fbpx
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
No Result
View All Result
The WYLDE S.M.E Performance Report – What Does COVID-19 Mean For Enterprises?

image from https://www.wyldeinternational.com/post/the-wylde-kenyan-sme-sector-performance-report

The WYLDE S.M.E Performance Report – What Does COVID-19 Mean For Enterprises?

Laura Ayienga by Laura Ayienga
27 July 2020
in Business, Business Tips, Entrepreneurship
Reading Time: 3 mins read
7 1
0
9
SHARES
52
VIEWS
FacebookTwitterWhatsApp

Businesses rely heavily on the environment within which they operate. This includes both internal and external factors. The management approaches, culture systems, mission and objectives, climatic changes, and even political environment all play a big role in the success of a business. Most businesses strive to be adaptable such that it is easy to work in new environments. If, for example, there is a shift in tastes and preferences where its target audience is, they can adapt my tailoring their product to suit the new audience. That’s easy. However, some changes are much harder to deal with. One major change that has affected businesses this year is the unprecedented COVID-19 pandemic. As such, the WYLDE Kenyan SME Sector Performance Report this year is very different from how it has been in the past.

The Kenyan SME Sector experienced a challenging first year quarter due to factors including locusts, invasion, and floods. As though that wasn’t enough, the Coronavirus pandemic landed in our country and had a huge impact on our economy, among other drastic effects. Just what does this mean for Small and Medium-Sized Enterprises (S.M.E’s)?

According to the Central Bank of Kenya, S.M.E’s constitute 3% G.D.P production, and 98% of businesses in Kenya. 30% of the jobs in Kenya annually are attributed to S.M.E’s. But between January and now, a lot of unpredictable things have happened, and this is likely to have a huge negative impact on the S.M.E’s.

As per research conducted by WYLDE to establish the impact of the pandemic on S.M.E’s, 25 % said it is significantly worse, 43% stated somewhat worse and 20% said they had not been affected. Only 12% of the people under the survey had a positive story on how the pandemic has affected their businesses.

The biggest challenges, as per the same report, include poor cash flow, disrupted sales, and the inability to hold meetings due to government regulations. This has led to stress, adaption for the situation, and uncertainty in future business.

Majority of the people seemed to think that funding is important to keep businesses afloat during COVID. The government has helped to a certain extent. They have reduced V.A.T, P.A.Y.E, and Interest Rate Reduction. On the flip side, according to the research, the curfew, increase in the amount of money available to borrow, and V.A.T refunds have been least useful to S.M.E’s. If these government initiatives do not work, the S.M.E’s may eventually have to shut down.

Some of the anticipated changes include part-time staffing priority. According to the WYLDE report, the part-time employee headcount is likely to be reduced and maintained in equal measure by 33% of the businesses sampled.

All these statistics boil down to one critical question. In the face of adversity, what is the main priority for businesses? Is it safety and health, retention of employees, or skills development? Interestingly, 76% said health and safety was the main priority.

The report concludes with recommendations for the entrepreneurs. First, to leverage digital tools to stay visible and top of mind with existing clients. Secondly, to invest in a short-term strategy for survival during the COVID-19 period. Most importantly, if businesses are to thrive they will need to remain relevant even as people stay and work from home. This creates the need to increase the delivery of products and services at the customer’s home.

Businesses must also implement financial strategies during this period. For starters, they need aggressive cost management that focuses on essential spending, while at the same time looking out for new opportunities and leverage on existing assets and competencies to pivot to new opportunities.

But most importantly, health should come first. Businesses should find ways to remain open for business while observing health protocols. Remember, while the economy can be restored with time, lives cannot be resurrected.

Some Of The Insights In The New Normal Consumer Scanad Report

Share4Tweet2SendShare1Pin1
Previous Post

Health: 12 Natural Remedies For Chest Congestion And Asthma

Next Post

The Circular Economy And The Environment: The Kenya Association Of Manufacturers (KAM) Has Made Sustainable Manufacturing The Priority Agenda For This Year

Laura Ayienga

Laura Ayienga

My name is Laura Ayienga, a 25-year-old writer & marketer, experiencing the highs (not claiming the lows) of life. I discovered my passion for writing on this very blog back in 2019 and since then, I’ve been using it to express myself as candidly and authentically as possible.

Next Post
The Circular Economy And The Environment: The Kenya Association Of Manufacturers (KAM) Has Made Sustainable Manufacturing The Priority Agenda For This Year

The Circular Economy And The Environment: The Kenya Association Of Manufacturers (KAM) Has Made Sustainable Manufacturing The Priority Agenda For This Year

Please login to join discussion

Recommended

6 Reasons Why Colouring Is Good For Everyone, Including Adults

6 Reasons Why Colouring Is Good For Everyone, Including Adults

21 September 2021
50
The Problem Of Period Poverty

The Problem Of Period Poverty

27 May 2020
156

Popular Stories

  • Nonphysical abuse types and signs

    From Fairytale To Nightmare, My Knight In Shining Armour Turned Into My Abuser

    527 shares
    Share 211 Tweet 132
  • She Married Him Despite Her Family’s Objections To Prove She Was A Ride Or Die Babe. It Came Back To Bite Her

    523 shares
    Share 209 Tweet 131
  • I Should Have Read The Signs That He Just Wasn’t That Into Me But I Was Wrapped Up in The Fantasy That We Were Meant To Be

    1347 shares
    Share 539 Tweet 337
  • He Asked Me To Go On A Trip With Him But Ghosted Me On The Day We Were Supposed To Leave

    129 shares
    Share 52 Tweet 32
  • Relationships And A Tolerable Level Of Permanent Unhappiness

    263 shares
    Share 105 Tweet 66

Potentash Blog

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Explore

  • The Singlehood Series
  • From Stairs To Ramps
  • Man Around Nairobi
  • Pearls And Heels
  • Personal Finance
  • Food + Beverage
  • Editor’s Pick
  • Reviews

Get the Potentash Newsletter

  • Newsletter Archive
  • Subscribe
  • Frequently Asked Questions
  • Privacy Policy
  • Contact Us

Copyright © 2023. Potentash, In Partnership with Decima

  • Login
No Result
View All Result
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books

Copyright © 2023. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In