Covid-19 has a negative impact on our economy and small businesses at large. Most small businesses have suffered a loss of income due to lockdown regulations passed by the South African government.
Enterpriseroom has taken time to research and share important financial and sales tips that can assist your business to survive and what to consider, before accessing financial and non-financial support during COVID-19 period. According to global standards the following business tips have been collated in order to assist you in navigating your business implications for Covid-19.
Here are some tips to help you during this period:
- Do a financial reality check for your business
- Perform a financial health check on your business
- Update your financial statements
- If you are in financial difficulty, seek professional advice early
- Act now to improve cash flow
- List possible impacts on your sales
- Talk to key suppliers and check how will they affect your sales capabilities during this lockdown
- Increase online sales
- Put in place a contingency plan
- Diversify your products offering and take advantage of essential services goods – be innovative and add products that are deemed as essential and sell as many as you can
- Read your insurance policy. A detailed check of the company’s insurance premium as a whole will help you assess the coverage for the pandemic response. Due to variations in terms and conditions of numerous agreements, the selection of an appropriate feature to claim varies from organization to organization. Some examples of focus areas you may verify with your insurer are the following:
- Coverage on physical assets such as Business vehicles, and property insurance
- Theft coverage
- Credit card insurance
- Business interruption coverage
- Do an in-depth consultation with your insurance agent so you can have a better understanding of the premium you have agreed to in your company and how your insurer can provide assistance
Download below link to learn more: https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/training/detailed-tips-for-small-business-on-covid-19.pdf
Source: CPA Australia Ltd, 2020, CPA Australia Ltd (ABN 64 008 392 452), Viewed 16 April 2020, https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/training/detailed-tips-for-small-business-on-covid-19.pdf
