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3 Simple Steps to Apply for Funding Opportunities in SA

Finding funding for your business and getting all the qualifying documents to apply for one of over 300 funding opportunities can be a very difficult and exhausting task. That’s why we’ve boiled it down to 3 easy steps and tons of help along the way.

Finding Funding

Let me guess, you’ve got a great business, but you’re not finding funding to apply for Tenders and to grow your business into the success you know it could be?

You have no clue where to start finding funding or a loaner who could be interested in backing a business like yours and you have no idea what legal documentation you need to apply to them.

Don’t worry. You’re not the only one. According to statistic, South African entrepreneurs experience finding funding, red tape and company documentation as the most difficult challenges in growing their businesses.

The South African Institute of Chartered Accountants (SAICA) conducted a study in 2015 that of over 800 small to medium businesses found that growth finance and government-generated red tape was two out of the 5 most challenging obstacles mentioned.

The other three obstacles were B-BBEE codes, labour laws and and tax laws.

Another study shows that multiple businesses may still be struggling as self-funded enterprises, just because alternative funding can’t be found.

“The majority of small business owners are self funded, with 63% reporting using personal savings while 20% found investment or a loan from a family member, partner or friend and only 6% turned to business angels or venture capitalists,” reads the World Wide Worx’s study on South Africa’s small businesses.

“It is possible that this is not by choice – 27% of small business owners cited access to funding as the biggest challenge to starting their business.”

Even if you are aware of funding or loan opportunities, it can be really frustrating working through hundreds of opportunities, knowing full well you might be disqualified from half of them, not knowing exactly what they’re looking for.

That’s exactly why we’ve crafted a 3-step plan to guide you through the process of finding the perfect funding opportunities and acing your funding application.

Step 1: Get your basic Company Documentation in order with one call

At the very least, you’ll need a company registration document; a business plan that includes your marketing, sales and financials; and a Tax Clearance Certificate to qualify for financial support.

Simply call our toll FREE number (from landlines) 0800 007 269 for your FREE consultation. Our team of experts can assists you with getting your Company Documentation in order in record time.

Step 2: Sign up and fill out this form in 15 minutes

To address the need for an easy way to search for appropriate funding, Company Partners has teamed up with FinFind, a FREE app that searches databases of funders and loaners for financial support that fits your business. It also informs you of any documentation you still need to qualify for these opportunities.

Simply fill out the FinFind form (it takes about 15 minutes) by clicking HERE to find out what opportunities suit your business and / or what documentation you still need to apply to them.

If you still need documentation, simply refer back to step one and call our experts to sort you out in no time with your outstanding Company documentation.

Step 3: Apply for your personalised list of funding or loan opportunities

After you’ve made sure you’ve all the documents you need to qualify, FinFind searches over 300 funding opportunities to find the best fit for your business.

You’ll receive a list of personalised opportunities with the highest chance of success for your application.

Now it’s up to you to make the most of your nifty list. Apply to all of these opportunities, submitting all your required documents. Keep in mind these applications often take months to be processed by some funders or lenders.

If all goes well, you’ll be on a one way road to getting all the resources you need to grow your business into the Company of your dreams.

Contact Company Partners today if you’d like to set your Business up for success on the following toll-FREE (from landlines), number: 0800 007 269.

A step-by-step guide to getting a Letter of Good Standing (so you can win those Tenders!)

workman’s compensation fund

Do you need a Letter of Good Standing to apply for the thousands Tenders out there? Here’s everything you need to know: what it is, why you need it for Tenders and how to get it in three, simple steps.

A Letter of Good Standing is essentially an official document that proves the Workman’s Compensation Fund (COID) will assist you in paying for any work-related injuries or harm to your employees, because your payments to the fund are up to date.

Why is a Letter of Good Standing required when applying for most Contracts and Tenders?

A Letter of Good Standing is basically a form of security to most clients as they want to make sure they’re not responsible for picking up the medical bill or life cover for anyone hired to work on their premises, in the case of work-related accidents or illnesses.

If you don’t have a Letter of Good Standing, your business probably owes the Workman’s Compensation fund money and more importantly, it means your employees aren’t covered by COID and your clients are not safeguarded in the case of a work-related accident on their property.

What precisely is the Workman’s Compensation Fund (COID) and why do you need to pay them?

Almost every employer (with a few exceptions that you can see by clicking HERE is required by law to register with the Workman’s Compensation Fund (COID).

This government fund helps employers pay medical bills or compensation, in the case of death, related to an injury on the job to any employee. However, there’s a yearly fee connected to this fund.

To find out more about the COID and why it will benefit your business, click HERE to read our article, What is Workman’s Compensation (COID) and why do you need it?

A Letter of Good Standing proves that you are in good standing with COID, with no outstanding yearly payments.

Without registering with COID or without paying your yearly fees, you’re not eligible for a Letter of Good Standing.

Here’s exactly how the process works in three steps:

STEP 1: Register your Company with COID

The first step in getting your Letter of Good Standing is registering your business with COID. During the process, you will have to pay a registration fee.

You can either register directly with the Labour Department or use our COID service, where our team of Experts will complete the process for you.

Our COID process only takes 25 days whereas working directly through the Labour Department can take up to 3 months or more. Plus we’ll send you all the forms and the updates straight to your email inbox.

Documents you’ll need:

  • Valid South African ID
  • Your Company’s Registration Document
  • COID Registration Form
  • Power of Attorney (this is only necessary when using our COID service, to legally permit us to complete the application on your behalf)
  • Proof of Payment for your registration fees

STEP 2: Submit your employee expenses

In this step you have to submit your Company’s total estimated wage and salary expenses for the year (according to financial years) in order for the Compensation Fund to calculate the amount payable to them.

They work out your fee as a percentage of your yearly total wage and salary expenses. This means you have to submit your wage and salary expenses (in a Return of Earnings document) every year.

The deadline for submitting your Return of Earnings and getting your new or renewed Letter of Good Standing is 30 April.

For first-time registrations, the submission document is included in the COID Registration form, as submitted in step 1.

Renewals, however, require a document called the Return of Earnings.

Once again, you can either work directly through the Department of Labour or you can use our streamlined service, avoiding long queues and confusing admin altogether.

SPECIAL FOR THE MONTH OF APRIL ONLY
Letter of Good standing (new or renewal) from COID at only R490 (SAVE R300).

Documents you’ll need:

  • A Return of Earnings Form (only for renewals)

Step 3: Pay your yearly / monthly fee to COID

In about 3 working days after your Return of Earning document submission, the Department of Labour will send you a Notice of Assessment (NOA) stating the amount payable to COID.

