Small Business Survival Guide

Kasibiz Mahala Editor March 28, 2020

Marnus Broodryk, the infamous Shark Tank investor and entrepreneur who changed an entire accounting industry has released a free eBook for business owners: The Small Business COVID-19 Survival Guide. It contains 90 ideas to help SMEs and entrepreneurs survive the current pandemic and is available for download here.

Below is a summary of the ideas mentioned in his reading with the intention to help you think smarter as an smme and how to work through this difficult period.

SECTION 1: POWER YOUR PEOPLE

Pay for your staff to get tested for COVID-19. Be more sympathetic to your workers during this time and consider working from home as a viable option.
Assist staff with advanced payments.
If you absolutely have to retrench, first consult with your staff to see if they are prepared to work for lower salaries or are willing to take unpaid leave.
Employees might need emotional help. Reach out for support services like LifeLine 0861 322 322.
Share as much information around the pandemic as possible.
Provide educational material and resources to staff that might be taking care of kids whilst home.
If business is quite, use this time to upskill staff through online learning.

SECTION 2: SOFTWARE FOR HARD TIMES

Typeform-Survey and conversational templates to help gather information.
Xero-Cloud accounting software.
Trello-Admin and team task-sharing.
Loom-Free screen and video recording software.
Microsoft Teams-Central hub for Office 365 teamwork, chats, meeting files and apps.
Zoom or Skype-Free video conferencing solutions.
Monday.com-Cloud project management and workflow.
G-Suite and Drive-Cloud storage for documents, emails etc.
Slack-Team communication that also handles individual threads of communication.

SECTION 3: MINDSET FOR SUCCESS

People win battles through innovation and unity.
Stick to your cultural values and remember who you are.
In chaos there are always opportunities.
Things are changing and you need to adapt.
Capitalise on existing relationships.
Don’t get married to the chaos. Have a plan and stick to it.
Confront the realities.
Be there for the poor and vulnerable.
Follow advice from the NICD and WHO.
Support an NGO.

SECTION 4: SELL LIKE HELL

Offer discounted vouchers that can be bought now and redeemed later.
Option free delivery to boost online sales.
Now is the time to start selling online.
People are losing jobs. See if you can employ talent on a commission basis.
Advertise more on social media.
Look to local markets for your products and services.
Contact your clients and understand their current needs. Create opportunities.
Use this time to develop a PR approach and become a thought leader in your industry.

SECTION 5: HELP MANAGE THE EPIDEMIC

Provide hand sanitizer for all employees/visitors.
Stop travelling.
Communicate well to your staff and customers.
Minimize out-of-office movements and use the phone and video call.
Work outside where possible and get some fresh air.
Wear gloves and masks whenever you are out of the house.
Do temperature checks on your employees.

SECTION 6: WORK BETTER WITH WHAT YOU HAVE

Remember that cash is king for any small business.
Negotiate with your landlord for discounted rent or holding off on increases.
Offer settlement discounts to your clients.
Offer customers option of paying through installments.
Check with the bank to see what additional facilities you qualify for.
Ask clients to advance fee payments where you have fixed fee engagements.
Be extra diligent on procurement.
Consider incentivising staff to help save money.
Delay salary increases and bonus payouts and secure your business financially.
Review current processes and procedures for efficiency.
Review your data and other operating costs.

SECTION 7: ORDER IN-HOUSE

If you have to retrench, follow the right procedures. CCMA is very expensive.
Explore different ways of using your staff.
Consider enforcing the Force Majeure clause within contracts that are hard to deliver on.
Keep accurate financial information about your business.
Send employees on forced leave especially those with high leave balances.
Ensure that you pay your tax as a small business.
Ensure that you claim Employment Tax Incentives where you employ young people and see what other grants and tax breaks are available.
Get client agreements in place quickly.
Consider an outsourced accountant.

LAST BUT NOT LEAST – SOME LEARNING DURING LOCKDOWN