The holidays and fun have left many South Africans facing the New Year with financial hangovers, a long January, and the reality that their money problems could last well into 2022. But taking ten steps to get personal finances back in shape could make things look a lot better. The art of making financial resolutions that work lies in moving as quickly as possible and taking the steps needed to build a sustainable financial future. The steps needed to improve your financial health are: 1. Knowing what you owe Taking action to get financially fit cannot begin until you understand … Continued
8 Personality Traits of Every Great Business Development Expert
So, what business development skills do you need to truly make a difference for your organization? According to small business leaders and marketers, you should focus on improving these traits to generate more leads and build stronger customer relationships. Negotiating Negotiation is at the heart of any business deal. Through excellent negotiating, you’re able to get better outcomes for both parties through effective communication. Humility It’s important not to let your ego get in the way of doing what’s best for the other person, whether it’s a customer or an employee. Ego says, “I am right,” even when we are … Continued
Most Businesses Fail Due to Money Mismanagement. These Quick Tips Can Help You Avoid Common Financial Mistakes.
There are various reasons you should want to invest in money management skills for your business, and it all boils down to how profitable you want your business to be. When you are the owner of your business, it’s tough to manage all the tasks you need to excel at — sales, marketing, messaging and the list goes on. But the priority that needs to be right up there with sales is money management in your business. Did you know that 82% of businesses fail due to money mismanagement? And most business owners fail at money management because of a … Continued
What do most successful businesses have in common?
To better understand what traits link the best businesses, researchers identified 56 companies that rank highly in leadership, financial performance and people management. Those companies included FedEx, Coca-Cola, Target and American Express. The study’s authors then surveyed 76 executives at 27 of those companies to learn how their businesses are run. High-performing organizations Create a culture of rigor and standards for financial stability. Require process around fiscal management, oversight and decision-making. Execute strategies in an operationally efficient manner. Align organizational structure to support business strategy. Create and maintain a culture of accountability. There is a strong customer focus. Successful companies … Continued
The 5 best podcasts for business leaders & leadership
By Erin Balsa The most successful executives are in a constant state of learning. You should always be looking for opportunities to learn, listen, and think creatively. Not only will you become a better leader, but you’ll help foster creativity in the workplace, and set an example for the employees at your company. Why podcasts are perfect for business leaders Staying inspired requires time, which is in short supply, so business leaders are increasingly listening to podcasts—an ideal solution for busy execs. According to a study by Edison Research, 58 percent of podcast consumers listen in the car, 41 percent listen while walking, … Continued
New retirement changes in the works for South Africa
National Treasury has provided more details on its approach and planned timelines concerning the proposal to allow for limited pre-retirement withdrawals from retirement funds. In a statement on Wednesday (11 August), Treasury said that even before the advent of Covid-19, the government recognised that many members may need to access part of their savings in unexpected circumstances. “It is for this reason that the minister of finance noted in the 2020 Medium Term Budget Policy Statement (MTBPS) and 2021 budget that consideration is being given to allow limited pre‐retirement withdrawals from retirement funds under certain conditions, provided that this is accompanied … Continued
3 Tips For Building A Profitable Business
When it comes to turning a profit, many business owners make the mistake of assuming that charging a premium price is the only way they can increase their profit margins. While low prices can certainly be a problem, raising your prices too high can cause sales to decline, leaving you with similar issues to what you were facing before. Fortunately, adjusting your prices is far from the only way you can build a profitable business. By doing some extra digging on the back-end, you can increase profits without pricing your products or services out of reach of the average customer. … Continued
Implementing These 2 Strategies Can Help Entrepreneurs Reduce Financial Stress
When you think about the sheer number of components it takes to build a business, your mind starts to race. There are the structural elements, such as the type of business, products and services, the marketing, client fulfillment and more. As an entrepreneur, your focus might tend to be on what you need the most right now. An informal poll of entrepreneurs would probably point toward a discussion of prospecting and closing new business. It would center around getting more sales and the filling of pipelines. While the here-and-now are essential, successful entrepreneurs think strategically. They focus on long-term moves … Continued
The 5 Most Important Accounting Reports for Your Small Business
When it comes to small business accounting, most people know that it is important to keep your records updated for taxes. However, there are many more benefits from small business accounting that you can use to grow, improve and expand your business. Here are some of the most important accounting reports for your small business that you should know about. Profit and loss statement/income statementThe most important report for any business is the profit and loss statement, also called a P&L or income statement. This report tells you how much money a business makes, as well as a lot more. … Continued
How to support your local SME.
Some tips as to how you can help support local small businesses and entrepreneurs during COVID-19. Purchase gift cards for use after this crisis Some local businesses offer gift cards online for various products and services. Or enquire from your favourite small local business whether they can provide gift cards. By purchasing these online gift cards now, your gesture provides the business with desperately needed cash flow to make it through these hard times. It also provides some hope for the future. Try and reschedule appointments, don’t cancel While it is uncertain how long the current situation will last, instead … Continued