Entrepreneurial Challenges Amid COVID19

 

The COVID19 dilemma remains to be a global threat. As it continuously spreads throughout the world, businesses worldwide see enormous challenges. While some can get by. Others may have just been stunned because of the lack of a “backup plan” for dealing with business disruptions.

COVID19 has forced some businesses to close, such as restaurants, clubs, and malls. The usual traffic died down, and now, hospitals are overwhelmed with the influx of COVID19-infected individuals.

As the government implemented stricter measures to prevent the further spread of the virus by letting the people stay at home, this also meant having to sacrifice earnings for their families. Now, entrepreneurs are facing uncertainties regarding their businesses. The big question now is: how will they rise up above this?

Many companies are feeling the massive impact of COVID19. They find it difficult to adjust as many of these companies struggle to ensure workers remain employed. The government has offered its assistance to the people to continue to function. However, at this point, the government’s funds may not be sufficient to sustain the whole country if the virus remains the way it is.

Challenges Faced by Entrepreneurs

Indeed, being an entrepreneur means going through a lot of challenges. But, for sure, all of us were not prepared for this kind of disruption in our lives. Although the SARS and MERS scare rattled the whole world years ago. COVID19 was entirely a different story. It has paralyzed the world to the point that some have become hopeless that this would ever end. However, we must not be overcome by fear. And as entrepreneurs, take this as another challenge that you need to conquer.

1. Disruption in the everyday operations of the company. Companies that could create a business continuity plan may be a different story. Now, businesses are more aware of the significance of having such a plan to remain afloat despite these obstacles.
2. Over-production of products. You may have been aware that some fast-food chains or food cart businesses have offered their products online at a much lower price. And I think it is indeed a sage move to sell them online because it is actually a win-win situation for both business and consumers.
3. The use of delivery service to continue serving the consumers. People are refrained from getting out of their homes due to the virus. Businesses have made it possible for their products to still be enjoyed by the consumers by delivering them at our doorstep. The only struggle here is the amount of time that some consumers need to endure. Sometimes, there is a high volume of orders, and it is impossible to serve all orders in one day.
4. The usual cash transactions may defy the “social distancing” implemented by the government. Thus, contactless payment should be in order. Today, it is not difficult to send and receive money with our technology. Bank transfers now offer zero charges when transferring funds online. This payment scheme is very much advisable because it has been learned that the virus can be easily spread through banknotes. And in using contactless payments, we can protect ourselves from the further proliferation of the virus.
5. Choosing the employees to stay working while sending some under temporary suspension of their contracts. Now, this can be a complicated situation because, for sure, no company would just want to relieve any employee without having any significant concerns. But since the company’s revenue is terribly affected, they need to let some employees stay home and be compensated for a certain amount. It may just be as painful as how the employees feel in these times of uncertainty.
6. For stores that are still open for business amid the COVID19 dilemma, entrepreneurs have to shoulder additional overhead costs in providing soap and hand sanitizer. While this is an unexpected extra expense, it is a way of helping to promote cleanliness and safety for everyone.

7. Cybersecurity threats have increased dramatically during this time, with many companies dropping their guard while adapting their systems to the growing pressures. Working at home may seem the best way to reduce the number of people commuting every day. Still, it has opened doors to hackers that can endanger companies’ vital information/data.
8. By being able to follow what is expected from all of us. Regarding preventing the spread of the virus, with an exceptional marketing campaign. This could actually help the business earn a significant number of customers. A responsible entrepreneur looks into what he would gain from the company. And looks into the welfare of the people in the community. Thus, using social media as the primary medium in helping spread awareness is an incredible idea. Make sure, though, that you use your own content and images. I have seen others use other company’s materials and claim them as their own. And this is absolutely an unprofessional way of letting people know what kind of company you are running.

Again, promoting your company online may mean having to shoulder additional costs. Still, I assure you that it will all be worth it.

The fear of having the coronavirus in an extended amount of time will trigger a global economic crash is not impossible. But, we should trust that we can all get through this. This may just be God’s way of telling us to stop thinking about how we have spent our lives and how we are (mis)managing it daily. Just come to think of it — we have bluer skies, fresher air, and can spend more quality time with the family. Let us all remain positive and constantly pray for God’s mercy.

———————————-

You may contact Armando “Butz” Bartolome for questions and more information

Email:  [email protected]

FB Page: Butz Bartolome

Website: https://www.butzbartolome.com