6 Apr 2021, 12:30 — 4 min read
The impact of the COVID-19 pandemic has brought unprecedented challenges to every business owner. Micro, small, and medium enterprises (MSMEs) are forced to pivot and take their businesses online.
To help you with the ever-changing business landscape, here are some tips to help you cope up and thrive amidst the COVID-19 pandemic:
Ask your creditor or landlord if you can pay at a later date or in installments.
Most MSMEs have loans, pay property rent, mortgages, suppliers, or utilities of some kind for their business. Cases are emerging where landlords have chosen to support their tenants and offer short-term relief, such as deferred rent for a while or allowing them to pay in smaller installments. In other instances, many banks are offering flexible packages for businesses and households to manage a mortgage and other loans. It doesn’t hurt to ask what support they may be able to provide you with.
Build or modify your existing website or social media site to shift the focus to online sales or remote services.
Most MSMEs have a website either through social media (e.g. Facebook) or a dedicated webpage to advertise their business and build customers. Look at modifying your existing social media site, website, or create a temporary one to start selling your product or services online. For example, some small businesses have shown creativity, such as providing education and exercise classes online and restaurants focusing on taking orders online and delivering food. It’s not too late!
Contact your local business associations to mobilize the local community to support small businesses in your area.
Your local government unit (LGU) is a good resource for information and mobilizes and brings together local communities to support local MSMEs. Some LGUs are organizing communities to help their residents with local livelihoods.
Disaster support and government assistance packages - Contact government agencies to determine income support and loans for your employees to maintain their income.
More and more governments worldwide understand the importance of supporting the local and national economy from the adverse effects of COVID-19. Supporting small businesses will help communities recover more quickly. Governments create a range of financial support packages for small businesses that include financial support, often through low-interest disaster loans to help cover payroll, make debt payments, and pay other bills. Packages can often also have a delay in tax payments and support for the employees such as support to help pay their wages for a short time.
Explore joining forces with other small businesses in your area to share information and offer mutual support.
While the business next door may be your competitor, it is worth reaching out to other businesses like yours directly or through your LGU to explore how others manage the crisis and develop ideas on how together you may be more resilient.
Social media is also a very effective way to build connections with other businesses. Online communities, such as Bounce Back PH, a platform for businesses, consumers, and freelancers to encourage each other to thrive during this crisis and an online shop to show their products and services.
These are just some of the tips to help you get through the crisis. To download the full document, you can access it here.
Source: UN Office for Disaster Risk Reduction
Image source: Shutterstock
To explore business opportunities, link with me by clicking on the 'Invite' button on my eBiz Card.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy, or position of GlobalLinker