What can and should we do right now?
FINANCE AND BUSINESS ADMINISTRATION – Take control!
- Speak to your banker to access relevant payment relief options and lower banking fees and understand the terms and conditions of the arrangment;
- Familiarise yourself with the relevant small business relief funds and other government relief offerings;
- Review your insurance cover and access any opportunities for paying holidays. Don’t cancel your policies;
- Confirm with your bank whether you have credit life lover;
- Renegotiate financial commitments with creditors and landlord;
- Investigate and take advantage of lower data costs, if available;
- Re-evaluate your medium and long-term financial plan using different scenarios;
- Revise your cashflow to take into account: Loss of customers, Extended payment periods form your creditors, Defaults or extended payments from your customers.
STRATEGY – React quickly, see the opportunities and map it out
- Re-evaluate and redefine your business goals;
- Identify the major obstacles in achieving your revised goals;
- Re-evaluate the future relevance of your business proposition and business model;
- Consider options to diversify future business offerings and revenue streams;
- Use your data;
- Develop a product, customer and segment profitability matrix to ensure that scarce resources are targeted. Consider that future clients and travelers will be more health and environmentally conscious;
- Create a revised business and marketing plan for the next 3 to 6 months;
- Share the revised strategy and plans with your team;
- Keep up to date with market and business intelligence.
LEGALITIES – Remain fully compliant
- Seek advice from SARS should your PAYE, UIF and SDL payments not be up to date;
- Assess whether you are able to reduce or defer PAYE and Provisional Tax payments without incurring interest;
- Familiarise yourself with the UIF Covid-19 TERS opportunities for your employees at covid19TERS@labour.gov.za
- Refer to additional explanatory notes on SARS Covid-19 Tax Measures.
SKILLS DEVELOPMENT – Skill sets to support a distressed business
- Assess which business skills must be upgraded to support your business’s sustainability;
- Tune in to webinars that are relevant to your business;
- Reach out to your mentors. Ask for guidance an direction or test your ideas;
- Communicate with your employees frequently. Ensure that communication is honest. Use Zoom or Microsoft Office Teams to video conference.
MARKETING AND COMMUNICATION – Stay Connected and Keep your Brand Alive
- Remain in contact and connect with your relevant business ecosystem;
- Develop an aggressive marketing and communication plan for Post Covid-19;
- Remain close to your customers to understand how they are being impacted. Maintain honest communication. Let them know that you are still around;
- Ensure that your website is updated with relevant information;
- Use social media consistently and effectively;
- Ensure that your clients and networks are able to contact you via e-mail and telephone.
We compliment Cape Town Tourism for this excellent compilation of steps to survival.