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PostPosted: Thu May 21, 2020 11:52 am 
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Average Joe wrote:
sorCrer wrote:
OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.


HTFU, Oompie. It's going to get worse. :thumbup:

You said it was going to just go away. All we had to do was stay the fok at home.

@Oom I lost everything I had before this kak. Back then I still had hope, I still had my office job and the wife had her business. I've been on unpaid leave for April as I had no leave left. I returned to work last week Thursday but we're on shifts so I'll work a week a month. My earnings at the office is mainly commission, now more than ever. You cant meet targets when you just work a week a month. On top of all that I'm with fokon FNB. They only offer you more debt to pay your dept with. Don't know how I'm going to pay back their covid19 relief loan on top of my normal dept which I cant pay anyways. The wife's business is fokked. She wont open after this and it will take her years to get back to where she was. But even after all this I'm positive things will come right again. Just keep on keeping on Oom.


Oh man...my heart breaks for you guys....


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PostPosted: Thu May 21, 2020 12:07 pm 
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OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.

Oh dude....we are boere....we maak n plan...
....keep positive. You are in my thoughts..m


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PostPosted: Thu May 21, 2020 12:22 pm 
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Average Joe wrote:
sorCrer wrote:
Average Joe wrote:
You said it was going to just go away. All we had to do was stay the fok at home.


That was Ox.

Nee dronk gat dit was jy.


Jou fokken ma se dronk gat.


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PostPosted: Thu May 21, 2020 12:22 pm 
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We are down to a sixth of our turnover. We are getting more and more enquiries and have gone on a very aggressive marketing campaign. Its reaping benefits which will help us understand the long run...thankfully our overheads are also reduced so although we are not making money we are not losing money. My wife and I will have to draw a salary in two months time as the payment holidays we have arranged on all our accounts will expire. We kept whatever cash we had on hand when the lockdown was announced and all revenues received since. So some of our suppliers have not been paid . My logic is that you can still pay with cash ... what we do is pay a portion to our suppliers when we order as a guarantee and pay cash for our purchases. Everyone is happy with that arrangement. We are also asking clients to pay cash for purchases. Deposit of 50 percent and balance COD. This is the only way really to manage cash flow and keep going. The 2 month long loss of income would have been unmanageable and we would have closed if we didn't institute this. We obviously talked to all our suppliers. As long as you talk to them they are happy. They just want to know that you are still going on and not going under.

Regards going back to work. Clients are finding us now and we are quoting constantly. People are fed up with other manufacturers that are struggling to get their act together and reopen. So we are gaining new clients. You must just be positive and get on with it...I work half day at factory and half day at home. .factory is to sort out production issues and home to quote. It's all we can do.


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PostPosted: Thu May 21, 2020 12:24 pm 
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sorCrer wrote:
Average Joe wrote:
sorCrer wrote:
Average Joe wrote:
You said it was going to just go away. All we had to do was stay the fok at home.


That was Ox.

Nee dronk gat dit was jy.


Jou fokken ma se dronk gat.

Jy kan 'n man uit Pretoria haal, maar jy kan nie die Pretoria uit hom haal nie.


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PostPosted: Thu May 21, 2020 12:46 pm 
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sorCrer wrote:
Average Joe wrote:
sorCrer wrote:
Average Joe wrote:
You said it was going to just go away. All we had to do was stay the fok at home.


That was Ox.

Nee dronk gat dit was jy.


Jou fokken ma se dronk gat.

My ma's dood en het nooit gedrink nie.


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PostPosted: Thu May 21, 2020 12:51 pm 
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handyman wrote:
sorCrer wrote:
Average Joe wrote:
sorCrer wrote:
Average Joe wrote:
You said it was going to just go away. All we had to do was stay the fok at home.


That was Ox.

Nee dronk gat dit was jy.


Jou fokken ma se dronk gat.

Jy kan 'n man uit Pretoria haal, maar jy kan nie die Pretoria uit hom haal nie.


I'm not from Pretoria...at all. Your 'province manners' are showing.


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PostPosted: Thu May 21, 2020 12:53 pm 
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OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.


You still have 85% of your pension. Much better off than tens of millions Saffers.

