For business owners, debt can be a double-edged sword. On one hand, it provides much-needed capital to expand, invest, or smooth out cash flow gaps but, on the other, it comes at a cost (much of which isn’t immediately apparent).
Financial literacy is a critical skill for business owners. It’s not just about understanding numbers, it’s about the ability to make informed financial decisions that can drive the success and sustainability of your business. Here are the five key components of financial literacy that you need to master.
In our ever-evolving business landscape recessions are inevitable. And, while it’s natural for business owners to want to tighten their belts during economic downturns, history shows that it’s the perfect time to invest in marketing.
Whether you employ five or 200 employees, businesses of this size are commonly regarded as the backbone of our economy, driving innovation, and creating jobs. However, as the owner of a business of this size, the chances are you’re wearing many hats.
Are you a trustee of a resident trust in South Africa? Brace yourself for significant changes as SARS now demands that trustees become third-party data providers. In this blog, we’ll dive into the increased reporting requirements, explore potential challenges, and offer expert advice on navigating this new landscape to ensure compliance and transparency.
Since April 2023, trustees have had a new responsibility under the amended Trust Property Control Act, Act 57 of 1998 (TPCA) to report and maintain accurate records of the beneficial ownership of their trusts. Why has this amendment been made?
Running a business can be overwhelming, but don’t let stress hinder your success. Our latest blog reveals five practical strategies to manage stress and achieve a healthy work-life balance. Prioritise yourself, delegate tasks, set boundaries, connect with peers, and practice stress reduction techniques. Boost your well-being and watch your business performance increase.
Financial management is the backbone of a thriving business. Discover the key practices to make informed decisions, optimise revenue, and ensure long-term stability. From strategic financial planning to effective cost management and revenue stream optimisation, this blog post unveils the secrets to financial mastery. Learn how to control costs, manage cash flow, analyse profit margins, make smart investments, and leverage professional advice. Take charge of your business’s financial future today and achieve your goals.
Struggling to decide between hiring an in-house financial manager or outsourcing your accounting needs? This comprehensive comparison breaks down the pros and cons of each option. In-house managers provide expertise and control but can be expensive and inflexible. Outsourced accountants offer a broad range of expertise, flexibility, and cost-effectiveness, but less direct control. The decision ultimately depends on your business’s needs, size, and financial situation.
Is your business prepared for unexpected financial challenges? With insurers considering whether or not total grid failure-related risks will be insured, now’s the time to act. Don’t wait for the pawpaw to hit the fan – start creating a rainy day fund for your business today. In this blog, we explain why a rainy day fund is essential, and provide five tips for creating one. By taking proactive steps to ensure your business is financially prepared for the unexpected, you can enjoy peace of mind and focus on growing your business.