The Covid-19 pandemic affected key sectors and caused a drop in Kenya’s GPD by 5.7% in 2020 compared to a growth of 5.3% during the same period the previous year. How can your business bounce back in the post Covid era?
We can all agree that 2020 was a roller-coaster ride for most businesses. Besides the drop in GDP the implementation of lockdown measures, curfew, travel restrictions, closure of bars, and suspension of learning have made it harder for businesses to operate.
Luckily, Kenya’s GDP is expected to rebound by 6.9% this year. We hope that as the economy recovers, your business will see a rise in activity and revenue.
Unfortunately, the war against Covid-19 is still on, and some restrictions have trickled into this year. To help you cope, we have created a list to help you bounceback (including our very own payment solutions to boost revenue collection).
Let us begin.
Carry out SWOT analysis.
Given the current state of the economy, it has become necessary for businesses to leverage their strengths.
A proper SWOT analysis can help you:
- Grow your accounts
- Create better business relationships
- Increase your profits
- Mitigate industry risks
- Implement efficient operating procedures
- Understand which products sell well and why
- Remain competitive within your industry
Focus on any internal and external factors that can affect your growth and find relevant solutions. Identify why you are not selling more to existing customers and why reps are having a hard time closing business.
Reduce your costs
In times of financial crisis, you need to cut costs to stay afloat. Unfortunately, for most businesses, this means letting go of employees. However, there are easier ways to cut your costs and still keep your workforce.
They include:
- Increasing safety measures to lower your medical and insurance costs
- Reviewing procedures and ensuring efficiency.
- Reducing damage to equipment.
- Re-organizing work rosters to prevent the need for overtime.
- Shopping around for cheaper suppliers.
- Working with efficient and affordable payment service providers.
Encourage remote working
Over the last couple of months, many businesses have taken to working remotely, so could you. There are a few challenges, especially when training new employees. However, adopting a learning management system can help.
You can also implement collaboration software to help teams stay on top of their tasks. Additionally, you can use employee tracking systems to help monitor employee performance out of the office. You can:
- Monitor employee productivity
- Obtain the status of every task
- Record data over time to identify trends.
If all this seems like too much, you can have regular phone check-ins with your employees to stay updated. Either way, encouraging working from home can help you cut down on office space and save your business some money.
Use cheaper, convenient payment collection methods
The need for social distancing has pushed consumers towards online shopping platforms. Your business can be the solution they need.
You are in a unique position to provide services and products through your online platform. Plus, you get a chance to tap into a larger market.
To help you out, we have devised a payment solution that allows you to receive online card payments (Mastercard, Visa, and Amex) and Mpesa payments straight to your bank account.
Through a simple integration process, you can give your customers multiple payment options and boost your check out rate.
(Speak to one of our representatives)
We can help you prepare your post Covid business
If you are looking for a way to save on your costs, keep your business running smoothly, and keep your customers happy, we are here to help.
Our payment infrastructure supports online businesses. Let us take care of your payment collection while you focus on growing your business.