EY: How to build resilience during a time of difficulty
9 April 2020
Entrepreneurial businesses both small and medium have been particularly hard hit in these challenging times, and many are now facing an existential threat. However, there are ways to rethink their business models and adapt to a world which is unlikely to return to its old habits.
Azim Omar, Partner and Growth Markets Leader at EY South Africa who advises many of South Africa’s most successful start-ups and scale-ups, says: “The entrepreneur and business owner must realise that they simply must to do things differently now because the world has changed for good.”
Omar said that while SMMEs can apply for funding assistance, this was likely only to alleviate challenges in the short term, and that a more fundamental overhaul was needed.
He states that all companies need to plan how they will weather the storm by breaking down the stages into: