What Did The Covid-19 Pandemic Teach You Regarding Your Business?

[Rachael]

The covid-19 pandemic was a real shocker to the whole world and practically everyone was affected notwithstanding the level of wealth one had. Up till this moment, the effect of the covid-19 pandemic is still being felt and some people are still in the process of recuperating. The pandemic created a stench which affected most business owners and to be pragmatic this was majorly because they had a faulty business plan. In a business plan that is well structured, it is important to always include and foresee potential risks and proffer solutions even before it happens. Some business are literally ignorant and they thing that if they put a risk feasibility in the business, that it means they do not plan well or perhaps they are pessimistic about the business but this is a negative misconception.

A good business plan must always contain and foresee future challenges, offer solutions and have a crisis management technique which can also be called a plan B or a backup plan. Most business owners were thrown into confusion because they had ignored a very vital part of a business plan, thinking that the progress of business is only determined by capital or location. This was a great lesson and also an eye-opener as many business owners started creating an online presence for their venture.

 

[Sotherefore]

Well before the pandemic I didn't really have so much opportunity to work online because then I was learning my electrical skill. I didn't really have much interest on online business too .

But when the pandemic strike and everyone was on lockdown that is when I came to understand that it is really better for someone to have more than one source of income , possibly a person should have a way of generating money offline and also a way of generating money online because with those two ways at least you can withstand any situation even if the situation requires that you stays at home.

A lot of people's business was affected during the period , the business that was affected most was the smaller business and even larger business that deals with certain products or services were all affected.

Some business were not able to recover uptill now which clearly indicate that the pandemic has a huge effect on a lot of people's Business

What I learnt during that time is that people should try as much as possible to have more than one source of income, working for the government can also help you in situation like that because your salary will still be paid.

 

[btaliat]

The COVID pandemic came when the world was not preparing for it. It affected all the sectors and every where was on lockdown. I didn't even know how I survived because my job had to do with meeting people. But I could remember how I started depending on online ways to make money.

The lockdown taught me to always have alternative means of fetching money. I could remember some people that went down from being average person to being poor. The most affected set of people are those that don't have much on them and do not have other ways of generating money.

Also, I learnt that there is need to always incorporate modern ways of advertising or even running a business. Those that have their online businesses were not in sny way got affected. In fact there was many people that later started making their business available online as well having learnt the implications that followed not making one's business available online.

Insurance should be focused on by a big business man. Many people have not up till now recover from the loss they incurred during the pandemic. It is only those that have had their businesses insured that were able to scrape through the hurdles and problems that followed the case of lockdown in Nigeria then.

 

[Kendy]

The covid-19 pandemic came as a shock to the whole universe but it had a way of teaching me some vital things that even professionals did not tell me about. The pandemic kept the whole world at a stand still and so many business activities were erupted which affected the economy. I learnt that as a business owner, reinvesting all your profits is not an ideal solution. My point exactly is, nobody can read the future or know what it holds just as the covid-19 pandemic, which made businesses crumble.


Prior to the time of the Pandemic, there are many people I know who reinvested all the profits they had been saving because they were longing to expand their business for the coming year buy unfortunately, the pandemic disrupted all the great plans they had in stock. The pandemic also taught me that, se selling on credits to customers is not the best way of customer retention. Three weeks before the pandemic rose, I had sold my products to customers on credit and they promised to pay up within a week or two weeks but due to the pandemic all of them who owed me money were having one excuse or the other.