FNB shares tips to help entrepreneurs affected by Covid-19
Small businesses can continue to thrive despite the crisis brought about by the pandemic
On the FNB Business Talk podcast with Lynette Ntuli, Heather Lowe, head of SME development at FNB Business, has shared tips on how entrepreneurs can continue to thrive in the new business normal.
Tips to help you weather the storm
The first thing you need to do as a business owner is understand and manage your cash flow. Analyse the books, know all your running costs and identify areas of improvement so you can:
- reduce costs where you can;
- follow up on unpaid invoices; and
- determine exactly how much your business needs to survive.
Second, make sure your business is tax compliant. This helps you access relief funding to help your business survive tough times. Compliance simply requires your business to be in good financial standing and that your tax returns are up to date.
In uncertain times, proactive entrepreneurs can develop scenario plans to limit being caught off guard by change. This pandemic has taught us 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 free resources available to you, such as helpful business how-to guides with Fundaba on the FNB app. You can also follow FNB’s webinars for best-practice tips from industry leaders.
Navigating the new business normal
We are already seeing how the pandemic has accelerated the need for digital transformation. Entrepreneurs have to change how they connect with customers and how they use technology to run their businesses.
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 into these communities could see long-term benefits.
Last, innovation remains key. Innovative thinking and business practice will be the difference between the businesses that survive and those that thrive in this tough time.
Enjoying FNB Business Talks? Subscribe to the channel for more podcasts and tips to help you grow your business.
For more information, visit FNB.co.za.
This article was paid for by FNB.