After you’ve paid that amount, you’ll receive a Letter of Good Standing proving your employees are covered for a year.

If you can’t pay the yearly cost in one go, you have a monthly payment option. However, you will still need to put down a 30% deposit.

Unfortunately, this option also means you’re Letter of Good Standing will only be valid from month to month, upon payment.

Whenever you neglect to pay your account or forget to renew your Letter of Good Standing by the end of April, the Compensation Fund will not cover your employees in that time.

Documents you’ll need:

  • Notice of Assessment (sent to you by the Department of Labour)
  • Proof of Payment for your yearly fees

Contact Company Partners today if you’d like to set your Business up for success on the following toll-FREE (from landlines), number: 0800 007 269.

6 Free Services to Grow your Business in one month

Let’s be honest, being an entrepreneur is tough when you want to grow your business. You need to drive every aspect of your business singlehandedly, like an expert – without having years of experience; truckloads of cash; or prestigious business qualifications. That’s exactly why Company Partners teamed up with South Africa’s leading Brands, in Business Growth, to give you some well-deserved support for FREE.

3d human characters making graph of growth, isolated on white

If you sign up for any ‘Registration’ or ‘Empowerment’ Service at Company Partners, you’ll receive a month’s access to 6 helpful Business ‘Growth’ Services, at no additional cost to help you successfully grow your business.

This means, while you’re getting your company’s documentation via Company Partners, you’ll also have access to 6 different Specialist Services for an entire month.

 

How to get FREE access to all these services?

Just take your pick from Company Partner’s wide variety of Registration and Empowerment Services, designed to assist you with ALL your business’s legal documentation.

These services all differ in pricing and each of them are tailor-made for everything from Tender Compliance to specific industries. You can check out a full list of offered services by clicking HERE.

 

The low-down on free services and how they can grow your business within a month:

 

1. MiOffice’s Landline and Reception Service

Thanks to MiOffice you’ll get your very own landline and receptionist (for incoming calls) for free. You don’t even need an office.

MiOffice assigns a remote receptionist to an area-based telephone number of your choice. Your assigned receptionist will answer and redirect all calls to you. If you’re not available, your receptionist will SMS the caller’s details to you, at no extra cost.

If you can’t live without your new receptionist after your free one-month access, you can continue the service for R 450.00 per month.

Click HERE for more info.

 

2. TradeWorld’s – Business Opportunities Alert

Tenders mean big business, but very few entrepreneurs have the time, resources or money to search through hundreds of newspapers, websites and bulletins to find the right Tenders to apply for.

TradeWorld’s Leads and Tender Notification service will help you find the perfect Tenders, by mailing you on a daily basis of any tender relevant to your business profile and geographical region.

This service also includes unlimited access to tradeworld.sap.com and access to RFQs, which are below formal Tender value. Additionally, you’ll receive weekly Tender How2Tender hints and tips to ace those often complicated and confusing Tender applications.

After your FREE month has expired, you can sign up for as little as R365 (excl vat) per month, that’s an investment in your business of R16.00 a day.

Click HERE for more info.

 

3. Finance Connect via FinFindEasy (a SEDA partner)

Getting the right Loan, Grant or Investor to support your business is definitely one of the most challenging tasks as an entrepreneur. FinFindEasy, in association with Company Partners, will provide you with expert financing options.

You’ll receive access to FinFindEasy’s finance filtering system; a system, which allows you to find relevant financing options from the 300 options out there, based on your company’s location and its setup.

You’ll also have access to Finance Specialists, who will assist you with mapping out your Company’s best options.

Click HERE for more info.

 

4. Invoicing, Payroll and Accounting via Sage

Sales. Suppliers. Invoices. Inventory. Payroll… Things can get pretty complicated in terms of finances when you run your own business.

Which is why Company Partners offers you Sage One, user-friendly and online accounting software, perfect for the entrepreneur.

Using this software, you can instantly create invoices; track your finances and give your accountant access to all this data from one central point. Plus, you and your accountants can access it from almost any device with an Internet Connection.

With Sage One you can track sales, inventory, suppliers and purchases per client. Plus you’ll stay ahead of your payroll and all your due payments.

If you love this nifty software too much to let it go after your month’s complimentary access, you can sign up for R185 per month.

You’ll also have access to Company Partner’s accounting expert, readily available for consultation on monthly accounting services.

Click HERE for more info.

 

5. RaizCorp’s Business Growth Programs

Knowledge is power in the game of Entrepreneurship. Soak up valuable entrepreneurial know-how by using your FREE access to RaizCorp Business Growth programs.

RaizCorp coaches operational entrepreneurs by disclosing advice, motivation and business insights to help you take your business to the next level.

The best part is, you don’t have to pay up after one month. As a client of Company Partners, they sponsor almost all the programs you’d like to attend.

For very specific programs there may be an administration fee of R350, but more often than not these programs won’t cost you a thing.

Click HERE for more info.

 

6. Yellow Page’s online Business Directory

Register your business and its services or products for free on Yellow Pages’s online business directory when using Company Partners for company registration or other documentation services.

Registering on Online Yellow Pages might even help your company feature on the first pages of Google (locally) when potential clients search for your company – how is that to grow your business?!

Marketing Consultants from Online Yellow Pages will contact you after your free month has expired to advise you on your company’s marketing needs. Thereafter you can choose a package that suits you, if you’d like to continue this service.

Click HERE for more info.

 

What are you waiting for?

Contact us to place your order – and don’t forget to mention which FREE Services you want included in your package in order to grow your business.

Email our support desk at support@companypartners.co.za or call our Toll Free number (from landlines) during business hours, at 0800 007 269, for free consultation. Terms and Conditions apply.

How to do market research

Market research is one of the most important things you will ever do. Market research will form the basis of your business. It can also be the deciding factor whether or not you will start your business at all. As soon as you have come up with a business idea, is not time to run to PTY Company Registration to get your business registered, but to do market research. It is a vital part that a lot of inexperienced entrepreneurs tend to forget in the excitement of the idea of having their own business.

Market Research

Before you start doing market research, you will need to determine the exact focus of your business. This will be necessary for the fact that you will need to know what you are researching the market for. Your market research should be goal orientated.

You might be wondering what the real purpose of market research is. It is done to determine whether there is a need in your community for the product or service you are looking to deliver.

Market Research helps with the following:

  • To estimate how many sales you can expect over a certain period.
  • It is a method to test the demand for new product and service ideas in your community.
  • It will help you identify and understand trends in the market that might affect the sales of your product.
  • It will also help you to identify the needs and characteristics of the people that might be interested in your new product or service.

