Tag Archive for: small business challenges

WhatsUp SOHO Intro – Road Ahead For Single Owner Home Based Businesses During And After Lockdowns?

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Zoom Meeting – How To Keep Restaurant/QSR Business (SMBs) Going During Lockdown?

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This zoom meeting is to discuss and address small business challenges of managing through current global economy crisis.

[Trupti] : Today’s question is from one of my friend who is a small restaurant owner. He has just started at the beginning of this year with the current situation all restaurants or dining areas are closed, not even at some deliveries are allowed or not allowed. So he had a question that, moving ahead in this current situation, how do go ahead about the business?

[Trupti] : In the first I’ve advised him to go

1. Online if he has not created his digital presence on social media. Reconnect with customers on social media or WhatsApp.

2. Create content, about the current situation about the food hygiene, what are the food habits in terms of diet? What are his restaurant specialties? Start rolling out on social media platforms.

3. Then create polls, surveys to start interaction with the customer.

[Amod] : That’s interesting Trupti. But since you have said he’s just started. I think his penetration in the market will be pretty low at the moment. So the kind of reconnect that probably what you’re suggesting may not be very effective at the moment. Because he’s looking for new markets. He’s looking for new customers to walk-in. And if he’s a small-time restaurant and probably he may not have adequate measures to capture customer information who had walk-in the first couple of months.

[Trupti] : He said that he had this suggestion book being kept and asking, whoever walk-ins.

[Amod] : So in that regard, he can definitely reconnect. But I guess if it’s a new business, I think it’s a very capital intensive business. He will definitely be wanting to look at returns coming out of it. Right? Hence, I think business also becomes the critical aspect now for him.

1. The first thing that probably can look at is local deliveries. Start promoting his business to the local nearby areas.

2. The second way would be to tie up with the Zomato, Swiggy those kind of things. Promotion through them, they already have their channels, so orders coming in from them will be a good one.

3. The third option get into agreements with industry canteens running now under the essentials act to run their canteens. Those will be the areas where immediate revenue and business generation can happen.

[Trupti] : Need to address one fear that post lock-down , the no.of customers walk-ins happening may not be same, because people are now more concern about hygiene.

[Amod] : It will not happen. It’s 100% sure that it’s not going to happen in atleast in the near future. So that model is as good as I won’t say dead, but it’s on its last legs this is what I can say, because there is going to be lot of fear. And even after the overall crisis ends, there are going to be new regulations. And the fear that has an now creeping into the minds of the common public to go to public places is going to be very high. Therefore, expecting walk-ins and business out of that kind of a model is definitely going to be a risk proposition. Therefore, he’ll have to create models where he’s reaching the customers. And these are some of the examples or suggestions that we have given him in this video for him to try. – Need to look at local deliveries, contracting with cafeteria of industries which are active. – Tie up with a Swiggy, Zomato organizations who have the authority and scale, to run businesses even in this crisis situations, is where he will have to work on for business, not just during lock-downs, but even beyond the lock-downs. Very paradigm shift happening there across a lot of businesses for sure. This is exactly where we are saying digital is the way to go ahead, and that’s where businesses need to now connect with their customers digitally for promotion and reach out and then enable it with local deliveries, create those local ecosystems where they can deliver their products or services into their neighborhoods.

[Amod] : Can he get into food supply? I mean, this is where you need to be radical in thought. Because I heard of a case one of our clients that he had a very thriving restaurant in downtown Pune and since the lock down and lot of capital investment he decided to convert it into a grocery store, grocery store been essential service in the current situation. So this is how businesses will have to realign. Just don’t try to realign the models little bit, models have to be realigned drastically. Please go digital, keep that connect with customers, build your customer base online and then enable your local deliveries to reach out and deliver your services or products to them.

Zoom Meeting – Is This Crisis Or Opportunity For Manufacturing SMEs?

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This zoom meeting is to discuss and address small business challenges of managing through current global economy crisis.

[Trupti] : Talking about the manufacturing industry already we are seeing the market was slow. And currently we get to hear that with the zero GDP and with more than four weeks of lock down there has come a big slowdown in the manufacturing industry. Question : So how can SMBs, especially in the manufacturing industry can turn around this situation?

