The world is changing fast and to keep up you need local knowledge with global context.
*This content is brought to you by Nedbank Business
Business owners could not have known how fundamentally their lives would change only a few months ago.
We now know the pandemic has wreaked havoc on cash flows, supply chains, debt repayments and the general financial standing of thousands of companies in South Africa.
The official numbers tell a small part of the story. Public and private sector support programmes for SMMEs have been inundated with requests. The Department of Small Business Development alone received 35 865 applications.
The number one threat facing every business right now is its ability to meet debt commitments.
Every business owner, director and board member must ask themselves how ready they are to face that threat:
- Are there termination clauses within existing contracts that pose a risk?
- Can alternative suppliers be identified? How developed is your digital service offering?
- How can your company evolve to gain new customers, even from previously uncharted sectors?
- Is your business reliant on income from global markets?
These are massive concerns for any business. Nedbank Business Banking wants to help as many businesses as possible during this situation. Our teams have worked hard to put together a comprehensive range of emergency services to assist you.
These include the following:
- Short-term overdrafts for businesses to meet contractual obligations.
- Bridging working capital finance to address short-term cashflow or reviewing your current overdraft limit.
- Payment holidays and debt restructuring.
As a division of one of SA’s most recognised financial institutions, Nedbank Business Banking has partnered with the Reserve Bank and the National Treasury to offer assistance through a government-backed debt relief programme.
With a dizzying array of information, covering many relief funding mechanisms, we channel our clients in the right direction, via our networks.
Your success is our success. We don’t just want to see businesses survive this once-in-a-generation crisis – we want to see them go on to thrive. This is why we are going beyond financial relief to help our clients put their best foot forward in a world where social distancing has become the norm.
For example, how will you transact if your business is not set up for a world where customers can’t leave their houses easily?
If you aren’t set up for e-commerce, don’t fret. The last thing you have time for in this period is figuring out the ins and outs of a digital shopfront and transacting. We will help you make the digital leap with e-commerce solutions that will enable your business to receive online payments.
And we don’t stop there. You’ve probably heard that data is the new oil. Knowing who your customers are and exactly what they want is invaluable for any business. It gives you the edge over your competitors and helps you to identify potential growth opportunities instantly. So, we’re also offering a service that allows clients to obtain a deep understanding of their respective customers’ buying patterns and other valuable information.
You can also get information of all transactions processed through your bank account on a daily basis, keeping you abreast of any suspicious activity on your account. Coupled with account verification services, you can significantly reduce the risk of fraud by verifying bank account details of your customers, whether you are collecting from them or making payments to them.
It may seem like the world will never be the same again. But remember: with this much risk and many changes come may opportunities. We want to empower you to grab hold of the opportunities this new world presents … because we see you as part of the bigger picture.
Talk to your business manager or contact us on [email protected] for more information and assistance.
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