Want to optimize your startup during the COVID-19 pandemic? This article covers insights and recommendations regarding the ways to adapt business using engineering solutions.
Hit by the COVID-19 pandemic, small businesses, as well as startups, are experiencing negative impacts, so they have to reconsider the strategies they use to manage their business. It is a fact that the influence of the pandemic on small businesses is cruel because they possess restricted financial reserves and a small margin for coping with an abrupt crisis.
Currently, startups have to adapt to a new reality and find ways to mitigate risks and survive. For that, small businesses should refer to effective engineering services as they have numerous advantages in optimizing business models.
In this article, we have introduced three ways on how to adapt business with the support of the engineering industry. So, go on reading and check more about engineering solutions!
Invest in Technology to Support Virtual Collaboration
The COVID-19 pandemic demands employees to work remotely to slow down the spread of the disease. This may result in overloaded remote connectivity networks that lead to load access troubles. In this case, the owners of small businesses need to activate IT capabilities for effective remote working. Small businesses may implement the following engineering solution to support the remote work of their staff. Most of them refer to the organization of board meetings and training.
Small business should keep their teams engaged and updated regarding every development. For instance, startup owners may connect with their engineering teams and collaborate virtually via video conferencing tools like Google Hangouts or Zoom.
For online board meetings, a perfect engineering solution is considered the app called Boardable. This is a tool that makes it easy for small businesses to shift operations online, involving board interactions. This software allows businesses to schedule the best meeting times, securely store all of your docs, archive discussions, and so on. Effective management is in one convenient place!
During the COVID-19 pandemic, a small business should go on providing staff with various kinds of training, including training on the features of the pandemic. An engineering solution like PX product by Gainsigh may help your business. With this type of software, startups can design in-app banners to inform about the measures they are taking to take care of their employees and customers.
It is also a good idea to share such info with outsourcing contractors involved in your startup. Additionally, the tool enables businesses to create some learning courses in any industry in which they design products (automotive, aerospace, civil, etc.).
Among business tips for optimizing the work of employees during the COVID-19 pandemic, the online training tool called Pluralsight receives positive feedback from users. The platform possesses over seven thousand courses and can conduct skills assessments as well.
Use Engineering Services to Optimize Finances
During the COVID-19 pandemic, small businesses and startups need to focus on the optimization of their finances. In case your business wasn’t able to get funding or you just require more, it is time to consider FinTechs. They translate the potential of data to get monetized.
FinTechs provide customers with financial services software engineering and comprehensive consulting services to develop and improve the financial situation of small businesses. One example of a Fintech is Avenga.
Remember Fintechs also support small businesses to transform their offerings with custom financial services software for emerging financial needs, they will find valuable business insights regarding the ways to save money and enrich the security of in-house financial systems of companies.
Some will deliver a reliable digital background for your finances by using a wide range of technologies including AI & Machine, Big Data and Analytics, Robotic Process Automation, Distributed Ledger Technology, and so on.
Also when small businesses are experiencing a sharp decline in their revenues they may use free online engineering services like Bill Pay to run payables and receivables remotely. This type of software lets you pay your bills via Bank of America’s Online Banking. You can organize one-time payments, arrange future payments, send invoices, or create recurring payments from your checking.
Engineering Solution for Effective Marketing Communication
During the pandemic, small businesses need to develop a reliable communication strategy with customers and stakeholders to maintain trust and retain market stability. For startups that have retail as well as corporate clients, consistent messaging is a must.
Prepare personalized emails to your stakeholders informing them of immediate steps your business is taking one any stage of the development of your product. To do that, you may use such engineering solutions as Journey Orchestrator by Gainsight. This tool allows a sender to personalize the company, name, and other key things to deliver the same email to all your stakeholders.
For marketing optimization, it would be a great idea to use such solutions as Adzooma (managing digital ads on Google and Facebook) and Hootsuite (for engaging with their audiences, designing ads, and capturing analytics on their performance).
Interesting Related Article: “The Bright Side Brought (somehow) by COVID-19 Pandemic to Businesses“