Back to „business as usual“ is not possible anymore - Corona has initiated multiple changes and its effects will be present for quite some time.
SMEs performed during the Corona-lockdown astonishingly well and proved a considerable stability. During the months of crisis they were extremely challenged. Big Enterprises have a big variety of resources and different emergency concepts at disposition. SMEs had to rely on entrepreneurship and invention capabilities in order to cope with this unforeseeable situation. Smaller companies had to act quickly and changed operativ habits, such as working space, communication, processes, etc. Last but not least they “learned a lot”.
People's general attitude seems to demonstrate that the worst has passed. Smaller companies tend to return to the “old normality” of doing business. Some of them believe that governments overreacted with measures and others just prefer to ignore the fact that this crisis is going to be reality for many years to come.
According to Andrew Lapthorne, Head of the department for quantitative Investigation in Banque Société Générale, the moment for optimisme is not yet to come.
Corona-crises is very different from other former crises
Vaccines as a universal problem solution for the pandemic are overvalued
Complete economic recovery is probably not going to be reality in the near future
SMEs are going to be challenged. We are talking about the “New normality”. SMEs have the advantage of being able to react quickly and agil to new situations. It requires alertness, curiosity and courage.
Under no circumstances small enterprises should return to the former habits and procedures. The newly acquired know-how in home officing, video conferencing, process digitalization, etc. should be further developed and get even more integrated in the daily operation.
SMEs are strongly recommended to deal intensively with the 5 key-factors, in order to defend and further develop their market-position
During these times SMEs are challenged in many ways and available resources are limited. All the know-how required does not exist internally at the moment needed. But "good advice doesn’t have to be expensive”. External know-how combined with experience is plentiful and immediately available, from innovation coaches, digitalisation specialist, engineers, even external CFO’s.
Contracting such experts is a very cost efficient way to fill gaps and get know-how.
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Klemens Ruoss & Andela Sormaz, 8/29/2020