This archive report was first published on 16 May 2020.
As the world grapples with the COVID-19 pandemic, uncertainty and anxiety have become the new norm. However, with the right mindset and strategies, individuals and businesses can emerge stronger and more resilient than ever.
According to Stan Getui, a Chartered Financial Analyst and Investor adviser, personal financial health should be treated with the same importance as physical health. He advises seeking professional guidance to tailor advice to specific circumstances and warns that all investments have some element of risk attached to them.
Getui recommends prioritizing less risky investments, such as Sacco holdings, and taking advantage of distressed sellers who may offer favourable deals. For those struggling with loan repayments, he suggests reaching out to financial institutions to explore options such as payment holidays or repayment plan restructuring.
Anne Gaitha, co-founder and CEO of the Regal Africa Group, echoes similar sentiments, emphasizing the importance of reassessing portfolios and considering purchasing assets that are selling below value. She also advises reviewing finances and having a financial plan for the future.
As businesses adapt to the new reality, innovation and technology are emerging as key drivers of success. Judy Kinya, a 36-year-old mother of three, transformed her waxing business into a face mask-making venture, which has helped her stay afloat. Duncan Kimanthi, a chicken farmer, used WhatsApp to find new clients and sold most of his stock.
Stan Getui advises small business owners to rationalize their operations, increase efficiency, and explore government incentives. He also emphasizes the importance of staying connected with customers and adapting to changing market conditions.
As individuals navigate the challenges of social distancing, mental health and well-being are becoming increasingly important. Siaanoi Marima, an AEC certified coach, recommends the 3Rs: Reflect, Respond, and Re-emerge. She advises acknowledging fear, calming down, and evaluating what works and what can be done differently.
Anne Muthoni, a Clinical Psychologist at Selus Consultancy, stresses the importance of understanding why social distancing is necessary and connecting regularly with loved ones through messages, audio, and video calls. She also advises developing a routine for children and cultivating constructive hobbies.
Ultimately, navigating uncertain times requires a combination of financial prudence, innovation, and mental well-being. By following expert advice and adapting to the new reality, individuals and businesses can emerge stronger and more resilient than ever.
