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Not only surviving but thriving post COVID-19

Not only surviving but thriving post COVID-19

Most businesses worldwide are small in size, with the Small Business Institute estimating that approximately 98% of all registered businesses in South Africa are Small-, Medium- and Micro-Entities (SMMEs) as per an article in Fin24 (18 November 2019).

As in the rest of the world, South African small businesses have been disproportionately affected by the COVID-19 pandemic. Many businesses have been faced with challenges they have never faced before, testing many companies’ business continuity plans.

In the early stages of the crisis, guidance was focused on access to government grants and subsidies. However, as we continue on this path towards a “new normal”, businesses move to the next phase where they require business assistance and advice.

In order to assist businesses to navigate through the next phase, the International Federation of Accountants (IFAC) developed the Small Business Continuity Checklist to help businesses plan for the future. This diagnostic tool covers two key areas to help businesses prioritise and take action:

  • Financial Management Tasks to help understand how a business is performing and identify focus areas for immediate attention; and
  • Strategic Management Tasks to help review the business strategy, plan and operational procedures, especially if there have been significant changes due to the current situation.

In these unprecedented times it is key for businesses to have a trusted business advisor to whom they can turn to help and guide them through the crisis. Small and Medium Practices (SMPs) are best placed as they have the in-depth knowledge and specialist skills a business needs, to help navigate through these challenging times.

Partnering with a Chartered Accountant (CA(SA)) as your trusted business advisor will help improve the sustainability of your business, by assisting you with managing and reducing risk, with taking appropriate actions and with preparing the business for the longer term.

This article Not only surviving but thriving post COVID-19, includes text from Small Business Continuity Checklist, published by the International Federation of Accountants (IFAC) in May, 2020and is used with permission from IFAC. Such use of IFAC’s copyrighted material and trademarks in no way represents an endorsement or promotion by IFAC.  Any views or opinions that may be included in this article, Not only surviving but thriving post COVID-19, are solely those of the writer and do not express the views and opinions of IFAC or any independent standard setting board associated with IFAC.”

By Jeanne Viljoen, SAICA Project Director: Practices