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In March 2020, President Cyril Ramaphosa announced a 21-day ‘hard’ lockdown, later to be known as a level 5 lockdown. It certainly caused flutter in the financial markets, forcing almost the entire economy to cease operations and people to be confined to their places of residence.
An interview with Kevin Black, Director, VAT Claims International, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing how COVID-19 and the lockdown has severely impacted business cash flows. Surviving the shock is challenging the resilience of enterprises and executives.
South Africa’s telecommunications (telcos) companies need to rapidly evolve by adding additional services for a new mobile working and learning world in order to stay relevant and profitable. Their legacy business model of telcos which has long sold data and SMS packages to consumers, is no longer enough on its own - a fact that has been brought into stark relief throughout the lockdown period.
The commercial real estate industry has welcomed a positive upturn since level 3 of lockdown. One particular sector that is making waves and has seen a noticeable spike in activity over this period is undoubtedly industrial real estate. This uptake can be attributed to the both the stringent hygiene measures now required in the workplace and the changing nature of retail.
Business owners could not have known how fundamentally their lives would change only a few months ago. We now know the pandemic has wreaked havoc on cash flows, supply chains, debt repayments and the general financial standing of thousands of companies in South Africa.
South African business author and coach, Douglas Kruger, has written Virus-proof Your Small Business: 50 Ways to Survive the COVID-19 Crisis and the e-book is now available from Google Play and Snapplify. The book provides proactive tactics for small business owners to survive the challenges they might face during the current crisis and in the future.
A study conducted by research firm In On Africa revealed that 86% of Small Medium Enterprise (SME) owners use their smartphones for business purposes. While 60% of the SME owners also feel that limitations posed by lack of a reliable internet connection, reliable services or financial solutions pose a threat to the success of their business.