Interview with Grant Robson of The Finance Team.

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Q: Grant. You’re an absolute legend for sponsoring an all-women’s team for one of the toughest still water fly-fishing festivals in SA, what inspired your decision to do so?

A: I have been a fisherman for as long as I can remember but only started fly fishing at the age of 28 which is just over 20 years ago. It was my girlfriend at the time who actually introduced me to Fly Fishing at Millstream. She was an accomplished fly fisher in her own right. Back then it was not that common to see woman fishing / fly fishing but that has certainly changed over the past 20 years. I still think a lot can and should be done to encourage and develop woman in this fantastic sport. Of all the different facets of fishing, fly fishing is probably the best suited to woman for a number of reasons. I would not be surprised if a woman was to become the overall world champion in years to come. Fishing is a fantastic sport that the whole family can participate in. The bonds that I have seen forged between fathers and children through fly fishing has been a joy to behold and I think its high time that mothers get in on the act. There is no better way to spend quality time with your children than on some beautiful lake or stream surrounded by scenery that takes your breath away.

While the Corporate Challenge is very competitive, we feel that the WIW team is equally competitive and as competent as any of their male counterparts and we are confident that they will make the finals of this prestigious event and hopefully place in the top 10. We hope that this team of ladies goes on to inspire a new generation of female fly fishers. For us, this was enough inspiration to sponsor WIW at this year’s Corporate Challenge and hopefully many more to come.

Q: I understand you fish yourself & your team did an (expected) impressive job of placing in your leg of the Tops Corporate Challenge last year. Where did the love for fishing begin with you?

A:  As mentioned above I have been in love with fishing generally for as long as I can remember. I fondly remember a 3 week Christmas holiday at the Clansthal caravan park on the south coast when I was 5, where I literally spent 12 hours a day on the rocks with my newly acquired Christmas present catching small fish and just absolutely loving life. I had to be dragged off those rocks every evening and was back on them the next day at first light. I still get those feelings today as I head out in the early morning and feel the adrenalin surging through my veins and hearing my heart beat thumping in my ears in the quiet of the early morning. It’s something that is difficult to explain to somebody who has no interest in fishing or has yet to feel the rush of that moment when a fish hits your fly. Priceless!!

Looking back further than that, I would say that I probably got the fishing bug from my Mother. At 79 she still takes every opportunity she can to watch me fish from the banks or on the boat and jumps at the chance to retrieve a fly that I have cast for her. She recently landed 7 beautiful rainbows from a lake at Trout Hideaway near Lydenburg. I have no doubt that given the opportunity to go back and do it all again she would have made a fantastic angler but things were different back then.

Q: We’re excited to add a little colour to our gear this year in the form of the TFT logo. Why the blue, pink & green?

A: Great Question. The simple answer is that we just wanted something that was a bit different that stood out from the pack. As a consultancy mainly consisting of Chartered Accountants I think most people were expecting a dull, boring, black and white, “professional” looking logo. We wanted colours that really stood out and grabbed ones attention.

Q: Can you tell us a little (a lot) more about what it is you do. What can The Finance Team do for us?

A: The Finance Team is a professional consultancy that specialises in the provision of part time and interim financial managers and CFO’s. We exclusively retain the services of highly trained and experienced individuals and supply these critical skills to clients that don’t want, need or can’t afford a similar resource on a full time basis. Our clients include SME’s that lack the above mentioned skills as well as larger listed companies that require these skills on an interim basis to complete ad hoc projects and to “hold the fort” during times of temporary absence. Our Associates all have no less than 15 years’ experience and are hand-picked by us to represent our brand and deliver the level of service our clients demand. The majority of our Associates are semi-retired individuals and individuals that are not primary bread winners that have made certain lifestyle choices that merge well with the unique solution that we provide.

Q: You are frequently travelling for work, but where is TFT situated and how can people best get a hold of you?

