The silver lining every business should know about during the pandemic.
If there’s one thing the past couple of weeks has taught us all, it’s that this crisis doesn’t discriminate. From multi-million dollar international corporations to SMEs and start-ups: the impacts to business of COVID-19 are being felt on a global scale.
We’re not here to bring more bad news, though. Instead, there’s a second – more positive! – lesson we should learn from the current crisis: that the business landscape is now a more level playing field.
The negative fallout from COVID-19 has affected businesses and sectors of all shapes and sizes. Yet it’s also meant that many new players looking to enter the market (or smaller businesses looking to expand or upgrade software and operations) are now on an equal footing with legacy names and major players.
As such, there’s also a chance to unlock new opportunities. Now is the ideal time to re-set; to re-evaluate your systems, technology platforms, and applications; and to take action. Here are three initial approaches to help overcome the current chaos:
1. Invest to improve
Last month, the Bank of England cut interest rates for the second time in a week, to 0.1%. More recently, Chancellor Rishi Sunak announced a new scheme enabling SMEs to apply for loans of up to £25 million, with an 80% government guarantee. These loans will be interest- and fee-free for the first 12 months.
In addition to easing financial pressures, the current lending environment should be used as a springboard by UK businesses. This is an opportunity for start-ups to access the credit needed to create and launch a business application to support their proposition. It’s also a chance for more established players to scale up by upgrading or overhauling digital infrastructure.
2. Go bespoke over ‘one-size-fits-all’
Finance is available to many start-ups and SMEs, however, the changes wrought by COVID-19 have forced many businesses to tighten their purse strings and carefully evaluate outgoings. This includes those associated with building a new website, management system, customer portal, billing platform etc.
Opting for cheaper, one-size-fits-all, off-the-shelf software may seem appealing, but it’s unlikely to deliver for the long-term. And with so much uncertainty and instability currently, quick-wins won’t cut it. Planning for the long-term is crucial.
So, start-ups and SMEs should go bespoke. A tailored approach to software design and build results in something that’s uniquely customised to the needs of your business, your employees and your customers. Integrating with existing solutions, bespoke software will support processes and tasks in the most efficient way possible.
Spend carefully, get it right first time, and enjoy long-term value.
3. Partner to power long-term growth
Finally, the past few weeks have highlighted the importance of communication, collaboration, and strong relationships in our day-to-day lives – all of which are crucial in a business environment too.
At AppDrawn, we work closely with all of our partners to really understand their specific business needs, challenges and long-term goals. Our team can advise on user experience technologies, commercial viability, security risks and infrastructure. We’ll then guide your business through a project’s design and build, ensuring that the results meet – or exceed! – your commercial objectives.
Despite the chaos of recent weeks, it’s possible to mitigate loss, learn lessons from the current crisis, and plan for a profitable future. Not sure how? Send us an email, ‘Get in Touch’ below, or give us a call on 01442 211999.