Uncategorized

The 5 Stages of Small Business Growth

0

In my morning reading I found this great research article in the Harvard Business Review – https://hbr.org/1983/05/the-five-stages-of-small-business-growth. It was written originally in 1983! But as with most good empirical research, I find it still very relevant today.

In my personal entrepreneurial journey and with my clients, I have been looking to understand how businesses grow, and what common factors lead to success or failure. This article provides a great perspective, with a sensible and applicable model for business owners to use in order to understand their situation.

I’d be interested to hear if you agree and in which stage you find yourself and your business. We can only truly maximize our opportunities if we educate ourselves on all factors impacting our potential. And develop an honest, impartial assessment of what needs to be done to attain success.

I plan on going over this research in more detail but for now, my first key takeaway from this research is this:

  • Know yourself
  • Know your business
  • Know your market

Take an good honest look at those 3 areas and consider your goals, abilities and constraints in each. For example – are your goals in each area aligned? i.e you want to solve a need in the market, but are your personal goals and business goals currently working in that same direction? If you look again, your current business goals may have diverted from addressing that need, as a result of financial pressures or personal factors.

Additionally, consider your abilities, your business capabilities, in acheiving your goals. Do you currently have all the tools you need, and are you using them?

Finally, know your market. What is the need you aim to address? What is the problem you are solving? And how are you doing it in a manner that justifies your continued business existence?

If you’d like to discuss this further and take a dive into your business situation, please get in touch. I’d love to help you get on your way to maximising your business success.

CIPC annual returns and AFS in XBRL

0

Just a reminder to all entities who are required to submit Annual Financial Statements (AFS) with your annual return:

  • You must upload your latest approved audited Annual Financial Statements.
  • You have up to 30 days from your annual return due date. Thereafter you will be non-compliant and subject to penalties.
  • Who should submit AFS: Private or personal liability companies that are required to be audited by the Companies Act, 2008 or regulation 28. (Or if you elect to be audited)
  • The AFS must be uploaded in XBRL format before submitting your annual return.
  • At ConsultX we use proven world-class industry-leading software to ensure an accurate submission, on time!

If you aren’t sure – regulation 28 clarifies all categories of companies that are required to be audited. It includes: (and not limited to)

  • Public companies
  • State owned companies
  • Companies holding assets in a fiduciary capacity on behalf of others, of more than R5m at any one time during that financial year
  • Any non-profit company if incorporated by the state or an international entity or if incorporated to carry out a state or public function
  • Any other company whose Public Interest Score for that financial year is
    • 350 or more
    • at least 100, if annual financial statements were internally compiled

Read Regulation 28 here.

ConsultX is a provider of leading XBRL conversion services, so to ensure your compliance get in touch for a quote.

Is a (big) US market correction on the cards?

1

I have a feeling the Dow Jones is heading for a big correction from 25650 to 23 something..or lower. With the current China trade wars, I don’t think the US market can sustain this rate of growth. Analysts are telling us that the fundamentals are not strong enough. Right now, the US is just deferring the bad news.

I suspect this means a forthcoming opportunity for Southern Africa, where we will see a swing in the next year or two. The rand may weaken in the short term due to emerging market worries, and political concerns. But a renewed interest in growth markets will see investors coming back to SA..at least those that understand the political environment. Let’s hope as a country we can get our message right in order to get a piece of the action.

UPDATE: CIPC – AFS must be submitted before filing Annual Returns

1

Just a quick note to businesses – as of yesterday CIPC issued a notice that from 01 September, annual return filings can only proceed once your Annual Financial Statements (or Financial Accountability Supplements) have been uploaded. The CIPC filing process will enforce this.

So your AFS or FAS must be uploaded to CIPC before submitting your Annual Returns.

Make sure you don’t delay the process. Give yourself time to comply before incurring penalties.

For more assistance on annual returns and submissions in XBRL format, contact craig@consultx. Or call 081 753 6198

http://www.cipc.co.za/files/9515/3491/5064/Notice_56_of_2018_about_hard-stop_in_AR_process.pdf

Load More