Cashflow tips for small-business survival

While, as a Dreamer, you may have a million-rand idea, a great concept will only get you so far. Running a small business requires a lot of hard work, determination, and perhaps most importantly, a steady cashflow.

Here are 10 cashflow Money Secrets to help your business thrive!

• Make your own payments to stay on top of your finances.
• Keep quarterly tabs on sales, expenses and profits.
• Get an accountant who’s on top of their game.
• Keep track of when VAT and PAYE payments are due.
• Think big and be prepared for tomorrow.
• Use technology to minimise your admin.
• Foster a good relationship with your bank manager.
• Find creative ways to cut down on expenses.
• Reward your staff in cost-effective ways.
• Consider using a debt collector to ensure timeous payments.

For a detailed look at these tips read more here.

This information is intended for general information purposes only and does not constitute legal advice.

Getting to know more about funding

It’s a harsh reality, but a dream will remain just that if you don’t figure out ways to fund your ideas, and subsequently monetise them. While the idea is somewhat scary and intimidating, there are various ways to make the right funding decisions, which can impact both your life and business positively.

Nedbank’s business community forum, SimplyBiz is a platform aimed at connecting you with like-minded entrepreneurs and business experts to help you make sense of all the business nitty-gritty that you never learned at school - a pool of Money Secrets, so to speak.

SimplyBiz has called in the expertise of top entrepreneur and investor, Craig McLeod, to help you understand the most important aspects of securing funds and the different funding instruments available to you, as well as what to look out for.

Click here to watch an insightful masterclass on what funding can do for your business.

This information is intended for general information purposes only and does not constitute legal advice.

Entrepreneurial insights - failure is an option

Being a Dreamer, you know all about fear of failure. As a creative soul, you could be in danger of putting your dreams on the backburner because you’re reluctant to take risks, knowing that your dreams might spiral into a nosedive.

Let’s get real. Many startups fail within a relatively short period of opening their doors. Not exactly great motivation to attempt doing your own thing. Surprisingly, experts reckon that failure shouldn’t be a deterrent. In fact, it’s quite the opposite.

Allon Raiz, CEO of Raizcorp, believes that we should change our societal perceptions of what failure means. While no one sets out to fail, it definitely doesn’t merit giving up entirely. Read more on why failure is an option on SimplyBiz.

This information is intended for general information purposes only and does not constitute legal advice.