Some social enterprises did better than others amid pandemic: Roots Collective
MANILA – Some social enterprises performed better than others amid the COVID-19 pandemic, a group of social entrepreneurs said Friday.
Roots Collective co-founder Dexter Yu said the pandemic required social entrepreneurs to re-examine their business models.
“The ones that were in for example the essentials businesses such as groceries, cleaning supplies, and home care items did really well, but those enterprises which are more on the luxury goods, and sectors that required quite a lot of personal service and physical retail, those were the ones that performed pretty badly,” he said.
“Lots of social enterprises had to cut the fat of their own business and they just had to focus on the things that were really working, their strengths,” he added.
Co-founder Roy Aloy Chua also noted that businesses were forced to adapt to the digital space in order to survive.
“It’s like you’re in the water, but pandemic is a weight thrust upon your hand. Adapting to technology is probably the only way that they could swim or they’ll sink.”
“Businesses who continued to operate as they did pre-pandemic were much more predisposed to suffer more losses specially since until now, the quarantine situation is still ever-changing,” he added.
Chua said big businesses can help small entrepreneurs by establishing strategic partnerships with them.
“They can do funding, they can help with building systems and processes, so they serve like mentors. They can do networking, they can link you to industry buyers,” he said.
--ANC, 27 August 2021