What does procrastination cost you?

No doubt you’re well aware of the obvious ways procrastination impacts your life – late for a meeting (again), the fully-booked house you wanted to reserve for the holidays, or the apologetic call to a client for not delivering a project on time. But do you realise that you’re paying an even bigger price in lost opportunities and bottom-line financial costs?

3 Simple financial ratios that measure business performance

If all you’re doing is keeping track of your transactions, you could be missing key information about your businesses’ financial health. To measure your success and plan for the unexpected, take some time to consider these financial ratios next time you review your financial statements. Management thinker Peter Drucker is quoted as saying that “you […]

Bad debt: how SARS views it

Every business owner’s dreaded scenario. You’ve done the work, the quality’s great, the product’s excellent, your workmanship exceeds expectations, but your client isn’t paying. You’ve exhausted every avenue for finding a way for the account to be paid and now you’re faced with writing off the debt. What are the tax implications for your business? […]

Running your business with your head in the clouds?

Running your business with your head in the clouds has two vastly different meanings. You’re either running around absentmindedly, using impractical systems or (our preferred option) your head’s in the clouds when it comes to your company’s financial management. In which case, you’ve already adopted cloud-based accounting.

Has your accountant left you in the lurch?

Fraud: the f-bomb you never want to hear connected to your accountant. But sadly, it happens. You’ve been with your accountant for years. You’ve built a relationship and he (or, indeed, she) knows your business and your dreams for success. He’s been there to celebrate the profits and refocus when there were losses. But the […]

Are you using your business as a vehicle to create personal wealth?

The most common way to accumulate wealth is by making good money choices and recognising bad ones quickly, setting financial goals, being financially disciplined, and managing your finances well. Importantly, you need to develop habits that ensure you’re able to accumulate assets and generate more money, year after year. Being an entrepreneur often means that […]

Budgeting for a healthy cash flow

Are you running your business by the seat of your pants and hoping you’ll find the money at the end of the month to pay the bills? If so, it’s likely you’ll end up with uncontrollable debt and financial pressure that could sink you. Do any of these apply to you? You’ve got no plan […]

Is your business prepared for inflation?

South African consumers and businesses can expect wide-reaching price increases during 2022 as global factors and local forces come into play. The question is, how do business owners prepare for inflation? Already implemented is a massive fuel hike (1 March) that, among other things, increases the cost of raw materials and freight. With ongoing Russia’s […]

Do your employees understand their annual bonus?

The difference between a thirteenth cheque and a performance bonus is clear but many employees aren’t aware that there’s a difference. A thirteenth cheque is an additional monthly salary or 8.33% of the employee’s annual salary that’s usually paid in December. A performance bonus is based on an employee’s performance and is subject to the […]

Authentic relationships result in happier customers

Every business in the world sells something. They sell goods or services in order to address a need or desire of a consumer, and to achieve a profit in the process (at the very least only to ensure its sustainability).  Before the introduction of many modern technologies (the internet specifically), focussing solely on quality goods or services in order to make profit was the common thing to do. Business owners could often […]