What is business recovery? And more importantly… how can you speed up the process!
At the beginning of 2020, who could have predicted that within weeks Europe would lock down it’s borders, businesses would close and streets would remain empty for months to come? Not to mention, Mother Nature would begin to rebuild in places that are normally populated tourist locations!
The impact on local business entrepreneurs…
COVID-19 has been a game changer to say the least. Not only in how we’ve had to live our lives but, also how we’ve adapted our business strategies to suit the current environment!
This is why we think it’s important to reflect on the innovation of local business entrepreneurs! Like, for example, what steps have they taken to adapt to this crisis? A crisis that has not only affected their customers, but impacted entire communities as well!
COVID-19 has forced business owners to re-think the ‘normal’ way of doing business by coming to terms with the idea of change. So that they can adapt and thrive, Intuitive business owners will continue to challenge the way that things are done.
These adaptations include using e-shops, offering door-to-door food deliveries, virtual classes, video conferencing and even offering more philanthropic solutions to support essential workers. Either way, smart business owners have adapted, and adapted at a pace too!
Almost all entrepreneurial ideas start with an individual who sees a possibility and takes a chance…
For every Airbnb and Uber in the making, there is a pop-up Caterer and an Artisan running a stall at a local market. For the foreseeable future these entrepreneurs will all need cash to re-ignite their start-up business. They will also need customers with cash to help the idea grow!
And as countries begin to fade out of lock down we will begin to see many businesses enter their own business recovery mode.
The business recovery phase…
“Adequate availability of cash is crucial for the functioning of the economy. Even in normal times, three-quarters of consumer transactions in the euro area are made in cash, with large countries such as Germany, Spain and Italy using cash at rates that are around or even well above the euro area average. Cash thus remains the dominant means of payment for consumers, and is of fundamental importance for the inclusion of socially vulnerable citizens, such as elderly or lower-income groups.”Fabio Panetta from the European Central Bank advises in his recent blog.
So, during the business recovery phase, some business models will work well with just digital payments, but many won’t. It is evident to most that now is the time to be frugal with business costs. Especially at a time where multiple businesses are beginning to recuperate from the economic challenges COVID-19 has created. This can include, offering a full, if not extended, range of services to their customers all to encourage spend.
Offering a payments service…
By maintaining a local ATM service, all of this can be done!
Digital payment facilities can be costly. So consider an ATM that pays monthly rental fees to the business… it really is the smarter option. Particularly, if you are wanting to utilise and maxmise your retail/business space! Not to mention, the regular rental income will help to support your overall business recovery.
The COVID-19 crisis has shown us how a flexible payments landscape works. Though we have relied on digital payment methods throughout the crisis, it is important for any business owner to realise the importance of maximising business revenue. We believe that this can only be done through choice – choice of products, choice of services and choice of payment.
Post COVID-19, if business owners are to survive and flourish, we have to give them every chance to succeed! This means giving them and their customers payment choice and convenience.
For more information on our ATM proposition and rental opportunities, please contact us here.