COVID-19 EFFECTS ON STARTUPS AND SME’S IN PAKISTAN & SOLUTION

INTRODUCTION

It has been about two whole 0months that the coronavirus has ‘Officially’ taken over Pakistan. No one, I repeat, No one expected this to become a global pandemic. Therefore the government, institutions, organizations, schools, and colleges everywhere around the world are in a state of confusion and a bit lost on how to handle this situation. But are trying their best to keep the world running and healthy.

Despite the constant efforts by the government of Pakistan, the big question comes down to whether to stay safe by doing a complete lockdown? On the other hand, however, how are the masses suppose to survive if there is no source of income for them to get themselves bread and butter every day?



Businesses and Industries, all over the world including Pakistan are taking a huge hit and are bracing themselves for the economic impacts on supply chain retail, events travel, etc. One question that is boggling the mind of many is how to keep earning, in all this chaos!

In this article, we will answer the questions mentioned above by outlining the effects of COVID-19 on Pakistan’s economy briefly and how you can, even in these tough times make a living for yourself or keep your already existing business afloat.

COVID-19 AND PAKISTAN’S ECONOMY



Let us be real, COVID-19 was like a punch in the face for Pakistan's economy. The economic condition of Pakistan was already strained and in a very vulnerable state when this pandemic hit us. Although, compared to the number of cases in the USA, ITALY, UK, etc, Pakistan is still at a better state the condition might soon change if the safety measures are not kept intact.

The economy of Pakistan has come to a screeching halt, which has cost us a lot of human and economic costs. Several businesses have been shut down, millions of people in the labor sector are just sitting at home unable to provide for their families, several individuals are laid off from there jobs, school and colleges are off. Pakistan might be facing a huge loss of about Rs. 1.3 trillion.

The central government of Pakistan, in the ramification of this crisis, has taken a loan of Rs 1.2 trillion with the intension of minimizing economic damage on the servicing sector of the industry. Under this program, low-income households would get direct cash deposits to keep their house going. In addition to these various private support, the fund is organized as well.

So while the damage is beyond our control, the pandemic has united the government and the public to join hand and deal with these crises together.

IMPACTS OF COVID-19 PANDEMIC ON STARTUPS AND SME’S

The COVID-19 is having disastrous effects on various industries, especially in the travel and tourism sector, event management, restaurants are shut, daily wage and as we say the ‘mazdoor tabqa’ is effected the most.



However, this pandemic has shown the world that it can go on without the brick and mortar businesses, Not as successfully, but yes it is possible. Billions and millions of people around the globe are now working from their homes, E-commerce is booming. Companies like Amazon, eBay, Unilever, etc are all working online to keep the economy floating.

Pakistan has also tried its best to keep the people engaged and give them opportunities for working from home. While many also are getting laid off. It’s a tough time. While corona is making many rich people suffer, it’s also working out for a few people who know there way around eCommerce and making them rich.

The startups and Small Medium enterprises (SME’s) have also taken a massive hit due to this pandemic. The lockdown and restriction have managed to drown these businesses to their core. However, some industries relying on technology are managing to keep themselves running. This has given rise to many startups based on tech to take this opportunity and offer their services to various industries.

A guide to keeping your Start-up Running or start a new business

Yes, If you are smart and know your way around the digital world of eCommerce, you can turn things around for yourself to work in your favor. Here are a few tips for you:

1.       Stay Connected with your target-Market:

        For any kind of business to be successful, it’s the most important factor to stay connected to your customers. You can do that by Emails, be sure to make those emails personal; or keep producing articles and content to update your customers about what you are up to and how you’re a better choice for them in this difficult time, etc; and third, Make your social profiles active. i.e. Facebook, Twitter, Instagram. EEStone, LinkedIn etc; and keep them updated. 


While your brick and mortar existence might be in question during this pandemic, through these step your customer base will know that YOUR BUSINESS EXISTS!

2.       Create Visibility and Exposure:

        Keep producing and update content on your social media profiles and websites etc. This is important to keep the brand of your business visible and alive.

3.       Invest in Marketing Techniques:

        Keep making small changes to your website's designs and layout. Share positive stories about your products and make your sites user friendly and easy. Invest in SEO marketing techniques and strategies etc.

4.       Track Spendings:

        It is extremely important to keep track of the spending you are making on your marketing campaign and keep checking your ROI’s. Google Analytics will help you keep track of all this.


5.       Payment system:

        Make your monetary system digitalized by accepting payments and disbursing salaries online.

 6.   

         Join Online Platforms   

If you’re a startup or SME, you should always consider using freelancing platforms and online marketplaces. They are free, reliable, and help you grow your company. One of the best platforms for services based marketplace is EEStone because of several reasons:

 

·         It has included both online and local services in the marketplace.

·         You can’t just grow as a freelancer but as a company including with team management, CRM, ERP, Payment systems etc.

·         EEStone is a social media and a marketplace, which means it has a huge market space for users (Clients).

·         It helps your company reach more social users.


About EEStone

EEStone is a business social media to connect with each other socially and a marketplace to provide/get unlimited services. 



Article Writer

Mansoor Haider

Co-founder of TechNet


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