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An SME survival guide for the economic downturn. Tip 1 – Embrace the trend towards remote working
Remote working is a growing business trend now supported by the UK legal system. It offers a number of positive business benefits to both workers and enterprises. Including less money needing to be spent on office space and employee support; a happier workforce due to the potential it offers for a better work-life balance and the increased productivity that remote working can offer.
Technologies that can help this include the rise in low-cost broadband or wi-fi access, almost anywhere, highly advanced mobile devices such as laptops and Blackberries, the introduction of online services for your business and the ongoing fall in data storage costs.
These four combined will have a dramatic impact on the way people think about mobile computing and remote working.
Tip 2 – Don’t forget about security
Security is not something to be taken lightly - hacked networks / lost files or machines can expose sensitive enterprise data, and could result in a hefty law-suit.
The recent Poynter report (reviewing information security at HM revenue & Customs) found that there had been a real struggle to make the IT security changes required to keep pace with constantly evolving IT developments.
While enterprises may invest huge amounts in the technology required to secure data, they will still always be vulnerable to human error, such as employees losing USB keys, or having their laptops stolen. Therefore it is important for enterprises to also implement technology that can be truly secured, and can be remote killed if disaster strikes.
Tip 3 – Constantly innovate
In today’s business world, where enterprises seem to be struggling against economic downturn, it is very easy to purely focus on the now, but we should equally be looking to focus on tomorrow.
Enterprises often fall into the trap of resting on their laurels when they believe their business is ticking over effectively. It is the job of the directors to constantly re-evaluate their business processes to make sure they are doing all they can to increase business and keep their employees happy.
This can sometimes involve making what may seem like drastic changes at the time, i.e. adjusting sales strategy, changing the website or re-packaging the product they are selling.
Tip 4 – The customer is key
Understanding the customer, interpreting their needs and the big trends affecting them, are central to surviving a downturn. Businesses should take advantage of the many diverse ways of talking to their customers and positively generate feedback to help improve the brand.
Enterprises need to strive to become a source of knowledge for customers, so as to be recognised as leaders in their sphere and a trusted authority in the industry. There is no more powerful marketing tool than using satisfied customers as ambassadors for the brand willing to make recommendations to their peers.
Therefore it is vital for enterprises to take every opportunity to capitalise upon the myriad ways to interact with their consumers, particularly using Web 2.0 applications such as user-generated content, virtual worlds like Second Life and corporate blogs, as well as the more engaging marketing channels such as industry events or direct, tailored mail-outs.
Tip 5 – Network for your business
In uncertain times such as these, start-ups can struggle, and sooner or later, “what” or more importantly “who” you know begins to have a significant impact on your business.
Two themes are key to this, one is the need to network and make the necessary external sales / business links to drive business forward; while another important factor is the benefits that can come from knowledge-sharing within an organisation, to pool resources and experiences (particularly if employees come form a number of very different backgrounds) to the benefit of the company and potential product evolution.
Making best use of the advanced online services available nowadays, and innovations in technology that now enable very straightforward collaborative working within an organisation, is an important way of doing this.
Tip 6 – Delegation
Effective delegation frees up directors’ time – eliminating the “tunnel vision” sometimes associated with a small start-up company – creating a more involved, cohesive workforce that can only be of positive benefit to the company.
Effective delegation relies heavily on hiring the best people, to the point that you can trust them to do the work you set, and do it well. For start-up companies, it can be very valuable to hire staff that you have worked with in some capacity beforehand, and proved yourself to before, as this makes successful delegation much easier.
There is also a strong argument to do more direction setting and steering, thereby encouraging people to “own” their slice of the action, and if they’re truly excited by what they’re doing you can trust them to fulfill a job well.
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