Where your business’ accounts are concerned, profit and cash-flow are key financial measurements. However, many business owners aren’t aware that they are not directly linked, nor are they both equal measures of success.
In line with the company’s impressive growth trajectory in the last few years, 21stCentury has announced an evolution in its organisational design offering by engaging an industry expert Bongani Nhlapo and ramping up its offering to a fully comprehensive organisational development division. This cements the organisation’s 40% market share in the REM in South Africa and reinforces its position as one of the largest remuneration consultancies in Africa.
South Africa’s most innovative junior entrepreneurs will again gain exposure to the real world of business, when Eskom’s Simama Ranta finalists participate in the Small Business Expo in Johannesburg.
A survey undertaken by 1Life, during National Savings Month in July, has brought forth the dire reality around South Africans’ spending habits. While 99% of consumers surveyed realise the importance of savings, 54% of them save less than 5% of their monthly income, citing the main reason as not earning a high enough salary (79%). Further to this, results show that, while the importance of saving is understood, a high number of consumers are reliant on credit to merely ‘get by’ each month.
Following a technical recession in Q1, and with slow economic growth forecast, South Africa can expect tough economic times ahead. But this is no reason not to start a new business, says Nedbank.
South Africa’s vastly divergent make up of cultures means that we cannot assume to know everything about our fellow South Africans. By learning more about each other, we evoke a greater sense of peer to peer understanding, more beneficial communication and we can collect vital insights into different cultures. These insights can be used not only on a personal level but for businesses and marketers to correctly engage with their target markets.
More impactful business development support that provides entrepreneurs with robust business basics is needed to increase small business success rates, while a decline in youth owned businesses has emerged as cause for concern given South Africa’s dire unemployment figures.
Recent appointments of South Africa’s seasoned and well-known CEOs in South Africa raises questions as to what factors are possibly influencing board decision making and whether internal processes such as succession planning are working effectively, according to Leon Ayo, chief executive officer of Odgers Berndtson Sub-Saharan Africa.