Business Support Organizations: Crucial For Business Survival

Image Source: UMi

Because of Covid-19, world markets, cultures, families, and people’s everyday lives continue to experience a far-reaching impact. In the face of a bleak economic environment, companies are focused on securing lives and livelihoods. As the pandemic continues to interfere with people’s lives, businesses are failing to fully realize the impact of it on their operations and are struggling to cope with the same.

In such a crisis, business support organizations often help businesses with necessary elements to survive and thrive later on.

While delivering services to organizations, business support organizations also represent their business interests, to support their growth. Business support organizations can be banks, technology service providers, logistics companies, co-operatives, investment promotion agencies, trade promotion agencies, sector associations, and chambers of commerce. These business support organizations, when working together, create a competitive advantage for a country, growth opportunities for businesses, and assist in delivering environmental, social, and economic objectives.

Varied Interventions For Businesses

Business support organizations are also facing the heat from the current pandemic, from mitigating risks to teleworking challenges; still, at the very least, they continue to deliver on their promises. In any case, the core objective of business support organizations, to assist businesses in their growth, remains pivotal. Despite anxiety and disruption, these organizations have to forge their place at the frontline, by being proactive. To run their business on all engines, business support organizations can deploy the following interventions to create value:

● Provide access and credibility for new opportunities.

● Allocate resources for sustainable development goals.

● Deploy solutions for recovery and resilience by acting within an ecosystem.

● Assist businesses to have access to diversified markets and new value chains.

● Coordinate actions to deliver economies of scope and scale.

● Build bridges between the business, funder, and policymakers.

● Be a trusted source of advice and information.

Final thoughts

Mere development of processes and plans for allocation of funds will not aid in an organization’s long-term goals. They need to seek assistance from business support organizations, to form cross-functional teams, which can help in developing customer-oriented strategies. Business support organizations are not mere means for businesses to survive this ongoing pandemic, they are crucial to lay a strong foundation today, to witness a healthy growth tomorrow.

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Abhilash Khalkar

Abhilash Khalkar

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Abhilash, a serendipitous writer, aims to create an impact in this world with his writing. He enjoys espressos, as should all right-thinking people.