The micro, small and medium enterprises (MSMEs) are a critical and vital part of the growth and development of any economy. However, these businesses are fragile and susceptible to shocks which are damaging.
The outbreak of the coronavirus pandemic is hurting economies and affects will lead to shut-downs. Therefore, it is important that MSMEs make a move to survive the pandemic and also improve their business. There are five things the MSMEs can do to secure the survival of their business.
Being informed: Information is key, especially in this period. It is important for business owners to remain informed about new policies, events and opportunities as they relate to their business as well and global economy. Furthermore, they should be familiar with economic reports and business forecasts. Armed with the right and necessary information, the business owners will be able to make the right decisions that will help them remain relevant and grow.
Innovation: this is also another major activity an entrepreneur should engage in this period, regardless of the products and services provided. The pandemic is creating a new normal and businesses should innovate along this axis. Businesses should be flexible enough to adapt to change. Innovation can be gained through knowledge and by replicating successful business models.
Database update and brand reformation: Now is the time for entrepreneurs to evaluate and update their database and profile. Some businesses have continued to use the same profile since they started years ago, and they have been engaging with the same type of clients. This is a period when businesses should adopt profitable business models in line with global practices. In addition to this, brand reformation and revamping are important this period especially for businesses that want to resume with a bang and hit the ground running.
Self and business development activities: Business owners should fully utilise this period to develop their businesses and themselves as well. This can be done by attending trainings, reading widely and improving the use of technology as well as social media platforms. The outbreak of the pandemic has enforced the use of technology and digitization. Therefore, businesses need to reach a wider audience through social media platforms as well as digital marketing outlets. If necessary, the entrepreneurs can employ affordable professional third parties like lawyers, auditors, digital marketers and graphic designers to develop their business and
network with people and organisations to grow clientele and boost opportunities. The essence of networking cannot be too stressed, especially with the current business environment. Entrepreneurs need to grow their people-network and join relevant organisations and bodies that will help in growing their business. This activity can help in expanding clientele and also provide opportunities for the entrepreneurs to thrive amid and after the pandemic.