Plan Well For Sustenance For Your Small Business After Covid-19

Your small business - survive now, thrive later

- Lionel Wijesiri

Small and Medium Scale Enterprises make up a large part of Sri Lanka’s economy, accounting for 80 percent of all businesses.

These are found in all sectors of the economy and an essential source of employment opportunities and are estimated to contribute about 35 percent of total employment.

Covid -19 pandemic is changing the business life as we know it, and for many entrepreneurs, big and small, lives will take an even stranger turn over the next few weeks, months and maybe even another year.

Things will not be the same, particularly for those who dared to invest their savings or obtained loans and started small and medium businesses. In some of these businesses, the owners are already faced with difficult, immediate choices. These choices are difficult ones, and even more demanding decisions will be on their way. One thing is certain: What happens next will likely be quite different than what came before.

Unlike most of the other developed countries, because of our free and high-quality medical service, our Covid deaths remain low. This means, we have the possibility of recovering faster than many other developed nations. Its something to be happy about.

But, on the other hand, our country’s small businesses are not competitive employers. It is because they cannot sustain paying workers’ salaries, and other expenses and dues when there is a lock-down. So, it is obvious that the impact of coronavirus on small businesses will be huge. It will change the way they do their business and it could even reverse the trend of globalization.

What will happen next?