When you are doing market research, it is important to remember to remain objective in your research. You should see the facts for what it is and not to be over optimistic over something that you might not be able to change. It is better to change your product or service than to provide it when there is no need in the market for it.

 Knowing what to ask

When you are doing market research, it is important to ask the right questions. The right questions will provide you with the right answers in regards to your business idea. Use the following ideas as a guideline for questions to ask when you are doing market research.

  • To which group of people will your product or service appeal to?
  • What will be expected from your product or service and will you be able to deliver it?
  • Are people spending money on similar products?
  • Will people be prepared to spend money on your product or service?
  • Identify a number of potential clients for your business.
  • Are there other businesses offering similar products or services in your community?
  • Are there any gaps that you can fill in the market?
  • How will your prices do against other competing businesses?
  • Is it likely for other similar businesses to enter the market?
  • Do you need certain skills to run your business?
  • Will you be able to run an entire business and still make a profit?

You can get answers to these questions by means of questionnaires and interviewing people. You can also make use of the internet do read up on similar businesses and how they structured their business to obtain maximum return.

It is only once you have determined that the market is ready for your business idea, that you can begin to register your business.

For assistance with starting a company please, Click Here for more information.

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Corporate Income Tax

You can call it what you want, but corporate income tax is a sure part of our life. Every legal entity that generates an income is liable to pay one or other form of tax. The same is applicable to companies. Corporate income tax is a tax that is imposed on any business that is incorporated under the laws of South Africa.

Corporate Income Tax

The South African Revenue Service has recently launched a new and exciting ITR14 return. This was done in order to aid in the modernization of Corporate Income Tax. This also plays a part in the improvement of efficiency and compliance within SARS. Small businesses should remember of the legislative amendments regarding the ‘Gross Income’ threshold and progressive tax rates.

Corporate Income Tax is applicable to the business that will be mentioned below, but is not restricted to them. The Income Tax Act of 1962 included these types of companies to pay income tax on all the income that they have generated in a financial year.

Corporate Income Tax for these companies include:

  • Listed public companies
  • Unlisted public companies
  • Private Companies
  • Body Corporates
  • Close Corporations
  • Co-operatives
  • Collective Investment Schemes
  • Dormant Companies
  • Small Business Corporation (s12E)
  • Share Block Companies
  • Public Benefit Companies.

 How to get registered for Corporate Income Tax 

The first step will be to get your company registered as a taxpayer. Every business that is liable to taxation under the Income Tax Law of 1962, is required to be registered with SARS as an income tax payer.

Next, you will have to submit your annual tax return. Every registered tax payer, a person or a company, is required to submit a return of income. This should be done 12 months after each financial year. A company can submit their filing electronically via SARS’s e-filing or manually at a SARS branch.

You are also liable to submit provisional tax returns. There payments are to be made every six months. This must also contain estimate figures of the total revenue earned for that period. When you submit your return, you will also be required to give the SIC code for your business. This code can be obtained on SARS’s website.

Before you submit your ITR14, you should ensure that your company’s details are up to date.

When should you pay your Corporate Income Tax

Provisional tax is to be paid in accordance with the following framework of terms:

  • The first payment is to be made within the first six months from the beginning of the year that is being assessed.
  • The second payment will be made before or on the last day of the year that is begin assessed.
  • The third payment is to be made seven months after the year that is being assessed (for companies that uses February as their year-end). Six months after the year that is being assessed in all other cases.

SARS have made multiple methods available to their customers to make their payments of income tax. These methods include:

  • Online Banking
  • e-filing
  • Electronic funds transfer (EFT)
  • By cheque
  • Swift payment method (only to foreign payments)

Nobody wants to pay taxes on their hard owned money,  but in the end it is better to pay it and to get it over with. Do not try and avoid paying taxes, it will only result in major problems for your company. Do the right thing. Have your company registered and pay your taxes.

For assistance with starting a company please, Click Here for more information.

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Transportation Businesses in South Africa

Transportation has formed a crucial part in our daily lives. Not only do we make use of our own transportation, but we also make use of public transportation and distribution companies. Without these transporting companies, there would have been one massive gap in our economy.

Transportation Businesses

Transportation Businesses in South Africa:

The specific Transportation Businesses that we will be dealing with in this article, is distribution companies, as well as logistic companies.

Some people tend to look excitingly out of their window when they spot a large transporting truck. There is no reason to describe this habit, but for some or other reason it keeps on happening. This might just be our subornation appreciating the work they do. Whether it is to count all the wheels, guessing what the truck is transporting or just getting the driver to sound his horn for you. What we do not always realize, is that being on the road is that driver’s life, they travel long distances every day, ensuring that we have food in our stores and clothes in our shops. Without transportation businesses, we would not have any of these.

This is, however, not the only type of transportation businesses that plays an important role in our economy. Small courier vehicles, minibus taxi’s and pick-up form a part of this industry. All of them play a vital role in the sustainment of South Africa’s economy.

The director of a well known transporting company had said that starting a transportation and distribution company can be tough. The procedures to get your transporting company registered is easy, but making your way into the market is the real challenge. The main reason for the struggle, is that clients of transporting companies, are looking for businesses with a good reputation. Transporting companies should be reliable in order for clients to make use of them. For this reason, start up transporting companies find it hard to establish themselves in the market.

A lot of things can happen along the way that can have an impact on your transportation company. Unfortunately, this industry is not one of the cheapest. It is important to remember to not ever over indebt yourself while you are working in this industry. It is best to start small, gain a good reputation and building up a strong client basis. In this way you will be able to build your business with less debt and you can promote your transporting company’s chances of success in this way.

There are a number of things to keep in mind that some people tend to forget in the hype of starting their business. The following things are own to a transporting company:

  • Staff duty rosters
  • Vehicle schedules
  • Maintenance programs

These are just three things that can have a major impact on the success of your business. When you have these things sorted out and in place, your transporting company is set up for success.

As mentioned earlier, the transporting industry is an easy business industry to enter. The tricky part, however, is to sustain the business you are starting. It is important to remember that anyone with a small pick-up can start a transporting company, so do not focus solely on the larger companies. You can always start small and work yourself up to bigger and better things.

If you do not have your own company yet, then we can help you get started, Click Here for more information.

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Put an End to Bad Marketing

One of the most important parts of your business is undoubtedly the marketing. Marketing is what connects your business with the public, informing them about your business and giving them an idea of what your business has to offer.

Bad marketing

Tips to End Bad Marketing:

Focus your marketing

There are some mistakes that you might be making in regards to your marketing strategy and you might not even realize it. Here you will find a few some pointers on how to ensure that your marketing strategy is on point and market relevant.

