With world-wide discussions on the negative economical impact of Covid-19 one struggles to find the silver lining amongst the clouds of failed businesses, rising debt and job loss.
However, there are some businesses who have found the key balance between adaptation and resilience and have in fact, come out the other side for the better.
Strategies Used By Small Businesses
Small businesses have been identified as a key component in surviving the national economic downturn. They provide economic diversity and allow for job creation. However, most small businesses are more than feeling the proverbial pinch as a result of the restrictions on trade and limitations imposed by the Covid-19 pandemic.
Be that as it may, many small businesses have utilised the opportunity to make key changes and policy reform which has allowed them to weather the storm.
Some of the strategies utilised to do this include the following:
- Technology: The shift in focus on technology as the main medium for commerce during Covid-19 has allowed for small business to accomplish a larger reach and has thereby allowed for access to a larger consumer market. Reliance on technology also appears to have increased efficiency and has allowed for easier competition with larger businesses.
- Market Strategies: The Covid-19 pandemic has forced small businesses to focus on market access strategies. In other words, the high pressured, unfamiliar and changing economic conditions have forced small businesses to take notice of market related data and have allowed them to focus on what works. It has also forced them to stay on their toes and stay in constant search for markets which will allow them to succeed.
- Focus on Efficiency as well as Finding More Customers: By focusing on building up employer capabilities small businesses have allowed for senior staff to focus on growth strategies and business decisions. The workload becomes evenly distributed and business improves in a more wholistic way.
The Legal Fraternity As A Key Roll Player
The legal fraternity has played a significant roll in assisting small businesses cope with the rising distress during the Covid-19 pandemic.
The global pandemic, resultant lockdowns and economic turmoil has resulted in the law firms responding with a range of informative material such as webinars, information drives and Covid-19 related articles. The relevant material covers topics ranging from human resources and health and safety policies to on the pulse reporting on business trends.
Law firms have also adapted and allowed for online access to a large portion of legal services. Some law firms have also offered free online consultations whereas other firms have began utilising online mechanisms to assist in document delivery and review.
Conclusion
It is clear that economic behaviour will never be the same again. However, with change and strife comes reform. It some instances drastic policy and model changes will be required to survive the turmoil of the Covid-19 pandemic. However, in most instances, it appears that small key changes or simple adaptations in focus will not only allow us to simply benefit from such reform but significantly capitalise from it.
Written by Raeesa Ebrahim Atkinson, Professional Assistant, Attorney, Schoeman Law