How Can Businesses Remain Profitable During the Pandemic?

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The year 2020 has proven to be one of the most economically challenging years for many businesses worldwide. The Covid-19 pandemic has rocked nations to their core and caused many people to go back to the drawing board. With more people working from home and businesses shifting to e-commerce, companies need to adapt quickly. Several companies have already closed shop owing to the economic decline and the inability to adjust.

So how can businesses remain profitable during the pandemic?

1. Be part of the solution - Go cashless!

One of the most sensitive aspects of business is the mode of payment. The Covid-19 pandemic has raised concern over the use of cash payments due to the likelihood of spreading the virus. Being proactive inspires trust and shows that you are responsible. By adopting cashless modes of payment such as Lipa Solutions, businesses can boost their clients' confidence. Also, the use of cashless payments can help reduce the risk of contracting the virus, which protects both you and your customers.

2. Take the business to the people.

The year 2020 has seen a drastic spike in e-commerce. The use of smartphones and easy internet access has made it convenient for people to make online purchases, especially during the quarantine. With fewer shoppers making their way to malls and commercial areas, businesses are having a hard time keeping up with running costs. However, making use of e-commerce can help you remain in business and potentially reach an even bigger audience. Companies can make use of value-added services such as physical delivery to attract more clients. In turn, companies can continue registering profits despite the economic slump.

3. Understand your clients' needs.

Understanding clients' needs is critical, particularly during this time. One of the top priorities for customers during the pandemic is to stay on top of their bills. According to a research by Fiserv, most people are concerned about keeping track of their bills' due date to avoid being overwhelmed or lateness. As such, it is crucial to ensure that you have a billing system that helps clients stay on top of their bills with reminders for recurrent bills. Lipa Solutions offers accessible and actionable billing with the option of scheduling invoices ahead of time. The system is ideal for recurrent billing, such as WISP (Wireless Internet Service Provider) billing, water and sanitation services, and gym membership, among others.

4. Save time for both you and your customers.

Efficiency is one of the most crucial things in business, as it greatly determines the level of success. Mobile billing is one way to increase efficiency; it saves time for both you and your customers. In the age of mobile money, more people are storing money in their mobile wallets. The majority of consumers attest to mobile billing efficiency and prefer making purchases from sellers that have mobile billing due to security and efficiency. With the issue of the Covid-19, it is advisable to offer clients quick and efficient billing to prevent crowding and save time.

5. Keep proper records.

Poor record-keeping can run a business to the ground and is a significant problem for many small and medium-sized enterprises. The digital age has brought with it many technological advancements to help keep track of sales. One of the most daunting tasks is keeping manual records. As such, automation is one of the most important things that you can do for your business to enhance record keeping. Lipa Solutions' billing helps in automatically updating QuickBooks for payments in real-time through M-pesa Integration. In the age of mobile money, businesses must keep real-time records of transactions.

By Christine Njoki - Published 31st Aug 2020, 11:40pm

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