There’s no denying that 2020 has thrown some serious curveballs our way. From the unpredictable pandemic of COVID-19 to on-going government regulations, there are a lot of challenges for South African business owners.
Whether it’s cutting costs, downsizing, or trying to meet demands given the circumstances and restrictions, it’s difficult for all individuals and companies out there; but while the larger picture is out of your control, there are some things you consider implementing in your own day-to-day operations and business environment to help survive the indirect strain the coronavirus has brought about.
Reduce your expenses: While it has been an involuntary one, the lockdown has undoubtedly provided some perspective to certain companies, proving that you can work without a fancy office and elaborate business lunches. Focus on generating revenue and keeping costs low during this period. Many businesses are notorious for wastage, whether it be physical space or unnecessary tools and licenses. Use a service like Digitise to reduce your paper-waste, go digital, and give you access to affordable and efficient marketing, website, and CRM tools.
Keep your cool: Admittedly, everyone’s stress levels are high at the moment, so, while remaining productivity is crucial, it’s also important to take a breather where possible.
Explore funding options: Government grants and other forms of funding are available for promising enterprises.
Know your credit score: Avoid debt wherever possible, but know your credit score should you need to apply for a loan. A good credit score means you can borrow at a better interest rate, and potentially save thousands of rands in repayments.
Set up savings: Cash-crunches will come in life, whether in a personal or professional capacity, so it’s important to learn to save for such an occasion. Aim to have at least three months’ worth of living expenses covered so that if there are hiccups in your cash flow, you can survive. Yes, it’s easier said than done, but it’s a pivotal part of being a business owner or entrepreneur.
Take care of your tax: Make sure your tax is up to date, as the last thing you want to be dealing with during or post-lockdown is a penalty or outstanding tax payment.
Want to streamline your business operations and cut-costs, check out Digitise here.