Recession-proof your business
March 8th, 2016
Tough economical times in South Africa are apparent and it does not seem as if they will be going away anytime soon. Steve Sutton, executive member of Roodepoort Chamber of Commerce and Industry (Rocci) is also a member of Business Doctors, a company that provides advice to business owners.
Sutton hosted a seminar on 18 February at the Soli Deo Gloria Boutique Hotel, of which he is the owner. The seminar, Recession Prove your Business, gave advice to business owners on how to survive tough economic times as well as improve the value of their business.
Attendees came from big businesses like Liberty, small businesses and up-and-coming businesses. Sutton began the presentation by explaining that the gross domestic product (GDP) is on 0.8 per cent in the beginning of 2016. He highlighted that Sona 2016 said that there should be a focus on small, individually-owned businesses as it is a means of providing job opportunities.
He further explained that consumer confidence in South Africa is extremely negative. Business confidence is also at an all-time low, because of high interest rates, the petrol price increase and power outages. Sutton said that businesses can ensure that they survive the recession by preparation and planning and by implementing more than one scenario. “Cash flow should also be in order as it is always an issue,” said Sutton. He added that businesses should improve their service in order to compete with competition.
He explained that one should place your business behind and imaginary vault in order to protect your assets for the future as well as making a profit. Scale-ability, growth potential, risk, competition control, recurring revenue, cash flow and customer satisfaction are all factors that should ensure a zero per cent recession impact on businesses.
Details: Rocci, Roodepoort Chamber of Commerce and Industry, 010 595 9644.