5 Simple steps to a better budget

By: Olivier Barbeau

Preparing your annual budget is probably one of the least appealing parts of being an entrepreneur. But you don’t do your business — or its customers — any favours by putting it off. Following these five simple steps can help make the process a little less painful.

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Is my business sellable?

For most business owners there comes a day where you have to consider selling your business. How do you go about valuing and selling your business?

As a business owner, you are passionate about your business. Your business is most likely the fruit of a rollercoaster ride of highs and lows, from finding a bank which has enough belief in your business to make it happen, to finally achieving those targets you only dreamt of… to taking a knock from a competitor… to starting again. For most business owners however, there comes a day where you have to consider selling your business.

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How do I price my goods and services properly?

Pricing a product is ‘probably the toughest thing there is to do’. Whether you sell a product or service, the price you will charge your customer will have a direct impact on how successful your business will be.

The dos and don’ts of pricing:

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B-BBEE – significant changes that will impact on your business

The long awaited Revised Codes of Good Practice (RCoGP) was finally promulgated into legislation with effect from 11 October 2013. As anticipated, many of the changes contained in the first draft of the legislation earlier in the year were retained and new concepts were added.

It is clear that in comparison to the original codes promulgated in 2007, a ‘step-change’ has taken place as targets have been ramped up and more score is expected to be generated by a company wishing to achieve the same B-BBEE recognition level as before. Compliancy has just become so much more difficult and complex.

Read more: B-BBEE – significant changes that will impact on your business

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