REBOOTING LIFE AND BUSINESS
Category Lifestyle
We are finding ourselves in a very precarious situation at present: COVID-19 infections created a global pandemic unparalleled to anything else we experienced in our lifetimes. Due to its uniqueness, not even the most seasoned real estate professional can make accurate predictions about the market conditions that will emerge after the dust has settled.
For now, though, it is more than the real estate market that we should concern ourselves with; it is the effect the global economy have on personal finances, staying healthy and more than anything else, getting prepared for when all of this is over.
Life in a disintegrated world, left us with feelings of devastation, fear of the unknown and the uncertainty of when-ever-is-this-going-to-end-?. Having 'a time out' from Normal, gave us also a chance for introspection and analysis. We're all a little shell-shocked right now, as so much has happened in such a short space of time, but this too shall pass. When that happen, don't be caught off-guard!
Recognise that some serious adjustments should be made in many parts of the "system of delivery" of your business as it might be the only way to stay in the game.
Kobus Ooshuizen of SA Franchise Warehouse says, "The most important asset that any business owner has, which will have to be sweated like never before, is his own courage, resilience and innovative mind.
The second most important asset required to get back on track is the people that drive the chain. People who may or may not have received any wage during the lockdown, and in all likelihood are not out of their skins to get back to work. Getting the workforce back in action in a way which will make customers come back, is a demanding prospect to any business owner.
The third part is cash, without which a reasonable recovery will probably be unlikely. Taking on additional debt under these circumstances is a very delicate balancing act. As much as the business needs cash, the terms of taking on more debt can make good work undone if not done very cautiously. Any debt must come at the best possible rates and over a term as extended as possible so that the cash flow effect on the business, which is probably going to operate below break-even for a while, is minimised".
"Many business owners instinctively know which areas of their business they need to focus on or look for solutions to problems but probably have just not had the time to sit down and formulate a new strategy or look for expert input and advice. This is the time to re-set the button, address these concerns and look at the opportunities for the future," says Vera Valasis from the Franchise Association of South Africa.
This New-Normal has also served as an exciting catalyst for innovation whereas talented and highly motivated people emerged and excelled during these times of extreme stress, showing that their innovative thinking and unrelenting desire for success will kick-start an even brighter future.
Let's embrace change, learn new methods and seek out opportunities in a time that the world around us has become an unfamiliar place.
Author: Adrie Barnard