[Amod] : I mean, the situation seems to be really grim as projected, but I think this could actually be a very good blessing in disguise for our industries. Because the first and foremost thing that is to be looked at is the China factor. Our biggest threat was China and China was absolutely dominating the manufacturing domain. But with this current situation, with corona virus coming out of China, there is a a lot of negative sentiment about China. And I guess the global business community has really understood and identified that focusing only in one market, or depending totally on one market for manufacturing is going to be a big risk, as we have all found out. Yeah. Hence the global community is definitely now going to look at other options to invest or set their basis. This exactly becomes the huge opportunity for India. If we really are able to create that kind of infrastructure, ease of doing business and enable our businesses to function smoothly with manutention and those things team, then this can really be the biggest push that our industry needed. And therefore, instead of looking at this as a painful situation, you should be looking forward to the possibilities that can arise out of this. Again if you are ready.

[Trupti] : Yes Question : How can manufacturing business transform themselves to digital to turn around this situation?

[Amod] : Now moving from these lock-downs then there will be partial lock downs and then there will be a release and this is going to take time, right? So then in such cases, what needs to be done, most businesses will actually look at the digital ways of transforming their businesses in any case, because there are going to be a lot of labor laws coming in. Then lot of position of labor is going to happen. Traveling of labor from one place to another. There will lot of regulations there. This would be a disruption for something there. So for businesses to function smoothly. If they are very labor dependent they are going to face further problems. Therefore with digitization what business can really achieve is a smooth functioning with all the regulations in place, smooth functioning of businesses can happen to digitization.

General trends for manufacturing industry moving ahead:
– IOT and AI – for manufacturing processes, production and performance
– Digital Automation
– for independence and effectiveness
– Digital modelling
– 3d, AR/VR presentations for marketing
– Digital marketing solutions
– O2O, Account Based Marketing, integrated CRMs
– Remote guided operations.

This is how business can really look at the transforming themselves digitally. It’s a investment upfront, but this investment will definitely pay in the long term. Especially with manufacturing industries in India, which are more labor intensive and with localization of most businesses happening now. That seems to be the way forward to go.

Zoom Meeting- Staying Relevant and Connected With Customers During Disruption

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This zoom meeting is to discuss and address small business challenges of managing through current global economy crisis.

[Trupti] : Almost 9 /10 marketers, feel that marketing campaigns to be delayed since the demand for their brand products or services is falling due to the current COVID-19 crisis situation. So is this advisable?

[Amod] : It’s an interesting one because I feel a drop in demand is basically out of fear and uncertainties rather than real problem. To tell you, we have actually increased our advertising budget by 20 percent.

[Amod] : And there’s a reason for that. But we’ll come to that later. But the real drop in demand seems to be in terms of the fear and uncertainty in the market.

[Trupti] : But in the current situation, few businesses, like deal emergency needs are the must needs like food and medicines these business are still able to sustain. But what about , yesterday one of my friend who’s has an apparel business. And he was saying that it’s almost six weeks, the lock down is continued and it is much affecting his business in the current situation and even post COVID he is having that fear. So you have anything for such businesses? Got it.

[Amod] : So I assume his is a apparel store. Yeah. Walking store, right? And therefore, the footfall has gone to nil. And even beyond lock downs there are going to be lot of restrictions being put up by the government or any public places. Right?

[Amod] : So footfall will be an issue for businesses like these. Oh, yes. I mean, it is it is kind of concerning there. But again, the point is if your business model is relevant, you do not worry. And it’s exactly what we had said in our previous videos, that if your vision is right and if your model is fundamentally very relevant, then this small period of small window where everyone is going to face a bit of a problem, has to be dealt with carefully and then beyond that, success will be there. If we are ready to take certain measures. Right? OK, so I see lot of opportunities for this business in this period. So does he have online store as well?

[Trupti] : Online store not as such, but he is listed on the online shopping portals.

[Amod] : And how’s the business from there? Is there anything happening?

[Trupti] : No. Currently not, since the delivery issues our stop for these goods.

