Risk management is vital to the success of SMEs in South Africa which has one of the highest failure rates of SME’s globally, with 75% of SMEs failing within their first two years. Therefore, adopting a robust risk management approach can improve operational resilience, mitigate potential threats, and enhance business growth. For businesses in South Africa, understanding and managing risks effectively is a key determinant of survival and long-term success.
A modern, agile workspace that embodies agility and innovation that enables organisations adapt to changing market dynamics and drive sustainable growth.
The collapse of Ellies Holdings, once a cornerstone in South Africa’s consumer electronics sector, serves as a stark reminder of the necessity for agility and innovation in business. This blog post offers strategic insights derived from Ellies’ downfall, emphasizing how businesses, especially within the South African business landscape, can implement effective business adaptation strategies and drive sustainable growth.
Key Takeaways:
Implement Continuous Market Monitoring: Stay informed about the latest trends to anticipate shifts in consumer behaviour.
Prioritize Research and Development: Foster innovation to keep pace with technological advancements and consumer expectations.
Embrace Strategic Diversification: Leverage new markets and technologies, like renewable energy solutions, to enhance business resilience.
Cultivate Strategic Partnerships: Collaborate to enhance capabilities and effectively navigate market challenges.
Strengthen Marketing Efforts: Develop a strong brand presence to maintain market relevance and visibility.
Adopt Agile Operational Models: Ensure your business can swiftly adapt to changes within the dynamic South African business environment.
In today’s complex financial landscape, CFO outsourcing services for public and private sectors have emerged as a pivotal strategy for organizations aiming to enhance their financial operations and strategic planning. Bethanie Management Consulting, leveraging over 20 years of expertise, provide tailored CFO outsourcing services to both the public and private sectors. This blog delves into the specialized offerings of CFO outsourcing, showcasing its transformative impact across sectors through real-world success stories.
In the complex journey of growing a small and medium-sized enterprise (SME), the wisdom of seeking expertise is undeniable. Much like we entrust our health to doctors and our cars to mechanics, the path to business prosperity demands a specialized touch. This is where the invaluable partnership with professional accountants and trusted business advisors becomes your cornerstone for success.
In the dynamic world of medical and health professions, practitioners and small to medium-sized businesses face unique financial and operational challenges. As an accounting firm with a specialized focus on this sector, we understand the intricacies of your industry. This post aims to address the specific obstacles you encounter and offers expert guidance to navigate these challenges efficiently.
Successful businesses understand what their value drivers are, have insight into it and know how to manage it.
In the fast-paced and competitive landscape of today’s markets, small and medium-sized enterprises (SME’s) face numerous challenges that demand constant innovation, adaptability, and growth. However, many SME’s struggle due to a lack of visibility and insight into their own performance, strategies and risks, governance, processes, and customer dynamics. Therefore, SME’s cannot manage what they don’t see.
The majority of businesses including small and medium-sized businesses (SME’s) does not have adequate funding, available reserves and resources to pursue opportunities in the marketplace. The solution is to raise funding in the financial markets in order to take advantage of such opportunities. However, these businesses must persuade investors to invest in it in order to generate good returns. These businesses must also convince other lenders and suppliers to provide funding and credit at reasonable terms and conditions, interest rates and prices.
However, the majority of these businesses especially SME’s have difficulty in accessing funding in the financial markets. Consequently, these difficulties inhibit the survival and growth of these SME’s.
Agreed-upon procedures (AUP) engagements drive the creation of significant value for businesses and organisations. AUP engagements provide credible information and insights to the management that will enable it to make optimal data-driven decisions. Therefore, uncertainty is significantly reduced or eliminated in the decision-making process.
AUP engagements are flexible and can be tailored according to the needs and requirements of the client. The engagements focus on individual items of financial and non-financial subject matters. The AUP are agreed up-front with clients.
AUP engagements are conducted in accordance with the International Standard on Related Services 4400 (Revised) – Agreed-Upon Procedures Engagements as well as best practices relating to the field of work.
Visualization of data insights enhances understanding.
Insights derived from data and information drives business and organisational success, enables effective and efficient problem-solving and decision-making. Data-led decisions produce better outcomes for all stakeholders including small-and-medium-sized businesses (SME’s).
To thrive in this new digital economy, data and the proliferation of information must be strategically harnessed and utilised to drive more informed decisions that create sustainable value for customers, employees, shareholders, investors, and other stakeholders. It also increases chances of raising finance from lenders and obtain credit from providers of credit.
Business challenges and activities
Organisations and businesses including SME’s continually experience a range of challenges, problems and/or obstacles. These challenges and obstacles make it difficult for these entities to achieve its organisational, operational, strategic and/or financial goals. Examples of such challenges include:
Managing risk in SME’s enables them to improve performance, accelerate growth and create sustainable long-term value. In addition, SME’s can also minimise losses and avoid catastrophic disruptions if they manage risk effectively and efficiently.
All businesses and organisations implement strategies to achieve its goals and objectives. The achievement of such goals and objectives produces many benefits such as inter alia:
