Know your next step

Know your next step
20 April, 2020 Hans Edin
Hans Edin
In Fintech Insights, News

Who knew? Not so long ago, the world was normal (?), and I was hoping that Björlöven (Swedish hockey team) should make it to the big league. This will not happened. 

Corona happened.

So, instead of dressing in green and yellow, we are now trying to manage new challenges: some minor, some major. In a time like this, I think it is essential to focus on what can be done, how do we re-prioritize, and how do we, from a business point of view, make this as good as possible. 

Time is your best friend.

Today, a lot of companies are doing what they can to survive. I can’t even visualize all the actions you need to consider to stay alive. But I do know that those of you that are creative and innovative have an advantage. The saying “think outside of the box” is more relevant than ever. Is there a way for you to change your business model, offering, delivery model, payment method, or presence in any way to make the glass half full? Just enough to buy you some time and endurance. I hope you already have addressed those questions. Remember: you are the expert. Think and think again about how you should tweak your offering. Be inspired by how other companies manage to change their situation. I can’t give you specific advice about what you should or shouldn’t do. But there is one thing that you should address—the future. Many of us now have a different calendar than before Corona happened. Still busy, but busy in a different way. Use the time and aim for a position where you are as attractive as you can be once Corona is behind us. 

New habits = prepare for the “new normal.”

The current situation brings new habits to our life. It is easy to think that innovation slows down in crises, but it is the opposite. That’s why it is vital that you prioritize your efforts, so you are aligned as soon as possible. We will see a new normal once we have this Covid-19 behind us. Contactless, mobile, and e-com are just a few examples of methods that will end up even stronger, driven by what’s now going on.  

Summary

Ask yourself: do you have the preferred payment solution, or should you tune your solution in some direction to meet your customer’s demands? A complex question, I know. But reach out to your payment provider and let them identify your current and desired position. Only then can you get information that supports you big time when the current situation is behind us. An assessment of this kind doesn’t cost that much but can make all the difference. 


Contact me if you need help to find the best payment solution. I will introduce you to some of our leading experts. They will give you the insight required, so you can identify a payment solution that increases your revenue and enables the customer experience. Now that’s what I call a win-win.

Best Regards
Hans Edin, COO at Westpay AB.
hans.edin@westpay.se