Redflank – a specialist management consultancy – conducted a BeyondCovid Business Survey which found that 76% of South Africa’s businesses reported revenue losses because of the coronavirus pandemic.
Overall, 56% of survey participants are currently operating under reduced capacity. Most of these companies operate in the beauty, hospitality, food and agriculture sectorsRedflank director Lings Naidoo said they interviewed key industry leaders to analyse the impact of Covid-19 on South African businesses. Naidoo said the worst hit businesses were micro-enterprises which were only allowed to operate at 14% capacity and small enterprises which were only operating at 17% capacity.
“Overall, 56% of survey participants are currently operating under reduced capacity. Most of these companies operate in the beauty, hospitality, food and agriculture sectors,” said Naidoo.“Accommodation and food services companies top the list. Of the respondents, 68% said they had to let most of their employees go. The hair and beauty salons, construction firms, entertainment, arts and recreation players have the highest job losses,” said Naidoo.
“Interestingly, 44% of these companies say this could become a permanent set-up. It’s evident that the Covid-19 pandemic has accelerated the remote working trend, which is quickly evolving into a new way of life,” he said.
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