How SMEs adapt in the New Normal era?

The situation of COVID-19 causing the economy to have a wide impact. Small and medium-sized businesses, or SMEs, were affected due to the declining demand for their products and services. Resulting in lower-income while expenditures are the same. Have liability and lack of liquidity in debt repayment. According to the Bank of Thailand data, one-third of all SMEs suffer losses, with one in five SMEs experiencing losses that have closed their businesses.

Although the government sector and the Bank of Thailand have already issued measures in accordance with the Financial Aid Act for SMEs who have been affected by the COVID-19 virus. However, long-term SMEs need to be adjusted in many directions. This is to enable SMEs to continue its business during the change.

1.Presenting products or services online

In order to be more in line with the behavior of consumers who turn to online shopping Because they want to access products or services quickly. Modifying to sell products online in addition to keeping the same customer groups Promoting products or services through various online channels Also helps to become known in a wide. Thus, enabling more customer base expansion as well.
In addition, sending messages to customers regularly. Whether to report promotional activities or news from the store will help maintain the relationship between the operator and the customer. It also helps create opportunities for customers to purchase additional products or services in the future.

2.Develop business into a full e-commerce

Develop business into full e-commerce. Start by improving the content on the website by providing clear and complete product details. Until customers feel like they have come to see the product for themselves. Systematic checking of inventory and showing the remaining amount clearly. To ensure customers that the product is ready for immediate delivery. Market and consumer analysis using statistical data for timely strategy adjustments. Efficient delivery of products and delivery tracking systems in order to deliver products to customers in perfect condition. Or even a convenient, fast, and secure payment channel, all of which create a new and impressive purchasing experience for consumers.

3.Build alliances with other SMEs.

It is to help each other get through the crisis. Such as restaurants, negotiate requests for delivery services from nearby SMEs This makes restaurants earn more because they can deliver food quickly. At the same time, the delivery service business has grown from higher delivery cycles each day. Thus, benefiting both parties. In addition, sharing knowledge or resources in the SME group, can be considered as helping to develop a holistic SME business. For example, entrepreneurs share their knowledge to create online content to attract customers. Or designs in order to allow photos to clearly show the strength of the product. Or in case the operator has free space May allow other entrepreneurs to show their products without charging rental fees.

4.Modify and enhance business models

Helping SMEs through the crisis. For example, changing a part of a restaurant into a market for selling products. Bringing wholesale consumer products to retail in order to suit the purchasing power of consumers. Production of online teaching materials in addition to the regular classes of tutoring schools. Extension of service hours or 24-hour customer service. Working from home to reduce office rental costs.

5.Study the market and consumer behavior regularly

Help SME entrepreneurs adjust their strategies in a timely manner. It may collect statistics or information from online questionnaires. Or a customer satisfaction survey after purchasing a product or using a service. And keep an eye on market trends in any direction in order to modify or add products or services to meet the needs. Including self-examination with 3 questions to initiate new products or services

  • Are consumers facing any problems?
  • Consumers have new needs. Or is it necessary to use anything additional?
  • SME businesses can meet the needs of or help solve consumer problems?

Regardless of whether the SME operator will change in any direction. An important factor that should be kept in mind is to be prepared for future changes. And the ability to respond quickly and efficiently to changes.
And with the readiness of SME entrepreneurs, no matter any further changes, they are not too difficult to cope with.