This is an excerpt from a letter sent to all Allen Payroll, Accounting & Tax bookkeeping clients on 24/03/2020
Like most of the nation I followed along carefully with the President's announcement last night regarding the coming restrictions on movement that will be taking effect on Thursday night. I'm sure many of us are concerned about how this will affect our own businesses. This email's purpose is to tell you: Don't Panic, help is available!
Let's take comfort in the fact that South Africa is taking this virus' affects on the economy very seriously and has put into place help for those who need it the most. While in lockdown don't consider this the end of your business, rather, consider it the beginning. Your business can emerge from this disaster stronger than it went in. How can this be done? Well, remember all that planning and strategy that you have been putting off in favour of doing doing doing? Now is the time to dust those strategies off and start thinking about what your business will look like in the post Corona era. What is your Big Hairy Audacious Goal (as they say in economic theory)? Then break that big goal down into smaller, manageable chunks. Maybe consider how you could shift your thinking to leverage technology more. Especially to continue doing business now while at home. Think about how you could be more efficient, doing more with less.
If nothing else, this emergency has brought home to all of us how important it is to have an emergency fund for our business! Best practice states that each business, no matter how big or small, should have enough money to cover running costs for 2-3 months stashed away. This should be in a savings vehicle that is difficult to touch, a war chest that is only broken out in the case of true emergencies. Perhaps you could make a pact with yourself that after this difficult time period you pledge to contribute 5%-10% of your monthly turnover to this war chest in future.
What about now?
In his address last night the president announced a number of measures that government is putting into place to specifically help small and medium businesses through this trying time. Among these were:
As Allen Payroll, Accounting & Tax, we have always taken advantage of technology and have been working from home offices since we started, so our services to you will continue as they always have, uninterrupted. We are committed to helping your business through this turbulent, history making event. Therefore, as soon as we have clarity from the various institutions on just how to make use of these measures we will be putting together a second information email with those details. We will also assist our clients, free of charge, to apply for these relief measures and guide you through the entire process.
Make no mistake, now is the time to buckle down, strategise, keep calm and emerge on the other side a stronger, smarter, leaner business.
Allen Payroll, Accounting & Tax
Author: Brandon Allen
I'm a business Accountant in practice. Nothing fancy about me, but occasionally I have a flash of inspiration you might find useful. My blood is also 50% coffee.
Note that no information in these posts constitutes official advise, please contact us with your specific needs.