In the January of 2020, the world came face-to-face with a deadly disease known as the Coronavirus. At the onset of the pandemic, the disease took its place on the list of the top ten high-impact risks in the World Economic Forum.
Today, it has risen to the number one spot on the list. As of early May 2021, the number of cases reported for COVID-19 has risen to 160 million and over 3.3 million deaths. Also, according to the IMF, it is estimated that the Coronavirus has cost the world a whopping $28 trillion in lost output in a year.
The various containment measures established by governments across the world have remarkably affected all companies. The smaller enterprises are the most affected. According to a business survey carried out by the International Trade Center across various sectors and regions, the pandemic affects two out of three SMBs.
It was also revealed that one out of four micro-businesses is at the brink of shutting down permanently. Now, this is bad news for the businesses affected and by extension the economy of the world. However, despite this depressing picture, it has been found that many SMBs have shown strong resilience in the face of austerity.
This is largely attributed to the ‘innovate or die’ stance that the business world has faced. Small and medium businesses have been able to develop strategies that make them more resilient amid the present pandemic and for any future crisis.
One of the major technologies that have helped organizations to remain resilient is esign online with Signature Generator. This technology equips businesses to carry out business operations without the need for physical presence at their offices.
Signatures are very important in business transactions. Before now, stakeholders have to append these signatures physically on paper documents to validate such documents. However, with the advent of e-signature, it is possible to sign a document remotely. Signature Generator is a leading digital signature solution that makes digital documentation seamless. It is a fast and simple process that allows multiple people to sign simultaneously without leaving the comfort of their home. Here are the simple steps to use the Signature Generator tool:
Also, Signature Generator is not geographically restricting as people can sign on a document from any part of the world. This makes it possible for SMBs to seal deals and run their business operations smoothly, even though they are working remotely. Let us look at some ways that electronic signatures have helped SMBs to build resilience and adaptiveness during the Coronavirus.
The foundation of any successful business, whether big or small is the management of its operational processes. The inability to seamlessly manage and control its operation remotely can become a major problem that may lead to the failure of such a business.
SMBs that have been able to build resilience during this pandemic are those that can manage their record-keeping, bank account operations, inventory, and more. For most of these, signatures are very important. Creating records of business requires gathering data that may require the signature of some stakeholders.
With social distancing, it becomes impossible to gather stakeholders to sign papers. To start with, printing, signing, scanning, and sending documents in itself is a herculean task. However, with the e-signature tool, businesses can get stakeholders to sign documents digitally without any physical contact and it takes just a few minutes.
This has proven to be very critical during the Coronavirus crisis. For many SMBs, revenue significantly dipped during the pandemic. Organizations that were not able to manage their finances have either shut down or are facing major financial problems. A survey revealed that about 28% of businesses with weak financial management practices may be at risk of permanent closure.
Different things contribute to good financial management. The ability to cut unnecessary costs and adopt technology for more effective and efficient business operations improves a business’ financial stance and of course, its management. One of the major money-consuming aspects of running a business is paper operations.
There are documents to be printed, which require that a business invests in buying papers, toners, printers, and fax machines. Additionally, they have to also invest in filing systems. All these eat dip into the finances of a business in the long run. SMBs that have been able to build resilience and adaptiveness understand the need to cut expenses.
So, instead of investing in papers and everything that comes with the paper-based business system, they invest in digital documentation. They can create, share, and store documents digitally. They can also sign digitally with an e-signature tool. With this, they do not have to waste money on papers, toners, printers, fax machines, and storage facilities. The costs of these are significant.
Resilient businesses understand that there is no better time to build a deep and strong relationship with their employees, suppliers, customers, and competitions than now. The statement that no business can survive in a silo is no truer than this current world situation. Organizations that take their stakeholders into every decision they make can adapt to changes around them.
They understand that for every decision they take, there are chains of reactions. The ability to put this into consideration helps them to develop all-inclusive strategies that drive their brands and improve good relationships among the stakeholders.
Although the COVID-19 vaccination is in progress, the crisis is far from being over. Enterprises, especially SMBs, must be prepared for what is to come. Every business must adapt to the new reality of the world. It is not likely that things will go back to the old normal anytime soon. The truth is that it may never go back to the old normal.
Therefore, the faster SMBs understand this and adapt by embracing technologies that will boost their business performances, the better for them. Building a resilient business is not easy but the rewards are worth the process and investment made into it.