As a small business owner, ensuring that your business is tax compliant is of utmost importance. With the tax-year end just around the corner, it is crucial to be well-prepared and organized to submit the necessary documents to the South African Revenue Service (SARS). Whether you are a first-time business owner or need a refresher, this comprehensive tax filing guide for SMEs will provide you with all the essential information you need to know.

The guide is divided into four main sections, each addressing a critical aspect of tax compliance. Let’s take a closer look at what each section entails.

In the first section, we will provide you with a comprehensive guide to payroll tax-year end. This section is designed to take you through the essential steps of preparing for, processing, and being ready for the next tax year. Properly preparing for payroll tax-year end ensures that you have all the necessary information and documents required for the payroll reconciliation process. This section will cover critical steps such as verifying employee information, reconciling employee records, and ensuring that all the necessary reports and declarations are in place.

Moving on to the processing payroll tax-tax-year-endtion, we will delve into the actual process of submitting your annual employer reconciliation returns to SARS. This section will cover everything from submission deadlines to necessary forms, emphasizing the importance of accurate and error-free submissions.

The final part of the guide focuses on preparing for the next tax year. This section will assist you in developing a plan that helps you avoid any mistakes made in the previous year and provides tips on how to make the preparation process smoother and more efficient.

The second section of this ultimate tax filing guide for SMEs focuses on four mistakes to avoid when submitting your personal tax return. By highlighting these common errors, we aim to help you prevent delays, penalties, or even an audit. Mistakes such as forgetting to declare income, claiming expenses that are not allowed, providing incorrect information, and not using the right forms can have serious consequences, so it is vital to be aware of them and avoid making these errors.

The third section of the guide is dedicated to three tips that will make tax compliance easier for small business owners. Running a small business can be stressful, and tax compliance is often one of the most time-consuming and complex aspects. This section provides practical tips that can help you streamline your tax compliance process, reduce the potential for errors, and alleviate some of the burden associated with tax-related responsibilities.

Finally, the fourth section highlights four compelling reasons to partner with Sage this tax-year end. Sage is a leading provider of accounting and payroll software solutions for small businesses in South Africa. This section outlines the benefits of using Sage software to streamline your tax compliance process, save time, and ensure accuracy, ultimately making your tax filing experience smoother and more efficient.

In conclusion, tax compliance is an essential aspect of running a small business, and being well-prepared for the tax-year end is crucial. This ultimate tax filing guide for SMEs offers easy-to-understand language, step-by-step instructions, timely and accurate information, valuable tips and tricks, and resources and support to ensure that you can submit your documents to SARS accurately and on time.

Whether you are a first-time business owner or in need of a refresher, this guide will help you navigate the complex tax compliance landscape and streamline the process, allowing you to devote more time to running your business. If you have any further questions or require additional assistance, please do not hesitate to reach out to our team members. Let’s get started on ensuring your tax compliance success!

By Yolandi Esterhuizen, Director of Product Compliance at Sage Africa & Middle East and a Registered Tax Practitioner

South Africa’s economy has yet to recover completely from the pandemic and faces record levels of load shedding, constraining South Africa’s growth potential. Taxpayers will be looking at the budget speech from Finance Minister Enoch Godongwana for signs of how the government aims to restore the country’s economic growth and boost employment in the year ahead.

They certainly face a difficult balancing act. Government is under growing pressure to find funds for social spending, including expanding the welfare system and funding healthcare for all. But with higher inflation, increased interest rates and energy costs, and lacklustre economic growth, taxpayers are under strain and don’t have much more to contribute to the fiscus.

Here are some things to look out for in the budget speech.

National Health Insurance

The long-awaited National Health Insurance (NHI) bill is expected to be finalised and tabled in parliament this year. Even after years of debate, there are many open questions about how the government plans to fund the NHI. At this stage, we can’t be certain how it will affect employers and employees via payroll taxes. Many hope the finance minister will shed some light in his speech in February.

Home office tax deduction

While we’ve seen many employers call their teams back to the office, many still work from home part or all of the time. These employees incur significant costs to work from home, including broadband, tech, office equipment, furnishing, and utility expenses. The requirements to claim these expenses are somewhat onerous and perhaps seen as unfair.

In the 2022 budget speech, National Treasury committed to publishing a discussion paper regarding this matter. However, nothing has been published subsequently, and the most recent taxation laws amendment act did not include any changes. It will be interesting to observe if there is an update in the budget this year or if the subject has dropped off the agenda.

