Many crashed. Many failed. Others suffered losses. The covid impact on small business enterprises was quite disruptive. Small and medium businesses witnessed unique vulnerability to the economic impact of the COVID-19 crisis. What is the reason for small business failure? Let us understand in detail.
While the pandemic affected most SMEs, those in the tourism, transportation, oil and gas, restaurant, manufacturing, construction, pharma and such other industries suffered severely as they did not have their contingency plans. In addition to this, small businesses encounter particular structural challenges that existed prior to the pandemic and have now escalated:
But the pandemic also taught all those in the small enterprise business one thing – “It is not strong or intelligent who will survive but those who can best manage change.” While some suffered, others were quick to adapt to online models of business.
Here, one thing is clear. The reason for small business failure has been not adopting business automation. But the good news is that it is never too late. From digital communication platforms, online payment services to virtual business functioning, management and Cloud ERP Software, digital technology, the internet and telecommunications can help prevent a complete worldwide shutdown of all businesses. To survive this pandemic and consequent economic downturn, businesses around the world, especially small businesses and startups need to implement business transformation software that can automate operations and centralize all data.
To help small enterprise business organizations make the transition to the next normal, digital transformation, ERP and analysis tools such as SAP Business One, SAP Business ByDesign, and SAP Starter Package play a critical role. The purpose of implementing an ERP solution is to offer an end-to-end information management system that connects the right information to the right people, at the right time. It helps companies manage the many processes that make the business function effectively, such as human resources, finance, supply chain, inventory, procurement, and customer relationship management, among others.
Power BI and Tableau are powerful business intelligence tools that SMEs can implement to automate the smooth flow of data across the business and give decision-makers a real-time view of the overall profitability of the business, with probable risks and potential weaknesses more easily identified.
Now, the covid impact on small business companies and the reason for small business failure can be combated. What matters is that you need the right ERP and BI implementation partner. The right team can support you, customize the tools as per your business and answer all your queries. With 25 years of industry experience, Uneecops Business Solutions (UBS) is a CMMI Level 5 company having multiple ISO certifications and 50+ awards in various business categories. Among other accreditations, what makes UBS one of the trusted companies is its recognition as Asia’s #1 SAP BI partner and India’s first Platinum SAP BI partner. From their inception in 1995, they have grown into a conglomerate with 750+ experts serving 1800+ customers across 9 centers of excellence.
For modern CFOs (Chief Financial Officers), conversations are not just about financial results. It is also about practices that...
The trading and distribution industry was evolving at its pace prior to 2020. But the pandemic situation triggered a...
Whether it is procuring raw materials, dealing with food distributors, maintaining the food quality or keeping costs low, the...
Streamline your business processes and improve productivity using our cutting edge ERP solutions & service offerings custom built for small and medium enterprises.
Our e-Governance solutions enable the government to reduce operational complexities and help citizens, businesses & government bodies to leverage technology to access public services with ease.
Our products portfolio comprises of business automation software’ that helps you focus on high-value tasks and improves organizational efficiency by automating repetitive human tasks, process workflows, data capture & decision making.
Get actionable business insights with our cutting edge BI products & consulting services. Make informed decisions and improve business efficiency with real-time analytics.