How to grow your business in the new normal

How to grow your business in the new normal

Entrepreneurship

GlobalLinker Staff

GlobalLinker Staff

24 Sep 2020, 17:11 — 6 min read

The new normal requires a new mindset and a shift of perspective. How you usually operate or manage your business may no longer work anymore. But this shouldn’t limit you to achieve maximum business growth.


While these unprecedented challenges may look like a setback at a glance, looking at it with a different lens can unlock opportunities where you can adapt and thrive.


Below are some essential components you need to secure in order to thrive in the new normal.


1. 
Build a solid and agile team

As you navigate the new normal, we cannot stress enough the importance of building a strong and agile team. When we say agile, it means that your team is adaptive, responsive, and determined to accomplish goals or milestones, even in the midst of challenging environments or situations.

A few tips to building an agile team:

  • Build a solid foundation. Building an effective team doesn’t happen overnight. Start with changing their mindset and teach them the importance of collaboration and transparency.
  • Keep communication open. Adapting to change isn’t as easy as it looks. Communication is the key to understand your team’s standpoints and what they’re working for. You can use some apps like Slack to communicate with your team faster and easier.
  • Understand the strengths of your team members. It’s not just about their job role or responsibility. You need to analyze the strengths and weaknesses of your team members to find balance and to find out which areas of work can they perform at best.


2. 
Incorporate technology to your operations

The new normal gives you the time to revisit your business processes. In order to grow your business, you need to learn how to automate or streamline your internal and external processes.

Truth be told, manual processes are laborious and it takes so much time which can be costly for your business. Imagine, replying to the inquiries of your customers one by one. What if you have over a hundred of inquiries? Maximizing a chatbot or creating automated response can help you save time.

Another example is having your online store. If you don’t have an online store yet, you have to deal with an end-to-end manual process — from answering customers’ inquiries, confirming orders, checking out payment, to setting up deliveries. With an eStore, you can automate and streamline these processes, allowing you to save time which you can use to do other important tasks.
 

If you don’t have an online store yet, you can create an online store for free here on UnionBank GlobalLinker.


Also read: Create your own online store on UnionBank GlobalLinker for Free

 

There are other technologies that you can incorporate to your business like the following:

  • Payroll management tool. Manual payroll computation leaves plenty of room for human error, but with Sprout Payroll, salary computation is completely automated. What usually takes days can be finished in just a few clicks. Sprout is offering this for free for SMEs with up to 50 employees
  • Run your entire business in one platform. From purchase of goods, sales, inventory management, to accounting, you can run these in one platform through Kiu’s Business Management Platform.
  • Automate tax filing so you won’t miss any deadlines. Taxumo’s DIY Subscription plans offer limitless tax filings which can help file on time you focus on growing your business while they’re working on your tax dues.
  • Bank from home and automate your bills payment. You no longer have to visit a bank and deal with long queues. You can open a Biz Starter Checking account (with only P5,000 minimum maintaining balance) which you can utilize to pay your bills and taxes online at the comfort of your home. The best part is that you don’t have to go to the bank to open an account.  

 

3. Secure your capital

Growing your business doesn’t only involve people and processes but it also involves capital. You need a significant amount of growth capital in order to scale your business.

When we say growth capital, it is intended for your business growth. For example, you need investment in order to develop and launch a new product. Working capital, on the other hand, is the money you need to pay your operational expenses like inventory purchases and payroll. You need working capital to meet the basic needs of your business and pay your bills to get your venture going; whereas, you need a growth capital in order to take your business to the next level.
 

If you need to boost your capital, you can find fast and hassle-free business loans on SeekCap to meet your company’s growing needs. With SeekCap, you can choose from a wide range of loan products from different established lending companies like Esquire Financing Inc.

 

To apply on SeekCap, you no longer need to visit a bank. You can apply online with zero processing fees! Here are the steps to apply for business loan on SeekCap:

  1. Visit their platform and choose from their lender’s loan products
  2. Sign up and fill up the application form
  3. Upload the required documents
  4. Once submitted, your loan application will then be reviewed

 

SeekCap only requires minimal documentation where loan decision is released within hours of applying and disbursement comes within three days of application.
 

Also read: 6 financing options to help your business stay afloat during and after a crisis

These are the three key things you need to secure in order to achieve maximum business growth. With the changing business landscape, it’s essential that you learn to adapt quickly. Withstanding the setbacks and surviving these unprecedented times will help you emerge stronger now more than ever.   

Recommended articles for you

Join a growing community of 300,000+ SMEs. Create your account now.

Already a member?

Log in

UnionBank GlobalLinker - GET THE BIG BUSINESS ADVANTAGE

Visit mobile site