A Big Business Starts Small
We all admire a big business and aspire to become one. However, many challenges come our way, just like today.
Small Sized Enterprises may suffer in periods of prolonged economic crisis from economic downturns. This is because of their limited financial resources and dependence on banks’ lending, paying such high interest rates. Also, their relative shortcomings in terms of technological, managerial, and human capabilities may reduce their capacity to overcome the economic crisis. Nowadays Lebanese small businesses are not only facing a severe economic crisis but also a health crisis which has forced them to close their doors and go digital when not all were ready. But the most important thing today is to try not to lose hope. Everything is going to be fine. And, always remember that a big business starts small. And not only small, but it also faces lots of obstacles, fails sometimes but never gives up!
Quick Overview of The Current Lebanese Businesses Situation
The economic crisis and the collapse of the Lebanese pound against the U.S. Dollars caused a state of stagnation in the Lebanese commercial markets, especially for the SME. Adding to this, the Coronavirus crisis has led to the announcement of general mobilization by the Lebanese government. As a result, hundreds of stores are forced to close their doors in front of their customers, with what may result from the dismissal of their employees and thus the increase in the unemployment rate.
Traders expected that the market will gradually return to its normalcy with the reduction of the government’s precautionary measures. However, the return of the number of covid-infections to the rise, constituted an obsession for traders who expressed their fear of returning to zero, and thus their return to losses, with what maybe it means from going to the unknown.
In fact, for months, merchants in Lebanon have been suffering from losses resulting from the decline in the purchasing power of consumers. And despite all the incentives they made to attract customers, the commercial movement of institutions and companies of all kinds continued to decline until it touched a rate ranging between 60 to 90 percent recording large losses compared to previous years.
You, Small Businesses! Do not Lose Hope!
In economics, there is what is called an “economic or business cycle”. According to this cycle, after every expansion there is a recession, which will be followed by a recovery. Then again, an expansion which will reach a peak, before being followed by another recession and so on…
In the hope that now, we have already reached the trough and that we’re not still in the depression phase, the good days are coming soon.
An Obstacle Is Often A Stepping-Stone
In fact, everyone has bad days, but some people turn those bad days into good lessons. In fact, although everything bad, you, Lebanese Small Businesses are coming through, you can try to benefit from it. For example, as we know, our Lebanese pound keeps depreciating against the U.S. Dollars. Following this depreciation, the prices in Lebanese pounds keep increasing. However, the prices in U.S. Dollars are falling. Thus, for foreigners, our products are currently very cheap compared to the same products sold outside Lebanon. So why not go international? Cannot afford it? Not ready yet to go digital? No worries, Watani is here to help you! Watani Marketplace will be promoted to all Lebanese citizens residing in Lebanon and diaspora in addition to all other citizens around the world. Imagine the millions of new potential customers you can reach!”. So, what are you waiting for?
5 Small Businesses Tips & Strategies When Managing A Crisis
1- Admit That You Have A Problem
Do not let your brain try to ignore the problem. Dealing with a crisis is a serious business. You cannot deal with it effectively without firstly admitting that your business has been hit by a problem. And always remember that no matter the nature of the problem that has hit your business, you have the capacity to drive your business out of the crisis. Moreover, it’s important to take note of what you wish you had done differently, the resources you wish you had had access to and how you would have better prepared your employees, so you can use it later to develop new crisis protocols and create preventive action items for the future.
2- Ask For Help
Seek help from professionals in the areas where you lack for the required skill to resolve the crisis that had hit your business. And not only in hard times, but it is also never bad to ask for advice whether form mentors or advisors. You can also post on social media to encourage connections to return to your storefront or online store.
3- Support, Motivate and Encourage Your Team
When your business is hit by a crisis, it is not only you, its owner, who is affected. Your employees, who also run your business are affected too. So, when their morale is low, you must show leadership and take actions to encourage their spirits and inspire them to act. Also, help your team feel connected to your company by incorporating the right digital tools into their workflow.
4- Innovate
Brainstorm with you team and think about how to turn a such bad situation into a good business opportunity. Think about products and services that you have to offer and that is different from the norm. Think outside the box to thrive your business.
5- Keep A Positive Attitude
During hardship, it is difficult for many people to think positively. The easier path is a spiral of negativity. But try to keep a positive mindset by acting and planning your business activities in an ethical manner so that you can gain trust from your subscribers or clients. And remember that a small business is an amazing way to serve and leave an impact on the world it lives in.
As a final word, just always keep this quotes in mind: “Everybody starts small. We all begin life as a single cell. Every business starts as one person with an idea. How fast you go, how far you get, is in your hands. The bigger your vision, the bigger your achievement will be. Will you stumble on the way? Perhaps, but we cannot let fear keep us small. We have to be brave to be big.”- Mohammed Bin Rashid Al Maktoum.
So why not start now, register as a vendor.
