Small and mid-sized enterprises (SMEs) play an enormous role in the UK economy with many experts predicting that they will be critical in the economic recovery from the pandemic. SMEs account for 50% of total revenue generated by UK businesses and 44% of the country’s labour force, but SMEs are also exposed to managerial risks and the pandemic has been particularly challenging. With this in mind, here are 6 management mistakes that SMEs must avoid during the pandemic.
Resisting Remote Work
One of the biggest mistakes that SMEs have been making during the pandemic is resisting remote work and encouraging staff back into the office. In addition to being a risk to the health of employees, customers and public health as a whole, this could also be impacting morale and making staff feel anxious. Remote work can bring many benefits to both the business and staff, but you need to make sure that you have the right tools and equipment in order to overcome the challenges.
Not Focusing On Safety
It is understandable that businesses are desperate to get back to normal, but you must also understand the stress and anxiety for your employees, customers and the general public. This is why you must make safety a priority, including finding ways to create a COVID-secure environment and to clearly communicate to staff and customers what steps you are taking to protect public health.
Not Providing High-Quality Customer Service
In times like these where consumer confidence is low and there is so much uncertainty, it means that customer service is incredibly important. This should be a priority during the pandemic and you need to make sure that you are doing all that you can to connect, support and engage your customers. Consumers will stick with the businesses that looked after them during the pandemic and maintained a connection, so this is something that all SMEs need to be doing.
Throughout history, the businesses that succeed are the ones that are flexible and able to adapt. The coronavirus pandemic has changed much about the world and will continue to do so even after it has ended, so SMEs need to be flexible and willing to adapt. Remote working is one way of doing this along with offering online services, contactless delivery etc.
Lack of Awareness of Market Dynamics
Following this, SMEs need to stay aware of market dynamics during the pandemic as it is a fast-changing situation. Professional teams can help SMEs to stay current with market dynamics through the pandemic so that the right strategic decisions can be made to stay afloat, avoid mistakes and come out the other side.
Not Seeking Support
SMEs must also make sure that they are getting the available support in order to help them through this time. The furlough scheme and the Coronavirus Business Interruption Loan Scheme (CBILS) can be of tremendous help for SMEs during these difficult times and make all the difference when it comes to survival.
SMEs need to avoid these 6 managerial mistakes during the pandemic in order to manage during this extremely challenging period and come out the other side.