27 June is celebrated as the World Micro-Small and Medium-sized Enterprises Day to recognize, applaud, and create awareness of the contribution of (MSMEs) to the economy.
There is no doubt that the current pandemic has challenged global health emergencies and slowed down the economy.
According to the International Trade Centre “The coronavirus poses a significant threat to millions of micro, small and medium-sized enterprises (MSMEs) across the world, more so in the most vulnerable countries. These MSMEs account for more than 90% of employment in developing countries and they are facing export restrictions, closed borders, decreasing demand, and a rapid slowdown in global supply chains. This is especially the case in the tourism and hospitality sectors, which often employ a majority of women and youth.”
We cannot deny the fact that MSMEs play a key role in the economic development of a country. So, on the occasion of MSMEs Day, we are giving away the 5 tips to overcome the challenges caused by the COVID-19.
Generally, MSMEs have a small number of cash reserves. Typically, they lack the cash flow, and capital and this is a hard time for them. In that case, you can go out of stock. So, you must keep your capital in control to access your business after the crisis. Make sure you have funding to recover your business. Try to control your expenditure by cutting off the extra expenses in businesses.
Remember, after the crisis, you may need money to hire new staff, training, or to rebuild the location and for other purposes, manage your finance as much as possible.
In the case of business collapse, you must look for an option that can help your business to rerun. In many cases, the government is willing to bear the losses of the MSMEs businesses and can act as backup support. Try to reach out among International organizations like ITC, IMF whose motive is to keep businesses afloat in any situation. They provide insights and guidance to small businesses searching for ways to cope with the operational stress generated by COVID-19.
Always keep in mind to motivate yourself to not to lose hope. Look after the possible aid on enabling the business environment, including support for access to finance, information, and markets that you can learn in real-time.
Also read: Funding Opportunities for COVID-19 Measures
Slowly, things are trying to get normal and businesses are coming back on track after a long period of lockdown. Some of you might have lost your contact with your business ties. In order to get them back, approach them, and make your work gets done. Instead of panicking, try to keep in contact with those people that plays a vital role in accessing your business. Finding out the new links for the partnerships or the customers is important. The task could be tiring and exhausting but to make your business on track you need to do extra hard work than previously.
Things get successful when you work according to your plans. The COVID-19 has made a huge impact on many businesses. Usually, MSMEs have a smaller number of employees the smaller the company, the harder the hit. Outline the necessary steps to take the proper action according to the nature of your business. Organize your essential task that needs to be done first hand and work according to your plan. Upgrade the skill of you and your employees through training on productivity tools, stress management, or personality development. Make sure you and your team are ready for the business structural activities after the crisis.
Although, the crisis has shunned economic development you still need to stay optimistic. You got to be hopeful that this too shall pass away. Always look for the positive side and stay motivated. The MSMEs need to search for support and help as much as they can. Seek for possible ways to raise your business. Brainstorm your ideas on how you can take advantage of this crisis. Be tactful to create opportunities from the COVID-19.
This pandemic has taught us a lot of lessons. Nobody had thought this crisis could happen and destroy so many lives. It has made us realize to generate the sources to keep the business alive. This kind of pandemic can cause anytime and in any form. So, having enough plans and options is required to get over the financial crisis. Be prepared to face the other crisis that can happen anytime.
Related: 7 Tips for Small Business to Practice during the Lockdown
Amrita is a social entrepreneur with a keen interest to help people and work in the field of humanitarian. She has years of experience and knowledge in proposal writing, report writing, and data analysis. She now uses her acquired skills to contribute to research in the development sector.
Most Respected sirs/Madams, This is Nageswara Rao.T, Director, CARD, we have submitted on line project copy for for your kind references and waiting for since 4th July,2020. The project concept to work ith COVID-19 PANDEMIC and protect then by providing social economic empowerment with small entrepreneur. It is very need to self sustain the people who are really, sufferer and main victims of COVID-19 PANDEMIC. the budget cost is an amount of $ 1000. But it should give more and more highest support to protect people like 695 positive people can cover under direct beneficiaries to get medicine, masks, sanitizers,… Read more »
Hello Nageswara,
Unfortunately, we are not a fund provider but for other funding, opportunities please go through our site.
Thank you!
Dear Amrita Tamang,
CARD has submitted a small project proposal on 4th July 2020 by online requesting grant of $ 1000 for emergency support to COVID-19 POSITIVE GROUPS in Andhra pradesh . What happens that project and what is the present status, please kindly confirm it at an ealiest.
Thanking you.
Nageswara rao.T