New Delhi, September 9: The coronavirus pandemic has affected everyone, from businesses being shut, to workers being fired, the economy of the country is in the doldrums. Amid the gloom, a new report- “HP Asia SMB Report 2020” has been published which gives a ray of hope. According to an IANS report, 73 per cent of small and medium-sized businesses (SMBs) in India are confident that they will survive and bounce back post-COVID-19.
The report highlights that Indian SMBs are more confident than their Asian peers in bouncing back after the pandemic as the regional average stood at 60 per cent. The Indian SMBs are confident that they will bounce back and believe that this period is giving them a good opportunity to reformulate the business strategy.
The respondents are hopeful that the pandemic would bring business opportunity, but it will take some time. Here's how the SMBs believe to bounce back and fight the pandemic:
4 Key Aspects Which SMBs are Looking at:
The report mentioned that Indian SMBs have recognised four key aspects that will help them best to bounce back – using online tools, flexible work options, advice on strategy and innovation at work.
Doing digital: SMBs in India recognised the importance of going digital to revive the business. The report mentioned that the respondents believed that digital adoption was essential for the revival of the business.
For the study, 1,600 SMBs completed the survey between May 26 and June 7, which comprised 200 interviews in each of the markets- Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam.