As a result of the COVID-19 crisis accompanied by the lockdown, economists predict the global economy will be in a recession for the rest of 2020 and most likely into 2021. The South African GDP will slow from 0.2% to -1.9% in 2020. Whether you are already unemployed or about to lose your job, you don’t have a choice but to make every attempt to beat the odds. For almost all of us, an undeniable thought currently is: Will I survive this crisis?
Whatever your circumstances, as human beings, our most natural reaction to uncertainty is fear and anxiety. While some individuals are more resilient naturally because of their life experiences, embrace a positive mindset, or generally possess a strong sense of purpose, others are less fortunate. In the current situation we are faced with, two factors seem to be top of mind for most:
- The uncertainty of one’s health
- The ability to continue earning or keeping their organisations afloat.
Both these concerns can have disastrous effects on how individuals think and feel about themselves, their future or even their survival. If they continue to be hamstrung by their fear, their ability to plan, find solutions or alternatives are diminished and they can feel more afraid as the odds stack up against them. Uncertainty brings discomfort. We sometimes need to be out of our comfort zone to be able to climb that mountain and see the vastness of opportunity.
As the lockdown was announced on 22 March 2020, our local cheese shop, owned by Charles and Mary, sent all their staff home, put some of their stocks into storage and decided to continue remaining open because they also sold bread, eggs and milk which are essential items as regulated during the lockdown in South Africa. The couple have since been communicating more frequently with their customers and have been inspiring South Africans to remain healthy while at the same time sending out recipes of healthy dishes that include eggs and cheese. They refused to allow the current situation to paralyse their income, since they knew they were forced to take the rocky road with all its twists and turns.
Partnering with another enterprise was another way, Charles and Mary displayed their resilience. Two weeks into the lockdown, they announced the inclusion of fresh vegetables in their shop to assist a local farmer whose export orders were canceled. Had the outlook of the owners of the cheese been different, one wonders whether the situation would even have arisen. These strides taken to ensure business survival, kept them planning, ears to the ground, seeking pathways and finding new conduits to attract more customers to their shop. This view may well enable them to not only survive but maybe even thrive through the crisis. Although the revenue pays the overheads and kept the shop doors open, it is insufficient to pay their staff. However, with government assistance for small and medium businesses over the next three months from the SMME Debt Relief Funds[1] of R433 million set aside for this purpose, what will pull them through is their resilience to explore new possibilities that enable them to continue climbing.
The opportunity to remain open during the lockdown is not possible for all. Many small businesses are forced to change their core services and find other ways to offer some essential services that will keep their doors open. Another great example are tailors and dressmakers that have joined hands with non-profit organisations to sew masks, a compulsory item for every citizen with a global demand, using this opportunity to reset and reframe. It is during this time that individuals should be asking themselves:
How can I turn things around and take advantage of this situation?
Exploring new avenues and taking positive action will give you the ability to craft your own future and transform hurdles into opportunity.
According to Statistics SA (December, 2019) South Africa’s unemployment rate was at 29.1 percent in the fourth quarter of 2019. These numbers are set to escalate as many more lose their jobs due to the economic downturn. It is, therefore, becoming imperative to turn our gaze towards self-employment. Individuals would need to use their talents and passion and turn them into prospects that derive an income. While delivery services and technology are becoming mainstream opportunities, individuals will need to make sure that differentiation will be central to success in these turbulent times.
Self-employed people, and I am one of them for more than 20 years, are more accustomed to making their own futures than people who depend on a boss both for an income and direction. It is this mindset that will enable individuals to emerge stronger on the other side of uncertainty.
We can assist you to navigate future possibilities to ensure you bounce back. Should you need to chat to one of our associates please leave your details on our contact form on the website and we will get back to you soonest.
[1] For more information log on to http://www.dsbd.gov.za.
