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Thread: COVID-19 The responsible SA Business Response

  1. #71
    Diamond Member Blurock's Avatar
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    Do not hold your breath to get any assistance from government. They are bankrupt and will have a hard time bailing themselves out of the mess they made of this country.
    The red tape and bias will make it almost impossible.
    Excellence is not a skill; its an attitude...

  2. #72
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    Fact:

    All systems go ...it seems the government sites are up and running.

    Applied for financial assistance on the SMME platform ...lets see what happens.

    Now i just need to find out how to go about making sure my staff can get uif or if the smme will assist with funding.
    Comments are based on opinion...not always facts....that's why people use an alias.

  3. Thanks given for this post:

    adrianh (01-Apr-20)

  4. #73
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    Quote Originally Posted by ians View Post
    Fact:

    All systems go ...it seems the government sites are up and running.

    Applied for financial assistance on the SMME platform ...lets see what happens.

    Now i just need to find out how to go about making sure my staff can get uif or if the smme will assist with funding.
    If this lockdown does not go beyond 5 months then my family and that of my assistant will be ok financially.
    After that, we already have plan B in place and that will start after 4 months of lockdown.
    It will not be business as usual, but we will be ok.

    Cheers and peace out ... Derek

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    So what are we looking at here...

    Most of us have bills to pay... some just bonds ...some credit card debit ...overdrafts ... vehicle HP...there are a few who have something put away for a rainy day ...but i doubt there are many ... i alway know when the economy is in shyte ...i have reps from various companies contacting me to find out if i need anything... when times are good ...they dont answer the phone.... i have been getting a lot of calls from sales reps... i just wish companies would offer better discounts if they dont have to allocate a rep to you.

    Is there anyone who can offer advise on a way forward ... the best route to take ...

    do we take the payment holidays ...

    do we go the smme route (anyone know what the interest rate will be)

    do we increase our overdrafts and pay ridiculous interest.

    do we increase our credit card limits which will result in the basically paying the interest until you can pay off the debt.

    take a second bond to get through this and pay those massive fees.

    do we just not pay our bills and hope this virus screws everything up so bad that it wouldnt be worth while for the banks to try repossess your house or try take your car.
    Comments are based on opinion...not always facts....that's why people use an alias.

  6. #75
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    Hi

    As an Electrical contractor we have the ECA and NBCEI making a plan to assist and access the funds from UIF as a bulk application.
    As far as I know it is for all contractors registered with the council
    Have a look at the link posted
    https://ecasa.co.za/member-support/l...own-1-04-2020/

    I understand that UIF is open to doing bulk applications with employers organization/ bargaining councils on behalf of there members

  7. #76
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    Wink

    Quote Originally Posted by ians View Post
    Is there anyone who can offer advise on a way forward
    Try and avoid any form of finance that will incur additional interest. Avoid buying anything on a credit card where you will incur the highest interest possible.
    Make arrangements with suppliers to extend (interest free) credit.
    Offer special discounts for early settlements, which is a source of cash flow for the short term.
    (If you have the financial means, you may also offer to pay your creditors early and get a settlement discount.)
    If there is any payment holiday, take it, as cash flow will be very important in the next few months.

    Make arrangements with staff to take a temporary reduction in salary (remember to cut back on your own salary and expenses - it works both ways)
    Assist staff in applying for UIF or other assistance offered.

    Follow up on leads and old customers. That is why companies have "annoying" reps. To remind you that they are still there.
    Be the rep for your company.

    I am sure the Forum members can add much more and can come up with some novel ideas.
    Excellence is not a skill; its an attitude...

  8. Thank given for this post:

    Derlyn (03-Apr-20), SCW (03-Apr-20)

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