Recovering from Covid-19 crisis
#Pivot! #Pivot! #Pivot! – What we hear and see through the community quarantine that we all have been. I know none of these is easy, but we will surely get back on our feet and recover.
Covid-19 pandemic
Covid-19 pandemic has put most of the businesses in the country in challenging circumstances that made them shift or switch in a swift manner. It has surely tested all the formulated business contingency plans (or continuity plans), and even made them take out all of the reserves and put them to use. A lot has managed to grow their businesses amidst this crisis by going with the flow and adapting to the changed modes and platforms in the market.
How Covid-19 affected our GDP
According to the Philippine Statistics Authority (PSA) our Gross Domestic Product (GDP) growth rate dropped by 16.5 percent in the second quarter of 2020, the lowest recorded quarterly growth starting 1981 series. In a surprising showcase of resilience, the agricultural sector remained positive with 1.6 percent growth, while industry and services sectors’ growth decreased for the first time in a long period of time.
Many studies show that Tourism, Transportation, Food and Restaurant, and Hospitality are the industries which are heavily affected by Covid-19 crisis and that its impact may extend long-term if no immediate and appropriate actions are taken both by the government and the private sector.
Businesses on-the-rise during the pandemic
On the other hand, some industries start to fly amidst the pandemic. Aside from the obvious leaders like delivery, ecommerce, and teleconferencing software companies, there are other businesses that thrive amidst this pandemic and may actually present great opportunities for our economy to recover and strike back. In a list created by Grit.Ph, one may find the best small business idea.
- Digital Marketing Services
- Vending Machine
- Manufacturing or selling ready-to-assemble furniture
- Storage Rental Services
- Street Food
- 3D printing service
- CCTV installation
- Smart home & automation services
- Junk Shop
- Business & Company incorporation services
- Videography business
- IT & Network consulting and training services
- Moving Company (lipat-bahay)
Buckle up and endure the ride
As the effects of this crisis can take longer, it is crucial that Filipinos help one another in stirring the economy and continue supporting local products. In an article from SunStar Bacolod, Frank Carbon, chief executive officer of Metro Bacolod Chamber of Commerce and Industry (MBCCI), said there should be pockets of economic activity in almost all localities in their province.
“In the bid to promote patronage of local goods, the government as well as private establishments have to work on making the market available,” he added.
No other way but up!
There is no other way but up for sure and as we take new steps forward through this pandemic, may we not forget our resilience that has helped us recover faster, our faith that keeps us hopeful, and our trust that moves all together in one direction.
If you have a business that has been surviving and thriving through all of the recent events, then Kudos to you, and may you extend your fortune to our less fortunate countrymen, or to those who are starting up with their entrepreneurship journey or new endeavours to keep up. May we all continue to #RiseAbove.
