2011 Message from the MC
The years 2009 and 2010 have been undoubtedly the toughest years for business both on the South African political and economic platform as well as internationally. Even the world cup event hosted right in our backyard was incapable of significantly mitigating the effects of the global economic meltdown.The above said, even as I would confirm at this point that several businesses both in the small/ medium and large segments have closed down (take a look at the financial distress/ receiverships & liquidations stats), an encouraging number of small businesses have survived. A few have even used the adverse economic climate to grow and excel to greater heights. Many professional argue that the survival of small/medium enterprises is due to the inherent advantage they hold arising from being owner managed and hence decision making is often very flexible and quick making them more responsive.

Whatever the case may be, I am particularly confident that the economic recovery that is already visible at this point will start filtering down into all sectors of the economy stimulating economic activity across all enterprises including small/ medium enterprises in the 2nd half of the year (2011) and we should start to see improvement in business and therefore wellbeing of most enterprises. I would like to urge all business to continue exercising discipline, managing costs, continue with marketing and sales efforts and being innovative in the adoption of business models that ensure efficient and yet effective ways of doing business.

I may not be quoted, that said however, “for business that ensure survival until the 2nd part of 2011, these will most likely remain in operational existence for a relatively long time”.

If there is a positive that has come out of this economic recession is that we all have been educated and re-educated around points of;

  • · Financial management:- budgeting, exercising caution on expenditure and being efficient (doing more with less);
  • · Good cashflow/ working capital management, and;
  • · Governance: – ensuring good business practice overall especially compliance from the legal, reporting and tax perspectives.

As earlier stated, from now on things can only get better so here is to wishing you a prosperous 2011.

More in this category: IABC Operating Timelines Amid Safety Concerns | IABC Group » Business Rescue – Changing the Landscape of Business Advising in South Africa » Salary payment still best option for business owners » Sars’ revenue collection increases by 6.3% y/y, but misses Treasury target – This Could Only Mean One Thing for Tax Payers » Impact of the Vat Change Effective 01 April 2018 on Transactions » Value Added Tax (VAT) from 14% to 15%, effective 01 April 2018 » Job disruption is coming to accounting too » » HIGH LEVEL SUMMARY OF PERSONAL TAX CHANGES ARISING FROM THE 2018/19 BUDGET SUBMISSION » IABC – NOW A GOLD LEVEL SAGE RE-SELLER FOR SAGE PRODUCTS » How Compliant is your VAT Administration? » 2012 Tax Season is Open » Softline Pastel Accounting & Payroll » IABC – Now an Accredited Pastel Evolution Business Partner and Approved Training Centre (“ATC”) » IABC – APPROVED TRAINING PARTNER » Tax compliance, obstacles encountered by small and medium enterprises in South Africa » Audit vs. Independent Review for Companies » POTENTIAL RISKS WHEN BUYING A BUSINESS – BUSINESS DEVELOPMENT » Leasing vs. Buying – Corporate Finance » Security around VAT Registrations and administration – Taxation » ENTERPRISE RISK MANAGEMENT » SEVERE NON-COMPLIANCE PENALTIES – (Taxation) » Importance of Sound and Effective Business and Financial Controls – Enterprise Risk Management » IABC Notice Board » OUTSOURCING – Business Management » Financial and Other Economic Indicators »


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