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
As a business owner of a small or medium sized entity, there is an important aspect to running and operating your business that many do not realise: We don’t always know what is best for our business.
This might sound like a strange statement to make, but the harsh reality is that no-one knows everything there is to know about business. Not even Richard Branson does, which is why he has a team of consultants helping him.
Do you think it’s time to get a business consultant to assist your business?
Well, there are a few things you need to consider first and it starts with one question: what are the functions of a business consultant?
There are many aspects to inspect in any business, but there are two critical elements that a consultant must look at for your business. These two elements are:
It is every start-up Entrepreneur’s dream to get to the point of expanding their business. That point where they think: now it’s time to open a new branch or time to purchase another business. The choice of which process to follow is not an easy choice, but the key identifiers to look for to see whether your business is ready to expand is a bit easier to identify. I hope you can identify a few of them already! 1. You get business from outside your usual or target market. When you start receiving an increased amount of business from outside of your usual or target market, then you should know it is time to grow or expand your business. It is very important for you to know who your target market or your usual market is. Once you start receiving leads and business from outside of your usual geographical region you service then you
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
The aim of running a business is to make a profit, otherwise it would be a charity. It happens at least once in every entrepreneur's lifetime that their business runs at a loss. This means that their business is not profitable and is obviously not a good situation to be in. It is now time for a Business Turnaround. The question begs "how do I turn this situation around?". Now every entrepreneur knows a specific field or industry very well and has specific skills. But not all entrepreneurs have the skills to turn a business around from a loss-making operation to a profitable entity. However, all entrepreneurs can implement an effective turnaround in a few simple steps: Step 1: Take a step back and shift your focus. As the owner of the business or the entrepreneur, it is your duty to ensure that the business as a whole is a success. It is your