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Is cashflow really such a big challenge in business?

Is cashflow really such a big challenge in business? If you have been following me for a while you will know how much figures and data excites and ignites me. So imagine my delight when I got my hands on the “Understanding the Impact of COVID-19 on SMEs in South Africa: Part 2” released by Sasfin and sme.africa.   Results for Survey 2 in August 2020 was obtained for 1,735 participants and all respondents were categorised in 1 of 3 categories: Distressed - 49% - refers to severely impacted Coping - 41% - refers to a limited impact, or Thriving - [...]

Is cashflow really such a big challenge in business?2020-09-07T18:05:54+02:00

What are the tax implications of Debt Restructuring?

What are the tax implications of Debt Restructuring? In my previous article “Dealing with debt in your Business” I discussed 3 options for dealing with debt in your business. In this article we look at one of the tax implications that may result from restructuring debt. Changing the terms and conditions of debts may have unintended tax implications. Tax payers that find themselves in financial distress should thus be aware of the consequences debt restructuring could result in. One of these consequences is “Recoupment under Section 8(4)(a)” If you sell an asset on which you have claimed wear & tear, the [...]

What are the tax implications of Debt Restructuring?2020-09-01T17:24:21+02:00

Dealing with debt in your Business

Dealing with debt in your business As the majority of businesses return to normal operations, many will return to face a burden of accumulated debt as a result of restricted trading. The latest studies have confirmed the impact of COVID-19 resulting in a devastating debt burden for South Africans. The debt holiday offered by the banks in late March 2020 had added R20.7 billion to the debt of the estimate 1.6 million South Africans who took advantage of this. Credit bureau TransUnion reported that by August, 21% of those surveyed reported losing their jobs as a result of the pandemic; and [...]

Dealing with debt in your Business2020-08-24T14:28:55+02:00

Lessons I’ve learned along the way

Lessons I’ve learned along the way Receiving a bunch of messages on Woman’s Day made me think about the path I’ve walked to get where I am today. For the most part I have kept my story to myself because I saw no benefit in sharing it with the world. I was after all raised in a family that frowned on as the saying goes ‘airing your laundry’. But this morning I had the privilege to listen to 3 phenomenal ladies share their stories and it inspired me to share some of my story. I choose to share part of my [...]

Lessons I’ve learned along the way2020-08-24T14:38:13+02:00

Tax for Small Business

Tax for Small Business Last week I presented a webinar on preparing a budget as a small business. During the Q&A I fielded several questions about tax. As the saying goes, of two things you can be certain: death and taxes. So, for this article I decided to demystify tax for small businesses. As a business there are several different types of taxes that may apply to you. These include: Corporate Income tax (CIT) Corporate income tax is the tax imposed on all resident companies. CIT is levied at 28%, but there are exceptions: Registered Micro Businesses pay turnover tax as [...]

Tax for Small Business2020-08-04T13:00:46+02:00

Fatal Mistakes for Small Business

Fatal Mistakes for Small Business Let’s face it, business is by no means child’s play and mistakes can be costly and detrimental. But then there are those mistakes that can be absolutely fatal to your business. In this article I address 5 tax mistakes that could proof fatal to otherwise successful businesses. Over the last number of years much has been done to give small businesses some preferential treatment, which include immediate write-offs for equipment used in the business and special treatment when it comes to depreciation and wear-and-tear allowances, as well as efforts to simplify tax concessions available. Despite this [...]

Fatal Mistakes for Small Business2020-07-21T10:50:15+02:00

Business Strategy

Business Strategy With the current topsy-turvy state of the world around us it is easy for uncertainty and fear to creep into the mind of business owners and their teams. Nothing is the same as it was 6 months ago and we are all still awaiting with abated breath for the so-called new normal to take hold. So how then do we tame this bucking horse, regain focus and get back to business? I suppose mindset would play a vital role. But taking action needs to follow closely. We need to wave this reactive space we have found ourselves in of [...]

Business Strategy2020-07-21T10:49:44+02:00

Revisiting your Budget in uncertain times

Revisiting your Budget in uncertain times 2020 thus far has certainly proved a year filled with some unexpected turns and tribulations. For most businesses the far-reaching effects of the COVID-19 pandemic has had a severely adverse impact on their financial wellbeing. Whatever budgets and cashflow projections were done pre COVID will have to be updated and adjusted, but with so much uncertainty still about where do we start? First step is to pull out the latest budgets and cashflow projections and to assess how far we have veered off course. Remember that your budget needs to account for fixed and variable [...]

Revisiting your Budget in uncertain times2020-07-21T10:41:44+02:00

What is Business Optimisation?

So, what is Business Optimisation and what is the big hype about it? Let me tell you my view For the last number of years I have worked with more business owners than I can remember, many of them firmly imprinted in my mind. What I found working with these amazingly talented, tenacious and often inspiring individuals is that we all have the ability to do many things but for the most part we truly excel at only a few things, and that is our superpower. I also learned that what made businesses hugely successful wasn’t only the vision and the [...]

What is Business Optimisation?2020-07-21T11:19:00+02:00