SMEs need to look towards recovery and reboot

A new collaborative online community providing tools, technology and advice for SMEs looking to pivot their business model has emerged.

The portal, entitled Covid19 Business Response, has been forged by entrepreneur Loughlin Nestor.

Covid19 Business Response is a hub of support that focuses on businesses adapting to this crisis and aimed at helping them to navigate though these very challenging times and into the recovery and reboot phase.

“The need to start implementing now is critical to a successful outcome”

Nestor points out that essential services are thematic, supply chains are disappearing.

He said that the longer business stay rooted in a period of stasis the inevitability of reshaping and reinventing once recovery starts is very slim.

“Governments around the world are under increasing pressure to stem the economic freefall by way of stimulus packages, and frontline support agencies are at full capacity.”

Facing the challenges of the new normal

Dark-haired man in blue jacket sitting at computer.

Covid19 Business Response founder Loughlin Nestor

He continued: “How we start-up, adapt, create and model business strategy now will ultimately determine our immediate, short- and long-term viability. The choices you make now need to be decisive. We can’t let ourselves revert to a model that is already outdated. Speed of action and implementation are the key drivers and we are here to help.”

Nestor pointed out that in the UK unemployment is set to reach a conservative 7-8 million. The US could well reach 46m before Q3 2020. If one factors in a US isolation policy and the impact of Brexit then it becomes far more sombre for Ireland and the EU Bloc.

“Not one industry sector is immune, several are very vulnerable. Far different than the 2008 financial crisis, our recovery and subsequent economic growth, measured to a large degree by Foreign Direct Investment has become overheated, perhaps redundant in many rural areas. Ireland will see levels approaching 950,000 on the live register due to the fallout by Q4,and the economic downturn has not come to fruition as of yet.

“Most small businesses were surviving albeit with no more than a modest 4-6 week cash surplus. Unemployment in Europe could nearly double in the coming months, with up to 59 million jobs at risk from permanent cutbacks as well as reductions in pay and hours because of the coronavirus pandemic”

Nestor said the new portal provides all you need to manage your existing business or start-up, pivot and model for the new days we find ourselves in and take control.

“The need to start implementing now is critical to a successful outcome. Success at this time can be defined as keeping your business alive at all costs, to carve out a niche in a different local and global marketplace. Activating now is the mantra. Many businesses will be left behind unless they don’t.”

Written by John Kennedy (john.kennedy3@boi.com)

Published: 24 April, 2020