Share

BE SMART ABOUT YOUR BUSINESS!

accreditation
Lindy made her husband’s businesses thrive.     Photo by Kopano Monaheng
Lindy made her husband’s businesses thrive. Photo by Kopano Monaheng

MZANSI relies on small business to support the economy, but a major problem is that many small business owners haven’t learnt everything they need to thrive.

SunMoney spoke to Mags Ponnan, head of business incubator and customer value propositions at FNB business, who said: “Small businesses have to be smart about how they manage the flow of their income and expenses.”

He said businesses can achieve this by reducing on their spend and finding new and innovative ways to execute tasks without breaking the bank.

He shared some tips on what more small business owners can do.

Audit the waste

Many businesses do not know their total expenses. Common areas where a business is bound to save money is with the likes of stationary, cost of water and lights, travelling to meetings and telephone costs.

Check the business insurance

Every year, make sure that you and the business is covered affordably.

Go online

An online presence helps businesses run smoother.

Employ professionals

If you cannot afford to pay the salary of highly skilled professionals, then offer them shares in the business to make up for the lower salaries.

Talk to your bank

Banks know that businesses are feeling the strain so ask them for advice or help.

Find your tax benefits

Educate yourself on Mzansi’s tax laws because government is focusing on small business. There are many tax benefits for entrepreneurs at various levels.

Lindy Theledi (72), from Bushbuckridge in Limpopo, had to run her husband’s businesses when he died.

“I focused on management because he taught me how to do it. I told my son to run the shops and driving school businesses.”

Get the best in Soccer, News and Lifestyle content with SNL24 PLUS
For 14 free days, you can have access to the best from Soccer Laduma, KickOff, Daily Sun, TrueLove and Drum. Thereafter you will be billed R29 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe to SNL24 PLUS
heading
description
username
Show Comments ()
Voting Booth
What do you value most personally?
Please select an option Oops! Something went wrong, please try again later.
Results
Earning tons of money
25% - 1 votes
Career Progression
25% - 1 votes
Work-Life balance
50% - 2 votes
Vote
Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make dailysun.co.za even better!

Learn more
Do you have a story for the People’s Paper?

Click below to contact our news desk and share your story with SunLand!

Let's do it!