SMEs Divided Over Covid-19 Survival Strategies

Since the tragedy called, Coronavirus hit Nigeria, no sector has remained the same, as it has become a struggle to survive. 
The business sector is not left out. International, national, small and medium businesses suffered setbacks as many exited the business scene due to frustration. However, many Small and Medium Enterprises(SMEs) have managed to stay afloat despite the heat .
The Tide went to town to sample the opinions of some business peronalitiies in Port Harcourt. Excerpts:

Mr Nelson Nwankwo: To the Managing Director (MD), De Lord’s Giver Fashion,  Mr Nelson Nwankwo, surviving during setbacks in business depends on the knowledge of the entrepreneur about the business.
Nwankwo said, “every business has a secret and it is this secret that one can fall back on in time of crisis and hardship.
“Why do you think people go for apprentice ship for years. It is simply to learn the business secrets which serve as backbone to the business man or woman”.
The MD, who deals on men’s wears and boxes said, “savings is another business secret which many are not disciplined enough to abide with. You do not need to spend all your money because hard times exist in business life which savings bails out.
“These are survival strategies in addition to customer relationship. Because of Civid-19, many people don’t buy clothes as much as they did before but with good customer relationship, they must remember me whenever they must buy.
Wealthy customers can also help out in terms of giving loan to sustain a business in time of need”.
On the duties of government in helping SMEs survive Covid-19 era, he argued that it was not the duty of government to give loans to SMEs but to instruct banks to reduce their interest rates.
“What government should also do is to harmonise and reduce taxation in addition to building shopping malls at give away prices”, he said.

Eunice Okon: In her opinion, the Manager of All Purpose Shop at Peter Odili Road, Eunice Okon, blamed government for not creating enough jobs.
The manager said the unemployment in the society was responsible for lack of money in circulation
“It is the duty of government to make money available to sponsor good business ideas and projects to address the effect of Covid on the businesses and economy.
Okonkwo who is a micro biology graduate said, “if government makes loans available, more businesses will be opened to reduce unemployment and hunger.
“I graduated from university and there was no job. I could not sit down to wait for employment, so l started this business. Today l have other branches”.
She however, noted that the level of sales has reduced due to Covid-19’s divastating effect on people’s purchasing power and businesses.
Okon warned business owners to cut down on their spending  in order to stay afloat in this Covid-19 era.

Chinyere Dennis:The Manager of Chinnis And Sons Enterprises, Mrs Chinyere Dennis, in her opinion said, it was the duty of government to finance businesses with loans and grants due to the high cost of raw materials.
Mrs Dennis who produces disinfectants and cosmetics noted that “government needed to assist even dead businesses because Covid-19 affected so many SMEs.
“You can see that the close down of many companies has resulted in poverty and serious unemployment, ravaging the state/nation. This is directly or indirectly affecting the record of leaders.
The manager reiterated that the production of more disinfectants would go a long way in fighting and reducing Covid-19, saying,” without it obedience to the Covid protocol would be zero.
“The progress of our business is useful in fighting Covid-19 and without it Covid would keep spreading, which will result in increased death toll”.
She expressed worry that even the heavily announced loans and grants hardly got to the people it was meant for, because nobody cares to monitor where it entered.
On business setbacks due to Covid effect, she said she did not even meet up demands, “everybody must use soap, hand sanitizer and other disinfectants”.
The manager, who has a degree in education, advised business owners to strive to stay afloat, no matter what happened, saying that there are different institutions that give loans to SMEs. 

By: Lilian Peters