Business

How can MSME grow Business during a pandemic?

1. transform business from offline mode to online mode. Own your own self domain Commerce portal and website. This opens the opportunity to sell your products across the globe. Ensure your website or portals are mobile responsive.

2. List your products online and promote them using coupon codes. Effective and selective promotions during occasions and festivals. Be the master of your decision making on discounts based on your margins. Don't bleed for the top line at the same time don't be greedy for margins.

3. ensure all digital payment options are available for customers. example: Payment Gateway, credit card, wallet, upi, QRcode, neft, rtgs etc. ensure international currency access are available as well.

4. if your transactions are heavy and high frequency take advantage of settlement financing options available for smart cash flows.

5. ensure you have tools to record your purchaser/ supplier details. record your offline customer records it adds on to your database repository and productivity. Create a repository of your Business transaction information both for offline and online business. Wherever possible introduce the KYC process to know your customers better. For large transactions ensure you check the financial health of your customers through tools like credit bureau, financial reports etc.

6. Make full use of social media for promotion and communication. Its must for extensive promotion in digital world as it brings recognition to the product and adds to the brand value

7. Have omni channel access made available to your customers. You should be reachable on the phone. Website, chat, bots, telegram, whats app, linkedin, twitter, FB, FB messenger, blogs, media room and all possible social media channels.

8. Logistics tie up should be seamless and should be spread across length and breadth of the country. Ensure you have providers even across all international destinations. Create a smart and cost effective supply chain model. Use waterways for low cost delivery or electric vehicles for cost effective deliveries locally.

9. Focus on employee productivity by giving them smart devices, systems, office automation products (need based). Create a culture of access to work from anywhere and everywhere. Remember employees are your brand representative hence empower and motivate them. One satisfied employee creates millions of satisfied customers.

10. Effective Communication is key to any Business. ensure you reach out to your customers in minimum two languages as per the region or locality. Creating product materials, brochures in regional languages are very critical. It's absolutely ok to over communicate with your customers during pandemic. It takes you more closer to them.

05-Sep-2020

More by :  Srivaths Varadharajan

Top | Business

Views: 3620      Comments: 0





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