Over the last two years, many Filipinos have been affected by the COVID-19 pandemic. Micro, Small, and Medium Enterprises (MSMEs) are one of those sectors that have been hit hard. Looking at the bigger picture at present, we still have a long way to go in the case of recovery. So, what’s next for MSMEs after the pandemic? Will we be able to bounce back fully?
A Light at The End of the Tunnel
With the improvement of modern medicine to fight the pandemic and the number of cases in the country being at a minimum per region, the economy has slowly been recovering since the Enhanced Community Quarantine (ECQ) was lifted. Although limitations and special conditions are still being pushed by the Inter-Agency Task Force (IATF), there is actually a light at the end of the tunnel for MSMEs as various government sectors, as well as micro-business-related groups, are gathering their expertise and resources to help this major business sector thrive and succeed after the challenging years of no profits, no income, and business standstills.
Continuous Thrive In The Digital Space
Although we are on the road to the endemic, it’s still advisable that MSMEs continue to thrive and use the digital space as a way to communicate with their customers, form partnerships or collaborations with other MSMEs, and still provide cashless payment options to keep sales going. Having a physical store may be possible now, but let’s not forget that there are still individuals who prefer paying for things using e-wallets or online banking and just hire couriers or various shipping services to send the goods to their doorstep.
The pandemic has also made small business owners realize that using social media platforms like Facebook and Instagram has been a great avenue to keep the business going in the case of hardships. However, some are still struggling to learn how to use it properly, especially the older ones who have minimum knowledge on digital platforms.
While it is still not certain when this pandemic will end, it would be advisable that organizations dedicated to helping MSMEs on the road to economic recovery would help the older generation of MSME business owners know how to use social media for their business, as well as assist when it comes to cashless transactions and logistics.
MSMEs are one of the country’s biggest business sectors, so assisting them in the recovery is also a way of helping the country’s business economy recover as well. The beauty of MSMEs is that whenever that specific strategy works for one business, we share these ideas with others as a way to help them earn income or recover from the huge financial losses.
Here are some recommendations that could help MSMEs after the pandemic:
The secret to constant success in a business is regularly improving its operations and finding a way to speed up processes to grow sales and revenue. Workshops organized by government sectors, NGOs, or MSME-related support groups are great examples to attend. Some provide important insights, while others provide exclusive digital or printed resources to help assist you with your business growth.
Social Media Training and Awareness
Since the demand for going digital is already imminent, it’s also a must that we help MSME business owners how to improve their brand or how to properly interact with customers through the use of social media. Our business’ official and main pages are similar to a physical storefront. You must create or share relevant content to attract possible customers.
While some MSMEs succeed and thrive, others still struggle to make constant sales regardless of their business launch. Having a consultation with highly experienced experts in the field would help you pinpoint your strengths and weaknesses and then detect what needs to change to improve the business.
They say that “No Man is an Island” still rings true even in the case of MSMEs. Being part of support groups would help business owners find potential customers and partnerships, seek advice, ask inquiries, and be updated on the latest events and happenings in the industry. Being part of Facebook communities and pages dedicated to supporting MSMEs is one way to help you find the right people for everything related to the industry.
MSMEs in the Future
With months of lockdown and uncertainty in the past, we are thrilled to say that our industry is on the road to constant recovery. With proper direction, assistance, and constant support from fellow entrepreneurs, we will continue to thrive together and finally end the cycle of uncertainty. Through a reliable MSME support group, we are definitely going to see constant and positive growth over the next few years.