Morné Stoltz, Head of Business Insurance at MiWay, with a few of the options you might want to consider before it’s too late.
Running a small business is an extremely challenged undertaking and one that comes with plenty of financial risks. Not only do emerging entrepreneurs have to contend with issues like cashflow and resource management, but they’re also particularly vulnerable to threats like theft and product damage, which can be crippling for any enterprise just getting off the ground.
Yet for many up-and-coming entrepreneurs, whose focus tends to be on day-to-day operations and the preservation of financial stability, insurance tends not to be given the level of priority it deserves, something that can prove incredibly costly down the line.
Given the high crime levels in South Africa, entrepreneurs today tend to be fairly savvy when it comes to protecting their shops or offices against theft. But what about weather related mishaps? Or damage to important orders?
Every business is different, and each comes with its own unique set of risks and rewards, which is why it’s important to choose an insurance solution that keeps you covered where you need it most.
Public Liability cover
Even if you’re running a one-man show, chances are your business will come into contact with people at some point, whether in the form of customers, clients or employees. Should any of these people be injured as a result of visiting your premises or purchasing one of your products, your business could be liable for some fairly sizable bills.
As such, it’s vital that you protect your bottom line with Public Liability cover, which will safeguard your business against any expenses that might arise as a result of a business related accidental injury. For business owners with employees, it’s important to ensure that your policy includes Employee Liability, which covers your business in the event of injuries to staff members whilst on the job.
Whether you’re offering a product or a service, it’s also vital to consider Product Liability, as both are bracketed in the same category under the Consumer Protection Act. And while it’s unlikely that your service could incur harm, life has a way of surprising you when you least expect it.
Goods in Transit cover
Transporting goods in the heart of a South African summer can be a truly treacherous undertaking for businesses with heat-sensitive products, which tend to be fairly expensive to repair or replace when damaged.
As such, any business shipping items like flowers, chocolates or electronics should ensure they’re appropriately protected against loss as a result of improper cooling, which can put a severe dent in that already stretched bottom line.
Not only is it vital that you keep the goods you’re transporting protected, but you’ll also need to think about covering the vehicle carrying them. Given the alarming accident rate on South Africa’s roads, the prospect of vehicle damage is very real.
It’s important to insure any delivery vans the business owns, as these can be crippling to replace. Goods in Transit cover can be linked to a specific vehicle so as to reduce premiums. It keeps your load covered in the event of accidents, theft or hijackings, all of which are unfortunate but very real possibilities.
5 Ways SMMEs Can Best Use An Incubation Centre
Here are some tips on how entrepreneurs can make the most of these incubation centres.
Incubation centres play a meaningful role – not only in South Africa but around the world – as they groom SMMEs and give them access to opportunities that will help them survive in a competitive marketplace. These centres help entrepreneurs modernise their businesses with world-class technology, while providing insights that can help turn ideas into products. Incubation centres offer infrastructure and support, knowledge-sharing and a unique environment that helps strengthen their businesses.
Earlier this month, Cisco South Africa launched its R10 million Edge Incubation Centre in Pretoria where 30 SMMEs per year will have the opportunity to make use of the platform and speed up their entry to market. The centre gives SMMEs access to complete business facilities including workspaces, video conferencing and collaboration platforms, boardroom and training facilities, and access to global Cisco experts who can help them develop business ideas in a digital world.
Here are some tips on how entrepreneurs can make the most of these incubation centres:
Gain insights from global experts using the latest Webex technology and collaborate with other SMMEs. Utilise the meeting spaces to drive commercial sales initiatives with the help of business support facilities.
2. Resources & Equipment
Make use of laboratories and tools like cloud-based facilities, smart interactive whiteboards for content sharing, video conferencing, and meeting rooms. Utilise the high-tech customer demo centre as a practice platform.
Take advantage of the enablement programmes as well as the ongoing training and development. Knowledge transfer will always help your business. Utilise the technical support and business insights to grow your business and make it competitive in the digital economy.
This is your main tool in a digital marketplace. Make use of the high-speed broadband facilities and develop your digital skills because you will need it.
Don’t forget to utilise the pre-sales support as this may give you the edge in the marketplace. Gain insights and experience and use it to your advantage.
9 In 10 Workers Want A Festive Gift From Their Employer To Make Them Feel Valued
29% Would like to receive vouchers from their company.
As the festive season approaches, digital print company instantprint have revealed what managers can be doing to show staff they are appreciated.
