South African Business Archives - Page 3 of 7

18Aug

By Africa BusinessNo Comments

South Africa News

Collaboration and Partnership will get SMEs through these difficult times

Small businesses in South Africa should tap into existing business community, partner and supplier networks to help keep their heads above water in these tough times. It is only by finding creative ways to stand together and help one another that this vital sector of the South African economy, employing 9 out of 10 people, will survive. One such partnership kicks off in Cape Town tomorrow (Tuesday 3 August 2021). The “Small Business Spotlight” initiative is the brainchild of SME funder Lulalend and one of the city's online magazines CapeTownMagazine.com. The nationwide initiative is designed to encourage all of us to support our favourite local businesses by showcasing them to a broader audience. The devastating impact of the pandemic on SMMEs is well documented, says Lulalend CEO Trevor...

18Aug

By Africa BusinessNo Comments

Business, Fintech, South Africa News

Four steps to fixing cash flow and help SMEs survive

We are all familiar with the saying in business that "cash is king" and, if that’s the case, then cash flow is the lifeblood of any business. For small or mid-size businesses, cash flow is a critical component of success. Profits are meaningless without it. The harsh reality is that SMEs who don't exercise good cash flow management may not be able to survive the current economic climate. In South Africa, the recession and pandemic have had a devastating impact on the approximately 2.5 million SMMEs accounting for 10.8 million jobs. In a recent report published by Transunion, 6.4% of formal SMEs going into bankruptcy (up 50% from last year), with 260,000 jobs lost and another 240,000 at risk. According to Trevor Gosling, CEO of SME funder, Lulalend, there are four practical ways in which...

25Jul

By Africa BusinessNo Comments

South Africa News

SA’s e-commerce surge poised to benefit small, independent retailers

Consumers head online for niche products, better service, and quick delivery South African consumers are heading online in greater numbers as the e-commerce shopping experience increasingly offers more choice and convenience than can be found at traditional big-brand, brick-and-mortar retailers, says Mike Farquharson, Managing Director of online courier aggregator Rush. Statista market and consumer data projects that 31.6 million South Africans could be converted to online shopping by 2024. According to FNB, the average e-commerce spend already increased by 30 percent in the first half of 2020 compared to the year prior while Rand Merchant Bank expects the sector’s value to surge by 150 percent, to R225 billion, within the next five years. “These findings suggest that shifts in sho...

9Jul

By Africa BusinessNo Comments

South Africa News, Startups

Omnisient raises US$ 1.4m for global expansion

Secure data collaboration platform achieves second round of funding Omnisient, a secure data collaboration platform, has achieved its second raise this year totalling USD1.4 million. ”We have brought in visionary international investors – Technova, Grand Bay Ventures, Tahseen Consulting, and Kepple Africa Ventures – who will be key to supporting our expansion globally. Investec, Nedbank, and Compass – Omnisient’s three original investors – led the round, reflecting their confidence in our ability to innovate and grow. The data economy is at the heart of the digital transformation that many of our customers embraced a couple of years back and this has been accelerated by the global pandemic. We see a huge and largely unaddressed market opportunity.” said Jon Jacobson, Chief Executive Off...

6Jul

By Africa BusinessNo Comments

Fintech, South Africa News

Telephonic payment solution helps companies deal with Covid-19 challenges

VerPay enables verbal commerce as businesses adapt to serve their customers in contactless ways As South Africa enters its third wave and lockdown restrictions tighten, certain businesses - such as those in hospitality - once again find themselves having to temporarily close their doors, while seeking alternative avenues to generate income, such as take-aways. “The pandemic has forced us all to do business in new ways, and presented new challenges - as well as opportunities, says Dana Buys, CEO of VerPay Pty Ltd, a Cape fintech company that specialises in cloud-based payment. “Not all companies have the means - or inclination - to go completely online. Many consumers still prefer dealing with a person, as opposed to solely an app or webs...

30Jun

By Andy BroughNo Comments

Business, South Africa News

Five principles for collaborative leadership

Andy Brough The COVID-19 pandemic has placed a bright spotlight on our leaders. With companies switching over to remote working in unprecedented numbers, a new form of leadership is needed. Although the uncertainty of the time puts pressure on both employees and management, leaders must rise to the occasion and provide the required stability. The secret to effective collaborative leadership lies in collaboration itself: COLLAB. Converge the goals Organise the dance Lead and Localise the climate Assess the process Build in bandwidth and measures With these principles as a compass, any decent leader can become a great leader. Converge the goals Whether we are managing a project, performing a task, or leading a meeting, ensuring the team has a single, unifying aim...

29Jun

By Africa BusinessNo Comments

Fintech, South Africa News

BEC Attacks: Who is legally responsible?

Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud. Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says gaps in organisations’ payment systems not only pose massive financial and reputational risks, but can have serious legal implications as well. According to a global survey conducted by Mimecast Cyber Security Services in 2020, six out of ten companies globally were infected with ransomware and there was a 64% increase in email threats. An Accenture report from May 2020 confirms South Africa had the third most cybercrime victims globally, resulting in losses toppin...

24Jun

By Giorgi MikhelidzeNo Comments

South Africa News

How does the mining sector impact the South African economy?

Mining has had a larger impact on shaping the South African economy than any other sector. It transformed a predominantly rural economy into an industrial one. It resulted in the development of Kimberley, Johannesburg, and other cities. It attracted massive amounts of foreign cash. It required the creation of stock exchanges, colleges, and other contemporary institutions. Exploiting tiny veins of gold up to four kilometers (almost two and a half miles) below the earth's surface necessitated the development of extremely high levels of competence. It aided in the formation of the nation's job markets. It attracted a large number of South Africans out of discrete segments and into paid work. In addition to that, the mining industry attracted a big amount of laborers from broader countries, wh...

22Jun

By Africa BusinessNo Comments

Fintech, South Africa News

Fintech, Ofin, tackles behavioural changes needed to address financial inclusion

It is a common belief that financial access should lead to financial prosperity. According to the World Bank, financial inclusion is defined as all people and businesses having access to useful and affordable financial products and services that meet their needs. Sakhile Mabena, CEO, Ofin, a venture-backed fintech startup specialising in Behavioural Data Analytics, Financial Process Automation, Behaviour-based Financing and SME Behaviour Nudges, says that to successfully address financial inclusion in Africa it is important to address the financial behaviours and leverage technology to better enable users to become more bankable. Mabena, previously a World Economic Forum Global Shaper, has together with his team, developed an app that focuses on changing financial behaviour, which will ...

17Jun

By Africa BusinessNo Comments

Business, South Africa News

Building resilience into the Supply Chain

The supply chain sector, and the adjacent global freight and transport spaces, are complex as well as crucial. A reliable supply chain prefigures a nation’s overall economic competitiveness and is a key enabler at the macro-economic level, as most other industries rely on the inflow of various goods. Since last year, the Covid-19 pandemic has caused major hurdles and disruptions for the supply chains around the world. Restrictions on non-essential commodities, additional health, and safety checks, and reduced staff levels led to bottlenecks and shortages of certain goods. In their attempts to adapt to these challenges, businesses are responding with ingenuity and innovation, often facilitated by rapid digitization. Given the looming threat of the pandemic’s 3rd wave, companies continue to ...