New business guide helping Kiwi SMEs prepare for ‘new normal’
21 Apr 2020
Helping businesses navigate the ‘new normal’ of continuing COVID-19 restrictions is the goal of the latest MYOB Business Preparedness Guide, released this week.
The new edition in the series of SME-focused resources looks at a wide range of issues local businesses are currently facing, from product strategy and customer retention, to organisational change and health and wellbeing.
MYOB NZ country manager, Ingrid Cronin-Knight says that while it’s great that many businesses can start trading as of Tuesday 28 April, it’s clear that the business community will be facing significant disruption for some time as the country moves through the COVID-19 alert levels.
“While Alert Level 4 effectively put the economy on pause and businesses had to deal with an unprecedented lockdown, in many ways the coming months will be more challenging, as the country transitions to Level 3 and Level 2,” says Ms Cronin-Knight.
“Even as more businesses can start trading from next week, the ongoing restrictions in Level 3, coupled with the effects of a likely global recession, mean that SMEs will need a great deal of support in the weeks ahead.”
The new guide looks in detail at how businesses can tailor their products and services to changing market conditions and price them accordingly, steps they can take to evolve their business and maximise technology and even assess the ongoing viability of parts of their operation.
Business owners looking to transition to online sales can also evaluate opportunities for their organisation, review how well their existing internet presence promotes their business and get basic technical tips on developing an e-commerce website and contactless client interaction available with Level 3.
“There isn’t a sector of our economy that hasn’t been affected by the coronavirus pandemic – many of them significantly,” says Ms Cronin-Knight.
“The impacts will be far-reaching and businesses that are able to adapt quickly and remain flexible in the face of continuing changes will be best positioned to navigate the uncertainties in the economic environment.”
“The response to the pandemic has also ushered in a new era of business practices – based on technology – which will have far-reaching effects on the way we do business. And in many cases, this will bring new opportunities and more efficient ways of working for local businesses.”
Ms Cronin-Knight says as well as preparing their organisations for change, business owners should also be mindful of their own health and wellbeing – as well as that of their employees – as the focus moves to the safe operation of businesses.
“It’s important to focus on what you can control – and what you can’t – as we work through this period. Taking time for positive planning, getting help where you can and even recognising when to call time on a project or a business activity that just isn’t working will be very important ways of coping with the disruption we are likely to see over the coming months.”
The second edition of the MYOB Business Preparedness Guide is available now for download at the MYOB COVID-19 Resource Centre.
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MYOB is a leading provider of cloud-based business management solutions. With an offering of over 50 solutions, MYOB makes life easier for approximately 1.2 million businesses across Australia and New Zealand. The MYOB software spans the full lifecycle of a business from sole traders to larger enterprises with over 1,000 employees. MYOB also provides ongoing support to a network of over 40,000 accountants, bookkeepers and other consultants. They are committed to ongoing innovation, particularly through the Connected Practice Strategy and through development of the MYOB Platform. For more information visit myob.com or follow @MYOB on Twitter.