SME

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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

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

CCMA violations – how to stay out of trouble

CCMA violations - how to stay out of trouble In a recent article published we were once again reminded of the hot water we can land in when we don't adhere to the labour laws.   Spar owner has 14 days to pay over R11m to staff for labour law violations   An owner of eight Spar grocery stores has been ordered to pay over R11m to staff for not complying with labour laws. The Department of Employment and Labour on Monday issued a statement indicating that the Commission for Conciliation Mediation and Arbitration had granted it eight arbitration awards The [...]

CCMA violations – how to stay out of trouble2020-03-19T18:53:35+02:00