We have all seen small businesses close one after the other since the outbreak of Covid-19, with not only owners loosing everything, but also employees and their dependents being placed in impossible positions regarding providing and receiving the basic necessities. I am sure that each and everyone of us know of someone who is struggling financially, fighting to make ends meat and keep the wolf from the door.
Adapt today and ride out the wave
There are a couple of simple things that can be done, by implementing minor changes, your business can thrive in these unprecedented times and applying a couple of new proposals will be easier for small businesses then their bigger counterparts, as decisions can be taken quicker with no red tape from board members, or voting on a corporate level, that might make the process of executing a new game plan slow.
At present the market is flooded with people seeking employment and finding a productive hardworking laborer is not as easy as it might sound. To weed out the the less qualified applicant from the hard-working candidates a reward or incentive program can be implemented, providing compensation beyond their annual salary. This move will also benefit your business as employees will be more dedicated and driven to receive these bonuses.
Get assistance from the Government
South Africa has an Employment Tax Incentive where employers can participate in a cost-sharing process with the South African government. The initiative is aimed at hiring young and inexperienced workers who will be trained and guided by you. This move will help your enterprise obtain the funds needed to pay your employees a monthly salary.
Use free tools to run your business
There are numerous tools available on the internet at no cost that will help you run your business more efficiently, you are able to download anything from tracking employee productivity to project management solutions. A great tool to have a look at is Google Workspace. Google has recently announced that Google Workspace will be available for free to anyone with a Google account, this solution many useful features that will help your business thrive.
Last of all, determine if there is a need for the services or products that you are providing, or none of the tips given above will be of any use.
