South Africa in recession – What to expect and how to deal with it

South Africa slips into recession officially and the implications might greatly affects the youths especially the unemployed ones. With the current report on unemployment of 27% rate in south Africa and the possibility of increasing,  both the employed and unemployed needs to sit tight. As a matter of urgency, we all need to double up our efforts for survival.

What should we expect during this period of recession?

1.  the purchasing power will come down because of imminent low salaries and lack of sufficient income. This will result in slowdown of market with goods and services not being purchased by the people

2.  Production will slow down which will give rise to prices of commodities.

3.  Companies will start reducing their biggest cost lines of balance sheet by cutting jobs.

Practical Solution for survival

Cut your budget:

Sit down with every member of your household and go over your finances and budget. Your new approach to money will have a profound effect on your chances of succeeding. Set your priorities during this period.

In many ways you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses.

Keep saving:

In every way possible, fit saving into your budget, even during a recession. You should make every effort to continue contributing to retirement accounts and college funds, if you have them. If you don’t have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you’ll be glad you kept up with saving and your accounts will reflect the interest you’ve earned during that time.

Live normal life:

In order to avoid recession depression and stress, don’t let fear or lack of finance control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Instead of not taking a family vacation, for example, take a Staycation or exchange your home for free accommodation instead. Invite your family to think of creative ways to save money without skimping on happiness. Accept difficult times as a challenge for your fortitude and adaptability.

Train your employees:

It is bound to happen that you will may need to let some employees go, However you have to make sure you train other employees to step into their roles. This procedure is called cross-training. 

Retain your customers:

Keep your customers happy, You are happy only when they are happy.

Because you may not be able to gain more customers during recession, Make sure you value your customers at all time more especially during recession.  Keep the little customers you have and treat them well so they can keep coming back.

Create additional income stream:

With Errandworld,

Think of other ways to generate extra income, A company like Errandworld South Africa has provided a solution for both employed and unemployed. For the employed ones, Errandworld is there for you to make extra cash while holding on to your existing job. While for the unemployed ones, Errandworld is there for you to get your self employed at no financial cost.

All you need to do is get registered (free) on Errandworld and run errand for others for money. Even as a student,  artisans, employed, and unemployed, you can run errand for people and make extra cash for yourself. We all need money to survive during recession and Errandworld has offered the opportunity for us all. It’s an avenue to connect with people across South Africa while offering your talent and capabilities for money.

Earning a living with Errandworld

What is Errandworld:

Errandworld is an online marketplace where people meet with the aim of transacting business for mutual benefits. In this platform,  An Errander and a Runner meet for the purpose of transacting business seamlessly. The platform allows Someone (Errander) who needs something done and is willing to pay another party (Runner) who has capacity and capability of getting it done to connects through Errandworld and the both parties achieve their objectives of getting things done and making money respectively.

How it works:

The platform consist of two kind of users, Errander (Job Provider) and a Runner (Job seeker). The Errander posts task(s), While runners start bidding for the posted task(s).
The Errander will then award the task(s) to the successful bidders. The runner(s) will complete the job and payment will be released accordingly.  Errander gets his/her job done and Runner makes income
Once a bidder is picked by the Errander, Full payment will be made by the Errander to Errandworld admin but this shall not be released to the Runner until satisfactory completion of the task.
Payment will be kept in EW escrow, 15% service charge is deducted from the agreed amount between Errander and Runner. Commission is only taken from the Runner side. The remaining 85% is paid into a virtual account of the Runner and will be released at the successful completion of the task.

Trust:

Errandworld is all about trust, Things has been put in place to ensure that both Errander and Runner transact business seamlessly without fear. All members must verify their identity before they could be able to qualify to bid for errands. Several verification measures are in place, Like ID verification, Verification of phone numbers as well as video verification.
At the completion of any transaction between an Errander and a Runner, both parties will be able to rate each other. This will allow you to know who to work with and how strong their reputation are on the platform.
This means you could create jobs for yourselves by freelancing your skills and time. Do you think you have certain skills and free time? Why not run errands and build your own career and life rather than waiting for some job approvals or government interventions which might never come.

What kind of errands are we talking about?

The extent and nature of errands you can post or run are unlimited. It’s basically anything you can think of.  From plumbing,  Carpentry, Catering, Computing,  IT jobs, Handy jobs, Tutoring,  Transportation, Delivery, Modelling to security tasks etc.

 

Whether you are skilled or not, you will be surprised with the type of errands that can be done on this platform. Things like, Share my page on your Facebook profile, make research on certain products, Distribute my flyers or picking up groceries and doing laundry. The possibilities in Errandworld community are endless and on top of the game.

Is Errandworld for you?         

Yes, this community is big enough to accommodate every one. Whether you are a Student, Working class, Stay home mom, Unemployed or employed, you can run or post errands. Apart from sending errands even senior citizens may run errands. This is a platform that connects people together for mutual benefits. The beauty of Errandworld is its flexibility and dynamism which allows even the Errander to be a Runner at a time and vice versa.

 

 

Visit the website www.errandworld.co.za to start running or posting errands.

Download Errandworld Android App on:
https://play.google.com/store/apps/details?id=com.errandworld.android

Wishing you good luck in this recession, Feel free to share and comment.