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Having a good business idea, nurturing it, and putting it into practice is one of the critical steps on the journey to entrepreneurship. Running a successful business, even during a pandemic, is the ultimate goal for all entrepreneurs.
Exports could hold the key to South Africa’s economic recovery and growth. South Africa is experiencing a record trade surplus in the wake of the COVID-19 pandemic with our exports far outpacing imports. Recent data released by the South African Revenue Service showed that South Africa recorded a trade surplus of R51.4 billion in April 2021, surpassing market expectations of R31 billion.
Any listed company has a strategy outlining where that company wants to go and how and when it is planning to achieve this. The same can be said about an investor looking to achieve long-term financial success. As an investor and saver, you should know where you want to go (identify your goals), how you are going to achieve this (investment and savings strategy), and the time frame associated with those investment and savings goals.
Being an entrepreneur is stressful at the best of times, but what happens when unforeseen circumstances (like a pandemic for example) cast its dark shadow of doubt, forcing you to rethink everything about your business and yourself? It’s more important than ever to bring discussions around mental health and wellbeing into the light as we all learn to adapt to a rapidly changing world and an uncertain future.
Economic analysts recently reported that by August 2020 as many as half of South African small businesses had closed down due to the national lockdown. A more frightening statistic awaits our economy as, 6 months later, many more find themselves on the threshold of survival as the impact of the lockdown continues to distress small, medium and micro-businesses (SMMEs).
Without rapid immunisation, many experts believe that South Africa will experience a third wave of COVID-19 by the coming autumn or winter. Although there is no clear-cut definition of what could constitute this surge it will become evident as we start to observe a continuous rise in new cases.
In the aftermath of the virus outbreak, 2020 has certainly been a challenging year for the manufacturing sector. The World Bank predicts the pandemic will push Sub-Saharan Africa into its first recession in 25 years with growth predicted to fall to -3.3% for 2020. Reduced demand has taken its toll on the balance sheet and cash flow of most producers.
Running a business in what we assumed would be a post-COVID-19 world this year has turned out to be a continuous challenge, taking on various strains from last year’s pandemic. A common denominator for many small business owners is steady cashflow throughout the year.
South Africa is limp wristed from unclear definitions and objectives that are used at different moments to drive ambiguous agendas. South Africa lacks a clear definition for transformation, and thus every other organ of change abdicates their role in shaping the country in a progressive direction.
The role of the property manager continues to evolve. Once thought of as 'merely' rent collectors, it became all too evident that the role of a good property manager had progressed to encompass that of asset management. Now, with the effects of COVID-19 being keenly felt by businesses the world over, the role of the property manager has evolved once more to now include mediation as a key skill.