Diversification key for SMEs to survive the impact of Covid-19

By Davison Vandira

Players in the small to medium enterprise sector are exploring new strategies to stay afloat in the wake of the COVID-19 pandemic.

The small to medium enterprise sector has not been spared from the effects of the COVID-19 pandemic, with most them scaling down their operations.

While players have also found the going tough, diversification could be the way to go for the sector to be cushioned against further shocks.

“Businesses should begin to look beyond just their normal way of doing business. We have the mining sector for example which is a good starting point for diversifying interests,” said Maxwell Mugwagwa, an Entrepreneur.

“Right now government is looking at renovating hospitals and will definitely want hardware. So the opportunities are abundant and this will help us as upcoming businesses to beat the challenges raised by the pandemic.”

Thirty five year old, Calvin Mavhuna is already exploring avenues in the agricultural sector as business has become low in the motor mechanics industry.

“I encourage other entrepreneurs to expand into long term and sustainable industries such as the agricultural sector. The COVID-19 pandemic has been bad but on the positive it has also opened our eyes to new opportunities.”

In the new normal, dynamism has become a critical way of navigating the COVID-19 storm.

The post Diversification key for SMEs to survive the impact of Covid-19 appeared first on ZBC NEWS.

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