Vasbyt, boeta. The World world is changing before our eyes. We must adapt


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PostPosted: Thu May 21, 2020 12:57 pm 
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Wilson's Toffee wrote:
OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.


You still have 85% of your pension. Much better off than tens of millions Saffers.

Vasbyt, boeta. The World world is changing before our eyes. We must adapt


Great thought there WT....

Looking back...watched the first game at the 1995 RWC at Newlands when Mandela made that speech. Saw Natal dominate the 90s in the CC at Kingspark. Saw the boks win 3 RWCs. Was privileged to watch the most exciting backline in our Superrugby play in 2020. ... that's a lot to be happy about


Last edited by Sards on Thu May 21, 2020 12:59 pm, edited 3 times in total.

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PostPosted: Thu May 21, 2020 12:58 pm 
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To all posters concerned about AC (after corona) pecuniary matters : everything will be different. We will have to work ten times as hard. For less money. Less privilege.

Of we were another nation, I:d say we are fokked. But - we are South Africans. We will overcome


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PostPosted: Thu May 21, 2020 12:59 pm 
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sorCrer wrote:
I do hope this is the case but there is no serious evidence of this yet.


No evidence of immunity? Maybe, but as Dr. Fauci said in an interview, it would be highly unlikely for a virus not to impart some immunity after recovering from it.

Not impossible, but unlikely. It is more likely that it behaves like every other virus. The question is really just how long does immunity last and how many antibodies are required to ensure immunity. I'm sure that research is well underway as part of the vaccine development efforts.


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PostPosted: Thu May 21, 2020 1:01 pm 
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sorCrer wrote:
DraadkarD wrote:
sorCrer wrote:
OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.


HTFU, Oompie. It's going to get worse. :thumbup:


Dude, now you are being a doos. :thumbdown:


Actually didn't mean that harshly, just being realistic. I lost a sickening amount of money over the first few weeks of this in the markets. In fact, Sibanye fell from around R37 on 6 March to R16 in a week.


At times I wish my assets were liquid and then there are times I am very grateful that I can go touch a 25 ton pressbrake and know it belongs to me.


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PostPosted: Thu May 21, 2020 1:07 pm 
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Blake wrote:
sorCrer wrote:
I do hope this is the case but there is no serious evidence of this yet.


No evidence of immunity? Maybe, but as Dr. Fauci said in an interview, it would be highly unlikely for a virus not to impart some immunity after recovering from it.

Not impossible, but unlikely. It is more likely that it behaves like every other virus. The question is really just how long does immunity last and how many antibodies are required to ensure immunity. I'm sure that research is well underway as part of the vaccine development efforts.

Humans are highly adaptable imho...there will definitely be a thinning of the herd but we will survive. We just need to face our enemy and not be seduced into being lazy. We have the technology to trade without contact but we must not be afraid to live....I would rather live and die than be afraid and not live and then still die.


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PostPosted: Thu May 21, 2020 1:12 pm 
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Good luck everybody.

Sounds like it's quite tough out there for a lot of you.

Hopefully things will open up again soon so we can navigate this minefield. Whatever happens keep trying for as long as possible to not get infected. It's going to get very bad in June/July and if we the public can't keep the infection rates down, I can guarantee you that government will pull the emergency brake and lock down back to Level 5.

Same is going to happen in the USA and every other country where the people are picking fights over silly measures like wearing masks.

I really hope that all business will be allowed to open soon, provided they can guarantee social distancing of their customers and workers, enforcement of masks and frequent sanitation. For some industries (cinemas, sit-down restaurants, sporting events etc) this will be impossible unless they get creative; but that's the reality if they want to keep their customers and employees healthy. It requires discipline and commitment, I we are just not good at either from what I've seen when I have to venture out.


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PostPosted: Thu May 21, 2020 1:21 pm 
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Sards wrote:
Blake wrote:
sorCrer wrote:
I do hope this is the case but there is no serious evidence of this yet.


No evidence of immunity? Maybe, but as Dr. Fauci said in an interview, it would be highly unlikely for a virus not to impart some immunity after recovering from it.

