Heather Lowe, Head of SME Development at FNB Business, shares a few tips on how entrepreneurs can continue to thrive in the new business normal on the FNB Business Talk with Lynette Ntuli.
Tips to help you weather the storm
The first thing you need to do as a business owner is understand and manage your cashflow. Analyse the books, know all your running costs and identify areas of improvement so you can start:
- Reducing costs where you can
- Following-up on unpaid invoices
- Determining exactly how much your business needs to survive
Secondly, make sure your business is tax compliant, this helps you access relief funding to help your business survive tough times. Compliance simply requires that your business is in good financial standing and that your tax returns are up-to date.
Times are uncertain, but entrepreneurs can stay ahead of change with proactive scenario planning by developing various scenario plans to limit being caught off guard by changes. Also, what this pandemic has taught us is that you need to be ready to rethink your strategy and remodel your business.
Connect with your network
Now is the time to Engage with your support system by setting up time to speak to mentors and share your views with entrepreneurs in your network. Talk to your business bankers regularly for assistance.
Use your time and keep learning with various free resources that are available to you such helpful Business how-to guides with Fundaba on the FNB App and you can follow FNB’s Webinars for best practice tips from industry leaders.
Navigating the new business normal
What we are already seeing how the pandemic has accelerated the need for Digital transformation. Entrepreneurs will need to adopt how they connect with customers and run their business through technology.
The lockdown has also brought us together even with social distancing. There’s an explosion of online mentorship and support available and entrepreneurs who can plug themselves into these communities could see long-term benefits.
Lastly, innovation remains key. Innovative thinking and business practice will be the difference between the business that survive and those that thrive in this tough time.
COVID-19 and the SME ecosystem: impact, interventions and a new business normal (Part 1):
COVID-19 and the SME ecosystem: impact, interventions and a new business normal (Part 2):
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This post and content is sponsored, written and provided by FNB.