SARS Provisional Tax Deadline 31 August

SARS Provisional Tax

SARS Provisional Tax

It’s the middle of the tax year and time to pay SARS his due. The provisional tax deadline is the 31 August 2016.
SARS is concerned that if you wait until the end of the year and pay all your tax in one go, you won’t have enough money available to pay everything. (It’s quite possible it will have been spent on new clothes, school fees or that iPad you’ve been eyeing). So they insist that we pay SARS at least twice a year, in the middle and at the end. These interim returns and related payments are called provisional tax returns. A final income tax return is also submitted, but only after the end of the tax year, once everything is wrapped up. You can then top up any tax you short-paid in the provisional tax returns.

Who should submit a provisional tax return? If you are a director of a company or a close corporation you need to submit provisional tax returns twice a year, or if you have any income other than salary and interest or dividends from investments. Other sources of income might include rental, freelance income, consulting fees, any kind of business, even if it’s just on the side.

If you are a company director and you only earn a salary where PAYE is deducted each month, then there may be no additional tax payment required this month. In that case the provisional tax return is merely a formality – but still necessary. Otherwise, you will need to pay tax on the profit you make from your other sources of income. This means that you can offset your expenses relating to the income before calculating the tax.

If you need help submitting your return or calculating the tax before the deadline, contact EM Solutions for support.

By |2016-11-01T10:20:05+02:00August 16th, 2016|Business Resources, Financial Management|0 Comments

Understanding Chaos and Stress of an Entrepreneur

Patrick Bet-David shares in this short video how we need to reprioritise our focus on chaos to alleviate the effect it has on our lives.

He explains the four main categories of chaos: Family, Financial, Health and Business and how some people create chaos as an excuse for failure or conversations.

People who handle chaos and stress well always anticipate chaos, ask for help and process the issues quickly towards the desired resolution.

Here are 7 good actions when faced with chaos in your life.

  1. It is all perspective; do not turn molehills into mountains. Ask: is it really chaos?
  2. Seek wise counsel from professionals
  3. Focus on what you can control not on what can’t be controlled
  4. Over prepare yourself and your team
  5. Come up with the next 3 steps on what needs to be done
  6. Study the birth of the chaos: understand the origin and change
  7. Do not take chaos personally

Watch the video for the full talk.

By |2016-11-01T10:20:06+02:00July 13th, 2016|Business Resources|0 Comments

Looking for Funding – Seed Afrika

Logo

Seed Afrika was established to help promising entrepreneurs in the Southern Africa region connect with seed stage capital and mentorship from Silicon Valley.

Seed Afrika work with the political and business networks within key verticals in Southern Africa to source vetted seed level deals for early-stage investors looking to find sustainable, profit-based investment return opportunities in Africa.  Simultaneously Seed Afrika expose top African entrepreneurs to the networks they need to build pipelines to wealth and job creation for their own local communities.

Call for Entrepreneurs

Seed Afrika is currently looking for applicants for the 2016 funding round. Qualifying businesses will be matched to investors based on their profiles and investment needs. Both investors and businesses owners will meet together in Cape Town in October 2016 for a final round of discussion and pitching. During this time investment deals will be offered to those businesses that are accepted.

Seed Afrika is currently looking for businesses with the following criteria:

  • Legally registered with CIPC
  • Tax clearance certificate from SARS
  • Available annual financial statements
  • Operate within the Energy, Water (sanitation, management), Healthcare and finance/financial transactions sectors
  • Have a minimum viable product (MVP)
  • Reached Proof of Concept (POC) with paying clients
  • Defined pipeline of customers
  • Scalable business model

Funding deals range from $25k to $5m for either seed or series A funding rounds. Applications for Seed Afrika can be done through their local Cape Town based partner: Entrepreneur and Management Solutions.

Interested businesses should contact Bruce Wade directly on bruce@em-solutions for a detailed application form and initial assessment process.

Entrepreneur and Management Solutions will conduct an initial assessment and due diligence before advancing applications to Seed Afrika for consideration.

By |2016-11-01T10:20:07+02:00May 31st, 2016|Business Resources, Entrepreneurship|0 Comments

Is it time to say Sorry?

When was the last time you said sorry? As a leader of anything the word sorry os one that needs to be used both strategically and sympathetically at all times.

We see two types of leaders who misuse the word Sorry. The first are those who seem to start each sentence or communication with a Sorry. “Sorry to interrupt bu….”. “Sorry I am late…”. “Sorry I have an opinion…”.

