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Pitch It – And They Will Come!

Johannesburg, Saturday 9th September 2017 – Approximately 370 entrepreneurs were enthralled as best-selling author and TV talk-show host, Justin Cohen, kicked off the Johannesburg round of the ENGEN Pitch & Polish programme by telling them that “build it – and they will come” is a lie!

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Johannesburg, Saturday 9th September 2017 – Approximately 370 entrepreneurs were enthralled as best-selling author and TV talk-show host, Justin Cohen, kicked off the Johannesburg round of the ENGEN Pitch & Polish programme by telling them that “build it – and they will come” is a lie!

“The truth,” said Cohen emphatically, “is build it, pitch it, and – maybe – they will come!”

Now in its eighth national tour, the ENGEN Pitch & Polish workshop and competition is designed to teach entrepreneurs the vital art of pitching their business or business idea. This year’s facilitator, Justin Cohen, is a leading expert on the topic of pitching for business. And if the response of the audience, in Johannesburg, is anything to go by, this year’s programme promises to bring even greater learning and guidance than ever before. ENGEN Pitch & Polish is a collaboration between Engen Petroleum, Nedbank, and Raizcorp, and is supported by media partner Caxton Local Media.

Justin’s philosophy of pitching to win was dramatically underscored when he told the audience that big pharmaceutical companies spend more money marketing and pitching life-saving drugs than they do on actually developing the drugs! “Just because you have a product that you think will change the world, does not mean you do not have to find a way to communicate and educate the public,” explained Cohen. The ENGEN Pitch & Polish workshop is designed to underscore the belief that pitching is not selling; pitching is educating and communicating.

Related: How To Start A Business With No Money

The rapport, created by Justin’s engaging style, set the tone for a safe environment in which contestants could pitch, receive constructive and honest feedback, learn from it, and re-pitch.

Key Pitching Lessons:

  • Tune in: Are you addressing your customer’s needs?
  • Be optimistic: Become a rejection specialist and, when rejected, ask yourself: “How can I make this better?”
  • Solve problems: Bring value to the world and focus on the customers’ needs.
  • Cultivate presence: The number one advantage, when pitching your business, is energy and enthusiasm.
  • Find your purpose: Being an entrepreneur is not a job or a career; it is a calling! Treat it as such.
  • Be of service: To sell is to give. Entrepreneurs create something wonderful and serve people with it. Pitching is the art of communicating this!

Over 150 applications were received to compete in the 2017 ENGEN Pitch & Polish event in Johannesburg. Four contestants were carefully pre-selected by a panel while a fifth contestant was chosen, on the day, to give the delegates a further opportunity to have their voices heard.

 

Meet the Johannesburg Contestants:

  1. Noughty Maluleke – Chicken supplier
  2. Nkosinathi Hadebe – Shoe designer and manufacturer
  3. Masego Mohajane – Medical engineering products
  4. Hloniphile Manana – Chocolate-maker in the shape of body parts (business idea)
  5. Lebohang Molapo – Online tutorial platform

Throughout the day, pitches were sharpened and polished – thanks to clear guidance from Justin, combined with inquiring questions from the delegates. By pushing the contestants to improve, learn, define the problem, and present the solution, the inspired delegates were simultaneously applying the principles to their own businesses and ideas!

The programme culminated in the competition segment, where the five contestants could pitch their business or business idea to the judges. The judging panel was made up of Mntu Nduvane from Engen Petroleum, Regina Gounden from Nedbank and Dave Mills from Raizcorp.  This year, the judges’ questions and feedback were explained to all present, and used as a learning platform, with Justin guiding the way. The ENGEN Pitch & Polish programme continues to grow thanks to Engen Petroleum, Nedbank and Raizcorp along with Caxton Local Media.

Related: Equity Crowdfunding In SA Explained

The winner of the ENGEN Pitch & Polish Johannesburg event, who proceeds to Round 2, is Masego Mohajane with her medical engineering business.

Congratulations to all for attending – and taking action as this is the secret to building your business!

For more information visit www.pitchandpolish.com.

pitch-and-polish-south-africa

In this picture (from left to right):

  • Justin Cohen
  • Mntu Nduvane
  • Noughty Maluleke
  • Masego Mohajane
  • Nkosinathi Hadebe
  • Hloniphile Manana
  • Lebohang Molapo
  • Regina Gounden
  • Dave Mills

About

  • The annual programme is called: ENGEN Pitch & Polish
  • Engen Petroleum Ltd is the headline sponsor
  • Nedbank is a sponsor
  • The programme is a Raizcorp initiative
  • The national media partner is Caxton Local Media
  • For editorial purposes, the spokesperson and project manager is Bronwyn Echardt from Raizcorp
  • The PR Contact is Jodi Lynn Karpes from GreenQueen Communications.