Employment tax incentive (ETI)

One of South Africa’s most significant challenges is the high unemployment rate, especially among the youth. This issue can only be solved through sustainable economic growth. The government has tried to address the youth unemployment crisis in part through ETI. However, recent research indicates that it has an ambiguous influence. The scheme remains a great idea; however, if the government simplifies the administration of the ETI, it could encourage more employers to participate.

Unemployment Insurance Fund (UIF)

We have seen growing calls from organised labour and other quarters to place the UIF under administration due to concerns about inefficiency, corruption, and wasteful expenditure. I don’t expect an increase in the contribution rate this year. However, it would be good to see an update from the finance minister about how the government will ensure that the fund remains sustainable and able to pay claims in the future.

Personal income tax and VAT

In the midterm budget update, Minister Godongwana mentioned that revenue collection has exceeded projections in the 2022 Budget and that the gross tax revenue estimate for 2022/23 has been revised up by R83.5 billion to R1.68 trillion. Nonetheless, the IMF expects one-third of the global economy to be in recession in 2023, and the minister has said South Africa’s outlook is also grim.

Even so, I do not believe a VAT or personal income tax rate increase could be justified this year. I am not expecting major changes beyond adjusting tax brackets in line with inflation. In the 2022 budget speech, the government said it would review the approach of adjusting tax thresholds for inflation. Perhaps it will implement an automatic adjustment to cater for inflation.

The power crisis

High levels of Eskom’s load shedding are hampering economic activity. They are especially damaging to small and medium businesses operating on thin margins. We hope to see the President and Finance Minister provide greater detail on how the government will address this crisis. This might include making funds for diesel available to Eskom and fast-tracking reforms to the energy market.

With the regulator approving a steep increase in power prices, smaller businesses face the double whammy of frequent electricity outages but with higher tariffs. We can expect more consumers and businesses to invest in alternatives such as solar. It’s encouraging that the sunset date for the section 12L energy efficient saving allowance has been extended from 1 January 2023 to 1 January 2026.

However, this allowance mainly caters to large entities because the implementation costs are so high. We hope the government is considering a tax incentive or rebate for solar investments more tailored to people working from home and small businesses. Such interventions could make solar more affordable and relieve some pressure on the national grid. While the government is unlikely to introduce these incentives or rebates in the 2023 budget, mentioning their plans would be a step in the right direction.

For media queries:

Idea Engineers (PR agency for Sage)

• Itumeleng Mogaki
• Mobile: +27 (0)82 780 5002
• itumeleng@ideaengineers.co.za

About Sage

Sage exists to knock down barriers so everyone can thrive, starting with the millions of Small and Mid-Sized Businesses served by us, our partners, and accountants. Customers trust our finance, HR, and payroll software to make work and money flow. By digitising business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMBs, removing friction and delivering insights. Knocking down barriers also means we use our time, technology, and experience to tackle digital inequality, economic inequality, and the climate crisis.

Find out more: www.sage.com/za

The following content is paid for by Sage.

With the shift to remote working, more businesses are using the gig economy (or platform economy) and turning to contingent workers to fulfil their talent needs. It might seem simple to run your business with a workforce that is essentially required to manage itself, but employers are not completely absolved of responsibility.

Contingent worker compliance needs to be top of your priority list if your business plans to use independent contractors.

There are several advantages to using a contingent workforce instead of a team of permanent employees, including:

• Flexibility: An external workforce can be helpful for businesses that need to scale their workforce up or down in accordance with seasons or economic conditions.
• Global talent pool: Companies can access skills from anywhere in the world.
• Cost: The ability to hire talent as-needed helps businesses reduce labour costs and offers access to specialised talent on demand, which is far more affordable than paying for this expertise year-round. Employers also save on benefits typically due to permanent staff, such as paid time off and retirement fund contributions.
• Reduced administrative burdens: Using contingent workers, who may only require short-term, job-specific training and little administration, reduces the time and costs associated with recruiting, hiring, training, and managing regular employees.

There are, however, disadvantages and risks to consider, too.

Contingent workers could initially require more hands-on management as employers are hesitant to trust non-employees who do not know their systems or standards. Companies are also required to place a lot of trust in contingent workers who have access to confidential information. This could potentially lead to sharing of trade secrets or the compromising of protected data.

Hint: Protect yourself by getting contingent workers to sign non-disclosure agreements.

A contingency workforce must be implemented and managed correctly. Non-compliance can cost your business a lot of money, so keeping updated with the HR laws and regulations governing contingent workers is vital.

The workforce: Who’s who?