Not impossible, but unlikely. It is more likely that it behaves like every other virus. The question is really just how long does immunity last and how many antibodies are required to ensure immunity. I'm sure that research is well underway as part of the vaccine development efforts.

Humans are highly adaptable imho...there will definitely be a thinning of the herd but we will survive. We just need to face our enemy and not be seduced into being lazy. We have the technology to trade without contact but we must not be afraid to live....I would rather live and die than be afraid and not live and then still die.


Agreed, but you can still live and be responsible. You wear a seatbelt when you drive; we teach our kids not to run around with sharp objects. It's common sense.

Until this threat has normalised, we need to apply the same logic. Wear your mask whenever you are out in public and to try and prevent the spread to yourself and from yourself if you are asymptomatic. If you show any symptoms isolate yourself and get tested if it gets worse (the scientists need the data), and set a timer on your watch to wash or sanitize your hands every hour or after every interaction with another person.

You have to assume every person you interact with, and every object they interacted with, is infected; at least until August/September. If we can all behave in this way, I can't see why we shouldn't be allowed to do whatever the hell we want otherwise :thumbup:

If we rebel against these simple measures or only do them halfheartedly because they are mandated by government (wearing masks under noses or on chins), I promise you that infections will spike, deaths will hit 10% and things will get much worse. Thinning of the herd sounds okay if you assume you won't be the one being thinned or your family might be okay without you...until you start considering that your life insurance provider might also go insolvent if too many people die from this.


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PostPosted: Thu May 21, 2020 1:26 pm 
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Quote:
if you assume you won't be the one being thinned or your family might be okay without you...until you start considering that your life insurance provider might also go insolvent if too many people die from this.

I better go quickly then

Our new motto is " burn baby burn..."


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PostPosted: Thu May 21, 2020 1:28 pm 
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OomPB wrote:
I lost my contract, lost 15% of my pension, lost all rental income. Hope the virus get me and kill me. Have nothing left.


Hold on in there Oom. Vir almal het dinge erger geraak, ons moet maar mekaar help in hierdie tawwe tye.


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PostPosted: Thu May 21, 2020 1:31 pm 
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Rinkals wrote:
Lemoentjie wrote:
Wilson's Toffee wrote:
Sards wrote:
We are all going to get it whether now or later.
It all depends on how much you are prepared to sacrifice before you get it imho.
I also believe this would hardly have had such dramatic measures if it were not for social media.


All media. Esp. MSM.

They love a good catostrophy. And most gpverents love the opportunity to introduce authoritarian measures and do a total power grab. The fight against corona will evrntually be dwarfed by the peoples" fight against oppressive government.


This is very worrying

It is also total bullshit.

Which people? The boers? they might have the imagination to fantasize about rebellion against an ANC Government, but they don't really have the support.

Food riots may be a distinct possibility, but an insurrection against Government that will dwarf Corona? Fantasists' wet dream.


I wasn't particularly referring to SA.


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PostPosted: Thu May 21, 2020 1:56 pm 
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Quote:
For those of you still wiping down groceries and other packages amid the ongoing coronavirus pandemic, breathe a sigh of relief: The Centers for Disease Control and Prevention (CDC) now says the novel virus “does not spread easily” from "touching surfaces or objects" — but experts warn that doesn’t mean it’s no longer necessary to take "practical and realistic" precautions in stopping the spread of COVID-19.


Anyone else seen this


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PostPosted: Thu May 21, 2020 2:18 pm 
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Sards wrote:
Quote:
For those of you still wiping down groceries and other packages amid the ongoing coronavirus pandemic, breathe a sigh of relief: The Centers for Disease Control and Prevention (CDC) now says the novel virus “does not spread easily” from "touching surfaces or objects" — but experts warn that doesn’t mean it’s no longer necessary to take "practical and realistic" precautions in stopping the spread of COVID-19.


Anyone else seen this


If true, that is excellent news, but the American CDC at the moment seems to have a bit of a credibility problem. They seem to be stuck in the middle of the toxic political culture in the USA. They also shot themselves in the foot with the Masks / No Masks / Masks flip flopping. I therefore won't put much stock in any of their announcements and I'll rather wait for our NICD to announce this.

