The pandemic was a key turning point in recent history. It forced humanity to shake up many of its previously held convictions and change the way we interact with each other and manage our day-to-day activities. In the way that the HIV and Aids epidemic in the 1980s pushed for better and more careful reproductive practices, Covid-19 changed our perception of business conduct, remote employment, and the role that tech plays in overcoming challenges.
Covid-19 impacted the Iraqi private sector especially hard. Businesses such as cinemas, restaurants, and hotels, which rely on foot traffic, were shaken and lost the majority of their revenue. With no financial support from the government, many businesses are still trying to recover from the devastating impact of Covid-19 lockdowns.
The tourism industry, especially in the North of Iraq, was impacted the most. On the other hand, tech-enabled startups were better positioned to respond to the limitations of the lockdowns and more commonly receive support from the public sector.
To help such businesses recover from the pandemic and to prevent such damaging effects from potential future pandemics, we will initially be offering a five-day training for 10 small- to medium-sized businesses (SMEs) in Iraq.
The course will take place from the 13th to the 17th of March 2022 for five days, lasting two hours per day.
Five Pillars for Reviving a Business Impacted By Covid-19
The training will focus on the following five topics which can strengthen the operational and financial capacity of SMEs, from improving their business models to adapting to recent changes in consumer behaviour and economic activity.
- COVID’s Impact on Small Businesses: We’ll be examining Covid-19’s impact on Iraq and similar economies to examine how this has changed consumer behaviour and impacted business models.
- Defining Business Models: You’ll learn how to use the Business Model Canvas as an SME analysis tool to uncover areas of inefficiency and unprofitability and discover new ways to find new customers, drive revenue and improve margins.
- Adapting Revenue streams: The ability to generate revenue is critical to the success of every business. In this session we explore the activities that lead to revenue generation: sales, marketing, online marketplaces, and networking.
- Financial bookkeeping: Many SMEs do not keep adequate financial records. This can cause business owners to misunderstand their costs and drive down their profits. This session describes the basic financial records every business needs to keep and how they are used to make strategic decisions.
- Leveraging Technology: Technologies are available to SMEs no matter where they are in the world. This session helps business owners analyse their own “Technology Stack” in order to find new ways to improve customer experience, efficiency and profitability (edited)
What to Expect
As a business owner, you can expect to gain knowledge on how to critically review your business and what changes need to be made to increase efficiencies. A part of that will be understanding the technologies and tools needed to adapt to an increasingly technology-led market.
How to Apply
We have spaces for 5 businesses to join this training. Any SME from anywhere in Iraq can apply to join. If you are interested, just email [email protected].