[Amod] : So with that kind of scenario, one of the best thing would now in this part of the period should be BRAND focus on how well he can engage his audience and his customers. This becomes more important and instead of thinking of business in this phase. You should really look at BRANDING in this phase.

[Amod] : Can he come up with some new boutique wear or some new range of clothes, which he can showcase to his customers because everybody’s is online, everybody is on social media today. This is actually a good time to get into the eyes of the customers. So that’s the way you can keep people engaged.

[Amod] : He can probably connect with the customer and people and ask them what they’re looking for? What kind of services? What kind of clothes they will be looking for? Because now people are wearing the same clothes again. And people will be wanting to try new ones. So the idea will be to create that interest on what they would like to wear post lock down.

[Amod] : That would give his business ideas into what people coming up with ones, the lock downs and all those restrictions go away. So it will give his business a bit of an insight. Right now, the time to engage with his audience.

[Amod] : Rather than really focusing on the business part. He can look at engaging his audience. Another aspect to figure out is Can he create a pre-ordering model?

[Trupti] : Possible.

[Amod] : For example, he can create those the new design wear, show it to the audience and the audience can pre-book it at a lower price and they’ll be delivered later to them once the lock downs go. This could be another model that could be worked out for his business. And the idea would be to make sure that the eyeballs are there on the business. And that’s why that engagement part is going to be very, very crucial.

[Amod] : To summarize key points to remember with your marketing (for the current scenario) – Your entry point in the market is relatively easier – Ads and services will be cheaper – Increased viewership will ensure more eye-balls – Sharing new ideas with customers, exploring customer demands and changed requirements. And the best mode at this point is DIGITAL. I think if the steps have not been taken so far to digitize your brand, it’s the best time to start. If you’ve already done some digitization of your business, it’s time to expand.

[Amod] : So footfall will be an issue for businesses like these. Oh, yes. I mean, it is it is kind of concerning there. But again, the point is if your business model is relevant, you do not worry. And it’s exactly what we had said in our previous videos, that if your vision is right and if your model is fundamentally very relevant, then this small period of small window where everyone is going to face a bit of a problem, has to be dealt with carefully and then beyond that, success will be there. If we are ready to take certain measures. Right? OK, so I see lot of opportunities for this business in this period. So does he have online store as well?

[Trupti] : Online store not as such, but he is listed on the online shopping portals.

[Amod] : And how’s the business from there? Is there anything happening?

[Trupti] : No. Currently not, since the delivery issues our stop for these goods.

[Amod] : So with that kind of scenario, one of the best thing would now in this part of the period should be BRAND focus on how well he can engage his audience and his customers. This becomes more important and instead of thinking of business in this phase. You should really look at BRANDING in this phase.

[Amod] : Can he come up with some new boutique wear or some new range of clothes, which he can showcase to his customers because everybody’s is online, everybody is on social media today. This is actually a good time to get into the eyes of the customers. So that’s the way you can keep people engaged.

[Amod] : He can probably connect with the customer and people and ask them what they’re looking for? What kind of services? What kind of clothes they will be looking for? Because now people are wearing the same clothes again. And people will be wanting to try new ones. So the idea will be to create that interest on what they would like to wear post lock down.

[Amod] : That would give his business ideas into what people coming up with ones, the lock downs and all those restrictions go away. So it will give his business a bit of an insight. Right now, the time to engage with his audience.

[Amod] : Rather than really focusing on the business part. He can look at engaging his audience. Another aspect to figure out is Can he create a pre-ordering model?

[Trupti] : Possible.

[Amod] : For example, he can create those the new design wear, show it to the audience and the audience can pre-book it at a lower price and they’ll be delivered later to them once the lock downs go. This could be another model that could be worked out for his business. And the idea would be to make sure that the eyeballs are there on the business. And that’s why that engagement part is going to be very, very crucial.

[Amod] : To summarize key points to remember with your marketing (for the current scenario) – Your entry point in the market is relatively easier – Ads and services will be cheaper – Increased viewership will ensure more eye-balls – Sharing new ideas with customers, exploring customer demands and changed requirements. And the best mode at this point is DIGITAL. I think if the steps have not been taken so far to digitize your brand, it’s the best time to start. If you’ve already done some digitization of your business, it’s time to expand.