As we step into our new world, seemingly blind, we begin to build our post-corona lives. The choices that we make now are becoming the cornerstones of our next normalities. Ahmed Osman, President of the International Council for Small Businesses (ICSB), urges us to "imagine a new dawn for MSMEs globally and reimagine purposeful and meaningful startups."
1. Financial Assessment and Security
For MSMEs, the first priority is a financial health check. Collaborating with an accountant or advisor is essential to understand deficits, cash flow, and liabilities. Businesses should create a six-month action plan that accounts for potential pay cuts, reduced infrastructure investment, and halted recruitment based on reliable government and financial information.2. Re-evaluating Business Plans
Pre-COVID-19 business plans are no longer sufficient. Businesses must redefine their goals and create realistic, well-rounded growth strategies. This involves engaging stakeholders and exploring options like deferred funding rounds or new strategic partnerships.3. Creating a Digital Ecosystem
Digital platforms are no longer a luxury but a necessity for survival. A robust digital presence helps with brand recall, customer engagement via social media, and remote operations. Companies must prioritize digital engagement while ensuring data protection and employee productivity.4. Adopting the Fourth Revolution
MSMEs should leverage modern technology to build a productive, next-generational business. By mapping out a two to three-year plan, companies can achieve higher returns on investment and build resilience against future disruptions.5. Rethinking Physical Assets and Space
Remote working is now a proven, active mode of operation. Businesses can significantly reduce overhead costs—such as rent, utilities, and insurance—by reducing office space requirements. Furthermore, office layouts will need to shift away from dense open-office plans to comply with modern sanitation and health policies.6. Crisis Management Strategy
Finally, MSMEs must implement a crisis management strategy that considers both immediate and long-term impacts. By maintaining emergency funds and robust digital infrastructure, businesses can maximize productivity even in uncertain times.Despite the challenges, this is a time for meaningful and sustainable business. As Ahmed Osman notes, the struggle of today is developing the strength we need for tomorrow.