Mekari's SME Business Strategy In The Middle Of The COVID-19 Pandemic

Illustrated by UKM. (Irfan Meidianto / VOI)

JAKARTA - The world trade war and the outbreak of the COVID-19 pandemic have had a major impact on the economy in Indonesia. The community is in a vigilant condition and is very careful with limiting travel and consumption, of course this has an impact on buying and selling transactions on the market.

Various elements affected include restaurants, markets, shopping centers, online transportation, and SME owners.

Unlike the economic crises in 1998 and 2008, SMEs can support the economy because the majority of them do not have access to finance and capital so they do not get a big influence. But this time, UKM is one of the most vulnerable to the impact of COVID-19. Reporting from Goldman Sachs data, 96 percent of SME owners in the United States stated that they had felt the impact of the Covid-19 pandemic and 75 percent of their businesses experienced a decline in sales.

Meanwhile, the Chairman of Hipmi Jaya, Afifuddin Suhaeli Kalla, said that the turnover of Indonesian SMEs had decreased by 70 percent in the past week.

President Jokowi has appealed to all elements of the government to cut non-priority spending plans in the APBN and APDB to be relocated to the current three government priorities, namely public health, social assistance, and economic incentives for businesses and SMEs to keep producing and avoid layoffs.

Standie Nagadi, VP Marketing of Mekari, said that in the present time the use of technology will be the best solution to help the economy of SMEs keep running.

"Apart from capital assistance, marketing through social media and bookkeeping automation will make it easier for SMEs to develop strategies that are appropriate for the current and future business continuity," said Standie in a statement received by VOI, Thursday, March 26.

Mekari as a software as a service company that has Journal products, cloud-based online accounting software, Jurnal provides several tips that can be applied by SMEs in the COVID-19 era, including:

1. Take advantage of social media as the main channel of marketing.

In the midst of this condition where people are urged to meet face to face and go out of the house, social media can be a way of promoting the products or businesses that you have if you haven't tried them.

Many SMEs in Indonesia are currently helping each other's business, from actively telling stories about your product or business, giving promos, to asking friends for help in promoting your business.

2. Make sure the cash flow is maintained in a healthy manner.

Cash flow is the most important element in business, so business owners must be able to manage cash optimally and well. With a situation like this, there are business owners who become obstructed in making billing and payments to business partners because face-to-face manuals are usually done.

Online accounting software such as Journals, can help businesses create billing and payment documents easily. Invoice (invoice) can be sent or received automatically via e-mail as an official notification to business partners to make transactions without the need to meet customers physically.

The Pay Journal feature also makes it easier for business owners to accept payments from customers. Jurnal Pay is available for Virtual Account (bank transfer) and Credit Card payments with minimal fees and one-time setup.

Not only that, the system will automatically record the payment that has been received.

3. Re-plan revenue and cut expenses.

Looking back at the budget plan is crucial at this time. Business owners must be able to sort out which budget items are priority and make budget adjustments to current conditions to keep the business running with anticipated risks.

The Budgeting feature in the Journal will help business owners create income and expense budget items as a reference when diatarizing sales and operating expenses, so that profit margins can be controlled.

Meanwhile, through the Profit and Loss Report feature, business owners can analyze income and expense reports, so that in the future it will be easier to make decisions on items that cost a lot and need to control their expenses.

4. Always monitor business transactions.

Perform online banking transactions at home at this time. Through the Cashlink feature in the Journal, business owners can carry out bank reconciliations automatically without the hassle of visiting a physical office.

The journal will display a summary of bank reconciliations on all cash and bank accounts, as well as changes in cash and bank balances that have not been recorded. Then, there is the Smart Bank Reconciliation feature that automatically provides recommendations for matching transactions based on the same number, date, or transaction description to speed up the reconciliation process.

5. Pay attention to stock conditions.

Check the status of inventory items regularly and in real time. Using the Journal Inventory feature, the business owner not only calculates the inventory of goods, but also knows the average buying and selling price, and informs the stock availability right away.

The inventory monitor is also needed to obtain references, for example, which products are most in demand and less desirable, which products will expire soon, stocks are empty, and so on.

With current conditions, it can be seen that technology plays a big role in the company's operational sustainability. The adoption of cloud technology through accounting software such as Journals will make it easier for business owners to be able to monitor and access business financial reports safely anywhere and anytime at affordable costs.

Mekari is committed to continuing to move SMEs to become part of the digital economic ecosystem by providing opportunities to transform and innovate, especially in times of crisis like this.