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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    BOST clarifies amount paid for iPhones bought for company executives

    IMF hopeful Ghana will soon reach agreement with Official Credit Committee

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    2023 #CitiBusinessOlympics: Defending champions GCB retains title

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    AGI Advocates for Innovative Policies to Support SMEs

    Prices of Domestic Petroleum Products Set to Rise in October – IES

    FBNBank Ghana launches Akye promotion

    Transport owners and the missing NPA: who assured Sentuo to import BRVs?

    BOST clarifies amount paid for iPhones bought for company executives

    Fuel prices to remain fairly stable at the pumps – COPEC

    Restructuring NIB’s balance sheet won’t fix solvency challenges – Banking consultant cautions

    Thousands to participate in 2023 #CitiBusinessOlympics today

    Vodafone Ghana’s commitment to SMEs shines at Business Runway 2023

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    Genius IT Foundation achieves STEM.org accreditation

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    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

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    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

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Money Wisdom Series: How to sustain your business within the COVID-19 period

May 14, 2020
in FEATURES, Top Stories
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This is very uncertain times for the world especially governments, businesses and individuals, but what is important is that, it’s not time to panic, rather it is time to prepare to weather the impact of Covid-19.

There are support systems and things businesses and individuals can do to mitigate the impact of covid-19 on their business and lives. Unfortunately, Covid-19 is not only taking lives, but destroying business and disrupting economic gains of countries.

Majority of businesses across the globe are worried about the viability of their business over the next couple of months. Start-ups and most business in Ghana have not been spared as recovery is very uncertain because the Ghanaian economy is in distress.

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However, most business owners and individuals are confident and optimistic of longer term rebound after the covid-19 crisis. This can only happen when businesses are getting the advice and guidance from professionals to help them restructure their finances/operations to weather the current circumstance at hand.

For most businesses, cash flow is a major concern as demand for service/product has seen very significant reduction and most of them are struggling to retain and pay their staff. This reduction in sales and shut down of demand/supply chain operations is creating very high job losses leading to high unemployment.

Ways to Weather the impact of Covid-19 on Business

  • Get accurate information on your business cash flow and use it to plan for more
  • Forecast the business opportunity your business has and extend your service to specific clients
  • Assess the demand and supply chain operations of your business and modify areas that need restructuring to avoid waste.
  • Scale down your expenditure on operation and maximize your available resources.
  • Get help from professionals on training, product specification and marketing strategy to meet customer needs.
  • Take advantage of government stimulus packages in place.
  • Restructure your business by having joint venture with local providers within your sector to reduce your expenditure.
  • Check for local resources,ie cancellations of schools, gatherings, occasions that could possibly affect your business operations and put in a plan to mitigate the impact.
  • Provide first hand preventive measures for both your customers and employees on the Covid-19 pandemic.
  • Diversify your supply chain if you solely depend on a single local/global supplier.
    It is important to note that sustaining a business takes experience, time, knowledge, skill especially during the covid-19 pandemic.

–

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

Please kindly use the links below to follow my page on FACEBOOK and YOUTUBE channel for more MoneyTalk and Videos. WhatsApp # +233541238987
https://www.facebook.com/Jerry-JAfolabi-107737420863286/
https://www.youtube.com/channel/UCz4Wrr3FkmnVrL3V1R44Y0w

Source: By JERRY J.AFOLABI
Tags: COVID-19money
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