A: Our Head Office is in Bryanston (Johannesburg) but we also have offices in Durban (Umhlanga) and Cape Town (V+A Waterfront). We have a team of 35 Associates at present with the largest team obviously based in Johannesburg. I can be contacted directly on grant@thefinanceteam.co.za or you can obtain more information from our website at thefinanceteam.co.za.

Q: How many years have you been in the biz (business)? And what do you feel has been your greatest working achievement?

A: Richard (My Business Partner) and I are both qualified Chartered Accountants and we have both been in this industry for 10 years. We started The Finance Team in 2013 and are in our 7^th year of business as The Finance Team. I don’t think that either of us can pin point one specific achievement to date but I think I speak for both of us when I say that the one thing that we love about what we do is making such a big difference to the clients that we get involved with. Most Entrepreneurs are brilliant at conceptualising, strategizing and selling but fall short when it comes to the administration, financial control and details that comes with running a successful company. This is where we step in. We put the financial science behind the Entrepreneurs’ gut feel and support the business while he / she gets on with what they are good at.

Q: Give us the 411 on the year TFT won the TCC. We have pretty big shoes to fill 😉

A: The Finance Team has entered a team in the Tops Corporate Challenge since 2014 so this will be our 6^th event. What makes this one special is that this year it is an all-female team which we are just thrilled about. We have made the finals in all 5 previous events and have placed 1^st, 3^rd, 5^th, 7^th and 9^th in previous tournaments. NO PRESSURE LADIES. We actually won the event on the very first attempt which was a massive surprise for all involved including the organisers from Wild Fly. To be honest we were lucky enough to have Wayne Stegen in our final team that year as one of our team members could not make the final. Wayne was instrumental in our win and his knowledge and experience of the local waters was a game changer for our team who were fishing the area for the first time. For those who don’t know this, Wayne’s Wife (Roxy) and Sister (Bridgitte) are 2 of the members of this WIW / TFT team. I hope that Wayne has been giving some pointers and tying some expert flies for the tournament.

Q: So, not only are you not fishing this year but you are also making a come-back as our ghillie 😉. Are you ready for the job?

A: Absolutely ready for the job. I am actually looking forward to taking a back seat this year and helping wherever I can. Hopefully get some more time to enjoy a few more beers in the pub without having to worry about getting up at 5AM in the Notties Winter. We are planning on bringing a drone, GoPro’s and Cameras so that we can document the whole event so that we can release a short video clip on social media on our return. Watch this space.

Q: What’s next for TFT in the fly-fishing world?

A: Well the hope is that our ladies team make it into the final of the tournament and then make it into the top 10 overall. I think this would be a fantastic achievement. We are looking forward to this year’s event and a long association with the WIW team into the future.

We cannot wait to for the 6^th of June, see you there and thank you once again for everything you have done for team WIW. We will do our best to make you proud!

Article by www.iol.co.za

In a country like South Africa, where job creation is critical, there is a great deal of emphasis being placed on the development of small medium and micro enterprises (SMMEs).

Small businesses, in particular, provide opportunities where smart entrepreneurs can thrive, especially if they pay attention to the advice of experts who have already been down that road. David Seinker, chief executive of office and co-working space, The Business Exchange (TBE) in Johannesburg, has the following top tips for entrepreneurs about to embark on their own journey.

1. Offer a product that offers a solution

Many budding businesses believe in their idea or the products they envisage selling, but the key to success is in knowing, first and foremost, how that idea or product will offer a solution. “Before you even begin to do anything else to set up your business, you need to thoroughly investigate the market you plan to service,” says Seinker. “A product or service must fill a market need. It must go beyond just something that’s a nice idea. Know what problems your offering can solve, or what hole in the market it will fill. At TBE, for example, we recognised the need for serious entrepreneurs and business people to have a space that meets their requirements. They didn’t want a space that offers free drinks and foosball. Instead, they need a space that is as focused about business as they are”.