Over 9 in 10 workers (94%) want a gift from their employers to make them feel valued, appreciated and happy this Christmas.
The research, which surveyed 1,500 UK office workers, also revealed the most in demand gifts that employees would like to receive from their employers:
- 29% would like a gift voucher
- 8% would like an early finish
- One in five (20%) would like a free bar at the company Christmas party
- One in ten (10.3%) would like a physical gift
- 7% would like a charitable donation to be made in their name.
Different sections of the workforce had varying demands. IT professionals would prefer an early finish this festive period, with 35% in the IT department choosing this as their ideal Christmas gift.
Senior management seem to have a more selfless approach to the gifts they would like to receive. One in ten (11%) said they would like a charitable donation to be made in their name, compared to the average demand for this present of just 7%.
There was some difference between men and women too. Women are the ones really pressing for gift vouchers, with 33% saying they are the ideal present, compared to just 23% of men. Male employees seem to prefer a free bar, with 22% choosing this, compared to just 18% of women.
James Kinsella, CEO and Co-founder of instantprint, said about the research:
“Most organisation take part in the festive period, with decorations, Christmas parties and office Secret Santas.
“But this research highlights how important a small show of gratitude can be for your workforce. Something as simple as an early finish, free bar at a party or a Christmas gift voucher can make employees feel valued and appreciated. This in turn can help boost employee morale, loyalty and productivity in the workplace.”
South African Students To Battle In Universities Business Challenge To Win Up To R50 000
Students will compete in a simulation that encourages business skills.
Cognity Advisory’s Universities Business Challenge (UBC), sponsored by General Electric (GE), launched in July this year, has seen 500 students from 13 different universities across South Africa participate in a business simulation competition, that’s designed to develop their entrepreneurship skills. The challenge is now down to just 10 teams from five different universities (approximately 50 students), who will travel to Johannesburg to compete in the two-day final event on the 5 and 6th December 2018.
The ten teams competing in the final includes three teams from the North West University, two from Mangosuthu University of Technology, two from the Vaal University of Technology, two from the University of Limpopo and one from The University of KwaZulu Natal (UKZN). These teams will be competing for the chance to win up to R50,000.
The aim of the UBC, now in its second year in South Africa and 20th year globally, is to tackle South Africa’s high level of youth unemployment. Statistics South Africa (Stats SA) that South Africa’s official unemployment rate increased by 0.3 of a percentage point to 27.5% in the third quarter of 2018.
The competition simulates a business environment, with students given a problem to solve. The simulation is designed to foster skills such as analytical thinking, problem solving, commercial awareness and team-working. The challenge is designed to empower young people and equip them with the necessary skills to succeed in business.
Tope Toogun, development advisor and CEO of Cognity Advisory says, “Students are very prepared in terms of theory when they leave university, but not the practical skills they need to start and run a business. Seeing as of formal businesses it’s really important that these students know how to build a business on their own or at the very least, in small teams.”
Toogun explains how the simulation encourages business skills, “The students competing in the challenge learn all about managing people, customer service, working in teams and how to create a start up without even realising they are being exposed to all these skills. These are the skills that will separate the members in the final. Students must work as a team and make instinctive decisions.”
Cognity Advisory is engaging students through social media competitions and newsletter updates. These competitions include spot prizes for students who post an image or video and receive the highest engagement on it.
Women Entrepreneur Successes1 week ago
Watch List: 50 Top SA Business Women To Watch
Snapshots1 week ago
25 Of The Most Successful Business Ideas In South Africa
Entrepreneur Profiles2 weeks ago
The House That Moladi Built – How Challenging Traditional Building Empowers Local Entrepreneurs
Lessons Learnt5 days ago
How Lorenzo Escobal Bootstrapped His Way To Competing With Titans And Attracting Top-Tier Clients
Leading1 week ago
How To, In Practice, Distinguish Between Executive, Non-Executive And Independent Directors And Their Functions
Entrepreneur Profiles1 week ago
In Touch Media’s Margie Carr Shares How She Made An Out-Of-Home Media Agency A Solid Competitor
Company Posts1 week ago
Smoothie Franchise Opportunity: Puré Frooty Is A One-Of-A-Kind Smoothie Franchise Business
Company Posts2 weeks ago
Why SA’s Latest Tech Start-up ‘Merge,’ Is Going To Disrupt The Current Entrepreneur And Investment Landscape