COMPLIANCE IS VITAL FOR BUSINESS SURVIVAL

According to the Trade and Industry Minister Rob Davies, running a small business in South Africa is not easy, and five out of seven new businesses fail within the first year. That is a scary statistic, especially when 68 percent of workers are employed by businesses with fewer than 50 staff and 43 percent by businesses with fewer than five staff, a fact highlighted by Davies.

In a nutshell, branding is how others perceive you and how they feel about your product or service- the perception can either be good or bad.

 

 

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:

  1. Business registration (register with the Companies and Intellectual Property Commission at www.cipc.co.za).
  2. Tax-clearance certificate (register with the SA Revenue Service at www.sars.gov.za).
  3. Proof that you have a business bank account (cancelled cheque or signed letter fromthe bank.)
  4. Broad-based black economic empowerment certificate (many agencies provide this service).
  5. 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.

Last modified on Friday, 06 January 2017 06:55

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