Typically, a contingent worker is an employee who is hired for a set period and includes independent contractors, freelancers, part-time, and temporary workers.

Contingent workers are a rapidly growing segment of the workforce. According to Statista, the number of temporary workers in South Africa increased from 2.6 million in 2017 to 3.9 million in 2018.

Due to the loss of permanent employment, or the need for a ‘side hustle’ to make ends meet, the gig economy has grown significantly since the COVID-19 pandemic. Given the push for better work-life balance by Millennial and Gen Z employees and the remote work flexibility accelerated by the pandemic, it’s clear that most businesses will need to include these kinds of workers in their future.

One of the most significant barriers to employers expanding their contingent labour base is the additional layer of compliance considerations that comes with it.

The modern workforce’s diversification has resulted in a complicated web of legal requirements that can be difficult for employers accustomed to dealing with a primarily full-time workforce. Keeping track of the reporting, tax considerations, and employment law requirements for a workforce that includes full-time employees and contingent workers needs a clear, well-organised strategy – and the correct technology to support it.

Managing the flexi-force

While contingent workforce compliance is essential, so is understanding how to manage that workforce. Employee talent management software can help you navigate the complexities of managing this flexible workforce. Automating areas of your business can also make it easier to stay compliant with your contingent workforce.

Many businesses are implementing broad management strategies, which generally include developing standardised, cross-functional business processes, policies, and roles across business units and regions, aided by a single information technology platform where possible.

A critical foundational element of any contingent workforce strategy is tracking and administering contingent workers in a single integrated system. Numerous options are available in the market for monitoring and managing contingent workers, ranging from traditional ERP human resource management systems (HRMS) to SaaS-based HRMS providers who offer integrated solutions.

Involving HR, talent, strategic procurement, finance, and IT in managing this workforce helps businesses mitigate risks and encourages accountability from the company as a whole. 

Embracing modern payroll processes

Thanks to the gig economy and remote working, employees in one country can easily work for companies in another, and companies can explore opportunities in new markets they weren’t able to access before.

From a payroll perspective, this means businesses will be required to deal with the challenges of making cross-border, multi-currency payments. To meet these global payroll demands, companies will need to invest in agile payroll software that will support them quickly and accurately and keep them compliant regardless of where their employees are in the world.

Earned Wage Access platforms, such as Floatpays, are also forcing the evolution of traditional payroll practices as the workforce increasingly uses on-demand payroll systems. Employees are now also favouring alternative ways of receiving payment, including via digital wallets like Apple Pay, Google Pay, PayPal, e-wallet, and more.

Reading the rights

Contingent workers have specific legal rights when they enter into an agreement with your company.

For example, they have the right to local wage standards, such as minimum wage, overtime pay, and standard working hours. This means that you cannot force an independent contractor to work more than eight hours per day, or 40 hours per week, without compensating them for the extra time.

Contingent workers who deliver their service on-premise are entitled to the same workplace health and safety protections as permanent employees.

Keeping it classified

When you hire an independent contractor, strict rules must be followed because misclassifying a worker can result in significant compliance issues.

Workers classified as independent contractors are responsible for paying most of their taxes, providing their own benefits, and other responsibilities. If you classify a worker as your employee, you will need to provide benefits and pay taxes for that worker.

Misclassifying full-time employees as contingent labour or independent contractors is in direct contravention of labour laws. It negatively impacts the employee through loss of benefits and the government through loss of tax revenue and UIF collections.

Clearly, staying compliant with contingent labour employment laws demands a significant amount of effort, knowledge, and coordination. Automating your human resources functions can help you reduce risk associated with scheduling, classification, and other key compliance issues. When weighed against the financial and reputational risks associated with improper management of contingent workers, a cloud-based compliant HR software solution is a wise investment.

Data security: Shhh, it’s our secret!

Payroll departments handle massive amounts of sensitive information, and data protection laws heavily regulate the storage, use, and transfer of this data.

It’s no wonder that even though 91% of HR and payroll professionals say their organisations are fully compliant with POPIA and the General Data Protection Regulation (GDPR), 48% still worry about compliance, and 63% are concerned about securely sharing personal employee information.

According to Sage research, the top compliance concerns among payroll professionals are:

• Protecting data (24%),
• Information leaks and theft (15%) and
• Cyberattacks (12%).

One of the main risks when hiring contingency workers is that they will leak sensitive information or breach data security.

