COBRA War Room aims to help SA businesses survive COVID-19
Jason Goldberg, Director at Edge Growth, estimates that 70% of small businesses will likely lose 30% or more in revenues due to the Covid-19 impact; of which one third is likely to experience more than 60% loss in revenues. This will likely result in a cash flow crisis, which might see approximately 30% of businesses going into liquidation within the next three months. To help businesses in financial distress, Engaged Business Turnaround, Schindlers Attorneys, IQ Business, Sirdar Group, Envision Advisory Services, Agility, Adept Advisory and Amplify have formed a consortium to bring their extensive legal, accounting, technology and business turnaround expertise together.
The initiative aims to assist and sustain South African businesses through the Covid-19 crisis with free services to help them receive coordinated bank, government and stakeholder support.