2014 News
Collection of events and news articles from 2014Articles
Navigating the new BEE codes Recent changes in the broad- based black economic empowerment (B-BBEE) codes will see many corporates reassess their approach to enterprise development and will encourage a significant shift in their current spending patterns towards black owned suppliers.
New Year's Resolutions For Your Business You make personal New Year's resolutions to lose weight, get fit, study or take a trip. You are determined in that moment. Then February arrives and your resolutions are but a faint memory. Is it the same for your business?
Maximising ED Points under new BEE Codes' tougher formula The ease with which early payment options permitted Enterprise Development (ED) points to be attained under the previous BEE Codes (2007) has resulted in many companies currently finding themselves stranded for some of their BEE points: under the newly gazetted BEE Codes (2013) the formula for ED recognition has been updated, and no longer allows for early payments.
How to become a better leader Many of us in business – and in life – play leadership roles. But what should leaders be doing? And how can you become a better leader? Eleanor Scott shares her advice.
The first step to becoming a better leader is to have a clear understanding of what a leader embodies. My definition of a leader is: “A person out in front – influencing and paving the way for others to first follow, and then imitate.”
Healthy Profits Have studied chemical engineering, Mathekga enjoyed a diverse corporate career spanning the mining and FMCG industries, but credits the exposure she gained to the food manufacturing industry during stint as a production manager at Nestle ice cream as one of her primary reasons she considered pursuing an entrepreneurial career in this sphere.
Inspiring change To celebrate International Woman's Day, the Hope Factory salutes inspiring businesswomen
Puso Fisher is the owner of Ofensay Photography & Events in Johannesburg. She enrolled in The Hope Factory's Enterprise and Supplier Development Programme, which features a strong mentorship element, last year.
SMEs in particular must be mindful of their bottom-line expenses Managing costs is a critical area for SMEs, but it is often difficult for entrepreneurs to keep costs under control. In a nutshell, if you underestimate the expenses related to running your enterprise, there will be less profit at the end of the month than anticipated.
Quick to take the gap Cutting into her family viewing time while consulting in her mother's Zwide lounge finally paid off for Pumeza Takalani. The owner of Bluworld Book-keeping and consulting services was chosen as one of the Top 40 Under 40 representatives for 2014 though she is but 27.
What Systems Need to be Implemented in Business? In life, I believe in taking a proactive approach and being prepared rather than being reactive. Obviously things don't always work out, but by being prepared one can eliminate a lot of unnecessary stress.
Are partnership agreements for spouses a requirement? In life, I believe in taking a proactive approach and being prepared rather than being reactive. Obviously things don't always work out, but by being prepared one can eliminate a lot of unnecessary stress.
Do entrepreneurs have time to worry about CSI? I am a firm believer in the ‘Pay-it-Forward' concept. It means doing something good for someone else without expecting a return for oneself. So says Puseletso Modimogale of The Hope Factory.
The concept was popularised a few years ago by the 2000 movie Pay It Forward, starring Kevin Spacey and Helen Hunt. In this movie, a young boy, played by Haley Joel Osment is given a school assignment that requires him to find some way to change the world. He develops the Pay-it-Forward concept, setting forth a chain reaction of good deeds.
Will an SMME Ministry spell the end of late payments? There could be hope on the horizon for entrepreneurs with the recent introduction of the Small Business Development Ministry – IF the Ministry addresses recurring challenges that entrepreneurs face in the business landscape, says Eleanor Scott, Executive Mentor at enterprise development organisation The Hope Factory.
Of significance to entrepreneurs is the issueof late payment, particularly from government institutions. Entrepreneurs who have done the ‘hard work' to do business with government often have to wait for payment to be processed through reams of red tape.
Include a ‘Bounce Back' Strategy in your Business Plan One of the keys to getting back up and running following a knock in business is to have a purpose for the business, beyond simply making money. Any great business success story is one that is created over time and not achieved ‘overnight'.
Most SMEs face challenges, whether industry specific, regulatory in fashion or budget related – those that have a strong resilience plan in place are normally more capable of surviving and moving forward.
Cut out for the business of design The hope factory has given a young designer a second chance at making his dream come true after dropping out of university 13 years ago. The Hope Factory develops black business owners and offer an entrepreneurship programme to help entrepreneurs activate their goals and eventually give back to the community.
Do I need a business plan for my one-man business? I have a small business in which I am the only employee. Do I still need to write a business plan? In my experience (as a business mentor) my answer to this question is a resounding “Yes!” Here's why:
• One Person Business: As a one-person business, you might feel that you have all the knowledge and information needed to run the business and to steer it in the right direction in your mind. However, a business plan can be used as a working document that can be moulded and adjusted over time as things progress.
