How to Sustain Business Aspects amidst COVID-19?
We are coping with the biggest pandemic that the world has ever seen, yet the show must go on. It is quite obvious that not all businesses are in a position to adapt to the changes required in order to sustain in such hard time—amidst COVID-19.
Of course, not all businesses are in a position to be able to adapt to the many changes, and there are, and will be, significant impacts for many.
Though governments had have made many significant interventions, organization must take crucial measures in order to up lift the fallen global economy. Nevertheless, various businesses are robustly adjusting as per the need of their consumers and suppliers simultaneously navigating the financial and operational challenges.
Amidst COVID-19 leaders who can shift to new methods to reduce potential revenue losses, are forging levels of trust with their employees for renewed growth post pandemic. If banking is considered, social distancing restrictions will push customers toward digital channels for service and increase the need for a connected, responsive team.
This COVID-19 has and is affecting almost every industry. While some industries have strong defenses towards such COVID-19 pandemic, yet many are drawn to blank board. Even the consumer demand patterns has and will shift more. For many multinationals, complex and business-critical services which are taken care by global processes should be restructured. Organizations should respond quickly in order to maintain the continuity and reduce the chances of risks in their operations in order to serve their businesses better in future too.
Many big organizations are adopting a distributed global services model which is helping them to channel their enterprise risk to minimal level. Whereas, these companies with cope with such situations as they are enriched with resources. But, problems and challenges are faced by the micro, small and medium enterprises (MSMEs).
Below are some of the tips for MSMEs, in order to overcome such harsh times:
International value chains account for a huge proportion of trade and connect to millions of MSMEs. These MSMEs must utilize network within these international chains in order to measure impacts of the dilemmas occurred and must make the analysis available to the decisive leaders and companies.
Many of the technical assistance providers’ projects which are helping MSMEs have targets and work plans which are not prerequisite to such cases. Thus, these providers must modify their plans, listening the requirements of company managers and governments and find solutions to overcome them. Many such providers are working with different small-scale industry association to develop recovery plans with the support of the fund providers.
Re-building the Ecosystem
As governments are working on eradicating the COVID-19 problem, but they are also providing an ecosystem that can deliver the necessary aids to their respective medium and small scale enterprises. Many technical assistance providers are connecting trade promotion organizations globally, in order to share emerging good practices and resources needed by small businesses such as market information. Also, maintaining a good and healthy relation between buyers and suppliers could also make a great difference. In addition, technical assistance providers is working with trade finance providers, guarantors, buyers, and suppliers to implement medium and small-scale into affordable financing networks.
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