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Are You Leaving Money on The Table?
Hello Entrepreneurs, Let’s talk about costly money mistakes you could be making in your business, especially now when things are especially tight. Here are some common ones business owners make:
Mistake 1: You’re ignoring your finances hoping they will get better by themselves (fyi, hope is not a strategy).
Mistake 2: You don’t keep a record of your spending.
Mistake 3: You can’t read or understand your financial statements.
Find out how to AVOID making these mistakes, and more in this article. This week GET:- Advice for managing your company finances better + new habits you need to cultivate.- PLUS we have updated x2 very important guides - How to choose the right type of ownership for your business AND what licensing and permits you need for the food industry. Stay safe and healthy.
LESSON OF THE WEEK
“Every time you spend money it must make economic sense.” - Ncamisile Maphumulo
The following post is sponsored by Visa.
Have You Heard?
Visa Launches New Initiative to Support Small Businesses in South Africa
Visa has launched the Visa Small Business Hub, a merchant platform providing tools and information on how to start, run and grow small businesses. The initiative comes after a new study found that consumers are increasingly embracing e-commerce and digital payments over cash and checks. The study also revealed that consumers' shopping habits have transformed during COVID-19 with 74% of consumers only visiting shops for essentials, and 55% of businesses experiencing impact. Read more about how Visa is supporting small businesses HERE.
New This WEEK!!!
[NEWLY UPDATED] Choose The Right Type of Ownership for Your SME
- Get info on choosing the right legal structure and entity for your business.
[COVID-19 UPDATE] Starting a Business: Licensing and Permits for the Food Industry
- Find out what licenses and permits are required when opening a new food service business.
In Case You Missed It .....
- Learn from Zakhele Myeza, CEO of The Bus Stop Properties, about what it takes to get into the property investment game.
[NEWLY UPDATED] Unique South African Business Ideas
- Learn from entrepreneurs who found new ways to exploit what may be a saturated market.
Financial Management 101
Master These Crucial Non-Financial Habits:
1. Begin with an end in mind.
Helps with setting financial goals.
2. Develop self-discipline.
Helps with keeping your finances up to date.
3. Be future-focused.
Helps with financial forecasting.
4. Plan smarter.
Helps you to plan for a rainy day.
5. Leverage routines
Helps you keep an eye on costs.
READ THE FULL ARTICLE HERE
JOIN THE CONVERSATION!
ON THE SME SA Forum - ‘Entrepreneurs, what resources did you need to start your business? Also, what is your business model?’SHARE YOUR ANSWER ON THE FORUM
COVID-19 Cash Flow Guide
Consider the following to manage the impact of COVID-19:
- Expand your use of online channels
A website and a social media presence are essential – they allow customers to research your offering without leaving their homes.
- Partner with your suppliers and customers
Speak to your larger customers to find ways to get paid faster and your big suppliers to find out about delayed payment terms to help with cash flow challenges.
- Convert from fixed costs to variable costs where possible
Lease assets (like vehicles or warehouses or plant and factory equipment) on a more flexible basis.
- Consider alternative revenue streams to ease cash flow challenges
If your current business model cannot be sustained during the lockdown or an extended period of social distancing, you may need to look at new revenue streams
GET THE FULL ARTICLE HERE
