HARVARD BUSINESS REVIEW by Liz Kislik (September 27, 2022) Statistics on family-owned and -operated businesses show that although as many as one-third of family businesses transition to second-generation leadership, in the last five years, that number has dropped to only 19%. Why don’t more businesses pass down through the generations, and conversely, why aren’t younger generations more interested in taking on significant responsibility in their family businesses? Younger family members may be woefully unprepared to take on leadership roles when the business needs them, or may not wish to take on the burden of responsibility — either for managing the … Continued
How Organisational Alignment Improves Decision Making in the Workplace
Poor and lengthy decision-making wastes time and can lower productivity significantly. Many leaders already know this and are in the process of shifting their practices within their organizations. Other companies have more entrenched practices and hierarchies that can make a change in this area much harder. Nevertheless, there are some key characteristics that lead to better and more efficient decision making and we explore what some of these are. What Does Good Decision-Making Look Like? Decisions throughout the organisation should align with overall corporate strategy and brand values, without the need for several high-level approvals. Employees should be aware of … Continued
4 PRACTICAL REASONS WHY CONSISTENCY IS IMPORTANT IN YOUR BUSINESS
The main reason why consistency is important in your business is branding. Consistency is key to the integrity of your brand image. Clients need to know what they can expect from you, and they can’t trust your results if you’re giving them mixed messages. It’s the same concept as being a positive role model to your team: you need to exemplify your high standards. Why should a client choose your business if you don’t even utilize your services? Brand consistency shows them that you practice what you preach. Here are a few more reasons why consistency is important in your … Continued
A Culture of Ethical Behaviour Is Essential to Business Success
By Sean Peek Research from the University of Notre Dame finds that ethical business operations are highly important to success, while unethical behaviour can negatively impact a business’s prospects. Unethical behaviour has consequences for future business. Ethical behaviour includes honesty, fairness, integrity and understanding.There are several ways to encourage an ethical workplace culture, including establishing a company-wide code of ethics. This article is for entrepreneurs and business owners who want to establish a culture of ethical behaviour among their employees.A study, published in the Journal of Applied Psychology, examined the intersection between the quality of service a business offers and … Continued
How To Scale A Service-Based Business: Eight Top Tips
Growing a business can seem like a straightforward venture, and it can be deceptively simple on paper. However, once you start to delve into the heart of the matter, you realize that any business model requires some deep thought before you can scale it.In a service-based business, however, special considerations must be made. It’s not as simple as selling more products when the product is your time, and your time is limited. There are only so many hours in a day you can offer up, so how does an entrepreneur deal with this? Eight experts from Young Entrepreneur Council discuss … Continued
How New Entrepreneurs Can Save Money Easily
Operating lean, hiring well and other tips on the roadmap to starting a business the smart way. Most startup entrepreneurs have felt the pain of working within the constraints of a tight budget. In a perfect world, with unlimited funds, you could buy all the equipment you’ll ever need, make full-time hires left and right and keep scaling aggressively until you reach your goals. But most of us have to contend with limited resources and an unsteady stream of revenue, and simply don’t have that luxury. Fortunately, there are several ways you can save money in a new startup, all … Continued
From Idea to Maturity, the Five Stages of Business Growth
Whether attempting to increase market share, improve profitability or add staff, every company is trying to grow. Doing so means navigating complex challenges and finding inventive routes forward during that business growth process. Following are the five stages of the business lifecycle and the steps you can take to increase your chance of success along the way. Development Stage Whether you’re pursuing a lifelong dream, or you’ve identified an unmet need in a specific market, taking the initial steps to start your own business can be an exciting time. But with so many factors to consider, the process can also … Continued
How To Teach Your Kids Good Money Habits
(Written by Cameron Huddleston) As a parent, you want the best for your children. This doesn’t necessarily mean you want them to have the best clothes, the latest toys or coolest gadgets. Most likely, it means you want them to be safe and secure. And you want to lay a foundation that they can build upon to do well in life. The question, then, is whether you’re teaching your children a key lesson that will impact whether they will do well. That lesson is about money. Even if you’re not teaching your kids about money, they will learn lessons about … Continued
How entrepreneurs can reduce the chances of burnout this year
While the physical effects of the pandemic on South African businesses are well documented, less is known about the harmful impact it has had on people’s mental state. When I recently spoke to clinical and consulting psychologist Marc Rogatschnig, he warned against a looming burnout pandemic due to months of uncertainty, anxiety, and stress caused by Covid-19. This may explain why, according to our latest State of Small Business report, an overwhelming majority (94 percent) of businesses have mental health and well-being as a top priority for their employees this year, while 96% of small business owners told us stress … Continued
President Ramaphosa has approved new tax laws for South Africa – 5 key changes to know
President Cyril Ramaphosa has approved several tax changes for South Africa by signing the Rates and Monetary Amounts and Amendment of Revenue Laws Act, Taxation Laws Amendment Act (TLAA), and the Tax Administration Laws Amendment Act (TALAA) into law. Here are the key changes included in the acts that taxpayers should know. Assessed losses will be restricted The TLAA enacts the proposal to restrict the offset of the balance of assessed losses carried forward to 80% of taxable income. To cater for all sectors and recognise that not all companies have sufficient cash flow to face an additional tax burden … Continued