In light of the Novel Corona-Virus Pandemic, the future of most business functions continues to be uncertain. Corporate leaders are considering key issues around managing severe business shocks, recovery plans as well as keeping essential functions of the organization alive, majorly based on perspective.
Following the outbreak of COVID-19 and the subsequent declaration of the virus as a global pandemic by WHO, the world economy has been greatly affected and the Kenyan economy has not been exempted. The pandemic has had adverse effects on millions of Kenyans, which among other things includes loss of income, imminent job losses, indefinite closure of businesses, not to mention the mounting pressure on social infrastructure.
To shield Kenyan and Kenyan businesses from the effects of this pandemic, the President, on the 25th day of March 2020, directed the National Treasury to table a bill in parliament to effect the below tax changes;
As COVID-19 continues to wreak havoc in our normal lives, from global, regional to local businesses, it is imperative that businesses have to rethink survival in order to navigate through the challenging times.
We wish to recommend some advice on how small businesses may remain afloat by being proactive towards the eminent dangers caused by COVID-19. This professional advice is general in nature and may not necessarily apply to all businesses but will be important to activate strategic thinking and business leadership in this crisis.