Innovation and adaptation are key for small businesses
As the covid-19 pandemic presents unprecedented challenges, government guidelines to stay indoors and socially distance have dramatically changed the business landscape as we know it. With many businesses forced to close their doors to the public or downsize current operations, businesses of all sizes are being forced to think of new ways of working. In this fast-changing marketplace, now more than ever, innovation and adaption are key for SMEs.
Small business owners are familiar with the preparations required to manage common business challenges, whether that be a seasonal shift in sales or unexpected employee absences. With the coronavirus crisis unlike anything ever experienced before, in the face of uncertainty many business owners are having to think on their feet. We are already seeing a great number of businesses providing inspiration and seizing the opportunity to evolve.
When remote working was enforced, we saw a surge in the investment in technology and online presence. In a growing digital world, businesses can continue to offer help and guidance, promote products and services, and simply stay in touch with customers. From using video technology providing virtual consultations or delivering at-home tutorials, businesses have found new ways to communicate with their audiences in the comfort of their own home. It is key to remember that as social beings, our customers value connectivity more so now than ever.
In a bid for survival, many business owners have no choice but to change their business offering and as a result are discovering new ways of working and generating revenue. Pivoting through adversity requires innovation and adaptation to a new marketplace. We see restaurants and bars that would usually seat and entertain guests now delivering recipe kits and meals directly to their customers home. Distilleries that once produced spirits for bars and retailers are switching their operations to support to the health care industry and manufacture hand sanitiser.
There are, however, a number of industries that are unable to focus on supporting the locked down economy. Some simply cannot continue operation due to the ongoing government restrictions. Instead, taking this time as an opportunity to prepare for the post-covid business and consumer landscape is essential. Following new trends can allow businesses to focus on research and development, allowing for the invention of new business offerings.
Whatever route a business takes to innovate and adapt through these challenging times, modelling a cashflow with best- and worst-case scenarios is essential. Business owners need to ensure they know how much cash is needed and understand the funding options available to them.
At Time Finance, we have a range of funding solutions to support businesses for the road ahead. For immediate access to additional working capital:
- Our suite of Business Loans provides the cash injection businesses need to keep up with everyday expenditure and make essential investments
- Our Invoice Finance solutions unlock additional working capital by releasing up to 90% of the value of unpaid invoices within 24 hours
- Our Asset Finance solutions allow business owners to invest in vital areas of the business in manageable monthly payments
As we move through these challenging times together, we continue to back small businesses, ensuring our funding solutions reach those who need it to pull through this difficult period. If you want to discuss any funding requirements, please do not hesitate to contact our expert team who can help source the right support for you and your business.