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Entrepreneur Today

3 Stealthy Tax Hikes Payroll Managers And Employees Need To Take Note Of

By Rob Cooper, tax expert at Sage, and chairman of the Payroll Authors Group of South Africa

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“Dammed if you do and dammed if you don’t.” 

The adage summarises the difficult decisions government and the Finance Minister faced when balancing the country’s books, rescuing state-owned enterprises, and reviving the growth of our economy. Given the economic pressure that most taxpayers are facing, government ideally needed to achieve all of that without direct increases to personal income tax in the most recent Budget Speech.

Personal income tax has comprised at least a third of South Africa’s total tax revenue in recent tax years, despite growing unemployment. The 2019 Budget, presented in February, forecasts that personal income tax will account for nearly 39% of tax collected during the upcoming (2019/20) tax year. Given that we are in an election year and that the tax base is fragile, it’s not surprising that the Finance Minister and the National Treasury avoided direct increases to the statutory tax tables used to calculate PAYE for employees in the budget.

Nonetheless, government has made inflation work in its favour to impose some tax increases by stealth. Here are three ways government is raising more revenue without direct tax increases:

1. Bracket creep

The statutory tax tables used by payrolls and employers have not been changed for 2019/20, nor have the brackets been adjusted for inflation. This effectively amounts to an indirect tax increase that will yield a revenue saving of approximately R12.8 billion for government’s coffers.

It is not unusual for government to use ‘bracket creep’ to effectively raise more revenue. But unlike previous tax years, even low- and middle-income earners are not getting much relief. Rebates and the tax threshold are being increased by small amounts to allow some relief, but many people this year will feel the pain as inflationary salary increases push them into a higher tax bracket.

2. Medical aid credit not adjusted for inflation 

As proposed in the 2018 Budget, the Finance Minister did not apply an inflationary increase to the Medical Tax Credit, which allowed him to raise an extra R1 billion in revenue for the year. Surprisingly, these funds will be allocated to general tax revenue rather than ring-fenced for healthcare. In previous tax years, revenue generated from below-inflation increases on medical scheme credits was used to fund National Health Insurance (NHI) pilot projects.

There is still no clarity on how the NHI is going to be funded except for a general statement that the funding model is a problem for the National Treasury to solve, and that the principles of cross-subsidisation will apply. One wonders if any real progress will be made soon, given the fiscal constraints government faces.

3. Business travel deduction left untouched

The Budget leaves the per-kilometre cost rates used to determine tax deductions for business travel untouched. By not increasing travel rates to account for inflation, government effectively increases income tax collection at the cost of the taxpayer. This will be a blow for people who need to claim from their employers for business travel in their personal vehicles. This change has slipped through largely unnoticed and the budget does not provide numbers for the expected increase in tax revenue.

Closing words

Amid political turmoil and uncertainty, the Finance Minister presented a balanced budget for 2019/20 that offers hope for the future along with some tough love. With government taking steps to accelerate economic growth and improve revenue collection, we should hopefully see a steady improvement in government finances, which will translate into less pressure on the taxpayer in future years.

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Entrepreneur Today

SMEs: Staying On The Right Side Of The Taxman

Remaining SARS compliant can be a constant challenge for small- to medium-enterprises (SMEs), especially when they are trying to focus on growing their businesses and streamlining their operations.

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EasyBiz Managing Director, Gary Epstein, says submitting taxes can be a seamless process that does not have to take up more time than is necessary. “If business owners understand what is required of them and they put a few processes into place to deal with their tax submissions properly, their lives will be so much easier.”

What are the top three considerations for SMEs when submitting tax returns?

“Firstly,” says Epstein, “SARS returns must be accurate and submitted in terms of the relevant Act. Secondly, returns should be submitted and paid on time to avoid unnecessary penalties and interest, and thirdly, business owners must follow up on queries issued by SARS. “Do not ignore these queries, act on them as soon as possible”.

What are the major SARS submission deadlines for SMEs?

