HOW CAN ENTREPRENEURS AND SMALL BUSINESS OWNERS SURVIVE IN THE MIDST OF COVID-19 PANDEMIC

The COVID-19 pandemic is not only a global health concern but also a big challenge in today’s economy. Many countries have imposed lockdowns to contain and minimize the spread of this deadly virus. In the Philippines, the government even imposed a more subtle term to implement a total lockdown, and it is widely known as the Enhanced Community Quarantine. This ECQ has impacted the lives of many, in such a way that it changed people’s lifestyles, preferences, and mobility. One of the most affected sectors is business, where entrepreneurs and small business owners are hard hit.

For more than a week now, time spent outside the home has been limited. Office working hours have been done remotely by most companies. People are just staying at home to help contain the spread of the coronavirus. Only one person per household is allowed to go out, but the limited time outside due to curfew is just enough to buy the basic needs of a household. And with that, many entrepreneurs and small businessmen are now facing challenges. They have to temporarily shut down because they do not have enough customers around. It’s also risky for their workers or staff to continue operating. Now, sustainability and survival are the major concerns of most entrepreneurs and small business owners amid COVID-19 pandemic.

If you are an entrepreneur or small business owner, what should you do during this challenging time? Are you doing the right things? Just like the famous ad about social distancing by a pre-need death care company, are you saving yourself and your business six feet under or six feet apart?

We list down some tips that entrepreneurs and small business owners can do to sustain themselves during this COVID-19 pandemic:

1. STAY

Stay and just adapt to your surroundings. We know it’s hard to accept that there will be no steady cash inflow for your business until the end of ECQ. However, what works best is to work on your anxiety by filling yourself with lots of hope and peace of mind. Accept your losses but be objective and try not to be too emotional with the status of your business. Safeguard your stakeholders (your customers, workers, and even your suppliers). Let them know that you are temporarily closing but will still be there after the crisis. Most importantly, ensure that everyone in your organization is worry-free during this time of uncertainty. You may assist if you can. Believe in good karma - because once this crisis has ended, there’s a bigger chance that you will receive the same kindness from the people and customers whom you have treated nicely.

2. SURVIVE

If you did not close your business but you are perhaps in a delivery mode or skeletal set-up, then that’s good because it seems you’ve done something right in your business continuity. But if you have nothing in place right now to have your business continue its operation while it’s currently hit by a disaster, then it’s the right time to set-up a business continuity plan. This is not too complicated to accomplish, it’s just figuring out and preparing how you can still operate despite the emergence of uncertainties in your business. For example, if your area becomes flooded, then you might want to think about alternative solutions in order to remain operational. Should you concentrate and equip your staff to do a full-blown delivery service or should you consider your residence’ veranda as a temporary location for your business with limited operating hours?

3. STRIVE

Good if you could operate in a business continuity management mode; but if not, then all the diskarte moves must be unleashed in the business-minded you. Some LGUs are considerate enough to some local establishments that they extended the curfew hours for small businesses so that they could maximize operating in a take-out and delivery mode. If this type of privilege is given to you as a business owner, grab the opportunity to hand-over your products at your take-out counter or deliver your goods at the doorstep of your customer. You may also take chance of pilot testing your business continuity plan if you have just made it. For instance, a vegetable dealer who has a stall in a palengke utilized her social media platform to gather orders for delivery. While this is her temporary selling platform, somebody from her household transformed a free online survey form into an online ordering form. This is something the vegetable dealer could attach as a link to a post whenever she sells again using her social media account. Eventually, they may also use and incorporate cashless payment options for their customers by incorporating fintech services. With these actions, the vegetable dealer has not only continued with her business operations but has also used innovative strategies to ensure efficient delivery of products and services.

4. THRIVE

When your business is in a continuum amid uncertainty, then you are in the right direction. But still, I must say that you must not just settle. Give yourself and your business endless room for improvement – this is one key to thrive in the market. There are many things you can still do: learn from others, know your competitors, leverage your products/services, innovate, etc. Again, you can do all these but know that you cannot do it alone. As one famous saying tells: “It takes a village to raise a child.” This phrase can also be applied to the way you manage your business. Seek help from others and become that successful leader in your respective business. You may also consider getting third-party services for tasks that you think are not your forte. For instance, My Internet Marketer Philippines has been providing services to help locally-based entrepreneurs and small business owners expand their sales channels. They offer e-commerce and digital marketing services including social media management and marketing. They have been a great help to new and existing business owners in developing their online sales channels. They can provide assistance in setting up and managing business pages in Facebook, Instagram, Twitter, and even e-commerce websites. They also offer general virtual assistance so it's like you're having a pool of digital marketing experts on board in your business.

During this COVID-19 pandemic, my best advice for entrepreneurs and small business owners is to stay, survive, strive and thrive. The past days and the coming days may be full of uncertainties but if all of us face the coming days with a proactive attitude, then we will always have this vision of hope and better days for everybody.

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ABOUT THE WRITER:

Marie is a budding e-commerce and digital marketing professional wanting to help entrepreneurs and small businesses' owners thrive in this fast-changing world.  When not on her laptop, she's an AuSome Nanay to her son Axis.