Business sustainability during the COVID-19 period – How businesses can stay afloat
Mentees from WILD’s Leadership Mentoring School were trained on Business sustainability to assist them in growing their businesses especially in times of crisis.
Facilitating the session Dr Nothando Moyo who is a Business Development Specialist emphasised the need for entrepreneurs to adapt to emerging business strategies so as to stay afloat in a dynamic environment. She emphasised that women in business need to ‘Learn, Unlearn and Rethink,’ citing that during the COVID-19 era, old systems of doing business became invalid.
“If your business had to suffer, you were not moving with the times. Again do not retreat but innovate and be transparent with your pricing because this will improve your reputation,” she highlighted.
Female artistes such as Sarudzai Nyandoro posed questions asking how they could generate income during the COVID-19 period.
“I am in media, writing books and theatre is my business, how can I generate money without live shows during this COVID-19 period,” asked Nyandoro.
Responding to Nyandoro, Dr Moyo said the age of digital technology is providing endless opportunities for women globally.
“Social media should be your number one asset presently. Do sponsored ads for your books, have a live theatre showing on Facebook live for instance have people Ecocash or transfer your payment, establish an online payment platform where people can transact online. As a media person you are fortunate as you have all the tools of the trade at your disposal. You can record yourself reading a sample of your book as a teaser. The options are endless!” she said.
Dr Moyo highlighted the importance of creating long term value by taking into consideration how a business operates in the ecological, social and economic environment. She also shared 15 lessons for businesses during COVID-19 which included building value for your business.
“You need to understand the value you bringing to a business or organisation because if you are bringing less value, you will be laid off especially during a crisis. If you are running a small business as an informal trader, make sure you offer value to your customers so that they buy more of your goods than those of your competitor. You also need to be resilient because the crisis brought a lot of hardships so we need to change our thought process and behavioural patterns,” she said.
Priscilla Tendawafa who is an entrepreneur from Umzingwane highlighted that her business suffered as she was unable to travel and sell her goods.
“I was running a chicken business but when the lockdown came, I stopped and I ended up using the money I had because I could not go and collect an exemption letter. But I have since learnt that I was supposed to explore other options and think outside the box,” she said.
Responding to Tendawafa Dr Moyo highlighted that there is need to plan ahead and identify suppliers and markets strategically.
“When covid-19 began, a lot of companies started downsizing and people were affected. A lot of gender based violence occurred and a lot of negativity has come out of the pandemic. Suddenly, there has been a new normal and new way of doing things. Companies are losing revenue and this has become normal,” said Dr Moyo
Alice Makara Masawi who is a hairdresser and clothing retailer in Gwanda said she was determined to grow her business.
“Indeed COVID-19 gave us different lessons as for me it made a great impact business wise and made me an entrepreneur realised that I should not keep on crying whilst being seated during lockdown but have to think out of the box and do something to feed my children and i started buying online and selling
Other participants who attended the meeting highlighted that they had used up their capital, and had to shutdown their businesses. They were advised to plan effectively by adapting to the changing environment.