As businesses increasingly use contingent workers, cybersecurity must top the list of payroll priorities. Cloud-based payroll systems offer increased data security, and an astounding 88% of survey respondents who are already using them say their systems are more secure than ever before, and 65% note that they benefit from safer data processing and storage.

A new era of work

A contingent workforce is becoming an increasingly important component of a comprehensive workforce strategy. Under business and talent market pressure, this category continues to grow in terms of both spend and headcount as a percentage of the total workforce. With increased regulatory pressure and enforcement, businesses are moving quickly to stay ahead of this trend by managing the inherent risks of recruiting non-employee talent.

Leading organisations are making targeted investments in developing the operations capability required to support this population of talent, including integrated cross-functional processes, well-developed, integrated technology, and aligned business functions to drive accountability. This enables the company to gain access to specific resources from a greater talent pool to meet their business needs while reducing costs and managing risks.

The following content is paid for by Nedbank.

Small-business owners, content creators, traders and side hustlers often struggle to find convenient ways to generate and keep track of invoices, and receive payments from their customers.

But with Nedbank Money Message, those days are over. Whatever your business, you can now create and send invoices to your customers and receive payments into any bank account of your choice via WhatsApp. You don’t even need to be a Nedbank client to use Nedbank Money Message. This useful, secure payment solution is quick and easy to set up – and best of all, there are no set-up costs or payment-processing devices to buy.

If you have a business and need a flexible, easy way to generate professional invoices and get paid by your customers, then Nedbank Money Message is your better money choice.

All you need is a smartphone that runs the latest version of WhatsApp and an internet connection. Simply register with Nedbank Money Message by sending a WhatsApp to 087 240 6272. There is no set-up needed from your customer’s side. You will send them an invoice via WhatsApp and all they need to do is upload their card details safely and securely to make payment. It’s all on WhatsApp – and it takes only a few minutes.

How does it work?

Money Message is ideal if you sell products or services where the customer isn’t necessarily present or able to give you a bank card to swipe. This makes it perfect for online stores, work-from-home businesses or people on the move. It allows you to create and send an invoice and receive payment from your customers – all without complicated payment gateways or excessive transaction fees.

There’s no daily limit on the number of transactions you can process, although bills are currently restricted to a maximum value of R4 000 each and a total monthly limit of R50 000.

Will I qualify for Nedbank Money Message?

Although formal businesses can also use Nedbank Money Message, it’s perfect for small or informal businesses, because you don’t need any official company registration to use the service. You do, however, need to have proof of identification – like a South African identity card or document – and a South African bank account. Foreign traders would need a valid passport and South African bank account.

How do I register?

To register for Nedbank Money Message, make sure you have the latest version of WhatsApp on your smartphone.

Save the number 087 240 6272 to your contacts, then send the word ‘Hi‘ to that number and start a chat with Nedbank Money Message .

The bot will take you through the registration steps, which involve confirming your identity and your business name. You will have to load your banking details for the payment of invoices from your customers. Since your banking details are not stored on WhatsApp, it’s safe to add them.

During the registration process, you can also create your invoice template, including your business logo and business details. You can later update this invoice with your customer’s details and purchase information before you send them the invoice.

It should not take more than a few minutes to complete and requires no paperwork or waiting period.

How to use Nedbank Money Message?

Once you’ve set up your profile, you can start doing business immediately.

The interface is simply a chat window, with the Nedbank Money Message bot prompting you to give it commands. These commands (with short codes in brackets) are typically the following:

• Get paid (Gp).
• Make a payment (Mp).
• View your transaction history (H).
• Edit your profile (Pp).
• Edit your business details (Bz).
• Get help (i)

All these commands are entered as short codes. To send an invoice, enter the short code, your customer’s name and details, the amount due and what you’ve sold.

Your customer will then receive an SMS with a link to open the invoice and view it on WhatsApp. They must use the short code Pb for ‘Pay bill’ and enter their card details. They can pay with any South African credit, debit or cheque card.

Their payment is completely safe, as the system uses 3D Secure protocol to ensure secure and accurate payments for all online purchases. No card details are stored on WhatsApp, which makes security even tighter.

How much does it cost?

Using Nedbank Money Message is free. There is no sign-up or subscription fee.

All you need to pay is 2,75% of the value of every transaction and a flat fee of R2 per generated invoice.

For more information visit www.nedbank.co.za/moneymessage.

The following content is paid for by Sage.

A new year is typically a stressful start for many small to medium-sized enterprises (SMEs) that are already feeling the hot breath of the tax year-end (TYE) on their necks. This year’s crunch-time is compounded by complexities related to the COVID-19 pandemic and the recent spate of changes made to payroll legislation.

