Small businesses survive in pandemic time
Dear All Steemians in the world
One of the important pillars of the economic sector is small business. You could say that small businesses can be an economic savior, especially when the country is hit by times of crisis. such as in this pandemic state, small businesses can survive more than large scale businesses such as factories or other large businesses.
Of course, this is related to the business from upstream to downstream which continues to move. The government is also not allowed to let small businesses die by big ones. In a pandemic like this there needs to be more intense coaching so that they can run their business.
At a time of the pandemic which is still not over, almost all businesses in every country cannot escape its effects. The impact of the Covid-19 pandemic on the economic and business sectors is profound, because this pandemic has destroyed the most important side of the economy, namely supply and demand. Various sectors have also been affected, including small and medium enterprises.
From the supply side, many small enterprises experienced a reduction in activity due to the policy of limiting social interactions which resulted in the cessation of the production process. From the demand side, reduced demand for goods and services has resulted in many small businesses being unable to maximize profits, resulting in reduced company liquidity.
At the start of the pandemic many people were very worried, but kept getting up and moving forward. we must not slack off. Instead, we have to be smarter and stronger in facing this situation. Because no matter how difficult the situation, be sure that there are always opportunities. The saying goes, no skipper is born from a calm sea. Likewise in the business world. The more challenges, the stronger the entrepreneur.
At the start of the pandemic, small businesses were devastated. However, there are also many that are growing and developing because of pivot or shifting. Not to mention, with the emergence of new micro businesses that were born due to pressures of the situation. These are the tough entrepreneurs who will save the economy.
There are several things that support the survival of this small business such as:
1. Loyal Local Customers
Consumers of small business products come from local residents. This makes us remember that when we talk about small businesses, we cannot be separated from loyal customers. Generally, utilizing human resources, capital, and local raw materials. Production costs were also reduced, resulting in products at relatively cheap prices and quality assurance of quality.
This factor makes consumers automatically loyal to local business products. Not only that, the pride in using your own country's products has also begun to take shape. Hence, it is not surprising that loyal consumers help increase sales and purchases of small businesses so that the economy can be stable and opening a micro business is less affected by the recession.
2. Required Products
Apart from loyal customers, being able to focus on products that the community needs is one of the keys that can make small businesses survive during a recession. In addition, products that are generally affected by the recession are products that have a broad marketing scale and imported products.
3. Not affected by the Capital Market
Small businesses are not affected by changes in the stock price index on the stock exchange. They build businesses with little capital and try to run the business more simply. Because businesses that are influenced by the capital market need to be careful and think again about the strategies that must be implemented in order to survive.
That make micro business will be strong to face many situation include crisis . So We can run small business to earn money in our life.