Have a business continuity plan B | The financial

Business continuity plans typically focus on ensuring that operations can be maintained when a technology failure occurs that prevents customer service, production, billing, or operations. You also have to have a plan B so that the company continues even despite changes in the situation, as has happened in the pandemic.

"The pandemic must teach us that all SMEs must have business continuity plans in financial, commercial, operational and human talent, where technology must be their ally to be able to quickly adapt to new business environments", recommended Julio Castilla, general manager of CMA, a renowned provider of technological services.

The companies hope that during the year 2022 the pandemic caused by COVID-19 will be overcome and that the elections will pass, two facts that currently cause uncertainty regarding investment decisions in an environment where measures are implemented that are required for the recovery and increase of competitiveness.

The difference is that we are coming from a totally negative scenario to a year where the forecast is more encouraging. "The learning and tools obtained in the last two years must be put into practice," said Diego Benitez, director of Empodérate, a firm that provides advice to SMEs, entrepreneurs and professionals.

Companies of all sizes and sectors have already faced the situation of previous years —especially the drop in sales in commerce and due to confinement— resorting to services and technological tools, accelerating digital transformation.

It is an irreversible step, both due to the restrictions that remain and changes in consumers, more inclined to electronic purchasing and payment channels, so businesses must review the current weaknesses in digitization and continue with the expansion of the use of platforms using tools and services in the cloud.

In that way there are advantages. Costa Rica has competitive advantages due to its human talent, location, democracy, climate and natural beauty, among other reasons. "If we take better advantage of it, we could resume GDP growth of over 7% and this would bring benefits directly to SMEs", stressed Castilla.

The challenges, however, focus on red tape, tax charges and approval of bills to stimulate business investment.

between extremes

Companies are now more cautious and are revising their expenses as much as possible, because —although there is a different outlook— the importance of increasing efficiency and creating contingency savings for a future eventuality is understood, even when there are limitations in income and sales .

Companies must measure whether by postponing investments, hiring staff and improving marketing channels they are limiting their current growth possibilities. The adjustments, warned Benitez, should not impact the main processes of the company, the quality of products and services.

Any adjustment must be made in order to improve the operation, to be part of the businesses and markets that are growing, not those that are stagnating.

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Hence the importance of each company studying its market and the behavior of its clients well to determine how to find opportunities to take advantage of them according to their skills, human talent and strategies.

Before making an investment, it is necessary to assess the market niche very well, to know its consumption model, its tastes and preferences, the size of the niche, the existing competitors and, fundamentally, what value will be generated. "You have to generate value to sell later," stressed Benitez. “One of the lessons of the pandemic is not to be a single-product SME. They must seek diversification and know their production processes in detail, so that they have the ability to make immediate changes”.

Online

Gone are the days where you only had to have an informative website or social media profile to post releases.

In recent years it has become necessary to have an online store or implement different digital sales channels, including social networks, instant messaging applications and delivery service applications. Selling online does not necessarily imply being obliged to have a web store.

According to a Visa study, 90% of the businesses interviewed attribute having survived the effects of the pandemic with online sales and almost half of consumers expect to increase their digital purchases in 2022.

Your competition does not sit idly by. 59% of SMEs indicate that they are migrating to only accepting digital payments by 2024, says the same study.

They are not the only reasons. “Online sales allow you the flexibility to update your offering based on feedback from your customers to meet market demand,” said Ariel Rochwerger, founder and Co-CEO of Fygaro, a platform provider for online stores. line.

Digital channels provide security to the buyer, with contactless purchase, your business can reach a wider audience and you will have a greater ability to segment your audience. For those starting a business, online sales have the advantage of allowing them to start with low operating costs and without having to invest in a physical store.

In any case, it is advisable to analyze and approach the different technology providers.

There are solutions according to the activity sector of your business. For example, Rochwerger explained that a company in the tourism sector can accept payments with QR codes or send an invoice and the payment button by email or WhatsApp in advance, so that it can have prepaid reservations (or at least freeze the amount as a security deposit)

Commerce companies in general can turn their social networks (Facebook, Instagram, WhatsApp) into autonomous points of sale, providing an experience to customers where they can quote shipments, select the payment method and confirm their purchase from wherever they are. find.

Those who provide services can also send invoices or payment buttons to receive payment in advance, providing security to the client with the support of their credit or debit card.

Rochwerger assured that ventures can start quickly and without having to invest by taking advantage of platforms of this type, but that they must carefully verify all the costs and necessary tools, validate the tools and verify what other things the platform to select offers, to avoid being paying multiple services.