Covid-19 has been a disruptive and challenging time for businesses but updating and changing the way they tend to customers is the key to surviving the pandemic stronger and more resilient.
Many business owners have risen to the challenge and kept their operations running through digital tools. However, as the dust settles, the challenge now is making permanent changes to adapt to this new way of working, not only surviving but thriving in a Covid-19 world and beyond.
Vodafone enterprise director Lindsay Zwart says staying up-to-date with the latest technological advances and prioritising cybersecurity is even more crucial for small and medium-sized firms in the current business landscape.
Simple connectivity upgrades such as moving to mobile endless data, unlimited fixed connections and introducing unified communications systems can make a big difference for SMEs as they evolve to cater to a changed market, she says.
Unified communications - connecting landlines, mobiles, tablets and PCs in a single cloud-based system - has already allowed thousands of small businesses to innovate and pivot through lockdown restrictions.
"A lot of organisations say to us they will never go back to all being in the office and where they were in the past; this is the new way of working and businesses need to adapt and change," says Zwart.
However, not only has the coronavirus seen businesses accommodate remote and flexible working, it has also left holes in organisations' networks as they have opened up.
Since the first lockdown, Vodafone has seen an increase in the number of DDoS attacks. Zwart says small businesses are not immune from being targeted and, like large organisations, need to ensure they have robust cybersecurity systems.
"SMEs went home, opened up their network, wanted to give everyone access and now they're having to assess what security controls to put in place to make sure their environment is secure."
A security breach could be devastating for small firms, she says: "The risk is that your business is taken down and you can't operate, you lose your confidential data and your customer data is exposed. Imagine having all your customers' credit card details, personal home addresses and phone numbers exposed - you would lose all credibility as an organisation."
As well as boosting cybersecurity, leveraging new technologies such as artificial intelligence, 5G and the cloud enables businesses to beat competition, Zwart says.
"Look at artificial intelligence for emails,data analytics for websites; finding out where customers are going on [your] website, what they are downloading, what they are clicking on, so you can start to do some predictive modelling to direct key marketing campaigns."
Technology and security aside, what to sell, how to sell it and putting customers first are equally important to ensure a business thrives during uncertainty.
Vaughn Davis, owner of advertising agency The Goat Farm and author of self-help book Covid Schmovid! 19 ways to make your small business boom, says the key to success in the Covid-19 trading environment is to produce a product or service that meets current consumer needs.
Use of video content and digital communication tools such as Zoom, Microsoft Teams and Facebook video chat for consultations across all industries is an easy and effective way to ensure operations continue despite disruption, he says.
Ramping up – or creating – social media presence is also beneficial. Davis says it is now next to impossible to run a successful business without a digital presence.
One piece of advice in his book is to think about how to take advantage of the 'lipstick effect' - the idea that, in times of economic crisis, consumers tend to go for affordable luxury.
"When you are faced with customers who maybe have a little less money in their pocket, think about ways to make what you sell a little bit more attractive or appealing," Davis says.
For example, if a company typically sells a $60 chocolate cake, is there an $8 cupcake that can be sold which embodies the amazing aspects of your big cake – or if maybe a florist can sell a single perfect bloom instead of a typical big bunch.
"You might not make much money on each of those sales but you'll keep that relationship with [your customer] so, when times get better, people will come back to you."
Giving your customer a voice was also very important, Davis says, adding that this also means understanding the "power of reviews and recommendations". A review is important currency - particularly in the Covid-19 environment: "Understand the world of your customer rather than angst over the world of your business. Right now, if people are finding it hard to find a dollar, they won't find it hard to find a 5-star review. There's a generosity and willingness to support local businesses."
Davis says Kiwi businesses are historically notorious for letting people know times were tough and asking for support. However, times were tough for almost everyone and there was no shame in asking customers for support.
Being open typically works in your favour, he says. "There's a flip side too; if you're doing well - don't be afraid to give that perspective as well."
For more, visit www.vodafone.co.nz/business