To remain compliant, business owners (or their payroll and HR function, if they have one) must stay up to date on how legislative changes impact their TYE processes.

It’s not easy. In fact, in the recent Sage Payroll and HR in SA: Rising to the challenges of change report, 77% of respondents say they battle to grasp complex payroll taxes, and 50% struggle to explain tax calculations to their employees.

Time is already in short supply for many SME owners as they juggle multiple roles from payroll and HR to being the in-house barista. The need to keep up with regulations means more hours checking and double-checking PAYE, UIF, medical aid, and pension fund figures – to name just a few. This leaves little to no time to pursue business benefits such as Employment Tax Incentives (ETIs) and the Skills Development Levy, which help lower hiring costs through reduced PAYE contributions.

Only 52% of SMEs currently take advantage of ETIs. Throw in COVID-19, the global shift to remote and hybrid working, the increased need for data security, and the penalties for incorrect payroll taxes, and complying with TYE can seem like an impossible task.

Fear not. These four tips will help protect your business from costly fines and possible litigation – and sail you through this year’s tax year-end.

1. Consider outsourcing

Understandably, outsourcing payroll is not always viable for a cash-conscious small business. Nonetheless, if you don’t have an accountant or payroll expert in-house, it’s well worth looking into the cost of an outsourced payroll vendor.

Consider the following benefits of having such a resource on your team:

• Keeping employee records up to date
• Submitting tax remits
• Filing tax returns
• Processing payroll in line with current legislation
• Identifying discrepancies
• Providing advice (like how to sign up for ETIs)

The COVID-19 pandemic has made many employees remote or hybrid workers, which adds layers of time-consuming complexity for payroll and HR practitioners. The research backs this up, with 83% of respondents to the Sage Payroll & HR research saying they spend most of their time dealing with manual tasks, such as repetitive administration and employee data maintenance.

Chances are you’ll realise that not having an outsourced payroll function is costing your business more.

2. Keep employees engaged and informed

Ensuring payroll compliance is primarily – but not solely – your responsibility. Your employees have an essential part to play in helping your business stay compliant with current legislation.

For example, they need to follow your company’s expense policy to the letter and keep accurate records of their time and expenses. It’s the kind of administrative stuff that easily slips off people’s radars, so be sure to walk your employees through what’s required of them and provide regular refresher training.

If you don’t have a comprehensive policy to guide your employees on all practices that affect their pay, now is the time to put one together. Not only will it help keep your company compliant, but it will also provide a helpful resource for employees who wish to know more about additions to and deductions from their earnings.

Remember to double-check your payroll data before you submit your year-end tax return. Ensure your employees’ full names are spelt correctly and that their ID or passport numbers and mailing addresses are correct. It’s easy for typos to creep in when employee information is inputted manually, which can cause all sorts of problems down the line.

3. Adopt a self-service platform for employees

Checking and double-checking employee data is time-consuming, so why not set up a self-service platform for employees to do it themselves?

It’s a fully transparent and easy way to ensure that all your personnel data is accurate. Employees also benefit as they’re able to track their personal information, including sick leave, holiday requests, and timesheets, from anywhere at any time. You can also upload important company information to the self-service platform, such as policy updates to keep your employees up to speed.

Self-service HR and payroll is an all-round winner because it saves you and your payroll team time to focus on other crucial tasks. In fact, 56% of respondents say that digitising payroll and HR data could save them a ton of valuable time and effort.

4. Implement automation

Cloud-based, automated HR and payroll software is a game-changer. Built from the ground up for specific business needs, it eliminates errors from manual data entry, syncs with local legislation, and updates in line with changing regulatory requirements.

In addition to helping your business stay up to date on legislation, automation also:

• Keeps your business prepared for an audit,
• Classifies employees and contractors correctly, and
• Ensures on-time payments.

All the above impacts your tax return, which makes them priority areas to address. Simply put, bolstering your business with automated software will make it even harder to make mistakes with payroll that could affect your compliance.

Upping the ante even more, a whopping 96% of respondents agree that automated payroll and HR systems should be integrated with accounting software to enhance accuracy and compliance even further.

Don’t wait for TYE

There is no need to spend the beginning of every year stressed to the hilt as you wade through your employee and payroll data to submit on time. The goal for any SME owner is to prep for tax year-end all year-round. Enlisting the support of cloud-based HR and payroll software does this automatically and enables seamless integration with your accounting systems.

