Incub8 Magazine

No matter what kind of business you pursue, there will always be obstacles. We look at 5 major stumbling blocks holding you back and how to overcome them.

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5 Major Stumbling Blocks Holding You Back From Growing Your business - Incub8 Mag You have just launched your business..congratulations! But you quickly realize you have a pretty daunting journey ahead of you. You are not alone. 20% of small businesses fail in their first year; 30% of small businesses fail in their second year; 50% of small businesses fail after five years in bus...

There are many ways to categorise a company’s financial risks. One way is by separating financial risk into four broad categories, mainly: market risk, credit risk, liquidity risk, and operational risk.

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How risk management helps businesses - Incub8 Mag A business venture can face financial risks in different ways. Some may be internal while others may be driven by external factors such as inflation or exchange rates. But financial risks can also include non-payment from clients, or poor financial planning and projection. All those risks can lead t...

Referring to his partnership with Microsoft co-founder and longtime friend Paul Allen, Bill Gates once said, “Our success has really been based on partnerships from the very beginning.” The two had been close since high school and if it weren't for a business the two founded as teens, Microsoft might never have existed. They met when Gates was in eighth grade and Allen was in tenth grade.

However, over the years Allen disagreed with Gates on numerous things, including product and hiring-related decisions. This was revealed in Allen's memoir, Idea Man, he wrote:

"Over the years, the result of these and other incidents has been the gradual destruction of both our friendship and our ability to work together."

Partnerships are that important, whether your company becomes a multi-billion-dollar corporation like Microsoft or remains a smaller, yet successful venture. Choosing the right business partner can make a huge difference, so you have to do all you can to increase your chances of making a successful choice.

While some entrepreneurs will argue that finding the right business partner shouldn't be rocket science, choosing the right partner remains one of the hardest things in business for many. What makes it more challenging is that you’ll never know whether a partnership will work until you’ve tried it.

Before you consider what to look for in a partnership you need to be able to answer the following three questions:

Why do you need a partner? Are you sure you don't need a consultant or freelancer?

What kind of a partner are you looking for? Sometimes you will find that what you need is not a partner but an investor not a co-founder. But still that investor should be someone who understands and believes in your vision and who could give you the direction you need to make your business a success.

What are you looking for in a partner?

A business partner needs to bring value to your business. It should be more than financial boost. You need to take time to ensure that you have the right mix of skills that complement each other.

What are the key things one should look for?

Trust

It is imperative to consider how much potential partners can be trusted to put the interests of the company above their own. If they went out to win new business, would you let them be alone with your new client?

CEO of Motseng Investment Holdings Ipeleng Mokhari says trust should be at the centre of every partnership. She adds, " I have experienced brief and highly successful partnerships and equally long ones which start off well and eventually disintegrate. I think the power lies in understating the purpose of the partnership."

Without trust you will spend the entire relationship looking over your shoulder and second-guessing everything your “partner” does or says. This may well destroy your entire business.

2. Values

When choosing the right partner, personal values may be as important as technical skills. Do their values align with those of your business? Also, what key personal attributes are you looking for in a partner?

3. Physical proximity

While proximity may not be an important consideration, it can be helpful to have a partner who lives nearby. Besides, it is quicker to build a relationship with a partner who lives streets away from you than someone who needs to book a flight to see you.

Closing

Last but not least, choose a partner who has a solid work ethic, someone you know would be willing to put in the extra time and energy to help get your business off the ground.

The importance of accurate Financial Statements cannot be underestimated for any business operating in South Africa.

While you may already know that financial reporting is crucial (mainly because it is a legal requirement in South Africa and most countries), you may not understand how preparing them can help your business. Before we can delve into that, let’s start by defining Financial Statements.

What are Financial Statements?

Find out in this blog post https://bit.ly/3giMjKs

5 benefits of using Financial Statements - Incub8 Mag The importance of accurate Financial Statements cannot be underestimated for any business operating in South Africa. While you may already know that financial reporting is crucial (mainly because it is a legal requirement in South Africa and most countries), you may not understand how preparing them...

There is a noticeable shift in the digital marketing space. In this article we highlight two trends that will shape the digital marketing space in 2022.

A home page serves as a door to your website upon which new visitors enter to explore your products or services.

How do you make sure that it keeps your visitors longer? (Find from the comment section)

Thirty years down the line Microsoft Excel remains the go-to product for many people looking to make sense of data. Accountants love it. And some entrepreneurs still use it to analyse, manipulate, visualise data, or to make sense of it. Is it the best tool?

