By Analytix Editorial Team
With the unprecedented crisis caused by the COVID-19 pandemic in 2020, a new way of working and living came to the fore, globally: remote working, remote business transactions, and even remote payments and all related communication. The scale of the pandemic is such that aid continues to be needed and granted. The US Small Business Administration (SBA) has awarded more than $7.5 billion to small businesses, including those with fewer than ten employees as part of the Shuttered Venue Operator Grants. The program provides eligible applicants grants up to a maximum value of $10 million.
The pandemic also focused attention on the need for technical capabilities. Payments, taking and recording business orders, consulting on work to be completed, need to be shifted online to enable the business to continue operations without disruption.
For businesses that were well-positioned technically, this transition was easier than for those that were not prepared with some proportion of technical base.
As a COVID-19 landscape continues, businesses that are not technologically savvy still have to step up and adapt to better perform in a changing world.
Here are some ways in which you can help your clients deal with business during a crisis:
Help them reach out for aid
Assistance can be provided by setting up operations that are not only reliable, but also optimized and engaged with current programs, such as financial aid from the government. Accessing aid requires completed forms, electronic copies of paper records, and readily available business information.
Working with a strategic outsourcing partner can help you ramp up your own infrastructure system so that you can then extend a helping hand to your own clients.
Resolve their immediate issues
Ensuring effective cash flow management is an example of a practical resolution to pressing and important matters. Cash flow management is critical for business sustainability.
As a solutions provider for your clients, helping them with their cash flow management can take care of a portion of the business’s financial management. Other immediate issues that can help your clients is taking over daily bookkeeping tasks to streamline overall accounting function.
During times of crisis, it may become difficult to track receipts, invoices, and paper-based transactions. Shifting work to the cloud can assist in each of these tasks. However, given the need for a high volume of capital investment to set up technical capabilities, it can be easier to reach out to a strategic outsourcing partner and access their system, giving you the ability to start immediately without first investing in in-house systems.
Help them adapt to changed circumstances
Adaptability can help your clients optimize available assistance, and build momentum to ensure sustainability and long-term growth.
The need for assistance is central to successful adaptability. Most businesses may be so overwhelmed as a result of the crisis that they may be totally unaware of any assistance, financial grants, and other programs. A professional strategic partner is not only aware of such programs, but is also uniquely placed to provide the right assistance in harnessing aid.
Apart from streamlining daily operations, it is important to help clients plan for economic independence and financial strength. Embracing change and adoption of outsourced assistance and automation can enable clients to adapt to technology more efficiently.