Keep is simple, yet effective

Too often business owners over complicate their approach to advertisements or use terms that are too complicated and hard to read which leads to bad marketing. They make the mistake to think that it will impress the customers, but it actually does the opposite. An advertisement should be kept simple and clear. This will ensure that the customer understands what you are portraying. It will also ensure that the customer does not feel overwhelmed when they are reading the advertisement.

Have a plan in mind

Before you can start a marketing strategy, it is important to have a plan or strategy in mind. This will help you to know what you want to do, before you take the action to do so. The marketing plan should include key factor like the following:

  • By which means will you advertise? (internet, flyers, newspapers)
  • What element do you want to include in your marketing?
  • How often will you run a marketing campaign?
  • Who do you want to attract with the marketing?

Once you have identified the answers to these questions, you will find it a lot easier to prevent having a bad marketing plan.

Thinking close to home

One thing is for certain. People like it when a business uses things from the community to market their products or services. You will need to think clever on this one, to ensure that you attract the right elements in the community and that it is relative to your marketing campaign, as well as to your product or service. When the people see something familiar, they will be more likely to be interested in your business.

Do not over sell or market your business

If there is one thing that have become evident over the last few years, it is that customers do not like it when a business oversells itself. They feel that the business is in their faces the whole time. It can also lead to some customers thinking that you are desperate and therefore making too many promises. The best thing to do is to simply state what you do and then do it well. The rest will sort itself.

These are just some of the few things that you can consider before you market your business again. It is a sure thing that it will direct you in the right way and a more effective marketing plan is guaranteed. You just need to be sure that you do your best to deliver on the promises that you have made.

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The Financial Sector In South Africa

Since South Africa’s integration into the world market in 1994, the financial sector of South Africa has really taken off. The country boasts with a sophisticated financial sector, with multiple governing rules and disclosure. Transparency and accountability has become an important part of doing business in South Africa.


Risk management is one of the key parts of the financial sector. It has enjoyed a lot of attention the last couple of years. The focus has been put on providing a financial sector where all the risks have been analyzed and restricted to the minimum. Universities have also started to offer courses in financial risk management. This goes to show that South Africa is focusing on providing an economy and financial sector with as little risk as possible. A survey that was done in 2006 showed that the financial sector, together with the real estate sector, has had the largest contribution to the economic growth in South Africa. After the financial crisis in 2008, it is already clear that these sectors are fuelling the economy once again.

 
South Africa also compares well to other developed countries. Foreign banks are well represented in South Africa and the electronic banking system in our country is extensive. A commonly known fact is that there are national networks of banking tellers, which makes access to money easier. This is a service that is not always available to people in the rest of Africa. Internet banking is also available to people in South Africa.

 
The banking system in South Africa is well developed and also compares well to other countries. The Financial Service Board, together with the South African Reserve bank, is responsible for overseeing the financial markets and banks of the country. The Bank Act of South Africa compares to the legislation in first world countries, like Canada and Australia. There are multiple regulating associations and acts in South Africa to ensure a balanced and growing financial sector. The National Payment System Act and the Payment Association of South Africa are examples of these acts and associations. The National Payment System Act of 1998 was developed to ensure that the financial settlement system in South Africa is up to standard with international practice.

 
The Payment Association of South Africa was established to reduce the risks involved in inter-bank settlements. This association is also responsible to ensure that South Africa is in line with international inter-bank settlement practices. The Financial Service Board is an institution that was established to oversee the non-banking financial service industry in South Africa. This is an independent institution to ensure that it is run without any infringements. The main purpose of this institution is to ensure that the financial services in South Africa are efficiently run and safe for investors. South Africa is still a developing country that has loads of potential. The financial sector of the country is built around acts and institutions that measures well with world standards. South Africa is headed in the right direction. With the right people at the steer of things, South Africa will be able to compete against first world countries.

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What You Need To Know About The Companies Act Of 2008

After six years of deliberation, discussion and consultation, the Companies Act of 2008 saw the light. This had to affect that multiple professions had to amend the way in which they normally do business. Companies were also obliged to file an amended Memorandum of Incorporation.

documents
The law was designed in such a way to accommodate the changing market. Giving more flexibility in a modern commercial world. The government thought it well to wait about three years before putting the act into force. The new Companies Act was signed into law on the 8th of April 2008. In the year following that, professionals like lawyers, accountants and auditors were given the opportunity learn and apply the new law. The next two years made provision for pre-existing companies to amend their Memorandum of Incorporation, free of charge, to bring their constitutional documents in harmony with the new act.

When comparing South Africa’s new act with the amended Companies Act of 2006 in the United Kingdom, it is easy to spot the difference. South Africa’s act consists of only 225 sections and five Schedules, whereas the UK’s Act consist of a whopping 1297 sections and over 16 Schedules. Luckily, this does not directly mean that the new Companies Act of South Africa is not up to standard.

The new Companies Law is considered as a to-the-point piece of legislation, which revamps and revises South Africa’s company law regime. This is all done while still preserving some parts of the previous company law policies and concepts. The new law is also more user-friendly. The Act is drafted in plain language, doing away with some of the technical legal jargon. It may help the uninformed to understand better, but unfortunately it also resulted in some areas being vague and sometimes misinterpreted.
The new Act simultaneously discards old-fashioned policies that have been replaced with new concepts. These concepts include words like, liquidity and directors, which is widely known and most often used in day to day communication.

The need for the altering of the Companies Act came along with the modern approach to doing business. A country’s Company Law has a significant impact on the economy of that country. The reason behind that is that a Companies Law can facilitate commercial enterprise and economic growth or it can restrict and decelerate economic growth.

The previous Companies Act of 1973 was amended 42 times in the 35 years that it was signed in as law. This led to the Act becoming complex and contradicting. For that reason the government thought is well to draw up a new Companies Law, ensuring that the law is clear and easy to understand.
Another reason why the law was changed, is because of the modernization of the business world. More and more people are visiting other countries to expand their business. With globalization on our doorstep, the new law will make South Africa more investor-friendly. The DTI (The Department of Trade and Industry) commented on the new Companies law and sees it as a law of the 21st Century.

The DTI has formed five pillars from their policy paper. These pillars outline the objectives of the new Companies Law:
 To simplify and reduce the cost of forming a company,
 To promote an effective regulatory environment,
 To improve the management and efficiency of companies
 To enforce high standards of corporate governance
 To give South African companies a fair chance against the international market
The Companies Act 2008 has introduced various changes in respect of the corporate governance structures of companies. Despite of all the formalities and changes, the new Act offers South African Companies so much more than the previous Companies Act of 1973. The government made the right choice when they decided to change the Companies act.