2. Understand the start-up costs and keep track of your cash flow

Once you know what you want to offer, the next step is to work out how much it is going to cost to set up the business. Apart from costs in terms of finding and kitting out premises and paying monthly rent, you also need to factor in everything from office supplies to staff members and the costs they will incur. This also includes your own personal expenses and how much money will be required to meet your own commitments. “From there,” notes Seinker, “it’s also crucial to keep a careful track of all cash flow. Most often, businesses fail not because of a bad idea, but because they simply didn’t manage their cash flow.”

3. Choose your working space wisely

A work environment conducive to doing business is critical for a new company, and many entrepreneurs start theirs working from home, but this may not necessarily be the best option for clients to take the business seriously. However, neither is splashing out from the start on expensive offices and incurring the many costs that such a set-up can entail. “Enter the rise of the co-working space,” notes Seinker. “This is an environment where new businesses can rent anything from a desk to an entire office, but where they literally just enter, plug and play. Co-working spaces such as The Business Exchange take the hassle and expense away from infrastructure costs such as capital equipment in terms of everything from office furniture to copiers, the provision of reception and maintenance staff, or the costs associated with technological requirements such as the setting up of  Wi-Fi or video conferencing facilities.”

Co-working options also offer new businesses enormous flexibility to enable them to grow when more space is required, or scale down if they need to tighten their belts. “Plus,” says Seinker “there are no obligations to sign leases and no FICA requirements to fulfil. But at the same time – because first impressions really do count – co-working spaces – especially those in prime business locations – provide a professional environment that says your new business really does mean business.”

4. Sort out your tax obligations and insurance from the start

Consult with experts beforehand to find out what tax obligations your new business is required to meet, as well as which insurance policies you may need. From a tax perspective, make provision to pay for the services of a qualified bookkeeper (even if it’s only a part-time agreement or one based on a few hours’ work per month to keep financial records in order), or an accountant who will look after your annual tax submissions. On the insurance front, make provision to protect yourself in terms of medical issues or loss of income, risks to your business such as theft or damage to your stock or items such as computers and cellphones, and even public liability insurance that protects you against claims made by members of the public resulting from accidents or damage to property. “Many new business owners make the mistake of thinking that their home insurance covers their business as well,” notes Seinker, “and this usually is not the case.”

5. Connect

Connectivity is about everything from investing in a digital online presence for your business from day one (whether it’s a website or even just a presence on Facebook, Twitter or Instagram) to networking with like-minded or reciprocal business people. This is another area in which a co-working environment can assist, notes Seinker: “A co-working space worth its salt will offer excellent online connectivity from the moment you walk in the door, solving what could be a huge headache for many new businesses. Plus they are renowned for bringing people in similar or complementary industries together to exchange ideas as well as business opportunities. But outside of the work environment, it’s also about attending as many networking events as you possibly can and getting your name and that of your business ‘out there’ as quickly as possible. At TBE, we hold regular networking sessions for our members. This not only means that they are meeting the people who work next to them, but it also provides an opportunity to possibly meet someone who would be able to help with a particular service down the line.”

Article by www.iol.co.za

Article by www.entrepreneur.com

A report from the U.S. Bureau of Labor Statistics cites two primary reasons why businesses fail — lack of proper planning and poor leadership. In a way, both these factors are tied to the decisions made by the business owner. Poor decisions, like too much debt or unviable investments, can dramatically alter your company’s fortunes. In this article, we’ll take a look at some ways business owners can keep their financial books in the black through smart planning and earnest leadership.

1. Equity vs. debt.

One of the perennial dilemmas that business owners face while raising funds for their business is the choice between equity and debt. Raising funds by giving up equity might seem attractive to a risk-averse startup businessman. However, giving up too much equity dilutes your own stake in the company and can be a bad choice over the long term. Debt, on the other hand, can be repaid and lets you retain your control over the business. In other words, although raising debt can be painful in the short term, it protects your stake in the long term and can thus reap larger dividends.

