How diverse teams strengthen your business
It’s women’s month! The spotlight is on how being inclusive with diverse teams in the workplace makes your team stronger. As we move into the future, traditional biases are dissolving. We need to focus on accessibility and acceptance of skills, strengths and opinions, regardless of gender or race. Diversity in the workplace has many advantages. […]
What you need to know about business Insurance
The pandemic has taught us one major lesson, and that is to have the required insurance. Well, that, and to be fully legally compliant with staff, tax, and UIF payments. Nobody would have predicted a global shutdown of business and life as we know it, and insurance companies definitely did not anticipate them having to […]
Four growth strategies for your business
Even in a harsh economic environment, you can still start with some growth strategies in your business. In fact, it is in depressed markets that you can take advantage. As a default and some negotiations, your business will grow. What are the four growth strategies you can implement? Market penetration Product development Market expansion/development and […]
8 Questions to ask before you buy a business
So you think you have found a gem, but before you buy a business slow down. It may seem perfect from the outside, but these are essential questions to ask before you sign. Have you done a deep analysis of the financial records? As a potential buyer, you need to see at least the last […]
5 Benefits of Buying into a Franchise Business
When you decide to start a business, a franchise or not, it is not a decision you make lightly. We constantly hear of companies failing in the first two years. Buying into a franchise can mitigate some of those risks that are typically associated with a new business. Here are some of the benefits you […]
Disadvantages of buying into a franchise business
It may seem like a great opportunity to buy into a franchise business, but you also need to be aware of the pitfalls. Getting into a formal agreement with your franchisor can be a precarious process. Formal contracts The formal agreement can be pretty hectic. Make sure you do not rush this process. You need […]
Are you considering buying a franchise?
Before you dive headfirst into buying a franchise, there are some key elements you need to consider. Do a sense check for compatibility. If you are not a night owl, buying into a restaurant that serves dinner will not suit you. Make sure that the business you enter into can fit your lifestyle. Study the […]
Is it time to franchise your business?
So you have been growing your business successfully, and it may be time to expand. Franchising your business is a great way to expand. Understand what the pros and cons are to creating a franchise business. Potential advantages Franchising provides additional cash injections into the business, which will help the expansion. You can remove yourself […]
Lining up your family for your business succession plan
Not every family member wants to stay in the family business. Planning your business succession plan is critical to know if it will happen as expected. There can be options to sell the business if your family would instead not take it over. It is estimated that 70% of family-run businesses do not survive the […]
Hiring a diverse team can change inspire innovation
Diversity in the workplace is not a checkbox exercise. It is not something that the law should force on companies. Instead, correct diverse hires can offer up so much more, given a chance. A diverse team will enable a company to solve problems from a team that thinks differently. The Harvard Business Review reported, companies […]
How to build your company into an Asset of Value
The aim of building a business is to ensure that it grows with you. When you are ready to exit the company, you can sell your business or hand it over to your family. This is never realised for many businesses. Most companies close down with no sale at the end of a good lifespan. […]
Productivity Tips for Small Business Owners
Battling with Productivity? Running a small business is not for the faint-hearted. It runs very differently to a large corporate. It has different needs and limited resources. Here are some productivity tips you can use in your SME to improve your operations and increase your productivity. 1. Prioritise your most important tasks of the day/week […]
Setting up your business for a future sale
When you first set up a business, it may be out of necessity, or just a lifelong dream. The thought of what to do later on down the line is not a consideration at that point. For most small or family operation, the prospect of selling is usually only considered when you are about to […]
The Importance of appointing a productive board of directors
As an SME, do you think you need a board of directors in your business? No? Maybe keep reading. Shareholders and a board of directors are not mutually exclusive for large companies and corporations. As an SME, you will reach a point where you need to focus on growing the business or the company’s day-to-day […]
Re-evaluating your evergreen contracts for your business
We seldom re-evaluate the evergreen contracts we enter into as a business. You should do a sanity check on your business expenses every year. What are evergreen contracts? These are the agreements you make with companies and suppliers for goods and services that auto-renew unless one or the other party gives notice, these often auto-renew […]
Cutting back on unnecessary expenses to increase your business profits
