THE RISE AND FALL OF THE PANDEMIC COVID-19 AND IMPACT ON START-UP’s & MSME SECTOR.



Published on 28th March 2020 by Nikita Shahi (Director at Summentor Pro Business Consultants)

The Domino effect has already started creating a decline ripple on many business sectors, with the COVID – 19 outbreak, this period of quarantine and operation of business’s being accessible from home, can require the decision maker’s of Start-up’s & MSME’s to be more innovative, appreciative and optimistic in their approach with their employees and self.
Safety of employees is the need of hour and decision maker’s need to ensure that complete precautions are taken to be safe themselves and pass on the message to their employees with proper guidelines as employees at this point will trust their employer’s more than the government or the media. Supporting Start-up’s & MSME’s during this pandemic is crucial to the economies of each country while balancing the medical sector and health of the citizens.
“HERE ARE FEW TIPS THAT MSME’S & START-UP’S CAN ADOPT TO CUSHION THE BLOW AS SALES, MARKETING AND PENDING PAYMENTS FROM THE CLIENTS SEE A CRUNCH”:
STAY HOME AND STAY SAFE – As the old saying goes “precaution is better than cure” – This should be the “National Anthem” of every company, while keeping all the operations active and timely response could be a challenge, entrepreneurs could use this time to connect positively with all their employees giving them tips about various safety measures and practices that can be followed to protect them and their family members. Meetings directly with leaders of the company can boost morale of all employees to create a positive ripple and enhance productivity. Meetings could be held actively within the company to see if supply shortage of any particular employee can be met in-order to make it an essential step of the company to take proactive measures to tackle the pandemic. The message of what you are doing for your employees safety could be a great example for many more to follow the lead. Entrepreneurs can also show their employees how they are self- isolating while being effective in leadership.
RESEARCH WILL BE THE KEY TO SUCCESS – While the pandemic has spread a threat for global recession, entrepreneurs & marketing team could use this time to research upon various B2B meeting platforms, networking events ,media partnerships, advertisements, social media ad’s etc, that best suit their business profile and requirements, to recover from the losses faced thereby increasing a fair chance to lift the sales & marketing for individual companies. Entrepreneurs can use this time to work upon enhancing individual & leadership skills for better and effective networking. Researching on potential leads and innovative marketing techniques could assist the sector, withstand the blow to a large extent. Research on accurate & verified content is imperative for business as a large wave of fake information is being circulated around various platforms. Another method that companies could take advantage from is by updating accurate & verified content on websites to engage higher traffic on individual websites to create great opportunity for lead generation.
JOIN ACTIVE ASSOCIATIONS & GROUPS WORKING FOR THE BENEFIT OF THE SECTOR – Another major issue of MSME’s & Start-up’s at this point is financial concerns and job losses, to tackle this situation companies should forge partnerships with active business associations & groups to raise their individual & group concerns with the government directly. Such partnerships can assist Start-Up’s & MSME’s connect with possible investors, or floating opportunities to make short term investments which can benefit in long term profits. If this is can be incorporated State by State then at a Country level we will see less markets crashing & can immediately pick up the economy towards inclination. Keep an open eye towards government policies & schemes being circulated or connect with consultants who work directly with the government to benefit from them accordingly. Such active measures can definitely spark collaboration at this moment of crisis. Here’s a link circulated by the Government authorities to MSME’s & Start-Up’s for the procurement of the following items: http://jan-sampark.nic.in/campaigns/2020/26-Mar/MSME/index.html. Such techniques can be an added benefit to provide some relief to the MSME’s & Start-up’s sector.
HOPE, POSITIVITY & A NEVER GIVE UP ATTITUDE IS THE MANTRA – Quoting Jack Ma’s line – Never give up. Today is hard, Tomorrow will be worse, but the day after tomorrow will be “SUNSHINE”. The most important thing that we learn in the journey of entrepreneurship is Patience and there is no better time to put this to test. While dealing with the fatal blow of the pandemic to stay motivated at all times could be a challenge, however connecting with motivational quotes and inspirational stories could be a great way to deal with the added stress and anxiety. Connecting with family and loved ones can help regulate your mindset and stay positive. This time can be used to look back at your progress and see how far you have come to evaluate your own success story.
THE BRIGHT SIDE OF THE PANDEMIC - The resulting transmission of disease from wildlife to humans is “A hidden cost for human economic development “ – However experts say that a Greener, more equal economy must emerge after the impact of COVID – 19. A huge leap in air quality has been reported after the lockdown has been announced, the shutdown is also positively helping us maintain a low carbon economy. Leading scientists have already commented that COVID-19 might be a message from the Nature. With the increase of pressure on our natural system COVID-19 can result in as a sign of relief & give way to a more rich, green and less polluted resources. The quarantine has also resulted in the healing of our vital ozone layer.This will help us balance climatic conditions & also keep our oceans on the natural course. Now isn’t this a Silver Lining to a more richer and well equipped human growth.
To all my readers I request you to please stay home, stay safe and stay positive, we are all in this together, Requesting you to please share my article to raise awareness on how we can tackle some underlying issues of our business’s. If you have any questions or would like to hear more on any specific topic you can always write back to me on info@summentorpro.com .