The Art of Running a Sustainable Business DURBAN TOURISM INDABA MAY 2016.

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Presentation transcript:

The Art of Running a Sustainable Business DURBAN TOURISM INDABA MAY 2016

SUCCESSFUL SME ENTREPRENEUR GRATIFICATION FINANCIAL SUSTAINABILITY SOCIAL IMPACT CUSTOMER SATISFACTION EMPLOYEE SATISFACTION

Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses. Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses.

POOR CASH FLOW MANAGEMENT STRATEGY

Source: Findings SAICA 2015 SME Survey

Lack of financial interpretation and know-how Lack of financial interpretation and know-how

No accounting systems No accounting systems Poor recording and filing of source docs. Poor recording and filing of source docs. No policies & operating procedures No policies & operating procedures Separation of duties Separation of duties Poor oversight & leadership Poor oversight & leadership

HAVE A SOUND BUSINESS PLAN HAVE A SOUND BUSINESS PLAN – A business strategy backed by reliable research – Realistic budgets and forecasts (12months) HAVE A DEBTORS MANAGEMENT STRATEGY HAVE A DEBTORS MANAGEMENT STRATEGY – Know your clients very well – Have clear payment terms & agreements with clients – Collect money as fast as possible – Invoice constantly – Know your break-even – Maximise cash flow HAVE SOUND INTERNAL CONTOLS & ACCOUNTING MEASURES HAVE SOUND INTERNAL CONTOLS & ACCOUNTING MEASURES – Record & store source documents continuously – Develop accounting systems MAKE SOUND BUSINESS DECISIONS MAKE SOUND BUSINESS DECISIONS Have monthly management accounts (signed by registered & qualified accountant) Annual financial statements (signed by registered & qualified accountant) CONTINOUS TRAINING & SKILLS DEVELOPMENT CONTINOUS TRAINING & SKILLS DEVELOPMENT – Develop management skills & sound finance knowledge – Develop leadership skills

Qualified Mentors & Business advisors Registered Chartered Accountants Qualified tax practitioners and payroll officers SAICA ENTERPRISE DEVELOPMENT SOLUTIONS

Contact Details Mandisi Nombembe Project Manager: Transformation & Growth