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Increase the Viability of Your Business
SMEs have faced great uncertainty regarding the sustainability of their businesses due to the COVID-19 pandemic. Many small business owners have questioned the viability of their businesses and their capacity to be successful.
Business viability refers to “a general assessment of whether a business is (or will be) successful”. This includes many parts of a business, including operations, marketing and financials.
Despite the challenges small businesses face there are several steps that business owners can take to ensure their business can survive the knocks that may come. This requires that business owners run professional enterprises while also anticipating and quickly responding to any business threats and risks.
Here are five suggestions for improving your company’s long-term viability.
What Are Business Operations?
If you’re starting a business in South Africa, you’ll need to understand the term ‘business operations’, what it means, and what different types of business operations look like.
The term ‘business operations’ covers many different things. Any type of business, no matter what scale it operates at or what it does, is made up of different business operations that work together. These operations are what make up the business, and it’s these operations that determine how successful and profitable the business is.
In this guide, we’ll explore a few different concepts and categories around business operations.
New This Week (27 June 2022)
Know Your Small Business Corporation Requirements
A small business may qualify as a small business corporation (SBC) if it meets certain requirements. SBCs are a new class of company/closed corporation recognised for tax purposes and were introduced to reduce the tax burden on small businesses. According to the South African Institute of Professional Accountants (SAIPA), “it is designed to provide tax relief which improves the liquidity and cash flow of businesses”.
Some of the benefits of registering as an SBC include access to additional tax incentives and a reduced tax rate, as well as accelerated depreciation allowance for movable assets.
Find out more about requirements for Small Business Corporations and its tax benefits below.
[DOWNLOAD] Financial Statements Templates for Entrepreneurs
Need Working Capital? For a Free Quote for Business Funding, visit SME South Africa.
[FREE DOWNLOAD] SME Tech Buyers Guide
Download the SME South Africa Tech Buyer’s Guide and learn what business software & devices you need to get your business online, better manage your finances, generate more sales & promote your products, and services.
Get Expert Guidance on the Features you should consider PLUS Recommendations for top brands in each of these categories.
Accounting Software
POS Systems
Web Hosting & Domains
E-commerce Platforms
Fibre
Let’s help you buy the right tech for your business!