PwC MSME Survey 2020

Key Insights and Considerations for SMES; COVID-19 response The recent oil prices shocks and pandemic have anchored the plunge of global economic performance, particularly in externally-dependent economies. As an economy dependent on oil-earnings and forex supply, Nigeria assumes a vulnerable position to the dwindling effect of these major externalities. Some fiscal policies have been put in place to ease the effect of the pressures, however, here are some key strategies which SMES can adopt to reposition themselves for resilience: • • • Key Strategies Take actionable steps to ensure health, safety and well-being of workforce to sustain productivity and ensure innovative feedback. Strengthen cybersecurity platforms to minimize fraud and enhance information security and privacy of documents and internal resources. Ensure high-level prudence of corporate spending and reduce unnecessary recurrent costs. Adopt local quality materials as substitutes for imports in the short-term Organize virtual training on technology tools and usage to upskill and improve staff skills • Strategize to meet current customer needs and enhance customer satisfaction via alternative and efficient communication channels . . • • • • Key Strategies Review workforce locations and travel; Know exactly where staff are and how many workers are in affected areas Build resilience through investment in technology to propel business activities and serve clients better Intentionally enhance systems and processes for resilience, and to weather any further unprecedented occurrences. Make clear policies to address absence due to sickness or caring for relatives, and protocol for visitors to company sites Revisit the business's crisis and continuity plans. Generic plans may be tailored to cope with specific challenges from the pandemic. • Stay informed and abreast of industry insights and related information that could enhance and improve strategies to mitigate risks and access new opportunities • Take up low-risk investments if necessary . • Make adequate plans for resources and communications with employees Use scenario analysis; identify weaknesses, best- and worst-case scenarios, and proper coping mechanisms. Evaluate supply chain and create alternative supply sources. PwC MSME Survey 2020 PwC June 2020 76

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