Micro, Small and Medium-sized Enterprises are no doubt the core engine of growth in every economy. As we go into the last part of the first quarter of the administrative year, it is important to remind key business decision-makers that the time for planning and it is time to start executing.
No doubt, the effect of the Covid19 pandemic is still very much present as new variants keep showing up, thus, MSME must strive to be flexible with an innovative approach to doing business to stay competitive.
Here are three must-dos for MSMEs in 2022 if you want to stay afloat:
1. Support Customer/Buyer Behaviour
Increasingly, customers now choose how to spend their money. They are now paying for values. Thus, it is time to ask yourselves, what are the values that are important to our customers and how is our brand aligning with them. For example, a logistics business must work on timely delivery and integration of different payment methods that allow the business to thrive on the go among others.
In addition, there has been a mindful perspective towards how customers now see businesses, particularly as they relate to brand values. It is then important that MSMEs showcase considerable touchpoints in their business model to engage in smart and intelligent systems that aid effective buying behaviour.
2. Invest in Automation
Do not try to carry out all business operations yourself, manually. Gone are those days, dear business owner. It is important that you allow technology to drive most parts of your business operations such as documentation, human resource management, bookkeeping etc.
Depending on the nature of your business, it is important you leverage technology – particularly the function of automation to drive deliverables.
Aside from reducing the cost of operations drastically, it equally fosters more efficiency than the manual system. For instance, instead of manually tracking employees’ time attendance at work, payroll management etc.; software like AOAHUB automates the process easily and still provide you with a detailed report with which you can make informed decision underlying HR & Payroll.
3. Improve Employee Branding With Work-Life Balance
As hard as it seemed to identify critical indicators of work-life balance, it is important to engage employees in a way that guarantees personal and career satisfaction to get the very best input of work from them too. Initiatives such as Work From Home (WFH) that were accelerated by the pandemic should be a considerable factor in today’s work structure. It is believed that remote working is the future of work, regardless of criticisms of its absolute feasibility.
In addition, facilitate employees’ training either in form of coaching or mentoring. A well-trained and equipped employee-employer system breeds an efficient and productive workforce. Help your staff members, acquire in-demand skills related to their role and have a system that allows them to healthily put what they have learnt into practice.
DISCLAIMER:
The material contained in this publication is provided for general information purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.
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