“Small businesses must take a serious look at their current business model: Is it still feasible in this pandemic? What new business opportunities exist? What strategies can be implemented to manage cash flow and extend the life of their operations? It can’t be business as usual,” stated Sandra Glasgow, founder and chief executive officer, Biztactics Limited.
She was speaking recently to over 100 small business owners during a webinar hosted by C&W Business Jamaica titled, Transforming My Business: Navigating the New Normal.
The C&W Business Jamaica webinar was hosted specifically for small businesses, to offer business coaching along with technology and legal advice.
Glasgow in her business coaching segment placed a small business twist on McKinsey & Company’s five-step strategy for Thinking and Acting Across Five Horizons in the “New Normal”.
“The marketplace has changed. Small businesses must therefore resolve any immediate challenges with employees, customers, and suppliers to make it through this tough time.
“Tell your employees what is happening in the business; speak to your bank about financing and loan holiday opportunities in order to maintain cash flow; and preserve your customer relationships.
“From there, you must redefine your business model to future-proof your business – this may mean a move to ecommerce and work from home, where possible,” Glasgow said.
During the webinar, respondents voted on the technology solution that would best help their business to navigate the pandemic.
Seventy-seven per cent of respondents voted to learn about work-from-home solutions.
“Small businesses are the lifeblood of the Jamaican economy, particularly when considering the thousands of families that depend on their success.
“We therefore decided to make them a central focus. Information on business continuity, new ways to engage customers, and new business opportunities is essential to help small businesses thrive and so hosting this webinar was simply the right thing to do,” stated Dwayne Walters, senior manager, SME & Partner Channels at C&W Business Jamaica.