Many business owners struggle to go on holiday during the festive season, even though it’s essential for everyone to find time to switch off and recharge. One way to help you relax and take a break is to have a business continuity plan. Here are a few tips to help you and your business survive the summer holiday.
PLANNING Because you know the festive season dates well in advance, you can create a plan that will help you organise and prioritise tasks. The key is to start as early as possible, so y... (More)
Obtaining finance for the acquisition of an SME is an extremely difficult exercise in the current economic environment. Perhaps the following five practical ideas may assist (both the buyer and seller) in concluding a successful transaction.
1. Seller Finance Numerous business sales involve the seller to provide some form of financing by means of retaining equity in the firm and being paid out of the profits over a period of time. This i... (More)
A question that is asked many times is whether the loan agreement, mortgage or credit facility on offer is regulated by the National Credit Act.
The importance hereof relates to the responsibility towards the moneylender (the Bank) and the rights and obligations afforded to the borrower (you). An easy guide to answer the question is to follow... (More)
A strong marketing strategy is a key factor for entrepreneurs to gain new business. But it can be somewhat daunting, if you are unsure of how to approach such a plan. That is why we’ve compiled a list of tips to get you started.
Before you consider different marketing solutions, put some thought into who your target market is, what your competition is doing, how you can improve on their strategy, and how much time and money ... (More)
As an entrepreneur, keeping expenses down is always a key consideration. This can be complicated if you take into consideration the skills and systems you have to invest in for functions such as HR management, finance, marketing and IT.
By contracting out certain processes or special skills that your business needs instead of managing it in-house, you can significantly reduce employment and infrastructure costs. What are the benefi... (More)
When selling your business there are various aspects you need to consider, of which one is capital gains tax (CGT). When selling your business, this event is considered for all tax purposes as the disposal of an asset.
The income received from the sale of your business is also often subject to other tax-types. Keep in mind that the full proceeds of the sale will not be subject to CGT, but only the “capital” portion... (More)
Buying versus renting business premises – it is an argument that’s been around for a very long time, and it will probably be around for some time to come. Here are some pointers to guide you if you are faced with this decision.
Property rights Owners have more freedom to use the property as they please. For instance, if there is enough space on the premises for an additional business, you can supplement your income by lea... (More)
When doing business or operating as an SME in South Africa’s famous northern neighbour, it is a mixture of “high stakes” opportunities and challenges. Our franchisee in Zimbabwe, Busisa Moyo, highlighted a few of these challenges that a business person is likely to encounter when engaging in a Zimbabwean enterprise.
Multi-currency. Having abandoned the Zimbabwe Dollar in 2009, the country does not have a currency of its own. It uses a basket of currencies, all of which have been accepted as legal tenders. This... (More)
There are no formal registration or regulatory requirements whatsoever, to operate a business in South Africa. Imbedded in the Constitution of South Africa is our Bill of Rights (Chapter 2), which states that: every citizen has the right to choose their trade, occupation or profession freely. As an individual, you simply make the decision to start (or buy) a business, and you JUST DO IT, by way of trading as a sole proprietor.
Per definition, a sole proprietor is a business that legally has no separate existence from its owner (the individual). Income and losses are taxed on the individual's personal income tax return, and ... (More)
Have you decided to take the leap into entrepreneurship and start your own business? It is a very exciting time but first check if you need a business licence or you might find yourself on the wrong side of the law instead of making a profit.
Here’s how to ensure you stay on the right side of the law Have you decided to take the leap into entrepreneurship and start your own business? It is a very exciting time but first check... (More)