Don’t Let Fraud Infect and Damage Your Company
“In a way, fraud in business is no different from infidelity in marriage or plagiarism in scholarly work. Even people committed to high moral standards succumb” (Miroslav Volf, Director of the Yale Center for Faith and Culture) Fraud (in this context) is the act wherein an employee or trusted partner makes a financial gain through […]
SARS Can Take Money from Your Account! Here’s How to Prevent It…
“[Taxpayers] should give at least the same priority to tax obligations as their other responsibilities.” (SARS’ Short Guide to the Tax Administration Act) SARS has wide powers when it comes to the collection of tax debts and just one of these is the power to collect money owed by taxpayers from third parties who hold […]
Business Loan or a Credit Facility – Which Is Right for Your Business?
“I would borrow money all day long, if the cost of borrowing is less than the expected return.” (Brad Schneider, American congressman) At some point it’s more likely than not that your small business will require a business loan. A 2021 study done by Fundera (a US financial resource business that sources financing for small […]
Selling Your Business – Plan Well, with a Tax Benefit When You Retire
“A diligent buyer will want up to five years’ worth of profit and loss statements, bank statements, tax returns, leases, supplier and vendor contracts, and customer data.” (Barbara Findlay Schenck – Author “Selling Your Business for Dummies”) The reasons why a business owner might decide to sell their business are many – perhaps to pursue […]
Is Your Pricing Model Killing Your Business?
“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” (Katharine Paine, founder and CEO of KDPaine & Partners) It may seem a simple concept but getting your pricing right is an integral part of any business’s true sustainable success and can be a critical part of its failure […]
9 Key Metrics Every Business Should Track
“If you can’t measure it, you can’t improve it.” (Peter Drucker) Metrics are defined as a set of numbers that give information about a particular process or activity. In a business context, a metric is a quantifiable measure used to track, monitor and assess the performance of various business processes. Also known as key performance […]
Are You Claiming Your Full Tax Relief for Disability-Related Medical Expenses?
“South Africa is aligned with the practice in many other countries of granting tax relief for medical expenditure.” (SARS) In South Africa, tax relief for medical expenses is provided through a medical tax credit system. This means the tax relief is provided as a tax rebate – a reduction in tax payable. If you are […]
How The Gig Economy Is Changing Traditional Businesses
“If you’re trying to create a company, it’s like baking a cake. You have to have all the ingredients in the right proportion” (Elon Musk) The move to the gig economy has been in the works for years. Even before the pandemic people were leaving their jobs to “consult independently” from small towns around the […]
Recession on the Horizon: Here’s How to Survive
“During recession greed dies, frugality survives.” (Amit Kalantri, Wealth of Words) With yet another return of loadshedding in August, and major banks upgrading their forecasts to reflect an increased possibility of further economic downturns, recession feels inevitable in South Africa. A recession is simply where an economy stops growing and starts retracting. A generally held […]
Are You Ready for a COIDA Employer Site Visit and Audit?
“The main objective… is to provide compensation for disablement caused by occupational injuries or diseases sustained or contracted by employees, or for death resulting from injuries or diseases…” (Compensation for Occupational Injuries and Diseases Act) Most employers – and particularly smaller businesses and domestic employers – are not able to provide cost-effective medical or insurance […]