There is no denying that we find ourselves in unprecedented times. No one could have anticipated the rapid rise in Covid-19 infections and how it has quite literally brought the world to a standstill. Given how interconnected we are as a human race, the detrimental effects that this virus will have on global commerce will be unlike anything we have ever seen before. However, there is hope.
All over the world, people are rallying together to help those in need and to help one another during these difficult times. Interestingly, while people may be self-isolating and avoiding social contact as far as possible, it appears that people are coming together and connecting more with one another than ever before!
During these difficult times, we find ourselves in, there is no doubt that businesses of all shapes and sizes will be materially affected by this virus. Businesses can, however, take measures to ensure that they have the necessary resources to make it through this period.
Investmint is a platform that connects business owners who are looking for a loan against invoices or purchases orders that they have with investors who have some spare capital that they are willing to lend out to these businesses and earn a return for doing so. As a business owner, you can use the Investmint platform to get an injection of capital into your business that can prove to be incredibly helpful during this difficult time. It is imperative to make sure that as a business, cash flow management remains one of your top priorities over the coming months. By doing this you will give yourself the best chance to weather this highly unanticipated storm and come out thriving at the end.
Co-founder of Investmint, Chris adds, “take an inventory of all remaining costs that you incur as a business and group those costs into essentials and non-essentials. Any non-essential expenses that do not drive sales or do not play an important role in the running of your business should be scrapped immediately. ”
Additionally, he suggests:
- If you are renting an office space or a hot desk, try and put your rent on hold for a few months.
- Host Skype / Google Hangout meetings to save on travel costs and time (we encourage social isolation)
For more information, visit https://www.investmint.co.za/ and find out how you can support your local Small Business. Together we can overcome and thrive!