5 Common Errors Entrepreneurs Should Avoid When Approving POs - Incub8 Mag Almost all SMEs and medium sized companies including charities purchase something. From everyday things such as tools, cleaning products and getting them approved for urgent maintenance, or other customer projects. That’s when purchase order errors creep in undetected. No matter what you purchase,...

Each year, entrepreneurs bid for billions of rands in contracts. Organisations have a team of evaluators who go through tons of proposals. What exactly are they looking for? Or which criteria do they use? Those are some of the questions many entrepreneurs ask themselves.

(Read the article from the comments section)

A tried-and-tested idea, combined with ongoing support from the franchisor sounds like an efficient and risk reduced option for many entrepreneurs.

(Check the comments section for some top tips on franchising)

During your research, find out if their core values, work ethos and long-term vision align with yours.

Digital marketing has become the easiest way to grow brands. Are you using it? If not, what are you waiting for?

Don’t fret, this article can be the rainbow you’ve been waiting for.

(Check the comments section of this post)

The Department Of Small businesses has announced SheTradesZA, a platform that will help women entrepreneurs access opportunities. Women entrepreneurs have to overcome gender-related biases and face several structural and social obstacles, many of which have been exacerbated by the Covid-19 pandemic.

According to a report issued by PWC, COVID-19 has increased the unequal burden of care carried by women, forcing them to leave the labour market during the pandemic.

"This will be an opportunity for women entrepreneurs in South Africa as selected women-owned businesses and corporations will benefit from a wide range of opportunities to expand their businesses and broadly advance women economic empowerment," says the statement issued by the Department Of Small Businesses.

Develop new partnerships and increase visibility in emerging markets.
How to be part of the SheTradesZA Hub?

Are you a new Member?
Register here https://platform.shetrades.com/ #/sign-up

There are certain things to look for when you want to buy a great LiDAR. In this article, we explore five of them to help you avoid making a costly decision.

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5 Key Things to consider for a Good LiDAR and Unmanned Aerial Vehicle (UAV) - Incub8 Mag There are certain things to look for when you want to buy a great LiDAR. In this article, we explore five of them to help you avoid making a costly decision. But before we dive in, first things first: What is LiDAR? LiDAR stands for “light detection and ranging,” a technology that has been aroun...

Anyone who has worked in a large corporation will tell you that people rarely surrender something voluntarily, and many are not especially keen on surrendering control to the customer either,” Matt Watkinson.

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3 Ways of Putting Your Customers in Control - Incub8 Mag “Anyone who has worked in a large corporation will tell you that people rarely surrender something voluntarily, and many are not especially keen on surrendering control to the customer either,” Matt Watkinson. I grew up in a backwater village called Ntwane in Limpopo, far away from all the bustl...

How Does XBRL Affect Companies In South Africa?

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How does XBRL affect companies in South Africa? - Incub8 Mag You may be well aware that it is mandatory to submit your Annual Financial Statements (AFS) to CIPC (Companies and Intellectual Property Commission), but what you may not be aware of is, now those AFSs must be converted into XBRL before submitting them. This means you can no longer send them in PDF....

How to integrate sales and marketing seamlessly

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How to integrate sales and marketing seamlessly - Incub8 Mag With the recent introduction of self-service in the retail space in South Africa, businesses would be well-advised to consider a buyer’s user experience throughout the sales process. To do so effectively, businesses need to seamlessly integrate sales and marketing functions. A collaborative approa...

How Delivery Notes Are Hurting Your Profit Margin

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How Delivery Notes Are Hurting Your Profit Margin - Incub8 Mag The purchase order and delivery note can either help or hinder your company. It all comes down to the right info at the right time. Get it wrong and your whole P2P process will suffer. Here’s how the two should differ: Delivery note When a company orders goods, the supplier usually arranges the tr...

25+ Low Budget Marketing Ideas To Grow Your Business

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25+ Low Budget Marketing Ideas to Grow Your Business - Incub8 Mag The outbreak of Covid-19 has had a devastating impact on small businesses across the world, a trend expected to continue throughout 2021. Hence most entrepreneurs are trying to come up with cheaper ideas to market their businesses. There are a variety of online ways to market a business that most bu...

How Does POPI Act Affects Your Business

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How Does POPI Act Affects Your Business - Incub8 Mag If you are running a business, you may well want to be aware of everything that may affect it. From new competitors, the economic environment, and new regulations that your business has to comply with.One of the policies that you need to be aware of is the POPI Act, which seeks to protect the person...

