Thrive in a post-Covid World

Xero is doing all it can to help small businesses and their advisors to navigate these incredibly difficult business conditions.

The study is the result of over 2,000 surveys with small business owners and consumers across six countries including Singapore. Ten in-depth interviews with SMBs were also conducted. It gets to the heart of what’s hurting small businesses right now and what’s helping them.

Small businesses deliver value that is distinct from large enterprises

• Personal interactions with consumers are key to success.

• Personal connections with their customers, show empathy, and change quickly to meet customer needs.

Some consumers behaviour adopted during COVID-19 are here to stay

It’s no surprise that during the pandemic, small business revenue from online channels has seen a 12 percent increase from 2019.

Most importantly, this trend is here to stay. While consumers expect to return to their old ways of spending and will return to physical stores, they also expect to keep using online channels.

Thriving in a world impacted by COVID-19 requires agility and strategic thinking

We all know small business owners have been pivoting fast, planning and working to excel across all areas of business. That’s not an easy task at any time.

Before COVID-19, a restaurant owner in North America was already very connected in the local community and put a lot of effort into marketing and branding.

• leveraged network support and reduced operational costs.

• focused on digital media spending and encouraged support from the local community with the message “support local”.

Conclusion

Xero can make the company and financial information easily accessible and digitised and start from your accountant to seek out available help in the ecosystem. Xero can also increase efficiency with cloud-based tools for your company.

Want to know more about Xero accounting software?

Call us at +65 6262 0402 or email us at care@acebizservices.com to get the information details on your needs.

Credit:Small business: How to thrive in a changed world | Xero Blog