Impact of Covid-19 on Small, Medium and Micro Enterprises (SMME’s).
by Tebello Hlalele
Covid-19, an infectious disease that started to manifest in December 2019, in the city of Wuhan, China. In the past four months, the virus has managed to find its way to other parts of the world.
The emergence of the Coronavirus has lead to national lockdowns, in countries that are both greatly and lightly affected by the Pandemic. The World Health Organization has declared this pandemic as global emergency.
The national lockdowns in affected countries, has lead to businesses having to shut doors for a set number of days or months. South Africa, being one of the countries affected by the Coronavirus. Found their businesses closing and suffering.
The most suffering of the South African businesses is the SMMEs and the informal sector. However, government has set aside funds, in the form of loans and reliefs. To assist the affected businesses.
Although the government is putting in all efforts to help SMMEs recover. It is hard for some of these businesses to meet the criteria put to attain the relief fund, leaving some business owners in stress.
However, SMMEs will have to find ways to connect with customers. Find out what their clients want and need. This is the time to restructure business models and flow with the new age of doing business.
This is a time for businesses to adapt not relax. We are living in a technology based world and it might be high time for business owners to consider having online shops.
The Covid-19 Pandemic is indirectly a path into the 4th industrial revolution. Businesses should familiarize themselves with ways of using advanced technology to easily run their businesses.
On the evening of Thursday, 23 April 2020, the President announced Lockdown level 4. This level will start on the 01st of May 2020. There are some sectors of the economy that will be opened.
Business owners will have to polish their competitive advantage to try and stand out in this midst of Covid-19, as well as post Covid-19.
For social media platforms, people can follow me on twitter @Panda_Hlalele and Tebello PandaPrenuer Hlalele on Facebook.
Until next week, bye-bye for now.
Tebello “PandaPreneur” Hlalele
Business Collumnist: FS News Online
Tebello is writing featured articles for FS News Online, weekly. He covers various Business related topics and answer relevant questions.
About the Author: Tebello Hlalele, a 22 year old entrepreneur, student and future leader from Meloding; Virginia, currently residing in Bloemfontein.