How SMEs Can Thrive in a Post-Covid World

1. Leverage technology to reach new customers or provide a distinctive value proposition

Digital and new technologies create an opportunity for SMEs to enhance their reach and efficiency at lower costs, overcoming the scale disadvantage they have relative to larger players. SMEs can focus on key areas of competitiveness in their value chain, product, and/or operations and identify the best technology levers to enhance competitiveness.

For example, a local BPO SME leveraged widely available technology---a virtual private network (VPN)---to transfer their systems onto a custom-made platform, which could be quickly modified as their needs shifted. This allowed them to rapidly move their call centers to remote working in the wake of a nationwide lockdown in South Africa. In less than five days, they moved more than 80 percent of their operations to a remote working model. The remaining capacity was not needed due to scaled-back customer demand during the crisis. The company was subsequently able to employ this unused capacity to generate additional business by supporting state initiatives aimed at reducing the spread of the coronavirus. A strong technology position helped this BPO player be more agile in the face of significant market uncertainty and disruption to their operations.

Digital and new technologies create an opportunity for SMEs to enhance their reach and efficiency at lower costs, overcoming the scale disadvantage they have relative to larger players.

2. Develop clearer market access strategies

SMEs can be more structured and holistic in developing their go-to-market strategies to increase their market share and also reduce the risk inherent in concentrating their sales with one to three large customers. For example, one agricultural processing player rapidly assessed the market conditions to identify areas that would drive demand for their product.

A better understanding of, for example, shifting demand, potential new client bases, and local substitutes for their product enabled them to shift their focus to new target markets to sustain demand. Access strategies allow SMEs to focus on their core value proposition that can be leveraged to clearly position themselves in a new market. For example, a BPO provider developed a discrete niche offering to take to new markets instead of adapting the business to any new demand as they had done in the past. This allowed them to more effectively prioritize scarce business development opportunities as well as investment resources.

3. Drive efficiency as well as sales

Most SMEs we have worked with focus on increasing sales and managing cash as priorities. SMEs that also focus on operational efficiencies can drive further competitiveness to support sales, while also potentially creating increased capacity in the business. For example, a manufacturing SME used basic visualization tools such as management boards to optimize operations. By tracking tasks in progress and KPI dashboards, they managed to achieve a 25 percent improvement in scrap reduction, which had a resultant EBITDA impact of roughly 100 percent. This was primarily driven by improved visibility into areas of leakage as well as a better ability to focus team efforts on solving problems.

SMEs that focus on operational efficiencies can drive further competitiveness to support sales, while also potentially creating increased capacity in the business.

4. Develop team skills and capabilities and empower leadership

SMEs on a fast growth track can struggle to scale up growth, particularly when founders are still actively involved in the business. By investing in capability building, particularly at a leadership level, SMEs can create more capacity for senior leaders to focus on growth and strategy to ensure sustainability. For example, a BPO player formed a shadow management committee with delegated roles and responsibilities supported by the existing, experienced management committee team. This allowed the leadership team to distribute the workload during the COVID-19 crisis more effectively as they transitioned to remote working and freed them up so that they could focus on sourcing new business and developing continuity plans. The company also supported their team with training on adopting a leadership mindset. Additionally, they empowered their top team by making more financial data available to them so that they could better understand and take ownership of the results of the business.

In addition to taking steps to innovate and pivot their businesses in response to this new reality, the vast majority of SMEs are going to need broader support if they are to emerge stronger from the crisis. Many may lack the in-house skills and business advisory services they need to get the right advice on structural business changes and to help them reimagine their business at this time.

More than 50 percent of SMEs are currently receiving support from financial institutions for payments and more than 60 percent are taking advantage of relief being offered by government despite low awareness regarding what relief is available at this time.

BUSINESS NUMBER ON THE GO

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The next time you travel, take your business with you!

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3 TECH TRENDS TO WATCH IN 2022

1. The Metaverse

2. Cryptocurrencies/NFT

3. EV