The COVID-19 pandemic developed as a health crisis, moved on to becoming an economic concern, and now has transformed into a recession hard to stave off. The current climate has particularly stopped the music for the VC ecosystem, startups and small and medium enterprises (SMEs). Indeed, small to medium size businesses are at the front line of the battle, with the repercussions being especially severe for them, and that is due to higher levels of vulnerability and limited resources.
To navigate through the current turmoil, it is vital for businesses to be agile to be able to respond to today’s changing environment in a timely manner. As such, SME leaders are advised to identify, focus and swiftly address the key vulnerable areas to ensure their survival and business continuity. These main focus areas are finance, operations and business models, people, and processes.
By reading this article, you will learn what the current investor strategies are as well as the available alternative sources of finance and cash. You will find out how to adjust your operations and business model to fit the new norm, what the needed measures are to safeguard your people, what would be the right way to adjust and leverage your internal resources and processes, and how to conduct decision-making protocols and scenario planning practices, all with the aim of building a resilient business on track towards survival and future growth.
