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Thursday, May 26, 2022

7 Ways Most African Entrepreneurs Overcame Failures During Covid-19 Pandemic

During the Covid-19 pandemic era, many African businesses faced lots of problems, challenges, and setbacks. Although the effect of Covid-19 in Africa is minimal compared with the rest of the world, but it still brought in several chaoses.

African entrepreneurs were deeply in it from this twist of life as many mega and infant businesses were shutting down, resulting in many going bankrupt.

At the end of all the challenges, the good news remains that African entrepreneurs could weather this storm amidst their challenges.

Below are how some African large and small businesses overcame catastrophic failures during the covid 19 pandemic eras.

1. Entrepreneurs were investing in Innovation

During Covid 19 era, in Africa, most entrepreneurs could survive by applying to invest their savings in mainly IT innovations.

Some IT companies develop lots of software geared towards Covid-19 survival and various communication methods, deployed even digital systems to assist in food delivery.

The above method they adopted helps a lot since most people could not go to work. 

Most companies give their workers enabling hands to work from home and ensure that their service can be bought or accessed online.

Investing in this innovation strategy helps most African businesses not to feel the heat of Covid 19 to some certain extent.

2. They engaged in online business

At Covid 19, many African entrepreneurs decided to go digital by marketing their business online because all the non-essential companies were inaccessible.

Because of that, many companies migrate their operation online since that is the only narrow escape to combat failure. Online businesses like online shopping, e-commerce, and many other online opportunities were all created. 

Most African businesses use their websites which serve as a sales channel to both the entrepreneur and their client, to help in day-to-day communication.

3. They try to respond to customers demand in logistics

 During the pandemic, logistic companies help ensure that goods need by the customers and delivered promptly.

These goods are delivered conveniently for the customers to pick them up utilizing lorries, trains, ships, airplanes, and local motorcycle delivery as home delivery.

Logistics helped play a role for many businesses and consumers to survive during the Covid-19 pandemic and also failures. 

4. Adjusting the business plan

During the Covid 19 period, African entrepreneurs were able to cope because that pandemic season made them realize that they needed to practice in a place to cope with unexpected crises.

They did change and readjust their mode of business to suit the situation on the ground and look for a way to survive.

 They added more resilience and creativity to their business, added agility to the company too. 

 The additional imputation of agility into the business enables them to adapt quickly to the new situation and start looking for a way to tackle the problem and be creative on other things to do to see the business moving.

African entrepreneurs overcame failure and slumber during the pandemic with the mindset of changing and readjusting the business

5. They changed the image of their company

Entrepreneurs in Africa escaped failure at the critical time of the pandemic by changing the image of their organizations and companies.

 In that period of covid-19, smaller companies suffered more than the larger ones. Smaller companies and startups compete with this big company to escape the situation on the ground. 

The smaller business rebranded its image and provided the public with a new service hatch to serve them better. 

This strategy serves as a magnetic force that pulls them out from collapse and failure at that time.

6. They reconfigured their budget

African entrepreneurs try their best in that critical time to cut down unnecessary expenses while looking for ways to grow their revenue due to the economy’s condition during the covid 19 periods.

It works well for many startups because it was the means to checkmate how cash flow in and out of their business. 

Success resulted from several factors they put into concentration such as, dropping down all the subscriptions and services that are not helping them grow. 

They engaged themselves in low-cost marketing opportunities which will yield faster and instant profits.

Most entrepreneurs try as much then to involve themselves in financial forecasting and paying up their small debt as much as possible to avoid over-accumulation of debt which may draw them back. 

 All these solutions provide a reliable solution because it saves their business and company from collapsing and failing.

7. They try as much to consider the needs of their customer

Considering the needs of customers helped most African entrepreneurs during the critical period of Covid-19.

This strategy of concentrating on their customers’ needs helps them because they could see their customers and clients as the backbone of their business.

This personal touch approach helps in many ways for their customers and them to consider every change that will benefit their customers in that pandemic period. 

 Most entrepreneurs embark on reaching out to customers, know what they need, and know-how those things will get to them.

 They also try within that period to reduce the price of certain products and services for their customers. At times, they offer countless delivery or pick up to ensure that the customers are satisfied.

They also create new products and services that meet up to the needs of people through that pandemic season and host a free online event.

Lastly, they were able to connect with customers on social media through email, and all this effort they put into saving their business and companies.

Final words 

Covid 19 era was the period of survival of the fittest to everyone worldwide, not just in Africa, especially the entrepreneurs.

During this period, most entrepreneurs try every possible means to remain on track and to overcome failures.

Looking at the above-listed strategies adopted by the entrepreneurs, one will believe that it was not easy for the African entrepreneurs to survive. Still, the good news remains that they overcame that period.   

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