The initial shock has worn off, but COVID-19's effects linger and continue to disrupt businesses worldwide. Financial institutions can find opportunity in helping small businesses navigate uncertainty, regain their financial footing and prepare for success during the remaining business sphere pandemic phases identified by Gartner.
Phase 1: Crisis
Disruption due to inconsistent revenue, budget shock and workforce disorder dominates this phase. Small businesses are in survival mode, and they're seeking financial guidance and products to keep the ship afloat.
Phase 2: Uncertainty
In this phase, small business owners will be focused on optimizing costs as they deal with continued instability.
The uncertainty phase presents an opportunity for financial institutions to bundle products so small business owners can consolidated services under one roof as an efficiency and cost- savings measure.
Phase 3: Recovery
The recovery phase will prompt new investments as small businesses shift from survival to growth. Seeking to outcompete - and outlast - their direct competitors, small business owners will be looking to financial institutions for cash injections that spur growth and products that enhance efficiency and bolster their bottom lines.
Financial institutions that recognize the needs of small business owners and package products that cater to those needs will be well-positioned to expand their own market shares as businesses segue from crisis to uncertainty and, finally, recovery.
