The COVID-19 pandemic brought chaos in the world. Every aspect of living was compromised including small businesses and enterprises around the world. But socioeconomic is particularly worse in developing countries, where resources are scarce and limited. The pandemic will lead the economies into turmoil and push tens of millions of families into poverty and difficulty.
The pandemic’s impact will deepen the difficulty in least-developing countries, like in Africa and in the Pacific, which are especially vulnerable to an economic disproportion and the inefficient healthcare system. Large companies have stopped their operations and closed stores, leaving factories and workers locked and suffering from financial constraints in countries including Bangladesh and Cambodia. Small and medium-sized companies are combating for the survival of their business operations. On the other hand, they must ensure the allocation of budget for salaries, rent, and other expenses for operations, debts and loans and taxes as well.
The lay-off of workers seems the best solution that the companies are doing so far. This could lead to an increase in poverty and economic freeze. On the positive side, most businesses are now protecting employees as help. Ensuring the jobs and incomes, preserving the financial stability of the employees will help to revive the growth of trade and global supply chains.
But how do we support small businesses during these depressing times?
Big challenges often come at first. Most people resort to due to a lack of market information, financial knowledge, concerns about monetary risk, and inadequate quality loan applications. People are looking for ways to gain income just to put food on their table. Business is the only solution nowadays. Whether small or big, people will most likely sell that they think will give them income.
A second step is to re-calibrate all your business objectives and rethink ways that will surely help you the business. You must align your plans with the current demands of the people. The pandemic has upgraded the health necessities due to the virus and that is why people usually make business of sanitation and hygiene.
On the other hand, the competition is really tight and the price of goods increased due to the demands of the customers. The scarcity will give the customer limited choices and conforming to high prices. Nowadays, people tend to disregard the prices for the sake of the availing of goods.
Women are more engaged in business. As the light of the household, looking for income is also part of the responsibility right now. This mindset will help in broadening avenues and profit to contribute to better welfare and economic growth in the community. Female-led businesses are more comprehensive and detailed. This can be achieved through training in business processes and operations, access to monetary sectors or finance, and addressing the best services and practices that favor men over women.
The technology greatly helps in the re-invention of their business. Social media is the number one tool that is being utilized by business owners. Since physical operations of the business are prohibited, the virtual business is the thing. Also, the delivery system is heightened and widely available in other businesses. This move is effective since people are discouraged to go outside often due to social distancing practice.
Food industry is also trending nowadays. Since people are only at their homes, they usually tend to feel hungry and craving for something. The food industry is more profitable and business owners have shifted their business objectives. Majority of the business owners resorted to the food industry and changed their business objectives as well.
On the other hand, the agriculture sector is also can provide good service in the community. Due to the surge of the virus, a healthy lifestyle is now being practiced. Engaging yourself in agriculture business is also a nice move but it can be risky and will require you a larger amount of investment and time. Plants and crops do not grow overnight, so you must be patient enough for your income to be grasped.
As they say “eat what is on the table” but we have to be creative in thinking of ways to re-invent our business. We must be dynamic and open with changes since the pandemic had changed our lives forever.