating micro supply chains. Micro-chains bring in the added benefits of being more agile and flexible and may also bring manufacturing nearer to the point of purchase.
Technology upgrades are worth considering in most scenarios. Consider investing in execution tools like cloud-office technology and zero-touch models to equip your workforce to work remotely and effectively.
Wadhwani Foundation’s primary mission is accelerating economic development in emerging economies by driving large-scale job creation through entrepreneurship, innovation and skills development. Founded in 2000 by Silicon Valley entrepreneur, Dr Romesh Wadhwani, today the Foundation is scaling impact in 25 countries across Asia, Africa, and Latin America through various initiatives like the Wadhwani Advantage.
Wadhwani Advantage is a program for small businesses with an employee strength of 50 to 250 employees. The program offers high-quality advisory, strategic and operational service pro bono and at a subsidized fee by our mentor-advisor consultants or partners. The program is enabled through the Wadhwani Advantage APP. The APP gives you instant access to personalized action-oriented content and connects. The program includes 1-12 months of engagement to help you achieve hyper growth. It also offers up to three years of hand-holding support enabled through our Artificial Intelligence (AI)-enabled platform. Download the Wadhwani Advantage app on Google Play and App Store.
Image source: shutterstock.com
To explore business opportunities, link with me by clicking on the 'Invite' button on my eBiz Card.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
Posted byMathew Isac
Expert Advisor and Consultant for SMEs on the platform, specially to address queries on the impact of COVID-19 on business owners in India With over 28 years experience in...
Recommended articles for you
By Daniel Remo