Since we live in an emerging market, a volatile currency will be a fact of our lives for the foreseeable future. You can't change that, but you can take steps to manage the impact of rand movements on your business.
The first step is to understand how currency movements affect your revenues and profits. You should look at how the rand's weakness or strength could dent your profits or produce a windfall. For example, if the rand strengthens 10 percent in the next few months, will you still be able to be price-competitive? If it falls, can you bear the higher input costs?
If you're an importer, for example, the products you source from global suppliers will become more expensive if the rand falls, and cheaper if it strengthens. Some of the implications of currency movements for your business might include:
If the value of the rand falls, your imported products might become too pricey for customers to afford or too expensive to compete with locally sourced alternatives.