Getting Started Again After COVID-19

by Business Fuel | 30 September 2020

The COVID-19 crisis has forced businesses to undertake urgent tasks such as forecasting demand, identifying potential supply chain disruptions, and determining the effectiveness of internal crisis intervention measures. Many of Business Fuel’s customers have managed to navigate through this period, maintained steady cashflows and as restrictions continue to ease, see this as an opportunity to optimize their business for long term success.

The Return to ‘Business as Usual’
South African businesses getting on the front foot as they navigate this crisis have been improving the experience of their customers, many of whom are frightened and uncertain of what the future might look like. They’ve achieved this by being innovative in the digital space with optimized websites and rolling out contact-less services and clear communication with customers.

If your business has managed to continue through the COVID-19 restrictions – possibly even at a limp – but haven’t reviewed your business performance and future, KPMG put together an article with five questions for family businesses to ask themselves in times of change.

“The tendency for family firms to pull together in times of crisis stands them in good stead – but as the world adjusts to its new normal, opportunities will open up for family businesses to continue to thrive in a post-COVID-19 world. But where to begin? Here are five questions you may want to consider when examining the longer-term strategy of your family business.

  • What will my market look like, in a post-COVID-19 world, and what has changed permanently?
  • What will my balance sheet and funding structure look like and how might that need reworking?
  • What risks have become apparent in this crisis, and how can I address them?
  • What have I learned about the culture of my business – the good, the bad, and the ugly?
  • What does the action plan to prioritize and work towards my new-look business consist of? “

Read KPMG’s full article here which provides further insight into these 5 questions.

As the lockdown restrictions start to ease and the economy is opening up, our doors are open. If you are looking for a business loan, we invite you to apply now or talk to one of our team either on live chat (at the bottom right of your screen) or by calling us on (021) 914 0384.