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IN THIS ISSUE

Leaving a Legacy: Ensure Your Business Survival with a Succession Plan  • POPIA: A Practical 4-Step Action Plan for your Business  • The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid  • Six Tips for More Effective Online Meetings  SMMEs: Preparing for the Second Wave  • Tax Deadlines for November

Leaving a Legacy: Ensure Your Business Survival with a Succession Plan

It is a sobering statistic that 70% of family businesses do not survive into the second generation - a significant loss considering the time, effort and investment required to start, manage, and grow a business in South Africa.

Ensuring your business can survive beyond the loss of an owner, a partner or another key individual requires a well-structured succession plan that unlocks business value not only in the long term, but also in the immediate future.

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POPIA: A Practical 4-Step Action Plan for your Business

Preparation is of course always key to success, and compliance with POPIA (the Protection of Personal Information Act) is no different.

Do not be misled by the scare stories about having to comply immediately just because POPIA is now in force, but equally don’t fall into the trap of thinking “I can ignore this for now, I have until June next year to do something about it”. 

The fact is that your business will benefit if you take steps immediately to understand both how POPIA affects you, and how you can begin preparing for your compliance process. We share 4 practical tips on how to get started.

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The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid

At a time of deep economic recession, small businesses must manage their accounting and tax functions efficiently and smoothly to avoid any unnecessary costs like SARS penalties.

Making elementary mistakes with a small company’s tax affairs can have disastrous and costly effects for a firm’s ability to survive these harsh times.

In this article, we have identified five tax hazards that many small businesses, especially newly established ones, overlook. This situation is because the owners of these companies often do not have tax expertise, or they are unwilling to seek professional advice to ensure that their tax affairs are shipshape.

Avoid these common tax pitfalls when managing your company’s affairs.

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Six Tips for More Effective Online Meetings

COVID-19 continues to alter the fundamental ways we do business. While many organisations had already been partially conducting meetings online, the pandemic has brought this practice into sharp focus and 86% of employed people now take part in an online meeting at least once a week. Furthermore, according to Forbes, from 2010-2020, there has been a 400% increase in the number of employees who work from home.
 
With meetings and even job interviews now largely being conducted online, it's important to ensure the message and purpose isn't lost in the distractions of home life, bad connections, sound problems and any other number of possible hindrances. Here are six tips to make sure your online meetings are always a success.

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SMMEs: Preparing for the Second Wave

COVID-19 has forced the entire world to remodel how it operates, from the personal perspective to ways in which businesses operate.
 
Experts, including academics and government, have warned the nation of the possibility of a second wave of high infections. Research suggests that a national resurgence is most likely on the way and expected to hit by early 2021. A new trend in the resurgence is set to start and repeat every year around the same time going forward.
 
The national daily infection rate has decreased considerably in the recent past, but the country is far from listing the COVID-19 pandemic as a thing of the past. As mutters of a second wave increase, it’s only understandable that Small, Medium and Micro Enterprises (SMMEs) are also scrambling for cover.

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17th Floor, No. 1 Thibault Square, 1 Long Street, Cape Town, 8001

MGI Worldwide is a network of independent audit, tax, accounting and consulting firms.

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