2. When to choose debt over equity.

A number of startups in the web and tech space today do not have a clear monetization policy during the launch phase. Companies like Twitter went through several rounds of fundraising before they started making money. It is a good idea to give up equity in such instances since these businesses do not have a clear revenue stream in place to start repaying their debt. However, if you are a startup or a small business with an established revenue stream and a steady cash flow, there is no reason why you should choose equity over debt.

3. How much debt is too much?

There is a limit to how much debt a business can take. It is worthwhile to note that business income is not always going to be consistent. Market forces outside your control can grow or dent the demand in your product or service. It is hence a good idea to only take debt that can be paid back even if you stop making money for a month or two. A good business owner knows to maintain a fair balance between money raised through debt and cash infused through the sale of equity.

4. Keep low working capital.

Working capital is the cash necessary to simply keep the business operating. It is essentially the value of your current assets minus your current liabilities. Building your product requires capital infusion and without a paying customer, your product is a liability waiting to be liquidated. Businesses that offer lengthy credit periods to their customers require high working capital. On the other hand, if you demand upfront payment for your product or service, then the liquid assets in your system are higher than liabilities. You would hence require low working capital. Tweak your business processes, including credit periods, to bring down the working capital required to run your business.

5. Insist on recurring invoices.

Modern invoicing software applications let customers set up automatic invoicing on their purchases. There are two big pros with using recurring invoices for your clients. Firstly, it brings down the accounts receivables of your organization. Although it is customary to mark accounts receivables as an asset in your accounting books, it can be a liability for small businesses that do not have the resources and the means to get paid on time for their rendered services. Secondly, automated payments establish a level of consistency in your income statements. This helps your business plan with better demand planning and logistics management.

The tips provided above can help your organization bring down the owed debt without compromising too much on your business ownership. Also, by tweaking your credit practices, it is possible to set up a healthy business process that is better suited to take on the vagaries and fickleness in the market and ensure survival for the long term.

Article by www.entrepreneur.com

Article by Entrepreneur.com

Jennifer Fitzgerald is co-founder and CEO of Policygenius. But in 2013, when her company was starting out, it had a different name: KnowItOwl.

“We thought it was a clever play on the term know-it-all,” she says. The company helps consumers find the right insurance policy for them, so she wanted a name that suggested wisdom and guidance, with a friendly animal like the GEICO gecko.

“Then we started talking to investors, engaging our first users and talking to vendors and insurance company partners, and we just kept having to repeat the name — spell it, explain it. Pretty soon we were like, We’ve got a problem.”

And it’s not an uncommon problem.

A name is one of the biggest early decisions a company founder will make, and many get it wrong. Best Buy was first called Sound of Music. Nike was Blue Ribbon Sports. Google was BackRub. Each was a mistake in some form — too narrow, too generic, too evocative of the wrong thing. (BackRub?) For Know­ItOwl, the problem was being too clever.

So how should a company pick a name? Fitzgerald did some research and came up with this process.

Step 1: The big name dump

Fitzgerald created a shared Google Doc for her five-person team and over the course of a few weeks sent out prompts to focus people’s creativity — asking for portmanteaus (like Microsoft, the merging of microcomputer and software), names with numbers (like Lot18), themes like references to trees and more.

Step 2: Structure brainstorming

One Saturday, she invited friends in the branding and marketing industry to join her team for pizza, beer and what she calls “structured group brainstorming.”

She’d put up a word that related to her business — say, protection. Everyone in the room had 10 minutes to write down 10 protection-related names.

Then they’d pass their list to the person to their left and take seven minutes to create seven names inspired by the other person’s list. They repeated this a few times.

Step 3: Cut the crap

Between the Google Doc and the brainstorming, they had hundreds of names and started eliminating them in phases.

