KAMPALA — Federation of Small and Medium Enterprise (FSME) has tipped Small and Medium Enterprises ahead of post-lockdown period.
Mr. John Walugembe the Executive Director FSME says the tips will enable a phased strategy to the lifting of the lockdown measures, in a way that will neither be injurious to economic activity, nor detrimental to public health.
He, however said that federation is concerned about the failed attempts by the East Africa Community Heads of State to hold a virtual conference on measures to jointly combat the COVID-19 pandemic.
This failure, he said, may hamper the implementation of a
coordinated response, to the pandemic in the region,” Mr Walugembe said noting that such failures at the EAC level, underscore the need for a more people centered EAC integration process.
Tips for SMEs for the Post-lockdown period
Do not wait for government to rescue you. Although FSME is urging government to come up with a comprehensive stimulus package, it is important that you do not wait for this. Who knows when and if, this will be approved.
Now is not a time to borrow — This time of economic uncertainty cannot be the right time to borrow. If you can, avoid borrowing until the economic conditions are more predictable.
Go digital — If there is anything this crisis has demonstrated; it is that
businesses need to take online marketing seriously.
Identify new opportunities — In spite of the COVID-19 pandemic, you can still look out for opportunities to exploit.
It makes no sense to dwell on how your business succeeded in the past, without identifying new opportunities to exploit.
Develop a business continuity Plan — You need to develop a plan to guide your activities in this restrictive time.
Such a business continuity plan should seek to update your planned activities, in light of the changed circumstances.
Concentrate on retaining your existing clients —It does not make sense to look for new clients, when you can retain old ones.
Try to retain your existing clients, if possible.
Try your best to keep your staff — If possible, make an effort to keep
your staff.
