SME holiday preparation tips

30 November 2018 | Banking

As the festive season approaches, some businesses will close for the holidays. This time of year allows businesses to reflect on their achievements and the way forward but at the same time there needs to be continuity.

Bank Windhoek’s Emerging Small and Medium Enterprises (ESME) Finance Branch Manager, Mbo Luvindao, said: “Bank Windhoek values its customers and understands their needs. It is in this realm that we would like to share some important considerations to ensure that Small and Medium Enterprises (SME’s) are able to continue operating effectively during the holidays.”

Luvindao shares the following five tips on business continuity for ESME’s during the festive season.

Communicate with your customers: It is still important for you as a small business to communicate your holiday schedule to your customers. Informing them about your closure and opening days, will avoid losing market share to your competitors.

Plan ahead: Planning allows you to think through all possible events that could take place in your business while you are on holiday. For example: What happens if there is a power shortage, the alarm is triggered or another type of emergency; who are your key staff members who will be able to respond to the challenges in a timely manner?

The new calendar year often requires that you pay attention to numerous operational matters. The end of the year can thus be used to plan for the following year to avoid any mishaps. Start off by updating your business plan with new information, market trends and strategies that will enable you to take advantage of opportunities and avoid, or minimize, threats in the New Year.

Honour your financial commitments: Even though business is slow, or you have closed for the holidays, you are still responsible for honouring you business’ monthly capital and interest payments to your bank and other creditors. Make sure that you have provided for these payments, or have made arrangements, before you go on holiday. This will avoid tarnishing your record with the bank or your suppliers since this relationship are vital to the success of your business.

Do not finance your holiday with debt: If you have not saved for your holidays, do not embark on one. It is not advisable to finance short term activities such as holidays with long term debt. This will put additional pressure on your personal and business cash flow in the new calendar year, making it difficult to operate your business effectively.

Rest: Allow your mind and body to rejuvenate. It will ensure that you start the New Year refreshed filled with new vibrant ideas on how to move your business forward.

“Our goal is to see an increasing number of emerging, small and medium enterprises growing into sustainable businesses, creating new wealth and opportunities that benefit the Namibian economy. These tips can also assist to fulfil this purpose,” concluded Luvindao.

The Bank’s ESME Finance Branch is located in Windhoek and Oshakati. Entrepreneurs can similarly approach their nearest Bank Windhoek Branch or Agency for assistance. For more information, contact Bank Windhoek’s ESME Finance Branch in Windhoek at Tel: (061) 299 0602, Oshakati at Tel: (065) 22 99 56/57 or visit the Bank’s website at www.bankwindhoek.com.na.

Similar News

 

Riding a competitive and dynamic wave

3 weeks ago - 19 June 2019 | Banking

B7: How would you describe the prevailing business landscape in Namibia?BdP: Looking at the current economic condition and the lack of economic growth drivers in...

A mutual love for kapana

1 month - 17 May 2019 | Banking

Ester KamatiThe 2019 edition of the Nedbank Kapana Cook-off was launched on 10 May.The launch was hosted by Matthew Kapofi and included demonstrations by kapana...

Standard Bank: Investing in economic progression

2 months ago - 30 April 2019 | Banking

Standard Bank Namibia is fully committed to boosting investment and job creation through facilitating win-win smart partnerships that speak to managing economic headwinds, delivering on...

No more minting of 5c coins

2 months ago - 24 April 2019 | Banking

The Bank of Namibia (BoN) has discontinued the minting of 5c coins as from the beginning of the year, the central bank said in a...

Standard Bank awards bursaries

2 months ago - 18 April 2019 | Banking

Standard Bank recently awarded bursaries to four students studying cybersecurity, forensic science and actuarial science, as part of its annual bursary programme.The bank awarded bursaries...

SME Bank: Asset seizures coming

2 months ago - 17 April 2019 | Banking

Enock Kamushinda and other Zimbabweans implicated in the raiding of the SME Bank have until 14 June to explain why the deputy sheriff of the...

Longrich ordered to cease operations

3 months ago - 15 April 2019 | Banking

The Bank of Namibia (BoN) has declared Longrich Bioscience an illegal pyramid scheme and ordered all involved to cease operations immediately.A statement issued by the...

Longrich Bioscience an ‘illegal financial scheme’

3 months ago - 13 April 2019 | Banking

The Bank of Namibia (BoN) has issued a statement saying Longrich Bioscience is an illegal financial scheme and has warned the public not to engage...

Going, going, gone

4 months ago - 14 March 2019 | Banking

The sole director of Transparency.com, which was housed in a non-descript office in Centurion, Johannesburg, has given a first-hand account of how the millions raided...

'Ask no questions, hear no lies'

4 months ago - 12 March 2019 | Banking

The liquidators of the SME Bank, David Bruni and Ian McLaren, have applied to the Gauteng High Court in South Africa to freeze five bank...

Latest News

APP on warpath over late...

6 hours ago | Politics

The All People's Party (APP) is threatening to stop the Oshakati East by-election after its candidate Tangy Mike Shilongo failed to register in time.The deadline...

Houses turned into ablution blocks

6 hours ago | Education

Three incomplete teacher's houses constructed at Kasivi Combined School in the Kavango West Region have been turned into ablution facilities for learners.When Namibian Sun visited...

Making waves

6 hours ago | People

Justicia Shipena Alexander Skinner started swimming at a very young age and has had an exciting pool career to date. Skinner, who trains at the...

When accountability gathers dust

6 hours ago | Opinion

In August 2014, just months before the election that swept President Hage Geingob to power, commentators bemoaned the fact that outgoing head of state Hifikepunye...

‘Whomst’ are you?

6 hours ago | Columns

Justicia Shipena How do you respond to someone who asks: “What are you?” Clearly, there’s no right answer to such a weighty inquisition; yet,...

Genocide negotiations 'too slow'

6 hours ago | International

In Germany there is no doubt about the suffering that imperial Germany caused Namibians, says Daniel Günther, the president of the Bundesrat of the Federal...

Dam levels dismal

6 hours ago | Disasters

It appears that the only town in Namibia which is safe from water restrictions is Keetmanshoop. The latest dam bulletin, released by NamWater...

NDF troops accused of assault

6 hours ago | Crime

The Chinese owner of Alfa Construction Company at Ongwediva lost N$700 000 after his business partner allegedly transferred the money from the business bank account....

Poverty ministry clarifies its position

6 hours ago | Agriculture

Lot Ndamanomhata, spokesperson for the poverty eradication ministry, sent a statement to Namibian Sun to clarify the position of the ministry in terms of procurement...

Load More