How women micro-entrepreneurs can adapt to 'new normal'


Small business owners have spent over a year adapting to the many challenges of operating during a pandemic and as economies slowly start to open up, the new normal has forced women micro-entrepreneurs (WMEs) to be nimble and flexible.

(JANSEN ROMERO / MANILA BULLETIN FILE PHOTO)

According to findings from a global ITC Business Impact Survey, 64 percent of micro business owners said they have been "strongly affected by the COVID-19 pandemic.

Meanwhile, 64 percent of women-led firms have been "severely affected" by the COVID-19 crisis.

In a virtual forum titled Agile Businesses Overcome and Thrive: Keeping Afloat till Yields Actualize (ABOT KAYA) hosted by the Department of Agriculture Region 2 through the GREAT Women Project 2, Al-Jude Foronda, an accounting and tax consultant, said that while all firms are affected by the crisis, male and female entrepreneurs differ in their sector of operation, type of business and business strategies.

"Women-led firms may be more sensitive to crises or have fewer support options," Foronda noted.

Funded by the Government of Canada and led by the Philippine Commission on Women (PCW), GREAT Women Project 2 aims to improve the economic empowerment of WMEs and their workers through improving competitiveness and sustainability of WMEs and improving the enabling environment of women's economic empowerment.

Foronda said the pandemic has provided "a shock that is encouraging a rethinking of established systems."

Business resiliency

As the world faces an unprecedented crisis from COVID-19 -- with what initially started as a health crisis has rapidly turned into one of the worst economic crises in history -- Foronda stressed the importance of fostering business resilience.

He said "it strengthens the ability of firms to ride out crises, reduce the likelihood of bankruptcy, and improve the state of the economy."

"Being resilient included having a contingency plan, we have to be mindful of the budgeting and planning," he added.

Digitalization

The rapid rise in online opportunities encouraged many businesses to use the lockdown to improve their digital capabilities.

Coronavirus-related restrictions have caused a surge in demand for contactless payments and online transactions.

Businesses that have an online presence, especially those that are already conducting operations digitally, have an advantage when it comes to staying in business during times of crisis.

Foronda encourages WMEs to "use online platforms to sell products."

Sustainability

Foronda urged WMEs to "improve resource efficiency by frontloading investments in energy efficiency and renewable energy, and adopting circular economy principles."

"Ang hinihingi sa new normal dapat yung business natin sustainable (What is demanded in the new normal is that our business must be sustainable)," he added.

Sustainability, he noted, also helps reduce operational costs.