Small business owners must engage in disruptive strategy to circumvent Covid-19 challenges

Being the owner of a professional services company Prodigy Business Services, Nerishni Shunmugam indicates that small business owners have to think outside the proverbial business realm and turn things upside down. Shunmugam says that simple disruptive techniques may prevent self-destruction of small businesses.
In March 2020 Goldman Sachs did a survey of small businesses. The survey of 10,000 small business participants highlights the immediate and critical for policy action and support for small business owners. Fifty percent of business owners that were surveyed said they did not think they could continue business operations for more than three months.
The survey was largely based on small business owners in the USA.
However, globally the trends are similar, if not worse.
As the COVID-19 continues its cessation of small businesses, the livelihood of many entrepreneurs and their small businesses are threatened.
For South African small business owners, they already have to contend with a contracting economy. Additional shocks from COVID-19 are putting further pressure on their operations. These businesses usually have a turnover of R1million to R5million per annum. Lockdown measures have caused revenues in many small businesses to fall precipitously. In the COVID-19 South Africa, SME Financial Pulse Survey the survey amongst medium to larger businesses revealed that the majority of these businesses will focus on cutting back on business spending to survive.