Entrepreneurs these days ask: How can my business stay afloat amid the coronavirus disease (COVID-19) crisis? Can we still generate revenue even during the enhanced community quarantine (ECQ)?
2. Deliver value in creative ways. Even the local fashion industry quickly pivoted to begin manufacturing masks and personal protective equipment in order to meet the surge in demand and make use of their existing inventory and otherwise idle personnel. For Anya Lim, cofounder and managing director of the social enterprise ANTHILL Fabric Gallery, creativity begets revenue-generating opportunities for the fashion industry.
3. Collaborate with your sector. Collaboration also proves to be the gateway to new solutions in the “hypercompetitive” food industry, according to Ng.
Reese Fernandez-Ruiz, president of social enterprise Rags2Riches and UNAWA’s hief finance officer, agrees. “A lot of people are going to look for local sources that are readily available because it feels as if the boundaries between countries are higher right now. Something can just happen, and immediately your supply chain crumbles … We’ve seen that there are now many new clients who’ve reached out to us because they couldn’t get their regular supply from abroad.
5. Be driven by your values. Beyond the obvious paradigm shift occurring under current circumstances, another emerging change appears to be a consciousness shift toward values-based consumption. Consumers are increasingly becoming more careful about where they spend their hard-earned money and scarce resources. Beyond being fashionable or trendy, it now makes more sense to buy and consume what is endemic—from renewable and indigenous energy, to food and fashion.
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