First: “Can you imagine saying your company name to a Wall Street Journal reporter?” That wiped out many. (Bye, “Harmadillo”!)

Then they nixed any similar to competitors’, names that could come off as unintentionally wrong (a classic of the form: Pen Island) and names they couldn’t get a dot-com domain for.

Step 4: Judge by colour

The surviving names were evaluated based on various criteria, including brevity (shorter is better), evocativeness (does it convey meaning?) and searchability (is it unique enough that when searched for, it won’t get lost?).

Each criterion was marked as red, yellow or green. The name Policygenius, say, got a yellow for brevity. Too many reds meant elimination.

Step 5: Test people’s memories

Will people remember a name? Can they spell it, if they hear it? To test this, the team recorded someone saying the finalist names, posted the audio to Soundcloud, and embedded it in surveys that they paid $2,000 to have sent to 1,000 people.

They also asked respondents to write down any emotional associations the names created z- “just to make sure nothing was offensive or conjuring up any emotions we didn’t want to conjure up,” she says.

After this, Policygenius had its name. It now employs 130 people and helps a million people each month find insurance, either through its service or content — success that (ahem) owl started with a great name.

Article by Entrepreneur.com

Article by www.iol.co.za

With the excesses of festive season spending behind you, the New Year represents the perfect opportunity to whip your finances back into shape, beginning by implementing these seven simple money-saving tips from Citadel Advisory Partner Daryl Coker.

1. Set your financial goal

January is thus the perfect time to reflect on your accomplishments during 2018, and set new financial goals for the year ahead. These may include paying off debts, saving towards a deposit on a home, or even revving up your retirement savings.

2. Reassess your budget

“Many people diet in January because they put on a little too much weight during the holidays and are trying to get their life back in order, and budgeting is similarly an important exercise for trimming the fat from your finances,”

Look for places where you can cut back or may be overspending, and see whether you have any surplus cash left at the end of the month that you should be putting to better use.

If you have received a salary bump, also remember to allocate a portion towards saving rather than just increasing your lifestyle spending.

3. Pay back the money

“As part of your budgeting process, you should therefore look to put any spare funds or bonuses and salary increases towards eliminating debt, as paying down your debt more quickly could save you significant amounts in repayments over time,” Coker explains.

Begin by creating a debt strategy that will help you to repay your debts as quickly and effectively as possible. This means prioritising your debts in order of the most expensive according to the interest being charged on the debt – usually starting with costly short-term debt on credit cards, followed by less expensive debt on cars and homes.

4. Price-check your short-term insurance

One simple, yet often forgotten, method for cutting costs is to re-examine your short-term insurance cover and costs each year. This means comparing quotes from different providers, as well as checking that your motor vehicles, home and household contents are still insured for the right amounts.

Coker said, “While it’s important to make certain that you are not under-insured, it’s equally important to check that you’re not over-insured”.

5. Manage school fees wisely

According to Coker, people need think carefully before paying school fees upfront as a lump sum.

Coker said, “Most schools do offer a discount of usually between four and seven percent for early payment,” he notes. “However, also consider that by opting for monthly payments, your child is essentially receiving a year’s education upfront and you will not be charged any additional interest on the amount owing – the monthly cost will remain the same, which is almost like receiving an interest-free loan”.

6. Optimise your tax affairs

With the February tax season soon upon us, high income and provisional earners should also consider seeking professional tax advice in order to optimise their tax efficiency, for instance by making the most of allowable deductions for contributions to retirement savings before the financial year end.

 7. Consider the timing of purchasing a new vehicle

If you are considering purchasing a new vehicle, remember that it may be more beneficial to buy in early 2019 rather than later in year.

“If you are looking to purchase a new vehicle and your budget allows, it may be more beneficial to buy earlier in the year rather than later, or even worth saving and waiting until the beginning of 2020 instead,” said Coker.

Article by www.iol.co.za