With year-end tax tasks simplified and taken care of, you can lift your head and focus on the things that aren’t so simple – like the human aspect. It takes time and effort to attract, engage, and retain the best talent to drive your business’s growth.

One thing’s for sure: a company that doesn’t make mistakes with employee data or fall short on legislative compliance is an attractive place to work.

Visit tax.sage.co.za for the latest expert advice, tips and support to help you stay ahead this Tax Year-End.

As digitalisation fast forwards and people reach out for convenient digital experiences, Standard Bank has focused on delivering solutions that meet client needs and improve their client experience. Their digital International Payment Solutions are an example of how they provide convenience and give clients control over their International Payments.

“Our solutions allow our clients control over their payments and foreign exchange, making their banking experience more seamless. Online International payments are convenient, and clients can make secure payments that comply with exchange control regulations. All you have to do is choose a solution that’s right for you,” says Rosh Sundram, Head International Payments Client Experience.

Making International payments on Internet Banking is simple. This channel is suitable for payments of up to R1.5 million per transaction. Clients can view and book exchange rates, upload the requested documents for the payment and track the status online. To register for Internet Banking, simply visit the Standard Bank website, click on ‘Sign into account’, then click on ‘Internet Banking’ and register your details.

Standard Bank’s alternate channel Business Online enables segregation of duties and individual limits, it integrates with mainstream accounting packages and allows clients to make future dated payments. It is suitable for payments of any amount and from rand and foreign currency accounts. It also accommodates single and multiple payments. To go digital on Business Online clients may contact their transactional relationship team.

Clients may also hedge their currency exposures through eMarketTrader and eMarketTrader Mobile. This single web-based solution is an advanced cross-asset trading platform, bringing together market intelligence and research, real-time pricing, trade execution and post-trade services. eMarketTrader Mobile is a free app which allows you to track market movement and buy or sell currency (both SPOT and Forward Exchange Contracts) directly through your mobile device. Clients can download eMarketTrader Mobile from their preferred app store.

For additional information visit our International Payments webpage on www.standardbank.co.za, or contact our International Payments Service Desk on 0860 123 007 or via the email address InternationalPaymentService@standardbank.co.za

Intent on growing and investing in South African businesses and being a key partner with local enterprises, Standard Bank has launched its Business Banking Awards. 

The national awards are targeted at South African businesses 3 years or older, who require  investment and mentoring to accelerate to their next phase of growth,. 

Winners of awards will receive support from Standard Bank in the form of banking solutions, trade assistance, market access, transcontinental networking platforms and more, including receiving cash grant support between R500 000 and R2 million totalling R4.5 million in funding across the winning categories. 

Head of Business Clients South Africa, Simone Cooper, said: “Running a new business has many challenges and obstacles that can lead to either failure or success. Up to 45% of  businesses do not reach the 5-year mark. And when they do reach that magical milestone and try to upscale the failure rate shoots up to 75%.

At Standard Bank we want partner with these businesses and make an impact on their successful growth and development. Growth also comes with new obstacles, costs and expenses, and many businesses require funding assistance and guidance on navigating the next development phase of their business.” 

Entries are now open at https://www.standardbank.co.za/businessawards and will run until August 31. Businesses can enter in the following three categories:

1. Business of the Year
2. Best Female Business 
3. Rising Star

The prize breakdown per category is as follows: 

• Business of the Year overall winner: R2 million
• Business of the Year runner-up: R1 million
• Business of the year second runner-up: R500 000
• Best Female Business: R500 000
• Rising Star: R500 000

An independent panel of judges and industry experts will review applications and shortlist the finalists to the top twenty entries. Finalists will be asked to provide data and financial information including supporting documents to assist the judges in in their review and scoring. 

Thereafter, the ten finalists will be requested to present a virtual pitch to the judging panel.

“With the financing and assistance to be provided, we hope to support and upscale the winning businesses and businesspeople with the resources that they need to navigate their next phase of growth. At Standard Bank we understand the challenges that face small businesses in their early stages of growth,” added Cooper.

“Business plays a crucial role in the growth of Africa. After all, businesses provide employment, fuel new economies, connect the continent and the rest of the world via trade and other innovative solutions for African obstacles. With the Business Awards and financial backing that we are providing we want to ensure that business growth and development is attained and sustained,” said Cooper

The following content is sponsored by Startwise. 

We hear and talk about the importance of having a business mentor when considering expanding a business. Sometimes the perspective of an external consultant can help guide you on a stronger path. As an SMME grows, so do the requirements for extra skill sets and managers to help support you.

