How to stay future fit: Beyond survival

As the world emerges from the COVID-19 lockdown, enterprises of all sizes are exploring ways to stay resilient, adjusting their business strategies and operating models to achieve success within the ‘new normal.’

One of the hardest hit markets by the pandemic is small and medium sized enterprises (SMEs). According to research by the ACCA UK and The Corporate Finance Network, just 35% of SMEs in the UK have a business plan compared to 86% in the corporate sector – a worrying statistic for any SME attempting to stay afloat.

In order to prevent the risks brought about by global pandemics and the associated operating costs, a robust business plan that fits the current environment - rather than historical criteria – is essential.

Cost reductions, sales conversions and access to funds are the fundamentals to keep businesses moving. So how can companies, especially SMEs that are tight-rope walking on wafer-thin margins, stay resilient and relevant following the COVID-19 pandemic?

A winning mindset

COVID-19 for many businesses has been their ‘darkest hour.’ For businesses to stay financially and physically healthy in uncertain times, they must have a winning mindset.

Business leaders must have a can-do, never give up mentality. That against all odds, businesses will be able to respond and overcome the greatest challenges we are witnessing in living history.

Not only are the employees of these businesses counting on their leaders to plot a steady course, the world is depending on these businesses to keep the economy strong. It is their duty to hold their nerve and fight for survival in the face of adversity. 

As an entrepreneur, having faith and believing in yourself and your passion is a necessity. At the same time, you need to be flexible to adapt and pivot the business in response to the market conditions.

For businesses to fuel their growth, corporations must foster a culture of trust with their clients, stakeholders and investors demonstrating that they can operate in the present day under new and challenging circumstances.   

Remote working has become the ‘new normal’ for businesses across the globe. However, it’s important that companies realise that this new way of working is here to stay and it isn’t a ‘quick fix.’ Business owners need to adapt their plans, contract terms, re-evaluate their products and services, and even change their market focus to adapt to the COVID-19 scenario.

We have led by example in this regard. As a result of modifications and adjustments that we made in response to the COVID-19 pandemic, we were able to raise 21 million Euros of funding during the global lockdown, demonstrating a robust business model is required for a post-COVID-19 world.

Technologies to future-proof your business

Driving business continuity has become the priority on the corporate agenda, with financial directors at small and large corporations continually exploring how they can cost save.

Fees relating to international payments are often overlooked by CFOs, and with the right technology in place it can grant the business quick wins to keep their overheads down. 

Using a foreign exchange platform enables companies to mitigate the hidden fees of international payments, providing CFOs full visibility over company transactions in real time. CFOs can make informed decisions while having peace of mind to keep international payment fees to a minimum.

Beyond survival

A foreign exchange platform plays an integral role in supporting business resilience, helping companies navigate the hidden and unnecessary costs of international payments.

Meanwhile, emerging technologies such as big data, artificial intelligence, and machine learning - blended with business strategies that respond to a post-COVID world - will help businesses stay fighting fit.

As businesses recover from the impact of the COVID-19 pandemic, leaders should think beyond survival. They must shift their focus to long-term resilience planning, with new technologies at the heart of their intervention strategies. This is integral in responding to further localised lockdowns and crises, and will build trust with customers, prospective customers, and investors to sustain growth in the future.