Although lockdown is a dilemma for the world, it is inevitable. Various business sectors are slowing down due to lack of production activities. Questions concerning the future of enterprises might’ve crossed entrepreneurs’ mind by now. What’s next? Where are we headed? Will the crisis subside by April 15? Or will it continue? No matter what, uncertainty prevails and we have to accept it, says Nanjunda Pratap Palecanda, founder of Innoberator.
The ray of hope is that this won’t be a long pause. Someday or the other, this crisis will subside. Entrepreneur community can take advantage of the current situation by indulging in serious thoughts on the future.
With economy inching to a recession, getting more receivables is unlikely. Though there are various loan schemes for MSMEs, right now, getting them will be difficult, so will be attracting more businesses, says Pratap.
Since the adverse effect of COVID-19 is applicable to the global economy as well, native projects with customers abroad will take a hit. Some may have to be stalled. It will be tough for customers abroad to settle dues. This a time to take a call on this, says Pratap.
Communicating regularly with clients, retaining existing resources, finding receivables and client strength will help to better the future of enterprises, added Pratap.
