Small business survival strategies and tips; during and post corona Era in series of post for MSME and Startups, Part-1

survival of business During and post corona

 People's safety at the workplace

During and post-Corona Business strategy series with step by step guide for #MSME & #Startup; Part-1

Coronavirus pandemic has changed life & business across the globe. And the worst hit is to MSME sector. Made the survival of business at a crucial point in the business life cycle.

The MSME industries are mostly unorganized sector, Adoption of new technology and digitalization is at its bay impacted the sector adversely make it difficult to run the show. Working capital is a major concern to start with.

In spite of all the challenges, this is the sector that contributes to our GDP and employment generation significantly.

For me also MSME businesses are very close to my heart. For the long term benefit of the MSME sector herewith we are sharing some key strategies in a series of our articles.

01. Put People First

Today, we see that shared humanity at work can make all the difference in this crisis. Companies need to go beyond the transactional to truly understand their employees if they want to create productive, inclusive, and rewarding working environments in the long run.

1.  Communicate with compassion and confidence.     

•    COVID-19 consumer research found that over 64% of the global workforce is facing high anxiety over their personal job security. Others are worried that traditional social interaction may no longer be possible.

•  Proactively seek feedback from employees and give them a voice.

•  Find the right ‘glocal’ mix of leadership, delegating where appropriate but providing central guidance and coordination.

2   Build trust with your people through your purpose

• Living your purpose motivates people to persevere with a challenging journey of change.

3.   Address the deeper needs of insecure workers

•      Turn furloughed workers into flexible workers, retraining them in skills that enable them to refocus on areas of higher demand. Offer learning programs and career pathways to affected people.

4.  Care about more than your employees’ work problems

• Offer life coaches, mental health support, and wellbeing programs to help grieving employees or those managing stress, such as those caring for elderly patients and partners of key workers. Honor losses. And ensure leaders share their own COVID-19 experiences.

5.  Support households, not just employees

•    Works are open, but schools and elderly care are not. Many children are of dual working parents. Their caretaking, online school study, etc. are major concern areas. As such overall moral and mental support in these tough times as human beings should be the first priority in any business.

In the coming articles, we will share more strategies on various aspects of the business.

Wish you all a grand success.

आत्मनिर्भर भारत

Jai Hind.