Startwise is a virtual, on-demand consulting platform where you can connect with experts, ask their business advice and they will tell you the actions you need to take. And if you apply for a mentorship and interact with an expert today, you will get your a FREE Trial.

Here are a few questions to help assess whether it’s time for you to gain some expert advice. Our business consultants or mentors can guide you on how to expand your SMME in the current climate.

Marketing & Sales

Increasing digital marketing efforts and knowing how to balance your sales team growth versus expenses is critical. Without promoting your service or product correctly, customers won’t find you online and leads or sales won’t be generated.

• What kind of budget should I allocate to marketing?
• Do I need to have a target audience?
• Do I need a website or a blog?
• How do I market my company?
• Is my pricing model working?
• Is there sufficient demand for my product to expand?
• How do I get more sales?

To Find a Mentor, navigate your way to the “Digital Marketing” category and select any expert or mentor you would like to chat to. 

HR & Payroll

HR manages your employees’ wellbeing, develops the culture in your business and often is the bridge between payroll and your employees. They are also responsible for managing your employee contracts and often your NDC’s and agreements with suppliers too.

• My employee wants to go to the CCMA, what do I do?
• I need employment contracts, can you help?
• I have to retrench staff, how?
• How many employees do I need to start my business?
• How do I know if I need to hire more people?
• What is the best payroll system for my business?
• How do I load my payroll?

If you have any questions like these… Navigate your way to the “HR” category on the Startwise platform and chat to one of our experts. 

Business consulting/mentor

It may seem like a broad category where you aren’t sure what you are supposed to gain or ask from a business mentor or consultant. They can offer guidance and often be a sounding board for your strategic decisions. They can assist with topics like trends, expansion, strategy, business focuses and plans or perhaps even helping you develop a business skill.

• Do I need a business plan?
• How can I approach this expansion strategically?
• How can I grow my business?
• Where can I apply for funding?
• How do I decrease my churn rate?
• Is my business profitable?

Join the Startwise platform, navigate to the “Business Consulting” category and start chatting to a mentor of your choice.

Commercial law

Our advisors can assist your company on business-related issues, drafting of or reviewing legal documents or resolving legal disputes.

• What legal documents do I need to register my company?
• Do I need supplier contracts?
• Can I get an NDA template?
• How long should my building lease be for?
• What are my potential risks and liabilities?
• Do I have a right to bring a claim?

It doesn’t have to be complex, simply sign up online, navigate your way to the “Commercial law” category and let an expert answer your legal question. 

Skills & Management

We alluded to it earlier, as a startup, you run the show. You are across all divisions of your business and more often than not, you don’t necessarily have the support of a full management team. As your business becomes more established, your mindset should shift to upskilling yourself and building a bigger team. 

• How many employees do I need to start my business?
• How can I be more effective as a leader?
• How can I better manage my time?
• Am I focusing on the wrong aspects?
• Am I too involved in the daily running?
• Who should train my teams?

E-Commerce

A great way to expand your business is to take your offering online. Build an e-commerce site or use the shop functions that social media channels offer to businesses. The COVID-19 pandemic has accelerated the rate of consumers shifting to an online and digital space. Your business could be making more sales by ensuring your products and services are available to purchase online.

• What platforms should I use?
• How do I set up my website for e-commerce?
• Can I use social media as an e-commerce platform?
• What payment gateway should I use?
• What courier company should I use?
• How do I integrate and automate my orders?

If you are still unsure how to navigate your way through the Startwise categories or connect with our business consultants, contact our support team on support@startwise.co.za. 

The following content is sponsored by Business Partners. 

Aspirants encouraged to start their own businesses amidst record high unemployment rate.

The unemployment rate in South Africa has risen to an all-time high of 32.6%, according to the latest figures released by Stats SA. Among the differing opinions on possible solutions to this dilemma is a push from both the public and private sectors towards entrepreneurship.

A greater focus on entrepreneurship would accelerate the development of more small businesses, which are at the core of South Africa’s inclusive economy as espoused in the National Development Plan (NDP) 2030. The NDP was initiated to significantly reduce inequality in South Africa by 2030 “through uniting South Africans, unleashing the energies of its citizens, and growing an inclusive economy”. It is within this context that specialist business finance company, Business Partners Limited, is launching the 2021 edition of the SME Toolkit-Business Partners Ltd Business Plan Competition for Aspiring Entrepreneurs.

