Virgil Bethanie enables SME's and large businesses to improve performances, accelerate growth and create sustainable long-term value.
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.
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.
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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.
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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.
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:
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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:
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Small- and medium-sized enterprises (SME’s) are seen as a panacea to South Africa’s growing unemployment. The National Development Plan forecasts that 90% of the 11m new jobs will come from the SME sector by 2030. However, research data shows that this may not be the case. According to a World Bank study on employment growth in SA during the period of 2010 – 2019, the average job growth from the private sector during this period was only 2.3%. However, the SME sector’s share of this new jobs growth in the private sector was disappointingly low. Therefore, it appears that SME’s may not be able to create the required new jobs by 2030.
SME’s are also expected to contribute significantly to the country’s GDP as approximately 95% of businesses consist of SME’s, like in other countries. The National Development Plan forecast that by 2030, SMEs will contribute 60% to 80% of the GDP. In contrast, SME’s actual contribution to GDP in SA is disproportionately low, according to research data. This situation is as a result of the exceptionally high failure rate of SME’s. Between 70% – 80% of SME’s do not survive passed the first 5 years. Amongst the key reasons cited for this high failure rate is the lack of appropriate business skills and knowledge, according to a survey report of The SA Institute of Chartered Accountants.
Continue reading “Don’t be a headless chicken. Plan your business’ future and direction”
Trading and economic conditions are tough. Small-and medium-sized entities (SME’s) and large businesses struggle to survive, some furlough and retrench staff and others close down.
Your overall business strategy is to provide value adding products and/or services to existing and potential clients and generate excellent revenue streams from the marketing and sale of such products/and or services. The strategy is also to make increased profits, grow cash flows, manage business risk, build and maintain quality operations and create sustainable long-term value.
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When you want to extract problematic teeth, you do not do-it-yourself (DIY) or learn dentistry, you visit a dentist. When you want to fix your expensive luxury car, you do not DIY or learn how to fix your vehicle, you take it to a specialist auto technician or mechanic. When you want build a new house or property, you do not DIY or learn how to construct property, you appoint a reputable builder or construction company.
The same principle applies when you want to grow and prosper a small and medium sized enterprise (SME).
Continue reading “Don’t go it alone to grow your business”