Consumer preferences and buying habits are always changing, influenced by new technology trends, economic changes, and social movements. A whirlwind for any business, but for SMEs, keeping pace with these changes is crucial for survival and growth. Imagine missing out on the rise of mobile payments or failing to connect with an environmentally conscious customer base. The consequences can be significant. Here, we’ll break down key strategies to help South African SMEs navigate these changes and achieve success. 1. Embrace the Digital Shift: South Africa boasts a highly connected population ..read more

Managing cash flow effectively is crucial for the survival and success of any business. A healthy cash flow allows you to meet your financial obligations, seize opportunities, and invest in growth. Good cash flow management means having enough money to pay bills and handle financial challenges. Fortunately, optimising the cash flow of your SME isn’t rocket science. By following the guidelines below and leveraging the power of a reliable business management platform, like SMEgo from Old Mutual, cash flow can easily be transformed from a major source of concern into a business success enabler ..read more

Cybersecurity is incredibly important for all small businesses. Even if you don’t think your business is a target, cybercriminals are everywhere, and they love going after any kind of business – no matter what the size. From protecting customer data to ensuring payments are done safely, you cannot overlook the importance of cybersecurity when setting up your business operations. Here are some of the main reasons why cybersecurity matters. Protecting Customer Data Small businesses often handle sensitive customer information like names, addresses, and payment details. If this data gets into th ..read more

Building a strong brand identity for your small business is crucial for standing out in the market and connecting with your target audience. While there’s a lot of competition out there, having a powerful brand can make all the difference in attracting customers and making your business more memorable. To help you get this right, here are some of the most important steps you should take when building a powerful brand. Define Your Brand Identity Start by clearly defining what your brand stands for. Think about your mission, values, and the unique qualities that set your business apart from co ..read more

Women are still underrepresented in the world of entrepreneurship. While this is slowly changing, women often face many unique challenges and blockers that prevent them from accessing entrepreneurship opportunities. Actively working on breaking down these barriers and making entrepreneurship more accessible to all is essential for creating opportunities for women in entrepreneurship. Here are eight key areas where this can be achieved. 1. Education and Skill Development Women entrepreneurs often face a lack of access to education and skill development programs. This can be a major blocker to ..read more

If your business is growing, then you’ll probably need to consider where you’ll base it. While renting an office space is the traditional route to take, basing your business in a coworking space is another excellent option. In fact, coworking spaces offer a range of unique benefits for small businesses that you just can’t get in traditional office environments. In this guide, we’ll explore some of the main benefits of coworking spaces as an entrepreneur. 1.   Cost-Effectiveness Coworking spaces provide cost-effective alternatives to traditional office spaces. Entrepreneurs can acce ..read more

When setting up a small business, you need to make sure that you get all of your compliance requirements properly ticked off. This is essential for a business that functions smoothly and avoids any unwanted legal issues along the way. From financial compliance to laws around hiring employees, there’s a lot that business owners need to stay on top of. To help you out, here are some of the most important compliance requirements for South African SMEs to keep in mind. Business Registration When starting a business in South Africa, it’s essential to register your company with the Companies and I ..read more

Getting taxes right is one of the most important parts of running a small business. It can also be a real challenge, as many business owners aren’t aware of all the tax obligations involved in managing a business. However, managing taxes for your business can be a pretty straightforward process as long as you’re properly informed. To help you out, this guide covers the basics of tax obligations for South African SMEs. Registering for Tax When launching your small business in South Africa, it’s crucial to register for tax with the South African Revenue Service (SARS) within 21 business days o ..read more

Social media marketing is a vital part of running a small business. If you can make the most of your social media profiles, then you’ll be able to attract a lot more customers and generate far greater interest in your business. However, with constantly changing trends and a lot of competition out there, getting social media right can be tricky. Here are a few key areas to focus on to make the most of social media for your small business. Know Your Audience The first step to social media success is understanding who you’re trying to reach. This will help you use the right platforms more effec ..read more

Careful financial management is one of the most important parts of running a small business. Being profitable is not just about how much revenue your business brings in, but it’s about how well you’re able to control your finances. With an effective budget in place and the right financial management strategy, you can make your business a lot more sustainable and successful. Here are some of the key steps involved in budgeting and managing finances for any small business. In-Depth SME Financial Analysis The first step to effective budgeting and financial management is to dive into the nitty-g ..read more