In an uncertain economy, we need to maintain business profits. Cutting expenses is one way to do that. Here are some tips on how you can save unnecessary expenses in your business to increase profits. Reduce your supply expenses If you have regular suppliers or vendors for your business, contact them to let them know […]
Save costs on non-essentials in your business
Looking where to save on costs is hard. We all know there are nice to have’s in your business. The frills and luxuries that make it all worthwhile. We are all recovering from lockdown and the pandemic impact on our businesses. Now there is a need to evaluate where we are spending our cash. Here […]
The importance of a budget in your business
A business budget is the foundation of every business’s success. It helps with planning and control, allows you to focus on cash flow, reducing your costs, improving profits, and increasing your ROI. Many entrepreneurs start their business with an idea, and before they know what has hit them, they are a few months down the […]
Business intelligence and the Impact on your future
We are living in an evolving world of an overload of business intelligence data. Businesses need to find the opportunities to turn them into actionable insights. You need to see the opportunities in today’s fast paced business and competitive environment. You can turn your big data into meaningful information if you know what to look […]
Using dashboards to help you manage your business better
The aim of using a Business Intelligence (BI) dashboard is to help you make better business decisions. You can gather, consolidate and analyse your business data. When you see the data in a visually simple way, you simplify the analysis. When you use a dashboard for your analyses, it is easy to identify a trend […]
Why is an audit important
An audit and auditor’s report is a third-party document. It is a reflection that the company’s financial statements are compliant with the law and free from material misstatements. Banks, creditors, and regulators can require an audit of your company’s financial statements. If you are looking for finance, loans, surety, or selling your business. Types of […]
Improve your Customer Service with better insights into your own business
Understanding your business and improving customer service is what you need to focus on every day. As an entrepreneur or SME, spending money on financial systems is often not an option. Bizcash helps their customers understand their financial standing better than ever before. Partnering with Bizcash for a business loan or Selective Invoicing product, gives you access […]
The Importance of Financial Management in business
Now that the stress of Financial Year End should be over, you can take stock of what you can do differently in 2021 to make the financial management of your business better. If you want your business to grow and to mature into an asset, you need to ensure you have finances and cash available […]
Bizcash, helping you better prepare for financial year-end
For the accounting calendar’s busiest month, the dreaded reports for the financial year-end are upon us once again. Since 2020 was such a dismal year, many companies have some serious accounting to do. There are some easy fixes when it comes to improving your company reporting: Reduce your dependence on Excel. Of course, it will […]
How business partnerships can benefit your business
2021 is the year to set up your business for success. It is also the year or collaborations and partnerships. There are some strategic factors of your business you can review to optimise your business. There are three main parts to your business: Key strategic elements The inner core of the business includes all the […]
Focus on your customer to grow your business
As a business owner, your role in the company is not to be so hands-on that you do not take time to have conversations with your customers. When times are going well, you should have regular contact with your customers to ensure the relationship remains stable and your mutual objectives remain aligned. When times are […]
Can a Covid-19 vaccine save your business?
There are so many unanswered questions surrounding the Covid-19 vaccine. For the industries battling to open, restaurants, alcohol, and tourism can benefit vastly from the vaccine. The question on everyone’s lips right now is who gets to be in line for the vaccine first. If you can get it, should you? Who is in front […]
How monitoring future trends keeps your business alive
Many industries have found themselves on the wrong side of trends history. Take the analog camera and film industry. Kodak was the leader in their field for many a decade. They did not anticipate the impact of the digital camera market on their business. The digital camera industry did not expect the camera on everyone’s […]
The Cost of the Black Market
We are not referring to race but evaluating the cost of trading in illicit goods. Mainly because of lockdown restrictions, bribery, and nepotism. Family members will never hold you to task when you are employing them in business, corporate, or government. It is almost expected practice in Africa, where families run governments for decades. It […]
Capitalising on future trends for your business
The way we do business and how we speak to our customers is changing forever. There is no end in sight for social gatherings, so holding customer events and even meetings in the office is something we all need to adapt to. There are some new ways of working that can improve our businesses. Here […]
