Management

In today’s digital age, data-driven insights have become the cornerstone of business success. These insights help businesses thrive. Understanding customer needs provides a greater competitive edge. Additionally, analysing financial data helps businesses plot their growth. This allows them to fulfill their full potential. The benefits of data in the business world are endless.

So, your idea has taken off and is wildly successful. Next step is to franchise it and make some serious money, right? Not so fast: while the franchising model can be applied to almost any industry, not all businesses are ‘franchisable’. The first step to building a successful franchise is having a concept that has been growing well as a freestanding business, and being able to understand how the business operates and what is at the root of its success.

In the same way that prenuptial agreements are considered a necessity for many marriages, business partnerships require meticulous planning to safeguard against the consequences of potential disputes and ensure a smooth separation if the need arises. By incorporating comprehensive shareholder agreements or Memorandums of Incorporation (MOIs), businesses can protect their interests and foster fair and equitable outcomes during unforeseen conflicts.

Local government in South Africa faces challenges such as bureaucratic inefficiencies, lack of resources, and widespread corruption. These issues often hinder local government's ability to effectively meet the dire needs of the community.

One of the greatest inventors in human history was Thomas Edison, often called the “Wizard of Menlo Park.” In fact, one of his innovations is used to illustrate individuals coming up with new ideas - the lightbulb. Similar bulbs were in use but unreliable and he came along and changed how things were done, making bulbs less pricey and more reliable.

The Department of Trade, Industry and Competition published draft vertical restraint regulations for comment along with a memorandum to provide context in respect of the draft regulations. These regulations relate to the prohibition on restrictive vertical practices as set out in section 5 of the Competition Act, 89 of 1998 and attempt to provide a framework on how the Competition Commission should approach practices which are potentially prohibited in terms of section 5 of the Act.

While the position of Company Secretary has always been important within an organisation, especially from an administrative perspective, the Company Secretary’s role and scope of responsibility has grown over the years from an ‘efficient administrator’ to a ‘governance leader’.

Succession and continuity planning is an essential endeavour for high-net-worth entrepreneurial families looking to safeguard their family businesses and the financial security of the next generation. Expert insights are provided on how to navigate this complex process effectively to ensure that families who run businesses can continue to thrive even if their circumstances change.

Collaboration between government and business is vital to realising economic growth. Government should set up a conducive environment for businesses to operate while businesses ensure that they help grow the economy and employ citizens. This partnership must ensure that socio-economic goals are also met for the benefit of citizens.

Internationally, 75% of startups consider partnerships with corporates critically important to their success, with a further 63% anticipating that these relationships will gain even greater importance in the future. In South Africa, however, corporates’ support for entrepreneurs is lacking and must be urgently remedied by the country’s businesses.