According to the 12th Allianz Risk Barometer (an annual global corporate risk survey), cyber incidents beat out load shedding as a business risk for South African business owners. Cyber-attacks are incredibly dangerous, an example of this is The Postbank losing R77m in a 2021 hack of its IT systems. 

For small businesses, cyber-attacks are just as dangerous and could mean:

1. Trading disruption

2. Theft of financial information - both yours and your customers 

3. Loss of important documents

4. Damage of Reputation 

Cyber-attacks are just one of many things that can go wrong in business. A crisis management plan can help you stay prepared for issues ranging from natural disasters to poor management.

New This Week (27 June 2023)

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 Successful Entrepreneurs Share Their Must-Have Tech Tools 

Whether you are tech-savvy or not, there is no way to get around incorporating technology into your small businesses these days. Tech is an undisputable part of all small businesses whether accounting software, POS systems, CRM or fibre.

According to Bilal Kathrada founder of coding education platform, IT Varsity and Xander Apps, which develops educational apps for kids, choosing tech comes with challenges even for companies like his which deal with tech daily."Strangely enough, the biggest challenge is the wide variety of software that’s out there, that’s all promising you the next big thing. We had to weigh through all that information and all that marketing jargon, and find what’s best for us, and what works for us."For more insider info from South African entrepreneurs on what to consider and which apps are their first picks, read the article below:

Is Your Business Apple Pay Compatible?

Getting Apple Pay for your business is easier than you may think. Apple Pay is a mobile payment gateway which uses near-field communication (NFC) technology to transmit payments between devices and as NFC gains popularity across the world it only makes sense for your business to utilize it.

Here are things you need to do when setting up Apple Pay for your small business:

• Set Up the NFC Card Reader

• Set up Apple Pay on your online store

• Train your staff on the system

• Make sure customers know that you offer Apple Pay

How To Do Your Own Mid-Year Review

Many businesses believe in yearly reviews, usually at the end of the financial year, but experts argue that this is simply not enough. If you want to keep an eye on your business strategy it is suggested that market and financial checks are done mid-year so you can refine your goals and targets. Financial goals help entrepreneurs gain clarity on where they are and where they want to go. Goal-setting principles to implement include:

• Writing down goals

• Break down your goals into measurable components

• Be deadline-driven

• Be action-driven

• Visualise your goals 

Get Your Guide To South African Business Licences

A business licence is an extremely valuable business document, which allows you to establish a particular business in a specified area. The licence also ensures that your business meets all of the building regulations, public safety and health requirements. Trading without a valid licence is a punishable offence.

The guide below ensures that you know all you need to stay compliant: