FUNDES in collaboration with Great Place to Work Mexico

ConsultingFUNDES in collaboration with Great Place to Work Mexico

FUNDES in collaboration with Great Place to Work Mexico

FUNDES in collaboration with Great Place to Work Mexico

7 immediate solutions MSMEs can take Immediate solutions for MSMEs to face adverse situations.

By: Marisol Monroy, MSME Expert
2020

At this time when the situation of our country and the world must be strengthened through trust and mutual support, a bond of solidarity between all actors of the business ecosystem is necessary to face the scenario of health crisis.

Micro, small and medium enterprises (MSMEs) are strategic allies to accelerate economic and social reconstruction. Therefore, FUNDES, in collaboration with Great Place to Work Mexico, provides the following recommendations to mitigate negative impacts on their human capital and management, and to promote their innovation capacity.

 

MSMES IN ACTION!

In this context, the implementation of good practices inside and outside the company helps MSMEs in different sectors to act quickly. The link they represent within the value chain must remain solid now more than ever.

 

INTERNALLY

1) Constant and truthful communication: MSMEs must be informed by reliable and objective sources to convey important messages to their employees. Communication should avoid the creation of rumors, promote trust, and focus on actions that preserve their integrity and that of the company.

2) Involve and motivate employees: it is advisable to motivate employees to participate in order to hear their doubts or suggestions. Make them aware of the importance of being committed and responsible, and motivate them to reduce panic and increase their assertiveness.

3) Telework goes hand in hand with trust: At this moment, telecommuting will no longer be just an option, but a necessity. Today, there are many options for this, but companies must prepare their employees to define goals and the best means to achieve them.

4) Determine where the company’s main impacts are: it is essential to conduct a study of your company and understand how much sales have decreased, how your inventory is doing and how much debt you have. In this way, you will be able to determine what are the main issues that you need to address and fix.

 

EXTERNAL LEVEL

5) Negotiating and communicating with customers: The impact on the national and international economy will be high. If MSMEs have contracts with large companies in which they see risks such as non-payment, they should develop or implement measures to mitigate these risks; when renegotiating, they should seek mutual benefit between the parties and consider offering compensation.

6) Analyze financing options without taking on too much debt: In the face of crises, private or public financing is an alternative to consider. MSMEs should analyze different options to mitigate negative impacts. There are several online platforms with products for MSMEs that can be used.

7) Optimize the Internet distribution channel: If the industry allows, MSMEs benefit from exploring digital platforms that facilitate their operations. Maintaining business relationships with existing customers and growing demand for local consumption are two strong drivers for small businesses to adopt digital practices.

About FUNDES

A consulting firm specializing in the development of micro, small and medium enterprises (MSMEs), leading to the strengthening of value chains and competitive business ecosystems.

Business Units:
  • FUNDES Consulting

Strategic consulting and project implementation for corporations, foundations, and governments seeking to integrate MSMEs into their business or social investment strategy.

  • FUNDES Catalyst

Developing and implementing impact businesses that address problems and access gaps faced by MSMEs. To this end, it seeks capital from investors and philanthropists who want to make a measurable and sustainable impact in Latin America.

Contact:

Mauricio Ramírez

Consultancy Manager

Corentin Larue

Catalyst Director

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