Now in its 12th consecutive year, the competition gives aspiring entrepreneurs the opportunity to learn how to start a business through free training, access to mentorship and the chance to win a cash prize to fund the launch of their business. As David Morobe, Executive General Manager of Impact Investing at Business Partners Limited explains: “This is the time for South Africans to take the leap and start their own businesses and become employers within their communities. It is the collective responsibility of the public and private sectors to create an economic and social environment that is conducive to this development, and this competition is one way to build towards that goal.”

SEE ALSO: Mentorship Programme Software

Aspiring entrepreneurs of all ages are encouraged to enter and by doing so, have access to support offered through online workshops and support groups. In compliance with the current COVID-19 lockdown restrictions, the 2021 competition process will be facilitated via online platforms Facebook, WhatsApp and Microsoft Teams/Zoom, meaning that access to the internet is essential for all applicants.

Participants will be provided with training material on how to develop a business plan, a marketing strategy, and a cash flow forecast, and will be able to participate in online workshops and group discussions before submitting their business plan. Business plans will be assessed and adjudicated, and six finalists will be selected, winning mentorship vouchers to the value of R10 000 each.

The finalists will proceed to the national adjudication and an overall national winner, and runners-up will be announced. Prizes include vouchers to receive mentorship assistance from leading business experts for finalists, and for the winner, a further mentorship voucher, as well as a cash prize of R30 000.

“This competition provides the perfect platform for individuals to test whether their business idea is viable, so we encourage everyone to enter, whether they’re sure of wanting to take the leap into entrepreneurship or if they’re just looking for an expert opinion on whether their idea can work. Last year we saw entrants of a very high calibre with exciting ideas including our national winner with their peer-to-peer online tutoring business. We’re looking forward to welcoming even more innovative ideas this year,” said Petro Bothma, Group Enterprise Development Manager at Business Partners Limited.

To enter the SME Toolkit-Business Partners Ltd Business Plan Competition for Aspiring Entrepreneurs, please complete this online entry form. The closing date to enter is 31 August 2021.

Workshops will be hosted during the month of August and September 2021 and Business Plans must be submitted by 30 November 2021. The regional finalists will be announced during January 2022 and the overall, national winner will be announced in February 2022.

The following content is sponsored by SAP.

Your Business can become sustainable & prosperous with SAP Business ByDesign

Has your company grown so quickly that your departments and business processes are hardly integrated? Are these growing pains preventing your employees from collaborating effectively with external stakeholders? Perhaps you also have inadequate insights into data that can help you make decisions and identify potential problems before they crop up. Not to mention the tedious manual processes slowing your employees down!

You can now resolve these challenges, as your business grows, with SAP’s Cloud Solution for growing businesses. SAP Business ByDesign is an innovative solution developed specifically with rapid growing SMEs in mind – the solution promotes quick, efficient implementation and operation for SME users.

READY, when you are! Let’s see how:

SAP Business ByDesign is an on-demand, integrated business software for small businesses and mid-sized enterprises looking for a comprehensive CLOUD solution providing the functions you want – at an affordable price. It provides end-to-end integration of all your key business areas – such as Finance, Customer Relationship Management, Project Management, Supply Chain Management, Procurement and Human Resources – in a single comprehensive solution, thereby allowing you to manage your company’s key processes with a high degree of precision. It also provides you flexibility you need to adapt, grow, and extend your business processes across the entire value chain and ecosystem.

Since SAP Business ByDesign updates automatically and performs tests and maintenance routes on its own, your company can fully focus on its core business function. Respond to new business requirements by configuring your solution online – it’s fast, efficient, and accessible anytime!

Support your employees in key business areas today!

• Optimize financial processes, including financial accounting and cash flow management.
• Focus on your customers in marketing, sales and distribution and service.
• Promote and use employee potential through organizational management, HR activities and employee self-services.
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• Fulfill compliance with applicable laws and standards.
• Achieve your company’s goals through corporate performance management.

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SAP Business ByDesign can help you turn challenges into opportunities. See how you can take advantage of the change, build networks, and develop the confidence to take on larger competitors, even as you reduce your expenses.

Gain extensive insights into your growing company with built-in analytics functions providing you a 360-degree view of your business. SAP Business ByDesign provides you with the tools to quickly make adjustments that can provide an edge over your competition.

The SAP Business ByDesign is a business solution ready-made for your company with standardized automation and integration based on your industries best practices.

Why SAP Business ByDesign?

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Sit back and learn how perfect this solution is for your business.

What are you waiting for?

To find out more about SAP Business ByDesign – and how it can help your organization operate beyond business boundaries, visit SAPAfrica.com/ByDesign