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Forming a Partnership Agreement

One of the common businesses in South Africa is a partnership. A partnership is a business entity where the partners share in the profit and liability of the business. A partnership agreement can be signed for this.

A partnership can be formed by two, or a combination of natural person and a legal entity (companies or closed corporations). To make the process easy, a partnership agreement can be signed.  Although it can be comprised of a legal entity, a partnership is never a separate legal entity. That means that the partners involved in the partnership will be held accountable for the doings of the partnership. A partnership must consist of at least two people and a maximum of twenty people.

A partnership is also not continuous. If one of the partners withdraw from the partnership or one of the partners pas away, the partnership will dissolve. When the partners sign a Partnership Agreement, nothing in the agreement can change. As soon as a new partner wants to join or terms of the agreement are to change, the partnership also dissolves. Then a new Partnership Agreement must be arranged.

There are two types of partnerships – ordinary and extraordinary. In an ordinary partnership, the partners are known to the public. They also contribute to the partnership by means of labour or other contributions. An extraordinary partnership is where the partners remain anonymous. The names of the partners are not disclosed to outside parties.

In some cases, partnerships are formed between two companies. This is done when a certain task must be completed by the two companies. This is also referred to as a joint venture

Things to be done to form a partnership
Just like a sole ownership, a partnership is quite easy to start. All that is needed is the drafting of a Partnership Agreement. This is where all the detail and the terms of the agreement among the partners are stipulated. Then, all that is left to be done is to register the partnership with the South African Revenue Services. To simplify the process even more, you can contact Pty Company Registration . They will be happy to assist you, should you feel unsure about any part of the process.

Requirements to start a partnership
There must be an agreement between the partners of the partnership. This is done by a Partnership Agreement. Here in all the partners will be mentioned and what they will contribute to the partnership. The division of the profit will also be stipulated in this agreement. There is no rule enforcing that the agreement must be in writing, so it can also be a verbal agreement.

The partners should also have the same goals for the business. This will ensure that the partnership moves in the right direction. Furthermore, the partners must contribute something of worth to the partnership. This can be capital, skills or expertise. This might have an influence on the division of profit.

The Partnership Agreement
Listed below is some of the things to consider to include when drawing up or discussing the Partnership Agreement.
– The name of the partnership
– The business that the partnership will be involved in
– Roles and responsibilities of each partner
– If they will be needed full-time
– How the profit and losses will be shared among partners
– Which of the partners will have cheque and purchasing rights
– Other specifications that might be unique to your startup

Partnerships are ideal when you have an ideaand people with different, compatable recourses. It is easy enough to start and offers a fair amount of freedom to the partners. With the right combination of partners, there is no reason why a partnership won’t take off.

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How to Pitch to an Investor

One of the most nerve wrecking parts of being in the business environment, is to pitch to an investor. You know, while you are standing in front of them, they are analyzing and judging every part of your presentation.

Pitch

You may be the most outgoing person around or the one with the best presenting skills, but when the stakes are this high, chances are that you will be on your nerves. Investors are looking for a business or business ideas with the most potential chance at success. So do not worry about your presenting skills, rather focus most of your time to ensure that you present your business or idea in the best light possible. There are certain methods to follow to better your chances of getting that much needed funding for your business. These methods will be mentioned below.

The big picture 
A successful pitch to investors does not always revolve just around a well-drawn up business plan. It is about how well you know your business and the products or services you are going to provide. The overall idea of your business should be well thought through. It is also important that the business you are seeking funding for, is relevant to the current market conditions.

Confidence is key 
Be sure that you are confident and well prepared when you step up to do the presentation to the potential investors. Before the pitch, you should think of possible questions that the investors may have. This will help you to answer the questions better when you are confronted with them. It is also important to remember not to rehearse everything you want to say. You can have a few key words to help you remember all the points you need to touch on. You want to come across as knowledgeable and well informed.

The business plan 
The business plan can play a vital role in the presentation to the investors. Be sure that it is skillfully drawn up, so that it is still business relevant, yet easy to read and understand. You will need to show the potential investors that you have analyzed the market and that your business will be addressing the gap in the market. You should really think this part through.

Do not drag on for too long
Your pitch should not carry on for ages. You should be careful not to have a presentation that is too long or even too shorter. You should stick to the most important points of your business idea and ensure that you give the investors enough reason to invest in your business. Be sure not to lose the interest of your potential investors. If you find that they are losing interest, get their attention back by mentioning all the reasons why your business is the right investment for them and draw your pitch to a close. This will keep them from totally losing interest in your pitch and eliminating you as a potential investment.

Get it in writing 
Finally, you need to have all the data and figures in writing to give to the potential investors. This will carry the message that you have done research and have put effort in planning the pitch. They will most likely conclude that you will have done the same with the entire business idea. Include data like the estimate in growth that you expect, financial projections and an estimate amount of profit you are looking to make.

A final word of advice is to present your entire pitch in such a way that they can experience your entrepreneurial drive and ambition. Let them know, without telling them, that you have what it takes and is willing to put in the work that it takes. It all lies within your attitude and the presentation of yourself.

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The need for a share certificate

A share certificate is issued to members of a business that sells shares in their business. This certificate certifies that a specific person is the rightful owner of the shares in the business. It entitles them to have a share in the profit and in some instances, even a share in the decision making process.

A share certificate is issued by the company that have sold some of their shares to the public. These certificates are offered free of charge to the buyers of the shares. It is one of the ways in which the company rewards the new shareholder for buying shares in the company and welcoming them as a part of the company.

There is some vital information that should be included on your share certificate. Without this information on it, the certificate can be vague in some instances. This information includes:

 The name and surname of the shareholder
 The ID number of the shareholder
 The number of the shares that the shareholder have purchased
 The type of share that the shareholder bought
 The amount that the shareholder have paid for the shares

The Entrepreneur advises that there should not be more than one type of shares mentioned on a share certificate. A separate certificate should be issued for each type of different shares that a shareholder owns. In some instances, it can be possible that more than one person owns a share. In cases like this there can only be one certificate issued.

The share certificates should also be issued in such a way that the holder of the certificate will be able to easily identify the origin of the certificate. The logo of the company should be on the certificate and the rest of the certificate should be drawn up in accordance with the South African Companies Act of 2008.
In the instance that the shareholder loses their share certificate, they are entitled to have their certificate replaced. This is also applicable when the original share certificate has been damaged, stolen or destroyed is some other way.

When the company replaces the shareholders certificate, it is essential to provide sufficient proof of the reason that the certificate having to be replaced. When a certificate has been damaged in any way, then the certificate must be handed in to the company to be replaced. The company can provide certain conditions that the shareholders have to abide to when the shareholders certificate has been stolen or destroyed.

