Mistakes to avoid when downsizing your business
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GUEST – Palesa Mabasa, FNB Business Development Head: SME Funding
In a difficult economic environment, it may make sense to downsize your business rather than closing doors altogether. Load shedding, inflation, and the current high interest rate environment have left little disposable income in consumers’ pockets making it very challenging for SMEs to be as profitable as before.
Downscaling a business may result in better profitability in the short to medium term. “If you are one of the many businesses considering downsizings, there are a few factors to consider so that you avoid a backlash,” explains Palesa Mabasa, FNB Business Development Head: SME Funding.
In a difficult economic environment, it may make sense to downsize your business rather than closing doors altogether. Load shedding, inflation, and the current high interest rate environment have left little disposable income in consumers’ pockets making it very challenging for SMEs to be as profitable as before.
Downscaling a business may result in better profitability in the short to medium term. “If you are one of the many businesses considering downsizings, there are a few factors to consider so that you avoid a backlash,” explains Palesa Mabasa, FNB Business Development Head: SME Funding.
