Jun 10, 2020

Keeping business continuity during tough economic times

Article by Santam

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When a business owner is faced with the loss of revenue, retrenchments or even bankruptcy, it can be hard to keep an entrepreneurial mindset alive. However, it’s often a time of crisis that forces entrepreneurs to focus, evolve and find new innovative opportunities to weather the storm. 

As an intermediary, you are ideally placed to advise and guide your business clients through this unchartered territory. We’ve put together four tips to help bolster their confidence and come out of this storm stronger. 

1. Employees – the greatest company asset 

It might sound clichéd but it’s true: a company’s employees are their most valuable asset. Firstly, if a business can afford it, it should offer as much financial and emotional support to its employees as possible during this difficult time. If the business is operating during the pandemic, it should put measures in place to protect employees as far as possible. This includes education to fully explain the hazards to their health and safety within the workplace, and precautionary measures to reduce any exposure. Being supportive will encourage employees to keep delivering high quality outputs during challenging times. 

2. Reimagine client journeys 

Now’s the ideal time for a business to map out its client journeys at every touch-point – from awareness to post-purchase stage – and work at making them more client-centric. If your clients take a closer look at the entire journey, they will easily identify where interactions can be automated and where the user experience can be improved. Encourage them to ask their clients and staff for input, conduct surveys, and test different solutions. Small changes right now will give quick learnings – without costing them the earth if they don’t work. 

3. Get ready for post-lockdown 

Remind clients to use this downtime wisely and spend time reflecting on what works and doesn’t work in their business operations and services. Reviewing these things will show the gaps that might cost them revenue and the opportunities in the market they can cater to. Now’s the time to upgrade to more efficient alternatives, such as updating outdated equipment or implementing key training for staff. 

4. Review business insurance 

Work with clients to review all their insurance policies to see if they are adequately insured and to prevent any further losses. Ask them to make a checklist of what is covered and what is not, and help them fully understand their policies without making assumptions. 

Taking these steps – good risk management practices, updated safety training for employees and clients, as well as a solid plan for the new normal – will be make or break for businesses to survive. Santam is doing everything in its power to bolster your clients’ businesses, including a R400-million COVID-19 relief fund to help clients, suppliers, and contribute to the Government’s Solidarity Fund. 

If you have any questions about Santam insurance cover, speak to your Relationship Manager or get in touch with us. For more advice tailored to intermediaries, visit our blog for useful more articles. 

 

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