Last Updated On October 2022

Key Business Strategies to Drive Business Recovery

It has been two years since the onset of the pandemic and its massive impact on people’s personal lives and livelihood. As we are now in the so-called “new normal”, many industries have been able to resume operating partly, if not the entirely. Let’s take a dive on how key business strategies could drive COVID-19 Recovery and the role of business loans in sustaining their operations.

Impacts of COVID-19 to Small Businesses in the Philippines

The Covid-19 pandemic posed a great threat to the health of people all over the world. In the Philippines, the government instituted lockdowns and quarantine restrictions to curb the spread of the virus. Work-from-home setup was imposed, while only workers from select sectors were allowed to work on-site. Though movements were still allowed, it was limited to doing certain functions, like buying grocery and essential supplies and going to drug stores for medicines.

Aside from the health hazards it brought, the pandemic also caused distress among business owners, especially micro, small, and medium enterprises or MSMEs. With the lockdowns, businesses lost customers who used to visit their physical stores if they have one, and going out to get supplies for their products was next to impossible, with transportation also limited.

According to a survey by the Asian Development Bank, 59.9% of microenterprises, 44.8% of small firms, and 35.8% of medium-sized firms had no sales in the first month of the lockdowns, which was March 2020. Eventually, after six (6) months, the economy was in its recovery stage, but MSMEs were left behind, with sales and profits still declining.

How to Recover Business from Pandemic

With COVID-19 vaccines now available and people getting them, businesses are slowly getting back to normal. To speed up the recovery of your businesses, here are some business strategy examples you can employ.

Reach out to more customers using social media.

The Internet became a great tool for communication and business during the pandemic. If your business still does not have a social media presence, now is the time to do so. What’s great about social media is that it is free. Utilize Facebook, Instagram, or TikTok to showcase your products and services. Make your accounts engaging by coming up with creative posts.

Invest in your people.

If you manage a number of employees, train them to upgrade their skills, which will be beneficial to your business. If you cannot reward them financially, at least always appreciate their work so that they know that they are valued. Remember that without your employees, your business cannot run.

Offer great deals.

The “new normal” requires new strategies, and this includes coming up with business marketing strategies to promote your business. Online shopping sites have made “double sales” very popular and lucrative for businesses. You can have your own 11.11 or 12.12 sales. You can also promote your offers through online ads at a very low cost.

Come up with new products.

Check your current lineup of products and services and check those are low in sales. You may need to replace them or add new ones that are relevant to this new normal. Also, watch out for trends. For example, at the start of the pandemic, ube pandesal became popular, so many in the food industry added it to their menu. The rise of online selling also led to more artists offering logo design and other branding services.

Expand your business with loans.

Given that finances are tight, business expansion may be a challenge for MSMEs. Thankfully, a non-bank financial institution (NBFI) is here to help them fuel their business dreams—Esquire Financing Inc. or EFI.

EFI specially caters to MSMEs, which have unique needs. Offering business capital loans in the Philippines, EFI is unlike banks and other NBFIs because it has minimal documentary requirements and does not require collaterals. Entrepreneurs can borrow up to P10 million, which they can claim in 7 days or less, as long as all requirements are in order. Aside from financing, EFI also provides sound advisory services like strategies in putting up a business. 

Throughout the COVID-19 height, EFI has continuously helped SMEs grow by supporting communities through the pandemic. Read more here: Supporting communities through the pandemic.

Aside from that, EFI has served thousands of MSMEs in the country, and they have great testimonial stories to share. One is the story of Helen. She had a catering business that was affected by the pandemic. Because of EFI’s loan, her business is on the way to recovery. Another entrepreneur, Emmanuel, who has a fishing business, is grateful to EFI for helping his business become more stable during tough situations. He particularly found it convenient that EFI does not require collateral. For Rochelle, who owns a skin care clinic, applying for a loan through the EFI website was hassle-free, and she is very thankful for claiming her loan just 5 days after her application.

Just like these entrepreneurs, you can avail of EFI’s business loans. Just visit our loans application page and see for yourself how easy it is to get your loans approved. 

Requirements are also minimal:

  1. TIN ID and one (1) valid government-issued ID of the principal borrower
  2. Latest three (3) months bank statements and bank certification
  3. Photocopy of valid Mayor’s Permit
  4. Photocopy of valid Barangay Business Clearance
  5. 2x2 ID picture of the principal borrower
  6. Proof of billing for business and residence
  7. Pictures of the business (internal and external)
  8. Hand-drawn sketch map of the business and residence

Additional requirements shall be submitted for specific types of business.

How Small Business Loans Could Help COVID-19 Recovery

Some may think that because they are called micro, small, and medium enterprises, they do not have a great impact on the country’s economy. However, this is wrong as 95% of registered businesses in the Philippines are actually MSMEs. The recovery of these businesses means the recovery of the entire economy as well. They provide jobs to people and contribute taxes that the government can use for the country’s economic development programs. Therefore, offering loans to MSMEs is tantamount to economic recovery.

If you are a business owner and looking for additional working capital to boost your business, you may visit our website or talk to us through our Facebook Page and see how we can help you.