COVID-19 | Lessons Learnt

COVID-19 Lesson Learnt

It is no doubt that the current pandemic has been painful to a human kind and a much terrible experience to the world.

However there are few things that I have observed thus I refuse to just reject the current situation as a wasted experience. There are really few positive pointers I would like to make that will assist beyond COVID-19

I have learned the following:

1. Have multiple streams of Income

There is an argument being raised all the time that states ‘we cannot all be business owners’. Though i am in agreement, however that should not be the end of it. I would like to stretch it even futher and say “we are all entrepreneurs”. We are all rendering a service to a client. I chose to look at it this way: Look at the permanent employment contract that company X has offered and you had agreed to. The contract stipulates the terms and conditions of your employment, your job specs, etc in return of a compensation. This means your employer is your client, you are rendering a service in return of a remuneration called a salary. Thus this employer – employee relationship has an element of an Entrepreneur. Entrepreneurship is for everyone. You just need to learn how to sell, how to look for opportunities, how to price your service, how to negotiate and you are good to go. Do not limit yourself to just being an employee. This does not mean you can also limit your entrepreneurship to your day to day employment skills /qualifications / experience. I believe that each and everyone of us has been blessed with various skills. For e.g there are many accountants that have other skills out there and they capitalize on those, some are in network marketing, some are artists, etc. And are using this skills to earn an extra income. Use your talents to make a living as talent alone is overrated.

2. Diversify

Many companies now feel much attacked by the current situation. Correctly so. Especially those that are unable to work remotely. The lesson taught here is that if you are an employer / business owner you must also have elements of an entrepreneur. Look for ways to make extra cash. Always look for opportunities. One of our client is  running a franchise – Montessori School. Upon our conversation she said to me “I am now selling masks. I have partnered with a friend and we are making cotton masks and selling to the community in small and medium quantities”. Imagine if she had just complained about the current situation and just folded her arms? Do not limit your business to only the core nature of the business. The law allows that you can render as many services in one company irrespective of the initial core nature. This also, even under a normal circumstances will help your business with cashflow. Cashflow is the heartbeat of every business. Be encouraged to diversify!

3. Self-empowerment is important

Use this period to learn things that you wouldn’t under a normal circumstance. I have registered for an online course in Marketing. I always wanted to continue with studies especially more business focused courses but my excuse has always been I do not have enough time because I am always on the streets looking for work. By the time I get home I am tired, etc and will continuously put my plans to study on hold / postpone. I am happy that I am completing the course soon and there is so much I have learned that is already beneficial in my businesses. I have also realized that most online courses fees have been reduced to a great extent if not offered for free, so why not take advantage of those?
I was listening to the radio the other day and one of the callers is a restaurant owner, he said “I am using this time to develop new recipes so we can introduce a variety of menu items to our customers when we open”. This inspired me so much. We cannot just sit and complain. We need to come up with something from this situation.

4. Invest and Save

We really need to be allergic to living from hand to mouth. This way of life is proven to be the most dangerous thing. By now we have already learned that nothing is guaranteed in life, anything can happen anytime and that can change your status quo tremendously. I read somewhere that those that had been classifying themselves as the middle class may have just realized that they are actually poor. If your defense will be you do not earn enough money to save, maybe this will prove that point number 1. is valid.

5. Compliance

I refer mostly to business owners here. The Government have really tried by all means to assist SMEs with some relief funds to help during this period. Many business people complain about the red rape that blocks them from accessing these funds. But many do not have their compliance in order. The law requires anyone working for you more than 24 hours to be registered with UIF, many employers do not exercise this law. As much as it is incorrect to do so but their wrong doings have now backfired. These reliefs are not much but they can make a small difference in our employees lives. I therefore urge if your compliance was not on par this season can we do things differently going foward. In the meantime try to organize food parcels or whatever you can to contribute to your workers. It is exercising humanity. Let’s prioritize Ubuntu before profits!

In conclusion there are many things I have observed but I figured the above-mentioned ones as extremely important.

Compiled by Ms. Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting Pty Ltd.
http://www.matsobanemetja.co.za | info@matsobanemetja.co.za