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What the COVID-19 pandemic has taught small businesses

12 June 2020 The National Small Business Chamber (NSBC)

While 75% of small businesses wait for back to business at Level 1 of the COVID-19 pandemic, at this time we need to bank the learnings and continue with the rebuilding process.

The Pandemic may seem like a once-in-a-lifetime event, the reality is that an emergency can come along to disrupt any small businesses at any time. Using what’s been learned during the pandemic to prepare for the next crisis can help business owners insulate their businesses from future shocks.

The findings of the National Small Business Survey just released by the National Small Business Chamber (NSBC) highlights two key learnings i.e. 93% of small businesses say the most important stand-out learnings are building up liquid cash savings, reducing debt and trimming non-essential spending.

“The short-term outlook for small businesses varies greatly by industry, it’s important to consider what recovery mode will look like once the economy begins to return to state of normalcy or established a new normal. Having an exit strategy in place for after COVID-19 can help small businesses prepare well to hit the ground running and begin with the rebuild process” Mike Anderson: NSBC Founder & CEO.

Anderson continues, “The pandemic has also taught us how important it is to be able to adapt and keep businesses fluid to weather storms in the future. The more outside-the-box thinking to prepare for a worst-case scenario, the better. Having a Plan B ca help improve every business’s odds of surviving and eventually thriving again during tough financial times”.

“Small businesses are vital economic engines. It is imperative that we bridge businesses through these tough times so small businesses stay in business and that we keep workers employed” says Anderson.

The COVID-19 Small Business Relief and Recovery Centre, is a national initiative designed to help small businesses by taking their pain away during The COVID-19 pandemic. This powerful and meaningful initiative is powered by the NSBC, in partnership with Health Squared, Telkom, Liberty, Cisco, Absa, Mastercard, Discovery, Vodacom, Google, MTN, Netstar, Xero, Nashua, Incredible Connection, Tarsus, and Visa. Some of the key focus areas includes: low-interest disaster recovery loans, moratoriums on vehicle and equipment leases, bond repayments, supplier negotiation and communication, landlord negotiation with regards to property leases, increased cleaning, disinfecting and hygiene protocols, digital marketing strategies, assistance with business continuity plans etc.

For more information about The COVID-19 Small Business Relief and Recovery Centre, please click here or go to https://www.nsbc.africa/COVID-19 or alternatively e-mail: [email protected]

Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
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