Almost every small business is reeling from the impact of the coronavirus. Income streams have slowed to a trickle, loyal employees are out of work, sales and business opportunities have largely evaporated. Many business owners are watchful and hoping for a green light from the government that will allow them to reopen their businesses without restrictions, but the fact of the matter is that when economic activity resumes, it will not be ‘business as usual’ but more like ‘business unusual.’

All industries and businesses differ in their experience of the virus and lockdown. For the lucky few, this period of immense instability may be business as usual with regular sales, marketing, and public relations (PR) activities. But the majority of companies, particularly small enterprises forced to close down completely or shift to a ‘business pause’ status, have suffered loss of revenue, impacting salary and benefits for employees.

South Africa has around 525 000 small businesses employing over 6 million people. Business Tech reports that “60% of SMEs are either considering retrenching employees, or already have.” This will have the natural knock-on effects on the families and dependents of the employees who are retrenched or have their salaries and benefits cut.

Government has introduced some measures to lessen the blow, but without cash on hand, the options for this market are limited. And how many small businesses these days are cash flush?

Read the full article via our Media Partners, Hi-Tech News here.