Speaking during a panel discussion during Money Smart Week South Africa 2021, spokespeople from the Association for Savings and Investment South Africa (ASISA) Foundation defined financial resilience as the ability to cope with income loss, financial setbacks, or unexpected events such as lockdown as a result of the pandemic. It is important for SMMEs to be prepared for financial loss by being cautious about how they spend money when business is going well.
How to be more financially resilient
SMMEs can implement the following steps to ensure that they are more financially resilient:
It is important for businesses to always be prepared to adjust in times of uncertainty. Using the right resources can empower SMMEs to make the right decisions.