Even though the task of issuing a shareholders certificate can be delegated to another person, it still remains the director’s responsibility to issue the share certificates. Only once the shareholders certificate is signed, it becomes the original share certificate. These certificates may also not be duplicated, as it is fraudulent to copy these certificates.

The company should also keep a copy of the details of all their shareholders. This list of names and details of the shareholders will be kept in the company register. This is kept in accordance with the new shareholder certificates that are issued. This helps to make the controlling actions easier.
When all the predetermined shares of the company have been sold, the directors can collaborate to make more shares available to the public. This is a process that should be carefully considered, because it can have a long term effect on the value of the other shares that have already been sold.

To some people a shareholders certificate is just a certificate that they received for buying shares in a business. What they do not seem to realise is that these certificates are giving them proof of ownership. Always store your shareholders certificate in a safe place and remember that this certificate entitles you to a part of the business, no matter how small it may be.

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A Worthwhile Online Course for Entrepreneurs

When you search the internet for an online course, you are flooded with results. Each one promises you the best quality work and the absolute best material. At the end of the day, you no longer know which is best. It is important to remember that all of these courses is not a qualification as such. 

Online course

Some are purely designed to inform and educate people. It is still a good idea to take an online course, the more you know, the better you will be able to run your business. The following courses were identified as some of the best and most educational courses that are offered online, free of charge.

Innovative Ideas: The First Step in Entrepreneurship (Coursera)

This online course was designed with new entrepreneurs in mind. This online course will enable you to come up with great business ideas and how to turn them into successful companies. You can complete this online course in a mere 6 weeks. The best part is that you will only need to spend about an hour a day to ensure that you are keeping up with the work. In the current economic situation, it is no strange thing that people go out and fend for themselves. This course will give you as a new entrepreneur the basic foundation of starting your own business.

Building A Start-up 2 (Udacity)

This online course will give you the building blocks to ensure that you know how to start your own business. It will give you all the tips and tricks to maximize your chance of success and eliminate the things that can cause your business to fail. This course is ideal for people that do not know when they will have time available. You can start the course when you want, taking your time to get through all the work and eventually finish when you are done. It is totally self-paced, which makes it flexible.

Learning how to think (Coursera)

This is a more complex online course and it is required that the people that wish to start this course will have an understanding and knowledge of basic algebra. The reason for this is that the online course will teach the students how to think with models. It was proven that people who think with models, out performs others that does not make use of this technique. You will need to set out 20 weeks for this course. You will need between 4 to 8 hours a week to work through this course.

These are three of many more possibilities that are out there for you to take advantage of. Stay tuned for more online courses that will be worth your while, in the next article. The benefits you reap from learning more will be more than you would imagine. The best part is that all of these are free. So why not make use of such a brilliant opportunity to broaden your horizons.

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Wholesale and retail trade

The wholesale and retail trade sector in South Africa is the third largest contributor to the Gross Domestic Product (GDP) in South Africa. Not only does this sector provide a large number of employment opportunities, but it also helps to boost the economy of South Africa.

Over the last few years, South Africa has undergone a transformation from a primary sector based country to a tertiary sector based country. This had to effect that there was more attention given to the wholesale and retail trade industry, than to the manufacturing industry.

This shift also brought on some other changes. South Africa now would rather import and sell items, than to manufacture it here in South Africa. It should also be kept in mind that South Africa still has a very active and well sustained manufacturing industry.

Statistics South Africa is the country’s leading researcher and data capturing institution. Statistics play a major role in predicting the future and remains an important tool to learn from the past. Statistics SA produces a survey on a monthly basis, on the activities and happenings in the wholesale and retail trade industry. This survey covers a wide variety of wholesale and retail trade enterprises in South Africa. These enterprises include some of the following retailers:

  • Appliances
  • Beverages
  • Clothing
  • Cosmetics
  • Equipment
  • Food
  • General dealers
  • Hardware
  • Household furniture
  • Pharmaceutical and medical goods
  • Textiles
  • Tobacco
  • Toiletries
  • Various other dealers

There has been an increase seen over the last few years in the prices of the products of these retailers. The largest increase was recorded in 2006. The increase from 2005 to 2006 came to stand at a staggering 9,7%. According to statistics SA, this was the largest increase that they saw for any year since 2000. This increase could be the result of an increase in the inflation rate and/or an increase in the petrol price.

This drastic increase in prices had to effect that the retail sales growth decreased in the third quarter of 2006 by a shocking  9,1%. This made the overall economic conditions in South Africa somewhat tougher. Shortly after, in 2009, the economy, worldwide, took an extreme knock with the recession that shook the entire market.

A list was drawn up to identify the major retailing groups that showed the largest contribution to the economy. The groups were the following:

  • Edcon
  • Ellerines Holdings
  • Massmart
  • Pick ‘n Pay
  • Shoprite Checkers
  • The Foschini Group
  • The JD Group
  • The Mr Price Group

Trade unions also play an influential role in this sector. Trade unions were established to be the mediator between the employees and the employer. When employees are allowed to join trade unions, the trade union will see to it that the rights of the employees are protected and that there is no discrimination or impairments in the employees’ workplace.

Despite all of this, the wholesale and retail trade industry showed a 10% growth in 2013. This goes to show that South Africa has the ability to recover very well after a major international economic crisis. Even with multiple obstacles and challenges, this growth was possible.

This goes to show what South Africa is capable of. Even when the cost of living rises, the industries in South Africa can still achieve growth. More and more investors will notice this and South Africa will be put on the map once again.

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Hygiene in the workplace

We probably spend most of our time at work. At this time, we are exposed to the people we work with. If one of these people are not well, the chances of you being exposed to it, for quite a while, is very likely. Luckily, there are a lot of precautions that can be taken to minimize the effect and ensure good hygiene in the workplace.

The golden rule when it comes to keeping a healthy and hygienic workplace is to stay at home when you are sick. A lot of people feel that they must go to work and that the employer will think badly of them when they take a sick day. As an employer, you should move away from this perception. Let your employees know that when they are truly sick, it will be best if they stay at home. This will prevent other employees from also catching a disease.

How to practice good hygiene in the workplace

Washing your hands

This is one of the most commonly used methods used to stop the spread of germs. Since a very young age, we have been told to wash our hands before we eat and to wash our hands when we have been in an unhygienic environment. Even in your workplace this is still a very important thing to remember. When coming in contact with a lot of people, you will shake a hand here and there and handle files. You never know where the things have been that you touch. So it is still advised to wash your hands regularly with an anti-bacterial soap.

