Author: Ronel Jooste

Opportunities Knock despite Covid-19 Crisis

Despite the financial stress, uncertainty and knock-on impact the covid-19 crisis is causing for the economy, businesses and households, there are also multiple opportunities for people to create wealth for themselves amid the crisis. Looking at history various companies that have grown into massive multi-national companies were in fact born during a time of recession.
Look beyond the challenges to see the opportunities. Here are a few opportunities to look at.

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Tips to Improve Business Cash Flow

Cash flow is critical to any business despite the size or type of business. In a recent study conducted by SasFin and sme.africa, businesses indicated that cash flow (or rather a lack thereof) contributes to 61% of their biggest financial stress and concerns during the current pandemic. Implementing an effective cash flow management strategy is becoming more critical now than ever before. Here are a few tips to help businesses improve their cash flow.

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Lockdown Financial Health Check

Lockdown did force us to slow down, to reflect on our lives and businesses / careers and to make certain adjustments. Sometimes we need to face the harsh reality and answer the tough questions, whether we like it or not.
Financial wellbeing is one aspect that comes to mind. Whether lockdown had a severe, mild or no financial impact, this is a good time to spend time on your financial wellbeing. Is your finances in order? What changes do you need to make to be in a better financial position if something like this has to happen again?

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SARS Relief to Benefit Cash Flow

Concerns were rightfully raised about the various relief options been announced to help individuals and businesses been affected by the national lockdown enforced to stop the spread of the coronavirus. Amidst the negativity, uncertainty, stress and questions, SARS announced their relief measures. Eventually the dark cloud got a slight silver lining for some tax payers. The SARS relief options whereby a portion of PAYE and provisional payments will be deferred with no interest and penalties, will truly benefit taxpayers’ cash flows. This is the kind of relief most people, being heavily affected by this crisis, were probably looking for and hoping to receive from all role players.

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Your Saving Grace: An Emergency Fund

The real value of having an emergency fund will only be fully appreciated during an emergency like the current pandemic. During the lockdown period imposed to stop the spread of the coronoavirus, both businesses and individuals are severally impacted. The individuals and businesses who are probably less stressed are the ones who have an emergency fund in place.

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Coronavirus: Business and financial lessons

The impact of the coronavirus on the economy, businesses and individuals will be phenomenal.
Suddenly terms like ‘unforeseen circumstances’, ‘in case of an emergency’, ‘in the event that’, ‘potential risk’, ‘probability of an unforeseen event happening’, ‘what if’, ‘if it happens to you’, became a harsh reality and the real meaning of these terms became clear. Yes, ‘emergencies’ and ‘disasters’ can in fact happen. It can happen to all of us and it can happen at the blink of an eye.

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Payment holiday: what you should know

Covid-19 certainly calls for extreme measures. The financial impact on individuals and businesses is extreme. Individuals and businesses are desperately looking for solutions to carry them through the lockdown period as well as the recovery phase thereafter. Most banks and other credit providers have offered payment holidays. Payment holidays are a welcome relief and definitely one solution to consider. It is however important to fully understand what a payment holiday entails, and what the impact thereof is over the longer-term.

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Interest rate cut: Take Advantage

The South African Reserve Bank (SARB) has announced an interest rate cut of 1% (100 basis points) effective from March 2020. The interest rate cut brings the repo rate down to 5,25% and the prime lending rate to 8,75%. The impact of Covid-19, specifically the proposed lock-down period of 21 days, on individuals and businesses will be phenomenal putting the economy under more severe pressure. Cutting the interest rate will certainly bring much needed relief for many households and businesses amidst the latest crises we are currently facing.

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