15 Low Cost or Free Website Design Tools in 2021

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15 Low Cost or Free Website Design Tools in 2021 - Incub8 Mag Nowadays building a website has become fairly easy. Some people even build their own websites without spending a dime. Whereas those who don’t have the know-how or the time have an option of outsourcing talent at a ridiculously low price. Designing a great website doesn’t take long, especially i...

How 2020 was like for this property entrepreneur

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How 2020 was like for this property entrepreneur - Incub8 Mag At the end of each year, it’s natural to reflect on the outcome of the past 12 months. Mathe Moshoeshoe, founder of Moshoeshoe Properties did the same when she unpacked how she saw the gap in the township property market. Also, how 2020 has been for her business. “I used to work for a real […]

Starting a business is hard enough, but making mistakes could make running a business even harder. Here are the mistakes you should avoid:

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4 business mistakes entrepreneurs should avoid - Incub8 Mag Starting a business is hard enough, but making mistakes could make running a business even harder. Here are the mistakes you should avoid: 1. Never pursue an idea without researching the market Martyn Dawes, founder of Coffee Nation (now Costa Express) says: “[Entrepreneurs can] make too many assu...

6 Reasons why a deposit is important when buying property
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6 Reasons Why a Deposit is Important When Buying Property - Incub8 Mag   Buying a home is one of the best long-term investments most people will ever make. However, taking the first step to make a purchase can sometimes be daunting and even intimidating, more so now with the current unprecedented times we live in. South Africa’s interest rate is at its lowest level ...

How To Put Yourself In The Driver’s Seat Of Your Budget




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How to put yourself in the driver's seat of your budget - Incub8 Mag Cash flow management for a rapidly growing, bootstrapped company can be harder than the world’s most difficult Sudoku puzzle.” Vinny Antonio, President of Victory Marketing Agency. Business experts unanimously agree that rapidly growing businesses are more likely to run out of cash than slow-gro...

7 Important Financial Ratios Every Charity Leader Should Know

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7 Important Financial Ratios Every Charity Leader Should Know - Incub8 Mag It is clear that charity organisations are obliged to manage their funds responsibly. Essentially financial ratios come in handy as a valuable tool that helps charities to assess their financial health. Charity leaders are required to know how to assess the financial performance of their organisatio...

How women entrepreneurs can access funding to grow their businesses

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How women entrepreneurs can access funding to grow their businesses - Incub8 Mag Women are having a tremendous impact on South Africa’s economy — creating new jobs and generating revenue. According to new research released by Facebook, women entrepreneurs have the potential to boost the South African economy by R175bn by 2022. Most women entrepreneurs start from a lower base...

How To Choose The Right Franchise

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How to choose the right franchise - Incub8 Mag A tried-and-tested idea, combined with ongoing support from the franchisor sounds like an efficient and risk reduced option for many entrepreneurs. However, just like any business, there are no guarantees that your franchise business will be a success. You can minimise your chances of failure by fol...

5 BUSINESS IDEAS YOU SHOULD CONSIDER IN 2021

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5 Business Ideas You Should Consider In 2021 - Incub8 Mag So you want to make 2021 the year you become your own boss – but you are not sure how? Don’t fret, we have narrowed down all the possible options for you: 1. Virtual assistant The days of hiring a PA that will be based in the office are in the past; as a result, […]

CIPC: 2 New Platforms You Need To Know



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CIPC: 2 New Platforms You Need To Know - Incub8 Mag The Companies and Intellectual Property Commission (CIPC) has introduced innovative measures that will make things easier for businesses. Here are two innovations that you need to know about: 1. NEW E-SERVICE: NEW COMPANY REGISTRATION The CIPC has launched the Automated New Company Registration E-Se...

9 Website Layout Designs to Boost Conversions & User Experience

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9 Website Layout Designs to Boost Conversions And User Experience - Incub8 Mag Having an aesthetically pleasing website is not beneficial unless it helps you grow your business. Any website that doesn’t help you achieve the following is worthless: Generate new leads, Sell products or services, Retain customers, and Raise brand awareness. Granted, planning your website design...

5 Steps To Creating A Logo Design That Sticks

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5 Steps to Creating a Logo Design that Sticks - Incub8 Mag Creating a logo is one of the most crucial tasks in business. A logo gives a business an identity, and helps customers remember a brand. It’s tempting for most startup entrepreneurs to cut corners when it comes to creating a logo for their new business. Often, they resort to emulating logos of big...