In the meantime it is another of those little things that we should just do for the time being, even if it seems stupid or not useful. You have nothing to lose by taking a couple of extra preventative measures if you can.


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PostPosted: Thu May 21, 2020 3:07 pm 
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Sards wrote:
Chilli wrote:
We had a 2 hour long Skype meeting yesterday evening. It looks like we will all be getting salary cuts and or retrenchment. As the Hotel is not going to open till at least Level 1 which is December I am in a bit of shit. New Baby, wife not working as she is looking after Harry. He is 9 months old and she stil hasn't received her maternity UIF payout yet.

Ouch....that's kak news ..... good luck mate

:thumbup:


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PostPosted: Thu May 21, 2020 3:16 pm 
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Chilli wrote:
We had a 2 hour long Skype meeting yesterday evening. It looks like we will all be getting salary cuts and or retrenchment. As the Hotel is not going to open till at least Level 1 which is December I am in a bit of shit. New Baby, wife not working as she is looking after Harry. He is 9 months old and she stil hasn't received her maternity UIF payout yet.

Sorry Boet. Open your own online restaurant, I,ll waeior


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PostPosted: Thu May 21, 2020 3:19 pm 
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Chilli wrote:
Sards wrote:
Chilli wrote:
We had a 2 hour long Skype meeting yesterday evening. It looks like we will all be getting salary cuts and or retrenchment. As the Hotel is not going to open till at least Level 1 which is December I am in a bit of shit. New Baby, wife not working as she is looking after Harry. He is 9 months old and she stil hasn't received her maternity UIF payout yet.

Ouch....that's kak news ..... good luck mate

:thumbup:


Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


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PostPosted: Thu May 21, 2020 3:45 pm 
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Sards wrote:
We are down to a sixth of our turnover. We are getting more and more enquiries and have gone on a very aggressive marketing campaign. Its reaping benefits which will help us understand the long run...thankfully our overheads are also reduced so although we are not making money we are not losing money. My wife and I will have to draw a salary in two months time as the payment holidays we have arranged on all our accounts will expire. We kept whatever cash we had on hand when the lockdown was announced and all revenues received since. So some of our suppliers have not been paid . My logic is that you can still pay with cash ... what we do is pay a portion to our suppliers when we order as a guarantee and pay cash for our purchases. Everyone is happy with that arrangement. We are also asking clients to pay cash for purchases. Deposit of 50 percent and balance COD. This is the only way really to manage cash flow and keep going. The 2 month long loss of income would have been unmanageable and we would have closed if we didn't institute this. We obviously talked to all our suppliers. As long as you talk to them they are happy. They just want to know that you are still going on and not going under.

Regards going back to work. Clients are finding us now and we are quoting constantly. People are fed up with other manufacturers that are struggling to get their act together and reopen. So we are gaining new clients. You must just be positive and get on with it...I work half day at factory and half day at home. .factory is to sort out production issues and home to quote. It's all we can do.

Well done. This is the time to differentiate yourself from the competition. We had a video conference with a client, our fourth contact with him since lock down. A trust he is a Trustee of is with one of the big yuppie investment companies with 50+ million invested and he has not had one contact with them, not even an email or phone call. He is not very impressed.


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PostPosted: Thu May 21, 2020 3:52 pm 
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Sorry to hear of everyone's struggles but humans are resilient and working through it makes you stronger. I was retrenched when my children were in high school and was unemployed for over a year, I then started/invested in two businesses which both did not take off before I started having some success. In the interim I had to sell my house and cash in everything I had and started again with nothing (but debt) in my early 50's. It has been hard work, working long hours but I am back on my feet and in a reasonable financial position. I will probably work until I am 70 to be able to retire reasonably comfortably. It is doable. Don't ever give up.


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PostPosted: Thu May 21, 2020 4:42 pm 
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Beachboy - eish. Hang in there.
But, working till later in life, is not so bad. Being a very seniour an, a "boss of the bosses",, has it rewards. As me and my 81 year old neighbour discussed at work, this morning.
" Capo di capo" is the term, I believe the Mafiosi use to refer to these venerable old veterans of life...

Vasbyt, boets !!


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PostPosted: Thu May 21, 2020 4:45 pm 
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sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...


