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Financial Planning in the South African Post-pandemic Landscape

 

The world has changed, and it's important to be prepared. As a financial planner, I'm here to help you make sense of this change by offering the best advice on protecting and growing your wealth. Since the pandemic, many economic and societal changes have affected how we approach financial planning for our clients. In this article, I'll explain four key areas where you need to adapt as a result of these changes:

 

A seismic shift in the world...

 

The world has changed. It's a new day, and the opportunities are endless. But how do you know what to do? How can you adapt to this new era of business?

 

As an entrepreneur, it is your duty to ensure that your business continues to thrive in these turbulent times. The key is making wise decisions while maintaining profitability throughout this journey of uncertainty and change.

 

Small businesses will have a better chance at survival if they diversify their products and services as well as their markets, according to research from Deloitte and Touche Tohmatsu Ltd., which surveyed 1,000 company executives from 16 countries around the globe about their plans for growth over the next three years. In addition, small companies should look for opportunities overseas where there may be less competition than at home or use technology such as e-commerce platforms that connect consumers with local businesses online instead of investing heavily in bricks-and-mortar stores only open during regular hours of operation (or maybe not even opening at all).

 

It's also important to ensure you have adequate life cover, critical illness, and disability insurance.

 

Life insurance provides your loved ones with financial security in the event of your death. It's also important to ensure you have adequate life cover, critical illness, and disability insurance.

 

Life cover: Life cover pays out a lump sum upon your death, which can be used for any purpose, such as funeral expenses or debt repayment. This is an essential protection for anyone with dependents who relies on their income to survive. As a business, life cover can be used for business continuity example, KEYMAN assurance or BUY and SELL agreements between partners.

 

Critical illness: Critical illness covers are designed to pay out a lump sum if you suffer from a specified condition, such as cancer or heart attack, and various other dread diseases. The amount paid out can be used to pay off debts or provide support for families during difficult times.

 

Disability insurance: Disability insurance covers you against loss of income due to disability caused by accident or sickness and provides an ongoing income stream for yourself or close relatives in case it becomes necessary for them to take care of some aspect of your care needs (such as personal assistant). It's important that the policy has sufficient funds available so that it doesn't run out when premiums rise due to unexpected medical procedures required by conditions sustained during its term period."

 

You should also be asking whether your income is properly protected...

 

Your income protection insurance will help replace a portion of your regular income if you cannot work due to sickness or injury, and it should be one of the most important parts of your financial planning.

 

You need to consider how much coverage you need, what type of claim process there is in place, and how easy it is for people with disabilities or chronic illnesses to make claims when they need it most. If you are unsure about what cover you have or want more information on the available types, please contact us directly for assistance.

 

What about your practice?

If you are a healthcare professional, it is important that you have a risk management plan in place to ensure that your practice will be able to continue operating during and after a pandemic. The practice should also have adequate insurance coverage to protect its finances as well as patients' personal data.

 

It is also vital that you consider how your business will be affected by the financial impact of a pandemic on your practice. It is likely that people will not want or be able to afford regular medical care during an outbreak; therefore, this could mean that there would be fewer patient visits and revenues generated from them if the pandemic were severe enough. This may lead to loss of profits and debt accumulation over time if no action is taken now! A good way for doctors/dentists/chiropractors etc, who own their own businesses (MBE) or partnerships with associates would be to restructure their business so as not to get into financial difficulty later.

 

Are you adequately insured?

 

If you're planning to start your own business, you should be considering insurance options. These include:

 

• Life cover
• Critical illness
• Disability income protection
• Business interruption insurance

 

...you also need to protect the income you depend on

 

It is important to protect your income if you are a medical practitioner. You need sufficient life cover, critical illness and disability insurance, and adequate business interruption insurance.

 

If you are a sole practitioner or an associate in a practice, you will also need adequate income protection insurance (to cover your salary when unable to work), liability insurance, and professional indemnity cover for the practice. All these should be reviewed periodically to ensure that they remain valid in light of any changes in circumstances or legislation.