Since the arrival of COVID-19, small businesses have been faced with challenges including border closures, changing restrictions and lockdowns, staff shortages, andsubsequentdisruption to global supply and distribution chains.
Until February 2022, Irish companies were optimistic about their prospects, with the index recording business optimism at a level of 67.9, up from 49.5 a year ago and just off an all-time high of 69.1 in the third quarter of 2018.
Probably this sentiment has changed in the last two weeks however these 6 tips are still relevant.
1. Attract and retain staff
How can small businesses affectedbylimited worker availability continue tooperateand move forward?
Look for alternative recruitment opportunities
Apprenticeship: This is a programme of structured education and training which formally combines and alternates learning in the workplace with learning in an education or training centre. A great organisation in Ireland is Generation Apprenticeship.
Work Experience: The Work Placement Experience Programme (WPEP) gives people who have never had a job or who have lost their job a chance to get work experience and it gives a great pool of potential employees for employers.
Create a diverse workplace
Diversity promotes success, and is a critical asset for any team for resilience in a crisis.Research from all over the worldtells us that diversity is good for the workforce, the economy, and the community. Diverse workplaces are shown to be:more efficient, better at problem solving, more creative, more resilient in economic and financial downturnsto perform better overall.
Strengthen your organisational culture
Businesses where employees feel valued, trusted and respected not just through policies, procedures and processes, but in real-life interactions, will be the ones to attract talent.
The last two years have made many people reevaluate their workplace and job priorities. ‘The Great Resignation‘ has seen an increasing number of people wanting more flexibility and meaningful roles seeking career changes and alternative employment.
2. Manage supply chain challenges
Whether you run a retail store or e-commerce, it’s likely that the widespread global supply chain issues have affected your business in some way. ‘It’s about getting stock and raw materials and getting them in a timely way. But also, there’s a lot of cost pressure around all of this,’
While there may not be a simple fix, there are steps businesses can take to overcome supply chain challenges and continue running smoothly.
Prepare for all outcomes
While supply chains may continue to be disrupted by factors such as climate change and political instability, there are also positive developments and creative solutions on the horizon,suchasblockchain development of supply chains.The best thing small businesses can do is be prepared for all possible outcomes by staying informed and keeping customers informed, tracking and studying data and having alternative products and suppliers at the ready.
Stay informed
Supply chains can be affected by many local and global factors. Staying up to date with news affecting your industry and products will mean you can predict likely shortages and take steps to curb the impact, for example by using an alternative supplier or stocking alternative products.
Staying informed also means that you can update your customers regularly and remain transparent with them about potential upcoming and current issues with supply beyond your control. This will prepare them for any delayed shipping times.
Look into alternative suppliers
Research alternative suppliers in different locations so that stock can be maintained even if your usual supplier is unable to fulfil your business’ needs.You can also take this time to implement sustainable, long-term relationships with local providers and manufacturers as there is a movement away from wholesale supply.
Consider supply chain management tools
While supply chain management (SCM) software is mainly used by larger businesses, small businesses can use these automation tools to manage their supply chain efficiently, particularly while there are supply chain issues. You can manage supplier relationships and associated business processes, track inventory and keep an eye on shipping.
Keep track of inventory
Staying on top of your stock, what there is enough of and what needs replenishment, is vital during a supply chain crisis. While it can be difficult to balance the right inventory when supplies are low or inconsistent, you can increase your inventory by buying up as much as possible when a product is available, sourcing discounted items, seeking financing to invest in more stock or renting further storage space.
3. Embrace digital transformations
For many small businesses in particular, the pandemic has accelerated digital transformations.The fast forward transformation into the digital landscape, not just with online sales and ecommerce, but also in terms of internal processes, was ‘necessary and inevitable’.
When the lockdown period started in March of 2020, it brought on a lot of changes that business owners had in mind but may not have gotten around to doing. People have now seen firsthand how powerful digital changes in their businesses can be, so the sentiment around it is very positive.
However, we still see that social media and digital advertising is still seen as a pain point. The constant surveillance of social media and customer service online can be exhausting. Specially if you focus on following what large businesses are doing, instead of what really can work for you.
Streamline your systems and processes
The need forcontinued digital innovation encouragesbusinesses to continue embracing new technologies, streamlining processes and automating online services.
To manage the pressure of ‘always being on’ that comes with more online presence, digital tools such as those for content planning and scheduling are big time and stress savers. Chatbots, auto responses functions and AI tech can assist with customer service out-of-hours and building sales funnels.