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PostPosted: Thu May 21, 2020 4:49 pm 
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Inventiveness, out-of-the-box thinking, will be our saving grace.
My fast food neighbours developed a new order-and-delivery model, based on very close delivered neighbouring shops as addresses, which suits them admirably. Being very effective in this their turnover actually increased over the BC (before corona) times. Together with lower labour costs (cut labour to the bone, family works themselves) and simplified products, they are actually growing...
One or two of their former kitchen staff turned into independent delivery men, and they do much better than before... A cell phone and a scooter means financial freedom, amd even possible prosperity, to them


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PostPosted: Thu May 21, 2020 4:58 pm 
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Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...


See my previous post. Neighbours does takeaways (pizzas, fish and chips, hamburgers etc). Order by phone or proxy (delivery men) only. Delivery at home (mostly contractors) or even participating business addresses (neighbouring shops) That way products are spread efficiently, neighbouring shops employ their space and increases feet in their own premises, and the public is served, by a simplified process, without having to break laws. Works like a bomb.


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PostPosted: Thu May 21, 2020 5:34 pm 
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Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:


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PostPosted: Thu May 21, 2020 6:08 pm 
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sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:


It would have to incorporate the Diablo....the products that come out of there are just another level. Chilli put together an awesome menu already. Just got to find a catchy name. Pop up black kitchens.

Search our Diablo Charcoal Ovens face book page...


Dude my head is spinning with the idea....been throwing it around for weeks now....

I am just so nervous of doing business with friends and family...its not a good idea at any time.


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PostPosted: Thu May 21, 2020 7:10 pm 
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Sards wrote:
sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:


It would have to incorporate the Diablo....the products that come out of there are just another level. Chilli put together an awesome menu already. Just got to find a catchy name. Pop up black kitchens.

Search our Diablo Charcoal Ovens face book page...


Dude my head is spinning with the idea....been throwing it around for weeks now....

I am just so nervous of doing business with friends and family...its not a good idea at any time.


I don't do business with friends and I never do business with family. Simple clean operations with minimal overheads and no credit.


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PostPosted: Thu May 21, 2020 8:52 pm 
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sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:

You spend to much time on PR.


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PostPosted: Thu May 21, 2020 9:09 pm 
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OomPB wrote:
sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:

You spend to much time on PR.


And hungover. Imagine the language at your first board meeting.... :uhoh:


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PostPosted: Fri May 22, 2020 8:00 am 
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Sandstorm wrote:
OomPB wrote:
sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:

You spend to much time on PR.


And hungover. Imagine the language at your first board meeting.... :uhoh:

With Sorc, Sards and Chilli? It will be enough to make brakpaners blush.


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PostPosted: Fri May 22, 2020 8:01 am 
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OomPB wrote:
sorCrer wrote:
Sards wrote:
sorCrer wrote:

Create a 'deliveries only concept' kitchen i.e. no customer facing dealings at all. It'll be easy to duplicate and adjust my app with your branding.


Its great...with a bit of tweaking.

I wanted to talk to you about it.

Bit nervous...



What's to be nervous about? You have the skills to create the environment (possibly lockup & go container, possibly simpler). Chilli can manage the operation and I'll handle ordering and commercial. :thumbup:

You spend to much time on PR.

Butlers Pizza in Cape Town was originally built on a delivery only concept and it killed the opposition, who had to pay rentals for stores on the high street etc. Online purchasing and deliveries are going to be the growth areas.


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PostPosted: Fri May 22, 2020 8:15 am 
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beachboy wrote:
Butlers Pizza in Cape Town was originally built on a delivery only concept and it killed the opposition, who had to pay rentals for stores on the high street etc. Online purchasing and deliveries are going to be the growth areas.


definitely....you see restaurants posting closing down daily ....gaps opening up.


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PostPosted: Fri May 22, 2020 8:15 am 
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https://www.fin24.com/Companies/Financi ... n-20200521
Quote:
Lockdown blues: Banks' credit life claims stream in

Credit life insurance claims are starting to pour in as more consumers are losing their incomes because of the coronavirus lockdown.

Banks, which count among those that sell credit life insurance - alongside retailers and insurers - are projecting that they'll likely cough up hundreds of millions of rands for these claims, which consumers expect to cover their debt repayments when they've lost their jobs.

