We have all seen and experienced how our business' profit can decline, suddenly or over a period of time. There can be a multitude of reasons for this, but the most important part is that it can be fixed. Have you seen a decline in your profits or your cash flow lately? If so, complete this questionnaire with its 10 questions to see what you need to focus on to help you rebuild your business' profit.
The process of Business Rescue can be found in Chapter 6 of the Companies Act of 2008 of South Africa.
“A NECESSARY EVIL OR BRILLIANT BUSINESS?”
Author: Tiaan Geel, BA(SA), M.B.A Experienced Business Rescue PractitionerIf you would like to get more information, please visit our Consulting website or send us a message here.
Business Rescue is a relatively new term in the South African legal landscape having only been effectively adopted in April 2011. Although the process is still in its infant years in terms of our judicial system, it has been the cause of tremendous joy as well as probably ten times the amount of anger, fear and utter frustration.
The reasons for this anger, fear and frustration stem from the fact that everyone in South Africa is still not an expert on Chapter
The 15th December usually signals to us that end of the year trade is imminent. As business owners we get anxious as we know: business will be slow over the last few days of December; bonuses and holiday pay are expected by employees; and we have to pay our suppliers on time. Now the big question is, have you prepared for the January financial slump? Business will be slow in end December and beginning of January so that means that your turnover will be less and the money coming in during the month will be less than the previous months. Now is the time to start preparing your business to have sufficient cash available to ensure that you can pay all your commitments on time. It is important not to tie cash up in either your stock or debtors. Reduce your stock holding as much as possible, try and keep only the items that
So, you want to grow your business? Which route do you take? The decision to grow a business is a very exciting one indeed and should be the goal of every entrepreneur. The choice of which process to follow is not an easy one though as there are a few processes one can take. At the end of the day, it is your decision as the business owner to decide on the correct action, but getting external advice is always the best. A business consultant can give you an objective opinion without any emotional attachment to the decision. If you are not happy with just one opinion, then get another. You can even get 5 opinions, but the important part is to make sure which route will be best as there might not be any chance for turning back. Here are the different options you can choose from: 1. Open another
The world is still reveling and quibbling at the same time about the new administration in the White House. Donald Trump is by no means an unquestionable character, but he is the newly democratically voted president of America, as voted for by the people. During his first 60 days he rattled the whole world, latest of which being the immigrants wishing to enter the good ol’ United States of America. Now you might wonder and ask yourself, why another politically motivated blog post? We see so many of them. Yes, indeed we do, but this post brings this political theme to the business world and more specifically – straight to your business!
Be Authentic in BusinessSam always tells me – “Tiaan, please stay away from any political, racial and religious topics when you write blog posts”. While she might have a good point there, I just love controversial topics. I can’t stay away from
Business Growth Tips: #43 We have all been there. Sitting with a big decision to be made and we just don’t know whether the choice we are making is the best or right one. Every day as a Business Strategist I make decisions on behalf of my customers. Many times, it happens that I do not have the necessary info at hand and make decisions "blindly" as some might call it. I often have to ask for assistance as I know that I do not have all the answers to all business problems. As a Professional I realise that there are people I can trust to assist me, ones that always give me a new angle from which to look at a tough decision. It is an unfortunate belief, especially with South Africans, that a Business Owner or Entrepreneur should know it all, have it all, be it all and be the greatest business
I bet you read the topic of this blog and thought, boy, what a contradiction. You probably also thought: “Yeah right genius, it is the end. Closing a business IS the end”. Well, it is the end for that specific business, yes. But is it the end of your career as an entrepreneur? Sir Richard Branson certainly does not think so after 15 failures. Is it the end of your creative journey? No, you just need to come up with a different angle on your business idea. This time you have a chance to start over while knowing the pitfalls and dangers. Let’s be real for a second though, closing a business is not easy. In my job of saving companies, this is the exact opposite of what I am trying to achieve. Sometimes, things just don’t work out. Sometimes, you have to explain to your staff members that they do not have
FINANCIAL PLANNING > A vital part of providing for your loved ones in the event of trauma, disability and/or even death. It allows you to have comfort in knowing that your loved ones are looked after during a time that you are unable to provide. Think of it as a “Blueprint” of how you would like things to happen in your absence! Here I sit with 13 years of experience in the Financial Planning industry; a New Entrepreneur, making my way alone in the Business Landscape for the first time. As a result of my background, I often find myself answering a ton of questions as to why we need to pay for financial planning and its perceived benefits. What I've learnt is that people don't like to pay for things they cannot see, feel, smell or eat . . . but believe me when I say: Financial Planning is crucial!
Financial Planning 101
Profit Tip 1: Focus on your most profitable products or servicesFocusing on your most profitable products or services is one of the easiest ways to generate more profit quickly. A lot of businesses focus on the products that are “nice” or “entertaining”, but not necessarily profitable. We all like the nice and entertaining goodies, but if they are not profitable then why are you pushing the sales on these? Focus more on the ones that generating you profit, money in the bank!
Profit Tip 2: Streamline your operationsAlthough cutting costs might be a logical step, be careful with which costs you cut. You cannot retrench staff to the point where customer service suffers. You cannot sell off assets to the point where staff do not have sufficient equipment to perform their duties. You need to streamline operations, thus you need to spend the least amount of costs on all purchases (yes cost
We have probably all gone to a networking function and hated it. There are always many people, all talking about who they are and what they do, giving and receiving business cards, trying to match up with a person that can provide them with business, and all happening between munching down the usual over-supply of food. Usually, one would stand by the snacks-table, or bar, and make untimely, if not outright ridiculous, comments to the people partaking of the meal or drinks. Not promoting your business or yourself while making small talk is not networking; you're trying to hide your discomfiture. Why do we do it? Because we are naturally shy. In order for networking to work for you, you need to be confident about yourself,your business and unafraid to talk to strangers. Networking is all about gaining access to another person’s network. In most cases this is a person you have never