{"id":696,"date":"2020-03-13T13:21:07","date_gmt":"2020-03-13T11:21:07","guid":{"rendered":"http:\/\/bethanieconsulting.co.za\/blog\/?p=696"},"modified":"2020-12-30T16:42:09","modified_gmt":"2020-12-30T14:42:09","slug":"no-longer-business-as-usual-for-smes","status":"publish","type":"post","link":"https:\/\/bethanieconsulting.co.za\/blog\/index.php\/2020\/03\/13\/no-longer-business-as-usual-for-smes\/","title":{"rendered":"It&#8217;s no longer business as usual for SME\u2019s and corporates"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"353\" data-attachment-id=\"697\" data-permalink=\"https:\/\/bethanieconsulting.co.za\/blog\/index.php\/2020\/03\/13\/no-longer-business-as-usual-for-smes\/business-23a\/\" data-orig-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?fit=953%2C640&amp;ssl=1\" data-orig-size=\"953,640\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1584054533&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Business-23a\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?fit=300%2C201&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?fit=525%2C353&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?resize=525%2C353\" alt=\"\" class=\"wp-image-697\" srcset=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?w=953&amp;ssl=1 953w, https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?resize=300%2C201&amp;ssl=1 300w, https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-23a.jpeg?resize=768%2C516&amp;ssl=1 768w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p>The macroeconomic environment is under severe pressure and consequently it is becoming increasingly difficult for SME\u2019s to trade under these conditions. It is no longer business as usual for SME\u2019s. There are ominous signals that the macroeconomic environment is bleeding and SME\u2019s must, therefore, take appropriate and urgent action in order to survive:<\/p>\n\n\n\n<!--more-->\n\n\n\n<ul class=\"wp-block-list\"><li>Economic growth was 0.2% in 2019. SA went into a recession in the last quarter of 2019. GDP growth in the last 5 years was less than 3%. It is expected that GDP growth will be 0.4% in 2020.<\/li><li>Business confidence is the lowest in over 20 years. It is expected this trend to get worse in the coming months.<\/li><li>Tax revenues dropped by R63.3bn in 2019\/20. It is expected that tax revenues to drop significantly in 2020\/21.<\/li><li>In 2019\/20, less than 20% of tax paying companies reported taxable incomes. The rest of the companies either reported taxable losses or zero taxable incomes. This indicates companies\u2019 profits and operations are under severe pressure.<\/li><li>Government plans to cut the public sector wage bill by R160bn, which is included in the planned expenditure cut of R261bn. Government expenditure is under pressure and it does not bode well for businesses that do business with Government.<\/li><li>Unemployment levels are at a record high, 38.3% &#8211; expanded definition \u2013 the highest in many years.<\/li><li>Business insolvencies increased by more than 6% in 2019. It is expected that insolvencies to increase by 4% or more in 2020.<\/li><li>The pain felt by large companies is conspicuous:<ol><li>Massmart Group reported a R1.3bn loss in Dec 2019. It\u2019s division, GAME, contributed significantly to the loss.<\/li><li>Shoprite reported subdued results. Business confidence in the retail sector will remain low in the coming months.<\/li><li>The big four banks reported significant increases in loan and credit losses with First Rand reported a hike of R910m in impairments for 2019. It is clear that disposable incomes of businesses and individuals are under severe pressure and will get worse in the coming months.<\/li><li>The Edgars Group closed down many stores and laid off many of its staff in order to survive.<\/li><\/ol><\/li><li>Load shedding is expected to continue for the next 18 months. This does not bode well for the SA economy and for the SME sector, in particular. Job losses will increase further as a result.<\/li><li>The corona virus will dampen global growth which in turn will severely affect the struggling SA economy.<\/li><\/ul>\n\n\n\n<p>Most economists expect the macroeconomic environment to deteriorate further in 2020. Demand for goods and services will remain weak. Therefore, trading conditions will continue to be very difficult. Job losses and business insolvencies will continue.<\/p>\n\n\n\n<p>WHAT SHOULD SME\u2019S DO TO STAY AFLOAT AND PRESERVE AND GROW LIQUIDITY<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"525\" height=\"340\" data-attachment-id=\"698\" data-permalink=\"https:\/\/bethanieconsulting.co.za\/blog\/index.php\/2020\/03\/13\/no-longer-business-as-usual-for-smes\/business-36\/\" data-orig-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?fit=972%2C630&amp;ssl=1\" data-orig-size=\"972,630\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Business-36\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?fit=300%2C194&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?fit=525%2C340&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?resize=525%2C340\" alt=\"\" class=\"wp-image-698\" srcset=\"https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?w=972&amp;ssl=1 972w, https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?resize=300%2C194&amp;ssl=1 300w, https:\/\/i0.wp.com\/bethanieconsulting.co.za\/blog\/wp-content\/uploads\/2020\/03\/Business-36.jpeg?resize=768%2C498&amp;ssl=1 768w\" sizes=\"auto, (max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/figure>\n\n\n\n<p>It is very difficult for SME\u2019s to survive and grow in these difficult trading conditions. In addition, SME\u2019s have a massive failure rate due to capacity, skills and financial challenges. Despite these weakness and trading conditions, SME\u2019s must take the following measures to weather the storm:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>SME\u2019s must focus on servicing its existing customers and clients efficiently and effectively in order to enhance customer value and reduce the risk of losing them. Also enhance customer offerings without significantly increasing cost,<\/li><li>Continuously search for cost efficiencies,<\/li><li>Improve operational efficiencies,<\/li><li>Close loss making operations or streamline such operations,<\/li><li>Terminate products and services in the range that are not profitable,<\/li><li>Review the profitability of services and sales to clients and customers,<\/li><li>Hold back on operational expansions until trading conditions improve,<\/li><li>Identify cost that are not adding value. Reduce or terminate such costs,<\/li><li>Invest in marketing in order to attract new clients and customers,<\/li><li>Renegotiate debt cost and terms and conditions with lenders and creditors.<\/li><\/ul>\n\n\n\n<p>However, SME\u2019s can invest in their operations if they have large surpluses of cash. They can invest in projects that will generate new revenue sources in the future:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Sustainable growth strategies,<\/li><li>Training and development of staff to improve quality and customer services,<\/li><li>Innovation and creativity that may give rise to new products and services, new business models, significantly enhanced operations etc.<\/li><\/ul>\n\n\n\n<p>The above measures will not only improve liquidity and operations but will prepare the business when there is an upswing in the economy and when new opportunities arise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SME&#8217;s must take appropriate and urgent measures to survive in difficult trading conditions.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[32,19,17,37,33],"class_list":["post-696","post","type-post","status-publish","format-standard","hentry","category-strategy-performance","tag-accountant","tag-financial-management","tag-raising-finance","tag-sme-support","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It&#039;s no longer business as usual for SME\u2019s and corporates - Virgil Bethanie<\/title>\n<meta name=\"description\" content=\"It is no longer business as usual. 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