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SMEs are some of the direct victims of the pandemic. Some fall, but some came back stronger. What are SMEs doing to safeguard their business in 2021?
1. Innovation In Business
“Go creative or go broke.” Innovation is one of the key elements to success. Many SMEs are safeguarding their business by playing the creative card.
The pandemic has highlighted the importance of being innovative and acting fast. Events management companies had to quickly move to virtual events. Retail shops had to move their business online. F&B industry had to improve its packaging for deliveries and takeaways. Therefore, being open to innovation is one of the ways to strive in 2021.
2. Venturing Into Social Media Marketing
Social media has always been great for marketing. It’s even more obvious when the pandemic struck. As a result, physical marketing has been either cancelled or postponed. Businesses that relied heavily on roadshows, events, and the walk-in crowd saw the need to invest heavily in digital marketing.
To safeguard their business, many SMEs have been very active in social media marketing. We also see an increase in digital marketing related job openings and an increase in marketing technologies adoption.
3. Moving Accounting to the Cloud
In 2020, we see increased adoption of cloud accounting solution like ourselves. Many businesses were forced to work from home, but they still need to collaborate closely with their teammates virtually. With the travel restrictions and everyone working from home, businesses had to find a place where they can work virtually, effectively.
On top of that, paper-and-pen invoices became even harder to track. This is because SMEs did not have a shared location to keep their files like before where everyone can access it. Therefore, to ensure that the finances of the business are still tracked properly, many businesses moved their processes to the cloud.
Enterpryze is a cloud-based invoicing, accounting and ERP solution. Find out how Enterpryze simplifies your business with real-time reporting, easy collaboration tools and more!