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Cambodia: Visa profiles survival strategies of small businesses during pandemic
According to a new think-piece released by Visa, small businesses have demonstrated their resilience by adapting quickly to the impact of COVID-19.
One notable adaptation has been the sector’s accelerated shift to digital-first commerce.
More than two-thirds (67 percent) of small businesses reported taking new approaches since the start of COVID-19. More than a quarter (28 percent) have started to undertake targeted advertising on social media. Selling products or services online has been embraced by 27 percent. Allowing contactless payments such as mobile or tapping a card is reported by 20 percent and the same percentage is now offering home delivery.
The benefits of digital payments are decidedly evident. Cheques and cash are increasingly proving to be inconvenient because temporary closures of non-essential businesses mean vendors and suppliers are unable to make trips to the bank, which could lead to delays in payments. Digital payment methods circumvent that necessity.
Digital payments also alleviate growing concerns about the physical handling of cash as well as enabling local and overseas suppliers to be paid on time, no matter where they are located.
Small firms are under more pressure than ever to realise cost savings to facilitate expansion. To this end, businesses are integrating digital payment solutions into their value chain because business payment cards help businesses quickly itemise and categorise expenses. This allows them to easily identify areas of their business that are costly or inefficient.
Visa points out that businesses using their services also enjoy curated offers, cashback and benefits. Visa business cards can extend credit by up to 55 days, interest-free, to help improve the cash-flow of small businesses.
One misconception among small business owners is that there is a lack of card acceptance by suppliers but this is changing fast. The Visa business payment card programme also provides access to tools and solutions to help small business owners succeed in managing various other aspects of their business.
They can increase their productivity with digital tools (for example, G Suite and Microsoft Office) and cloud accounting platforms (e.g. Xero and Sage), which come with having a Visa business card. Small businesses can also leverage special discounts and offers on e-commerce platforms such as Shopify, Boutir and BigCommerce. In addition, small business owners get to upgrade their skills by accessing LinkedIn Learning and HBR Ascend courses, as well as online advertising platforms such as Google Ads to better identify and capture new customers online.
Source: https://www.khmertimeskh.com/50824887/visa-profiles-survival-strategies-of-small-businesses-during-pandemic/