Tag: cash flow management

COVID-19 came with its own challenges for businesses, requiring companies to pivot and adapt to new ways of working and changed the working environment completely. Small auditing firms were not spared from this, they needed to quickly adapt and fully equip their employees with resources to ensure that they continue to operate and serve their client’s needs.

Cash flow management is a critical aspect of running a successful small or medium-sized business. For many South African businesses, ensuring that there is always enough money for payroll and salaries can be a daunting challenge.

In 2021, the global procurement as a service market was valued at approximately US$ 6.3 billion. Given that the market has a projected compound annual growth rate of 7% for the next 10 years, experts forecast that the market is likely to reach a valuation of US$13.3 billion by the end of 2032.

Several advantages make owning commercial or business property a viable prospect for small businesses. These include the benefit of asset appreciation, enjoying full control over interior design and renovations, security of tenure and avoiding above-inflation rent hikes.

The fifth annual State of South Africa Small Business report 2022 found that 95% of business owners have experienced stress in running their businesses. Undoubtedly every late payment, supply chain issue, and government decision over the past two years has placed additional stress on the owners of small businesses.

The lack of access to finance is one of the main reasons small and medium enterprises (SMEs) fail worldwide. While start-up capital is crucial, access to funding in running a business is critical too. In the best of times, access to finance is vital to scale and take advantage of opportunities.

We have announced new research into the CFO 4.0, which reveals that the manufacturing CFO will play a critical strategic, innovative and financial role in the business moving forward.  The study, which was conducted in July to September 2021 and assessed the sentiment amongst senior level Chief Financial Officers within manufacturing sectors across the Americas, APAC and EMEA.

Four in five small businesses want to become more knowledgeable about financial management, but two thirds lack the support they need. New research reveals that South African small businesses are making mistakes costing them an average of R91,311 per year due to a lack of financial knowledge.

For most Small and Medium Enterprise (SME), funding and loans are vital to their ability to purchase equipment, expand the business and maintain cash flow through challenging times. But to maximise their chances of getting the loan, it’s vital that that they do their homework before approaching a funder.

The Global Entrepreneurship Monitor (GEM) found that South Africa has one of the highest business start-up failure rates in the world. In the GEM National Entrepreneurship Context Index (the NECI Index), South Africa ranks 49th out of 54 countries, ahead of only Croatia, Guatemala, Paraguay, Puerto Rico, and Iran. Often, people think that the number one thing an entrepreneur needs is a winning idea.