Managing a business - The Small Business Site

Article provided by the CIPCLegal Stuff Managing a business

Beneficial ownership declaration: a legislative requirement

In February 2023, the Financial Action Task-Force (FATF) placed South Africa on what is commonly known as a grey list, in other words, that we are a potential risk to investors. One of the findings relating to the business register which is hosted by the Companies and Intellectual Property Commission (CIPC) is that South Africa did not collect ownership information for companies and trusts, and in the event of this information existing, it is not up-to-date and verifiable.

The CIPC, a custodian of companies’ information and a regulator embarked on an exercise to introduce a Beneficial Ownership (BO) Register, which became active in April 2023. All companies, and in particular affected companies, have an obligation to file its Beneficial Ownership Declaration/securities register with the CIPC.

ByNSBC Editorial TeamJuly 22, 20240Comments

Article by BizcommunityManaging a business Opinion Pieces

The biggest challenges facing the local entrepreneurship sector

The entrepreneurship sector is frequently highlighted as a significant driver of employment and economic expansion in South Africa.

However, small businesses face dauntingly high rates of failure. Despite contributing 39% to South Africa’s GDP, the SME sector grapples with failure rates ranging from 50% to 95%, varying by industry.

On average, SMEs experience a substantial 75% failure rate, as noted by Vuyelwa Nyakaza, managing director of Sukume Consulting, which specialises in SME development across South Africa and the continent.

The conversations around entrepreneurship are often focused on external factors impacting small businesses such as the country’s sluggish economy or infrastructure challenges.

However, how entrepreneurs conduct their business is one of the key determinants of success or failure.

ByNSBC Editorial TeamJuly 22, 20240Comments

Article provided by MastercardManaging a business Money Matters

5 essential saving tips for SMEs this National Savings Month

Every July, South Africa celebrates National Savings Month, an important initiative led by the South African Savings Institute (SASI). This campaign aims to promote financial literacy across the nation, with a specific focus on entrepreneurs, emphasizing the critical importance of saving and investing for future security. For thirty years, Mastercard has been committed to helping businesses save and spend their money wisely across Africa. Supporting the thriving of small businesses is vital to our mission of promoting economic growth and prosperity throughout the continent.

ByNSBC Editorial TeamJuly 22, 20240Comments

Article provided by Liquid Intelligent TechnologiesManaging a business Tech tools

Is your business ready for the digital age? Demystifying Digitisation for South Africa’s SMEs

South Africa’s small and medium-sized enterprises (SMEs) contribute up to 34% of the country’s GDP. However, many typically rely on outdated business methods that are time-consuming, expensive, and not customer-centric.

We are noticing a fundamental shift is in the market: SMEs are increasingly turning to digitisation to stay competitive. In fact, 87% of South African SMEs have identified digitising operations as a key growth driver. Understanding the need for digitisation is one thing; taking the leap is another.

ByNSBC Editorial TeamJuly 18, 20240Comments

Managing a business Risk Management

Natural disaster management guide for SMEs in South Africa

“In fair weather prepare for foul.” - Thomas Fuller

Due to climate change, natural disasters are on the rise all over the world and we need to prepare for it. We may not know when natural disasters will occur but having a disaster management plan in place helps us to better survive the disaster should it hit. But how do you create a natural disaster management guide for your SME? Let’s look at how to create it.

ByNSBC Editorial TeamJuly 15, 20240Comments

Article provided by Syft AnalyticsCyber Security Managing a business

Secure your business: essential protection measures to take

Article written by Alex Hoffman (Engagement Manager - Syft Analytics)

In previous articles, we have worked through just a few of the many things you can do to grow your business and improve operational efficiency. But there's an essential element we haven't yet considered - keeping your business safe.

We've noted that data is critical in making good decisions to grow your business. But what if the data you are basing your decisions on is wrong? Well, then, the decisions you make might be wrong, too – and you might be going full steam ahead in the wrong direction!

ByNSBC Editorial TeamJuly 15, 20240Comments

Article by ActionCOACHManaging a business

The ‘City of Gold’ – Gauteng’s current business landscape

Article written by Brendon Saunders (ActionCOACH - Gauteng)

Gauteng has long been known as South Africa’s wealthiest province and our country’s financial hub. According to Gauteng Premier Panyaza Lesufi, in his recent State of the Province Address (SOPA),

“Gauteng’s economy has outperformed other provinces significantly, surpassing the combined economies of the Western Cape, KwaZulu-Natal, and Limpopo.”

As the smallest of the nine provinces in terms of area size, it not only has the largest economy, but it also has the national reputation of being the province to go to when looking for work. Key industries include banking, IT, real estate, transport, broadcast and print media as well as private healthcare companies and a dynamic consumer and leisure retail sector.

ByNSBC Editorial TeamJuly 15, 20240Comments

Article provided by Syft AnalyticsBusiness Success Managing a business Productivity & Organisation

How to go from juggling 100 tasks to running your business with finesse

Business can often feel like a delicate juggling act. Between attracting new customers, retaining existing customers, managing cash flow, filing taxes, monitoring the competition, and keeping tabs on your teams, there are a lot of balls flying – all the time. How do you know that you are making the best decisions for your company's growth and future success when there's so much to focus on in your daily operations?

In this article, we will consider how you can run your business more efficiently so that it doesn't feel like an impossible juggling act. Plus, we'll take it a step further by suggesting how you can use Syft to save time so that you can shift your attention from getting through the week to growing your business for the long haul.

ByNSBC Editorial TeamJuly 8, 20240Comments

Article provided by NedbankHealth & Wellness Managing a business

Put your mental well-being first during tough times

Article by Alan Shannon, Executive for Nedbank Small Business and Private Clients

For many small and medium enterprise (SME) owners, running a business isn't just a job but an integral part of who they are. The boundaries between personal and business life often blur, meaning that the health of their businesses is inextricably tied to their personal, emotional, and mental well-being. This means that the many unique challenges facing these business owners can have a profound impact on their mental health.

ByNSBC Editorial TeamJuly 1, 20240Comments

Business Success Managing a business

How to boost entrepreneurial confidence

Having confidence is essential for becoming a successful entrepreneur. But is it something you were born with or something which can be learnt? We believe that confidence can be built up. Here are seven steps to help boost your entrepreneurial confidence.

ByNSBC Editorial TeamJuly 1, 20240Comments