Coronavirus – An opportunity to showcase Courage and Leadership

“The COVID-19 pandemic outbreak has forced many businesses to close, leading to an unprecedented disruption of commerce in most of the industry sectors.”

How has Covid-19 affected the business world so far? Which are the industries still holding up? Are the small businesses still operating or are they forced to shut down or scale down? Does the government support small businesses in these challenging times? Is there a way for small businesses to bounce back?

So many questions have been arising lately and puzzling our minds. Believe it or not, the Coronavirus outbreak has marked a sharp inflection point in all our lives. We have all been working our fingers to the bones and have reached the point where only the fittest can survive out of this pandemic. The Survival of the Fittest is not new to us. This phrase was coined by Charles Darwin in his theory of evolution which suggests how successful organisms survive.

Now, the critical question is, “Will the small businesses that include micro, small and medium enterprises succeed through this pandemic?”.

Well, there have been mixed answers. But, the majority of the answers is a clear YES!

So, how do small businesses prove themselves and continue to hold a share in the current market in these critical days? Here are few quick ideas and thoughts:

1.Customer Behaviour:

The drop in the economy all around the globe due to Covid-19 is disruptive. While the government has been trying to revive the economy, consumer behavior has been drastically changing.

Ever since the lock down has been brought into practice, trepidation about recession and community health has broken out and is prevailing. An unexpected wave of panic shook the stock market. Two weeks into that, people have restricted themselves from stepping out of their homes, leading to empty streets and shops.

This on-and-off buying tendency of the customers has baffled the large industries, leading to the accumulation of stocks of unsold goods. Meanwhile, the small industries have smartly recognized the needs of the situation and had quickly adapted.

2.Knowledge with Creativity:

Small businesses are trying to prove themselves by adding a plateful of creativity with their thoughtful and interesting ideas. You can take web designing for an instance. A lot of young minds and small businesses have been channeled into web designing recently, as the physical world is completely shifting towards a digital world. On the other end, small businesses are trying to create video calling platforms that can win over zoom.

3.Quality over Quantity:

It’s a common and proven fact that imported goods do not match the quality expected by customers. Don’t you think, this practice of compromising on the quality is more than enough for start-ups and small businesses to get inspired and show their courage by promoting ‘Made Locally and Made with high quality. A handful of small businesses have, for example, been involved in the manufacturing of face masks that will meet the required standards and also at reasonable prices. So, small enterprises are focusing both on quality as well as cost.

4.Multiple Sources of Supply:

We all know that the lockdown has restricted transport facilities and many businesses with long-term contracts are unable to ship their goods. This cleared the way for start-ups to manufacture the same goods in local spaces and deliver them. The added advantage here is that multiple supply sources have been created and there is no more dependence on large-scale manufacturers.

“A true leader has the confidence to stand alone, the courage to make tough decisions, and the compassion to listen to the needs of others.”

To summarize, the Covid-19 crisis has also opened our eyes to the inconvenient, stereotyped practices and gave a bitter realization that ‘if the world needs a change, then you need to change’. Small scale industries have perfectly endorsed this change and, are trying to take leadership and show courage, in a way to better the world.

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By the way are there any new business ideas that small businesses can look at during these challenging Covid days?

FIVE BEST BUSINESS IDEAS DURING LOCKDOWN:

1.Home-made food/ snacks:

Preparing and selling homemade food and snacks would be a great way to overcome the problem of trust in hygiene maintained at public restaurants and food stalls. Studies show that working men and women prefer homemade food service more than ordering food online.

2.Makings masks and gloves:

Fashion-careered friends of mine have kept themselves busy during this lockdown by making disposable and sanitized masks and gloves with the appropriate materials and selling them or giving for free.

3.Organic Farms/ Home Gardening:

Kitchen/ Terrace gardening is something that each one of us could do, which would require only our patience and nothing else. The best part is, it gives us mental satisfaction along with organic foods which help us to stay healthy. Even, numerous celebrities have endorsed this technique to sustain the growing spread of the virus.

Small businesses can get into providing materials and technology for Kitchen/ Terrace gardening.

There is a saying that goes like, “Knowledge shared is knowledge squared”. All you need is the internet and there you go. A lot of individuals and groups have started their own online channels that help a lot of people around the globe by sharing educative content. The added benefit is that there is no loss in this investment. Small businesses can try online learning platforms from music to maths to yoga.

5. Freelancing/ Blogging:

The new trend of freelancing and blogging lets you diversify your ideas and find soul satisfaction in what you do. It is best for expressing yourself and being the boss. There are advantages of modifying your work hours, an increase in pay, and less work strain. There are plenty of websites that will provide you the opportunity.

So, what are you waiting for? Now is the time to seize the day and let’s make the most of this COVID days.

Small Businesses yet again shown the Courage and Leadership during these challenging Covid and Corona days.