Comply, Comply, Comply
Over the years, I have discovered a common element in businesses that fail within a year is lack of compliance with the rules of potential clients and funders. Many large businesses, government departments, banks and so on require that you comply with their procurement and funding regulations before they can give you business or grants.
What is compliance?
According to BusinessDictonary.com, compliance is "certification or confirmation that the doer of an action(such as the writer of an audit report), or the manufacturer or supplier of a product.\, meets the requirements of accepted practises, legislation, prescribed rules and regulations, specified standards or the terms of a contract." So in layman's terms, being complaint is proving that you qualify to be considered for business or funds.
How can I be compliant?
The requirements vary from one entity to another, but in most cases the required documents include:
- Business registration (register with the Companies and Intellectual Property Commission at www.cipc.co.za).
- Tax-clearance certificate (register with the SA Revenue Service at www.sars.gov.za).
- Proof that you have a business bank account (cancelled cheque or signed letter fromthe bank.)
- Broad-based black economic empowerment certificate (many agencies provide this service).
- Company profile (basic info, It's like our business Cv).Business plan (this is mainly required when you need funding.)
Compliance is important in positioning your business for success.