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 Getting Started
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Putting your plans into action
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The question??
The following questions that you and other entrepreneurs must ask yourselves before you choose an enterprise:
Do I want to involve another person or persons in the enterprise?
What are the legal requirements and regulations that must be met when starting the enterprise...
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A contract can be described as an agreement between two or more people (the parties to the contract), which complies with certain requirements (components of a contract), resulting in rights and/or obligations (duties) for the parties that will be enforced by the law...
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All citizens, as well as business in South Africa, are governed by a framework of legislation. It is important for you as the owner of a small or medium business to have a clear understanding of what these laws are, and where they come from...
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Many businesses rent their premises, be it a factory, warehouse or offices. Viability is often undermined by the terms of a lease. A lease agreement can have some very difficult clauses to understand. Furthermore, an entrepreneur needs...
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The choice of location is one of the most important decisions influencing the success of a new small business. You must study and understand your customers to be able to choose a location that will meet their needs. Your research and analysis will pay dividends...
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All businesses are required to keep their financial records in good order and to submit annual returns for tax purposes. Different business entities (sole proprietorship, close corporation, partnership, private company) have different requirements, advantages and disadvantages regarding tax. It is therefore worthwhile finding and consulting a qualified and...
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Raising capital has never been easy. There are a lot of places to look for capital and there are a lot of alternative sources of capital. An entrepreneur needs the competitive edge that comes with an advisor who has experience in raising capital and who can lead the process. Every business is different...
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Any business is exposed to a variety of risks. A business risk is reflected in the sales figure that must be achieved to break even, competition and other similar products as well as the threat of recession. A financial risk is the risk that the business will not obtain adequate financing...
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The overall objective of a business is to maximise the rate of return on investment to the owner(s) over the long term, taking into consideration the interests of all applicable stakeholders. To achieve this, the business needs assets...
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Why Do We Draw Up Budgets?
A budget provides a formal framework for an enterprise to make forecasts and set goals.
A budget is an instrument that allows management and staff to...
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Ensuring basic information is correct in terms of the clients that owe a business money and in terms of what a business owes suppliers or service providers, is essential. Systems can easily be set up and this intervention shows just how...
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Tying up too much money in stock means the business’s money is not productive; not having sufficient stock means a business will lose orders and have angry clients. Stock control is easy if a business has a good system in place...
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Poor financial management is one of the main reasons why businesses fail. Therefore this is not something that you should delegate to your banker, consultant or accountant. You need to have a grasp of the basic principles of your entities financial projections...
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Pricing is one of the really crucial elements of the marketing mix (Majaro, 1993:93). Pricing affects the chances of long-term success for a small business because of its implications for profit. The significance of pricing lies in the fact that price is the one element in the marketing...
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Price is the only marketing instrument that generates an income for the business (advertising, product development and the yes of a distribution channel, for example, are cost for the business. The price that is paid by the consumer represents the income generated...
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Marketing consists of management tasks and decisions directed at successfully meeting opportunities and threats in a dynamic environment, by effectively developing and transferring a need-satisfying market offering to consumers...
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Kotler (2000:564-565) identifies five tools, to use within a promotion:
Advertising.
Sales promotion.
Public relations and publicity...
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The information presented in the following table can be used as a guideline to develop a group or individual sales plans for a sales force...
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The following template will provide an example of a sales report...
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Small and medium-sized enterprises that cannot afford the specialised services of advertising practitioners are responsible for the creation of the advertising message as well as the allocation of available funds between the different media, and the evaluation of campaigns...
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“One of the biggest problems financial institutions have with funding a business is the poorly drafted nature of supporting documents such as the business plan and marketing plan.”
Our plan creator helps you to create your own business plan, marketing plan, media plan, sales plan. Designed to assist you...
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As employer, the business must collect the employees’ tax and pay it to the Receiver (for example, the payment of SITE and PAYE tax).
As taxpayer, the business or the owner (depending on the type of business under discussion) must pay tax on net income annually...
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Note the following steps when you plan staff appointments:
Draw up a list of all the tasks that must be performed in the business.
Group the tasks so that tasks that can be performed by a specific person can be combined. This combination of tasks is the job description..
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This overview summarises the main provisions of the Act (with references to the appropriate sections of the Act). ACT 75 OF 1997
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A contract of employment is basically an agreement whereby one party (the employee) agrees to make his or her personal services available to another party (the employer), to perform duties and tasks as defined by the employer under...
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If we tried to give a proper definition of LR we would say that it has to do with the relationship between an employer and his employees that is influenced by rules, guidelines, procedures and laws. The field of LR covers many topics...
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Discipline needs to be viewed as a corrective rather than a punitive measure. This concept of corrective or progressive discipline has as its purpose a means for employees to learn and understand what standards are required of them...
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Internal Grievance Policy
It is important when designing a grievances policy to promote a climate of open communication with employees, to listen to employee grievances and to respond effectively as a business owner or management team...
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A business owner or employer, employing more than 5 employees must keep the following personnel records for three years from the date of last entry (it is advisable to keep this...)
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It is almost impossible to remain competitive in business without using computers. Computers influence almost every aspect of our lives, whether purchasing a movie ticket, depositing money in the bank, paying tax or buying groceries...
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General Management
We often hear about small businesses going bankrupt. Unfortunately, poor management is very often the reason for these businesses not making the grade. Good management is therefore a prerequisite for a successful business.
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