Epstein points out that small business owners need to adhere to various tax deadlines, each with their own particular dates for submission. “It is important that business owners diarise the dates (and set advance reminders for themselves) and/or enlist the services of an accountant or financial adviser to help them keep abreast of requirements.”

Value-added tax (VAT)

VAT payments need to be submitted in the VAT period allocated to the business, according to various categories and ending on the last day of a calendar month. This may mean making payments once a month, once every two months, once every six months or annually, depending on the category.

Provisional taxes

Provisional tax should be submitted at the end of August (first provisional) and at the end of February (second provisional) – for February year-end companies.

Employee taxes

In addition to submitting an annual reconciliation (EMP501) for the period 1 March to end of February for Pay-As-You-Earn (PAYE), Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF), employee tax, in the form of an EMP201 return, needs to be submitted by the seventh of every month.

When can SMEs get extensions and is it worth it?

Epstein says SMEs can apply for various extensions, but these are subject to the Income Tax Act and Tax Administration Act.

“It is best for SMEs to consult their tax professionals to get advice regarding extensions for their businesses.”

What is SARS not flexible about?

SARS is not flexible when it comes to late returns and late payments.

“I cannot stress enough how important it is for SME owners to ensure their tax returns are submitted on time. In this way, they will avoid the inconvenience and expense of additional fines and interest,” notes Epstein.

What skills do SMEs need in their organisations to be able to submit to SARS efficiently?

Business owners often don’t have the time or expertise to deal with tax submissions throughout the year. If the business cannot afford to employ a full-time accountant or financial services expert, it would do well to outsource its tax requirements to a registered tax practitioner.

“I would recommend that even if they are not submitting the tax returns themselves, business owners should have a broad understanding of the tax regulations and what is expected of them. There is a lot of helpful information on the various Acts and tax requirements on SARS’ website,” says Epstein.

How does the right software help SMEs remain SARS compliant?

SME’s (and their accountants’) jobs can be made easier by using reliable accounting software to calculate accurate VAT reports. These reports are only as accurate as the data entered into them, which means care needs to be taken when inputting data into the accounting programme. Epstein says a good accounting software package must be reliable, easy to use and functional.

“SMEs need to check that the software has thorough reporting capabilities and can interface with other software solutions. Of course, it is also important to find out whether the software is locally supported by the vendor or not.”

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Entrepreneur Today

4 Dangers Of Business Under-insurance

A common short-term insurance peril that many SMEs face when submitting a claim following an insured event is the risk of being underinsured.

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Malesela Maupa, Head of Products and Insurer Relationships at FNB Insurance Brokers says, many small business owners mistakenly believe that by merely having a short-term insurance policy in place they are adequately protected against unforeseen events.

“This is technically correct provided that the business is covered for the full replacement value of the items insured. However, in circumstances where the sum insured does not cover the full replacement value or material loss of the item insured, the business is underinsured,” explains Maupa, as he unpacks the dangers of business underinsurance:

1. Financial loss

The most common risk is financial loss on the part of the business. If the business is underinsured or the indemnity period understated, the short-term insurance policy will only pay out the sum insured for the stated indemnity period as stated in the schedule, with the business owner having to provide for the shortfall. This often leads to cash flow challenges, impacting profit margins or rendering it difficult for the business to recover following the financial loss.

2. Reputational damage

Should an underinsured business not have sufficient funds to replace a key business activity or critical component following a loss, this may impact its ability to fulfil its contractual obligations, leading to a loss of business or market share, and irreparable reputational damage in the worst-case scenario.

3. Legal action

A small business also faces the risk of customers or clients taking legal action against it, should it fail to deliver on goods and services following a loss or be unable to honour its financial commitments that they committed to prior to the loss.

4. Survival of the business

A catastrophic event such as fire, which could result in the loss of stock or company equipment and documentation, could threaten the survival of a small business that is not yet fully established, if the business assets are not adequately insured.

Working with an experienced short-term insurance broker or insurer is essential when taking up short-term insurance to ensure that business contents are covered for their full replacement value.

Furthermore, depending on the nature of the business or item insured, the policy should be reviewed on a regular basis to avoid underinsurance as the value of items often change overtime due to fluctuations in economic activity. Where it’s necessary, evaluation certificates need to be kept up to date.

“Lastly, SMEs should ensure that the sum insured does not exceed the replacement value, which would lead to over insurance. Should a business submit a claim following a loss, the insurer would only pay out the replacement value, regardless of the higher sum insured,” concludes Maupa.

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