Credit life usually pays the monthly instalment for unsecured debt like personal loans, credit cards and store purchases when consumers have been retrenched or can no longer work because of an illness, disability, or death. But the current lockdown, which is entering its ninth week, has thrown a different spanner in the works due to mass layoffs and retrenchments, which some models predict could rise to as much as 7 million.

Retrenchment claims soar

FNB says it is expecting to approve R100 million in credit life claims related to Covid-19. The bank has around 1.2 million customers with active credit life policies at FNB. Around 650 000 of those have polices with a retrenchment or inability to earn an income benefit attached to it.

"Due to the Covid-19 crisis, the number of claims paid out has increased substantially and we are happy that we can play our part," said FNB Life CEO, Lee Bromfield.

Bromfield said FNB is now processing between 2 000 and 3 000 claims a day. Between February and May, the value of credit life claims that the bank has paid out increased by 180% because of increased retrenchments.

"We have approved more or less 8 000 valid retrenchment and inability claims as a result of Covid-19 and have another 7 000 in our queues in various stages of processing," added Bromfield.

For now, roughly 90% of claims received are for temporary loss of income, but Bromfield said the bank is yet to see if these will become indefinite.

At Absa, the managing executive of Absa Life, Eugene Strauss, said at the beginning of the lockdown, the bank was receiving between 200 and 300 credit life claims a day. Now, that has increased to between 500 and 600.

Absa, which has 2.3 million active credit life clients, has adjusted its credit life benefit. Whereas in the past, only formally retrenched people could claim, now consumers who have been laid off, contractors and those who have been forced to take unpaid leave qualify.

As more consumers approached the bank for debt repayment holidays, the insurance division picked up people who qualify for the insurance payout instead and has been texting its clients to alert them about their benefit. Of the customers who were offered payment relief, 60% have credit life. All these factors also boosted claim numbers.

"So far, it's not always crystal clear when we get a retrenchment claim whether it was Covid-19 that pushed it over the edge because there were already some strains in the economy before that. But about 85% of our claims are formal retrenchments," said Strauss.

Nedbank said since the end of March its insurance division has received just under 2 500 retrenchment and loss of income claims. While this is lower than that of Absa and FNB, the bank said it is higher than the comparable period last year.

"We are seeing a mixture of partial and full loss of income as well as retrenchment claims. Approximately half of the claims received are for loss of income. As many clients are still not working due to the lockdown, it is hard to determine the exact period benefits will be paid for and we are reassessing claims on a monthly basis for these clients," said the bank in a written response.

How will this affect banks?

Nolwandle Mthombeni, analyst at Mergence Investment Managers, said because consumers usually buy credit life insurance for unsecured credit, debt that is smaller in value. So, even for banks that have their internal insurance unit to pay these claims, their liability is small.


"One bank that would have a bigger personal loan book is Capitec, but they reinsure their entire credit life book. They pass on the risk completely to the reinsurer. So, they don't have to worry about it impacting their numbers," said Mthombeni.

Richard Cheesman, senior analyst at Protea Capital Management said the biggest risk that banks face because of Covid-19 is potential loan write-offs, especially due to corporate failures. As for these claims, banks will be insulated by the fact that their insurance businesses have reserves, and potentially reinsurers to pass these claims on to.

"Some have questioned if the policies are applicable in the case of a pandemic. Then there is also the context. For instance, FNB made R9.2bn in the first half of its financial year so R100m in credit life claims will hardly be a blip on the screen for them."


This may save me but then I wasnt retrench, they just wont give me another contract due to the lock dow travel restrictions.
:(


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PostPosted: Fri May 22, 2020 8:34 am 
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I try to support local restaurants as far as I can. I do have one question and I'm happy to be corrected if you think I'm wrong.

Should the prices the restaurants are charging not be quite a bit lower than their normal prices? We're paying extra for delivery (which is fair).


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PostPosted: Fri May 22, 2020 8:51 am 
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My neighbours (takeaway fast foods) charge the normal tariff, delivery free or cheap
Say they dare not raise prices.

Still, doing bloody good, considering.


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