Your desk

A recent study has shown that your desk is populated by an enormous amount of bacteria and germs. The most common places where these germs are found are on your mouse, keyboard and telephone. These items should be cleaned regularly to ensure optimal hygiene. Also try not to eat at your desk, since it can lead to a hygiene hazard.

In the kitchen

Motivate your employees to store their food in the refrigerator. This will minimize the chances that the people in your workplace might get food poisoning. Dishes should also be washed as soon as the employees are finished with them. It will ensure a clean and more neat looking kitchen.

Most important facts

The most touched surfaces are the places that germs tend to thrive in. Always ensure that these surfaces are kept clean. Also, be extra careful when you are around these places that are ideal for germs and bacteria.

Maintaining a hygienic environment

The following tips will aid in the prevention of infections and promote a hygienic environment.

  • Getting a yearly vaccine will help you to build immunity against viruses and bacteria. You will also be less likely to get sick and your overall health and wellbeing will be improved.
  • Use hand sanitizer on a regular basis to eliminate all germs from your hands.
  • When you need to sneeze or cough, do so in the fold of your elbow when you are turned away from other people.
  • Do not share cups or glasses with your fellow employees. The employer should see to it that there are enough dishes and cutlery in the office for the use of all the employees. There can also be an arrangement made that the employees should bring their own.

Be sure that your workspace is cleaned at least once a week. Always remember that a workplace that is hygienic and well cleaned will ensure healthy and productive workers, ultimately leading to higher profits.

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Writing a marketing plan

Everyone is always talking about the importance of having a marketing plan and all the good that it can do for a business. You know this, but how do you go about drawing up this marketing plan?

Marketing Plan concept with smartphone

Marketing is one of the best ways to get a new or older business on the map. It puts you out there and people will notice you. To ensure that a marketing campaign is successful, it needs a lot of planning and thought.

If you follow the steps mentioned below, you will be able to draw up an effective and well structured marketing plan.

Before you can start to draw up a formal marketing plan, you will need to do some form of market research. This will give you an idea of who your customers will be and an idea of their lifestyle. With this you will also be able to determine if it is the right time to release your business, products and services to the public. When you have all this information, you will have a good place to start at.

Once you have established all that you need to know about your market, it is time to start developing your marketing strategy. A marketing strategy is the action plan for your approach to marketing. Another plus of having a marketing plan, is that you can include it in your business plan when you are pitching to investors.

 Doing a situation analysis 

In this part of your marketing plan, you will give a brief explanation of the current status of your business and the general situation of the market. You will also need to mention the following aspects in your marketing plan.

 Explain your target market 

You will need to go into detail when you are explaining this part of the marketing plan. You should include things like the lifestyle of your target market, the demographics, needs and habits of your target market. Keep in mind that this section can cover up to 3 pages, so do not worry about writing too much.

Do a SWOT-analysis 

Just like with a business plan, your marketing plan also needs to include a SWOT-analysis. You should include all the strengths and weaknesses that you can identify. Furthermore, you should also include all the opportunities and threats that you can think of.

Measuring your competition 

Another important thing to take into consideration when you are drawing up a marketing plan is your competition. You should define with which businesses you are going up against. You can also give examples of how you will draw customers to your business. You can also consider providing something extra to your customers, which your competition does not offer. This will give you a competitive advantage over them.

You should also include in this section how your business will differ from your competitors. When you include this, investors will see that you are serious about doing business and that you went through the extra trouble to find ways to be different from your competitors. These differences will even attract customers to your business.

This is just half of the information that you need to include in your marketing plan. Be sure to stay tuned for the second delivery on how to write a marketing plan where we will be discussing marketing strategies and budgeting for your marketing. Be sure not to miss out on this!

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Easy Steps for Setting Prices

When you follow these simple steps, you will be able to easily identify the perfect marketing prices for your business’s products and services. Remember that when you have set a price, it can still be changed. Setting the right prices will be to the complete advantage of your business. Here are the simple steps:

Prices

Setting reasonable prices 

When you are starting a new business, you are faced with multiple challenges that have an influence on the success of your business. A factor that concerns your customers, is the way in which you set your prices. This can be a challenging task, when the current economic situation is taken into account.

Nevertheless, there are certain aspects you can take into account when you are in the process of determining product prices. If you take the following aspects into account, you can be sure that your prices will be market related and reasonable for your customers.

 Evaluate your competition

A good starting point is to have a look at what your competition is asking for their products and services. Be sure to have a look at more than one business though. Some business charge higher prices than their competition, just because they are known to the market. Once you have gathered all the information, you can determine the average price that is charged for the different products and services.

Find the numbers behind the price 

There are multiple factors that contribute to the price of products and services. Before you open your business, you will need to determine what will have an impact on the price of your business. These can be factors like electricity usage, rent of a property and any other costs involved. It is important to remember that costs that might have slipped your budget may come up in the first few months of doing business. Be sure to re-evaluate your prices and to make adjustments accordingly.

Loyalty rewards 

Once you are in business, a good thing can be to offer loyalty benefits to regular customers. This can be in the form of discount or getting something free if they have bought a certain amount of products or made use of your service for a number of times. It is important to remember that you should not implement this.

Communicate with your potential customers

This is also a great way to determine what the market is willing to pay for your products and services. This can easily be done by doing a survey in your community. People will directly tell you what they are willing to pay for certain products. You as a business owner should try your best to match these prices. That is, if they are reasonable and if it will still allow for a profit to your business.

Keep your prices market related                             

You should evaluate the market on a constant basis to determine if your business’s prices are still related to the market. If you see that your business is no longer profitable, you can have a slight increase in the prices of your products or services. You should also be sure that your business remains profitable and that the marketability of your business is preserved.

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Growing your Start Up Company in South Africa

One of the major fears of an entrepreneur is to fail. It is unfortunately a known fact that a large percentage of entrepreneurs starting out, fail within their first year of existence. Luckily, there are a lot of things that an entrepreneur can do to ensure the success of their start up Company.

start up company

The new business will need to maintain a sustainable amount of cash flow in their business, while keeping the operating costs down to the minimum and still run their start up Company at high standards.

The key to making the right business decisions is to know all that there is to know. It might sound like a lot, but it is true. The more you know about your type of business and the economy at the time, the better your start up Company’s chance at success will be. You will need to know how you will handle problems and also why you handle it in that certain way. It will be good to know this all before you even start your business.

The key to success is to be able to adapt to the changing business environment. This is a constant and therefore it will be ongoing process to ensure the success of your start up Company and eventually your entire business. One of the first things that you will need to identify, is the weakness of your startup. Once you have established what it is, you will be able to identify ways in which you can convert that weakness into strengths. The more you know about a weakness in your startup, the better you will be able to deal with it. Here is an Article with 30 Tips from Successful Company Founders.