Renew your digital marketing strategy
Engaging with your audience in an authentic, relevant and meaningful way will be the key for your marketing in 2022 and beyond.Conversational marketing, personalisation and audience-focused engagement through digestible chunks of information – such as short, DIY videos (i.e., TikTok and YouTube Shorts) – are examples of ways to build trust with customers, create quality interactions, and use feedback to tell real stories that create an impact.
Build and grow your online community
To fill the gap of face-to-face customer interaction, there are more opportunities than ever tointeract with your online community. Online feedback forms, social media and community management are ways that you can engage with your customer base from afar; the trick is to find ways to make this meaningful.
Luckily, small businesses have the edge here.The personalised services that small to medium businesses are able to offer will always be attractive to customers. Bigger businesses are more about commodity output, whereas smaller businesses are less of a volume game and more about customers, which people warm to, especially post-pandemic.
4. Adapt to working from home and the future of work
If the past two years have confirmed anything, it’s that the future is digital. The traditional workplace has given way to a hybrid model – WFH (working from home), and now a more distributed WFA (working from anywhere).
Whether or not WFA becomes the norm, experts agree that hybrid working arrangements are unlikely to change as a preference for many workers. So how can small businesses embrace the future of hybrid working, and what do they need to consider?
While there is an increasing expectation of flexible work arrangements, many small businesses are finding remote working unsustainable.
We’re now facing a situation where there’s an increasing number of business owners who want to get the band back together.Business owners feel that when working from home, you can tread water, you can break even, but you can’t really push your business forward. So, there is a view that a lot of businesses would like to at least go with a hybrid model.
How can you balance the traditional working model of having teams together, with workers who want the balance and flexibility that comes from WFH/WFA model, without losing out on team innovation and collaboration?
Stay on top of the latest digital tools
Hybrid work digital advancements will continue, with software and hardware tools continuing to innovate to further enable remote collaboration and productivity. Business owners can keep an eye out for advancements from companies like Zoom, Cisco, Microsoft and Google. While there are plenty of tech tools and advancements available from the tech giants, there are low cost and free alternatives available from smaller businesses that might just as easily fit your business’s needs.
Offer workplace flexibility
With staff shortages in Victoria mirroring those around the country, the employee/employer dynamic is shifting towards one where employees have more say. Business owners can take this time to work with staff to figure out what works for them and identify what roles can be done remotely (social media, accounting and bookkeeping are examples).
Businesses are also free to craft their own future workspace – while it may not be WFH or WFA, it may not necessarily be in an office space either. Some are looking into workplace flexibility, such as ‘work near home’ (WNH) office hubs and coworking spaces.
5. Focus on mental health and workplace wellbeing
The effect of the pandemic has caused many people to reassess their priorities in both life and work. This has brought about a shift in workplace values, with the focus turning to wellbeing and work/life balance.
Managing a business and staff through two years of change and uncertainty has been at times a mentally draining and lonely task.
Communication, both between business owners and from employer to employee, has never been more important; not only to benefit from small businesses networks but to ensure that business owners and staff alike feel connected and supported.
Staff and business engagement
It’s really important that business owners continue to be engaged with other people. A lot of business owners internalise their issues to put on a brave face for their staff, for example.Stayingsocially engaged and networking, particularly with other business owners, reminds you that you’re not alone. It makes you feel like you’re a part of a team.
Networking is more important than ever.
Emphasise empathy and team collaboration
While workflow tools, such as Trello and Slack, have simplified communication for employers and employees, developingeffective and empathetic communicationwith your staff is more important than ever.
Implement support plans and practices for staff
The way that businesses respond to mental health and workplace wellbeing challenges going into 2022 is likely to impact staffing and employment. There is an increasingly high premium on workplace wellbeing, and many people are now seeking work that brings them joy and a better work/life balance.
COVID highlighted the challenges faced by working caregivers. Support to offer staff includes incorporating practices like flexible working, phased part-time and cross-training to prepare for employee absences.
6. Build resilience and plan for uncertainty
Business owners are opportunists and there are always opportunities, especially for small businesses that are able to twist and turn and adapt very quickly,
While making constant changes and improvements can be challenging, you can achieve your resolutions for your small businesses if you begin working towards them in small steps.
A resilient business can adapt to disruptions and keep operating while looking after its people, assets and brand equity.You can take steps to prepare your business for disruption andbuild business resilience.
Three top tips on how small businesses can safeguard against uncertainty in 2022:
And remember:
‘If you’re stressed or feeling under pressure, know that you’re not alone.
It’s so important to remember to be kind to yourself and take your foot off the accelerator every now and then to ensure you don’t burn out.’
