Though the future may seem bleak for many businesses, with quite a number closing and downsizing their workforce, there are many growth opportunities beyond the pandemic. How businesses tap into these opportunities is what will set them apart and determine how they thrive and survive post-COVID.
SMEs are among the leading drivers of growth, innovation, and employment in most parts of Africa. They represent more than 80% of businesses in Kenya and employ up to 75% of the active working population.
In Africa, the SME sector constitutes most businesses and is an important driver of growth. With the current COVID-19 pandemic, market demand is down in many industries, and a good number of businesses have curtailed, if not closed. Many jobs have lost and the spillover effects into financial markets felt as many SMEs face continued challenges in managing cash flows and meeting financial commitments.
Speaking during the Enterprise Development Programme online open class, Eliud Wasike, Learning and Development Director at Life in Abundance International, highlighted five critical things that SMEs must embrace to unlock more growth opportunities in a post-COVID future.
The COVID-19 is a game-changer for businesses and is likely to have a lasting effect on the business terrain. Apart from causing business disruption, COVID-19 has created growth opportunities that businesses can tap into and thrive during and after the pandemic.
Learn more about the Enterprise Development Programme here
About the Strathmore Enterprise Development Centre (SEDC)
The Strathmore Enterprise Development Centre is a private sector-driven initiative set up to address the needs of small and medium enterprises (SMEs) and provide solutions to the various practical, real-life problems they typically encounter.
Experience over the years has shown that entrepreneurs, in addition to training, require support services to help them implement their growth plans. SEDC’s primary objective is to help owner-managers of SMEs develop their competencies to effectively manage the growth of their ventures.
Article by Juliet Hinga
Would you like to share an article? Write to us at firstname.lastname@example.org