Always remember to be objective. It will not help your start up Company if you choose to ignore warning signs. There are times that you will need to realize that you do not have all the expertise to manage your new start up on your own. If you are not yet in a position to appoint staff members, you can always ask for advice. When talking to people with knowledge in the field, you can be sure that you and your start up Company will benefit from it.

Talking to other people can even be of more advantage for your start up. Some entrepreneurs find it difficult to think in different ways when dealing with a sudden problem. Other people may be able to see things in another way that you did not think of. Different people will be able to give you different perspectives on different situations. It can only be to the advantage of the start up if you consider other people’s perspectives as well.

 It is also advised to keep the cost of your start up Company to a minimum. You cannot expect to be successful, if your startup has more expenses than income. There are different strategies that apply to different circumstances. For this reason it is important to find creative solutions to reduce the specific expenses in your start up.

You should also keep in mind that marketing is a very important part of your start up. Without it, the public will never know about the existence of your start up. You should never neglect to allocate funds to the marketing of your start up. Here is an Article we wrote with some great Marketing Ideas.

These are some of the main points that lead to either the success or the failure of start ups. When you manage to take control of these variables, you can be sure that your start up Company will be heading in the right direction, for success.

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Ways to hire Employees for your Company.

The biggest asset of any company is certainly its employees. Without them, a business will not be able to function properly. This is one of the reasons why you will need the best possible employees to ensure that your business will be able to function optimally. Here are some ways to hire Employees for your Company. 

ways to hire employees

There are a lot of methods out there that helps managers to choose the right candidate for each position. Some of these methods work better than others and some might seem a little odd. Luckily, you do not need to worry. In this article you will find five ways to hire employees that are the best candidate for a position in your Company.

Always have a plan at hand:

Before you even start to contact candidates for interviews, you will need to draw up a plan, this is one of the ways to hire employees. Normally, once you have put a plan together, the base of the plan will remain the same. There will sometimes just be a few minor changes depending on the position that needs to be filled.

You should determine how many interviews you will conduct and who will be present at each interview. Once you have established this, you can start to think of appropriate questions to ask the interviewees.

Get the word out:

Another one of the ways to hire employees is to spread the word that there is an opening in your business. When you advertise on multiple platforms, you will be able to reach more people and be able to draw the best possible candidates. The larger the crowd you are advertising to, the better the chance will be that you will find the perfect candidate.

 Asking the right questions:

There are mainly two approaches that are used to identify the best possible candidate for a position when conducting an interview. The first is to ask one or two questions that will lead to a conversation and the second is to ask skill specific questions. Both work very well and sometimes managers try to incorporate a bit of both when looking at ways to hire employees.

You should consider starting the interview with a question that is aimed at relaxing the candidate. This can be something like asking about the person’s typical day and asking them to tell the interviewer more about themselves. From here on you can start to ask questions that are related to the position that needs to be filled.

A good thing is also to establish the salary expectancy of the candidates that you interview. You can give an indication of what you are willing and able to offer at this stage, but no negotiation should take place at this time. 

Another interesting thing is that you can determine what motivates a person. You can do this by asking what the person will do with a certain amount of money. This will give you an idea of what drives the person internally.

When you have asked the questions you wanted, you should explain to the candidate how the timeline will work and when they can expect an answer. Here is a helpful article on How to Conduct an Interview Effectively

Ask for references:

This is a good way to establish how a candidate performs on a normal day in the workplace. You can contact previous employers, as well as people that the candidate gave up as a reference. It is important to remember to ask a candidate first before you do a criminal check. The candidate needs to give consent for this when looking at ways to hire employees.

Negotiations:

This is a very important part of securing the best possible candidate for your business, this helps when you are using different ways to hire employees. In the first few steps of the process, you should never over promise when it comes to salary negotiation. You have already determined the candidate’s expectancy, so try and meet it, if it is reasonable.

When it comes to choosing the right person for the position, it is important to take all of these factors into account. What is also important, is that you need to trust your gut feeling. Your gut feeling, together with the facts, will ensure that you make the right decision. You, as the owner, knows what is best for your business.

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Managing your Company Maintenance Costs

There are quite a lot of advantages to keeping maintenance costs down in your business. You will, for instance, have more money left over to spend on other crucial parts of your business. In the long run this will have a higher profit to follow.

maintenance costsDuring the recession in 2009, business owners started to count every single cent that they have spent. This all to ensure that they will have enough money to stay afloat in the difficult times. Even though we are seeing an improvement in the economy, business owners are still looking to cut costs where it is not needed.

Prevention is Better Than Cure:

This is one of the things that might be overlooked in the startup phase and it is to buy or rent a premises that has already been well looked after and maintained. If you are looking for a new premises to buy or rent, it is best to look for a property that will have low maintenance costs. This will ensure that you will not have unnecessary expenses to keep the building in a good condition. A low maintenance property will be one that has not been plastered and painted. In some cases, businesses have relatively large expenses to have their building premises painted. If you have a face brick wall building, you will never have to worry about having to paint your walls.

Implement a Maintenance Program:

We have all heard that it is better to maintain something than to fix it. When you have regular maintenance done on your equipment and buildings, it will be in a working state for longer. This will also have to affect that you will not need to have large expenses when some of your equipment breaks or if something happens to your building. Equipment that also runs better and more efficiently, will also use less electricity.Expects in the field of cutting overhead cost, have estimated that proactive maintenance can save up to, and sometimes even more than 18% in maintenance costs.

Small Leaks:

In the event that you spot a minor water leak, it is best to have it fixed immediately, this helps with keeping maintenance costs down in the long run. Some people will just put a bucket beneath the water leak and just make it a routine to empty the bucket every now and then. These kind of leaks can have major repercussions. There may also be undiscovered water leaks. These types of leaks can affect monthly expenses to a great extent. When you notice that your business’s water bill has gone up and you have not used more water than usual, it is often the result of an undiscovered leak.

Make a Deal:

One of the best ways to keep maintenance costs down is to make an arrangement with a maintenance company. When you arrange with a maintenance company that you will use them whenever there is something wrong at your business, they might consider to give you a better price. If you allow them to advertise their business on your business premises, it might also lead to the maintenance company giving you a better price when they need to repair something at your business.

At the end of the day it will be to the benefit of your business if you minimize the maintenance costs of your business. Your entire business image will be improved and your employees will also enjoy working for a business that looks well maintained and safe. So do not neglect the maintenance of your business. Just see to it that small things are fixed before they become big things.

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