Too many low self-esteem leaders have this learnt behaviour of using Sorry as a filler word just to begin speaking and add their opinion to the conversation. This is not the way to lead people. It creates a low image of the person in the eyes of others in the room and in return a sense of doubt.

The other side of the spectrum are those leaders who never say sorry. Those who in their own eyes are never wrong and have the need to apologise. These individuals are people who seem to live above the law both legally and do not do anything wrong.

In this short video we expand on both these types of leaders and look at their reasons for their behaviour.

We would love to hear some of your comments and thoughts.

 

By |2016-11-01T10:20:07+02:00May 23rd, 2016|Bruce on Business, Business Resources, Entrepreneurship|0 Comments

How Should Leaders Reflect?

cakeThis weekend was my birthday, not anything special, but a birthday nonetheless. Each year at this time a few things happen that have been designed to allow me to reflect and pause a while in response to the year that has gone by:

I get an email from the FutureMe app. This email is from myself, written a year ago to my future self, now, the present day self. I have been doing this for 8 years now and each year it is a difficult email to read. I am never easy on myself and set huge expectations for my personal self, relationship and business goals. The email normally outlines the expectations and dreams I had for the year as well as giving hope and encouragement. But listening to yourself from a year ago is a strange and unnerving experience.

I then get to write another email, this time to the future self 12 months from now. How difficult it is to predict the future and hope for certain achievements and goals. We do not know where we will be unless we set our sites on the future and aim high. But this year seems just that little harder than before. There is so many uncertainty issues that hold the cards to my future, personally, in relationships and in business. I am also very focused on some health issues. So what does one say to the future?

I also get to celebrate this day with friends and family in the now. Time spent chatting, celebrating and living in the moment. The best time we have as we cannot begin to change the past or predict the future, we can only enjoy the moment we are in now.

Some interesting leadership themes here that I will allow you to unpack and marinate in your own time as I do. I can only trust that the future will be and that the present is and all that I do will be sufficient for both.

By |2016-11-01T10:20:07+02:00May 16th, 2016|Business Resources, Leadership|0 Comments

21 Irrefutable laws of leadership

No blog series on Leadership will ever be complete without an extract from one of John Maxwell’s books. We have most of them in our library and refer to them all the time for our own work and to clients.

Leadership is leadership, no matter where you go or what you do. The true principles of leadership remain the same, irrespective of time, culture or even new technology.

John MaxwellIn his book, The 21 irrefutable laws of leadership, John C. Maxwell explains that real leadership principles stand the test of time – they are irrefutable. These principles can be explained by 21 laws. “Each law is like a tool, ready to be picked up and used to help you,” says Maxwell. “Learn them all, and people will gladly follow you.”

The law of the lid

Leadership ability is the lid that determines a person’s level of effectiveness. No matter how smart or talented you are, without leadership you can only go so far. “The higher you want to climb, the more you need leadership. The greater the impact you want to make, the greater your influence needs to be.”

The law of influence

According to Maxwell, leadership is influence – nothing more, nothing less. If you cannot influence others, they will not follow you. True leadership comes only from influence, which cannot be mandated. It must be earned.

The law of progress

Leadership develops daily, not in a day. “Becoming a leader is a lot like investing successfully in the stock market. If your hope is to make a fortune in a day, you are not going to be successful.” You do not become a leader overnight. It takes time to hone your skills.

The law of navigation

Anyone can steer the ship, but it takes a leader to chart the course. In order to be a successful leader, you need to develop a leadership strategy that will take you to your destination, with the buy-in from those who follow.

The law of E.F. Hutton

E.F. Hutton is a financial services company with the motto, “When E.F. Hutton speaks, people listen.” To find the real leader in an organisation, just look at who the employees listen to. “People listen not necessarily because of the truth being communicated in the message, but because of their respect for the speaker.”

The law of solid ground

Trust is the foundation of leadership. “To build trust, a leader must exemplify competence, connection, and character.” Trust makes leadership possible. Without it, no one will follow.

The law of respect

People do not follow others by accident. They follow individuals who they respect, and not necessarily the person with the title. “The greatest test of respect comes when a leader creates a major change in an organisation.”

The law of intuition

The great sports coaches refer to intuition as being in the zone. “Leaders see everything with a leadership bias, and as a result, they instinctively, almost automatically, know what to do.” This read-and-react instinct is present in all great leaders.

The law of magnetism

Effective leaders are always on the lookout for good people. According to this law, you attract people into your life who have similar leadership ability as you do. “If you think the people you attract could be better, then it is time for you to improve youself.”

The law of connection

Leaders touch a heart before they ask for a hand. You cannot move people to action unless you first move them with emotion. The heart comes before the head. “The stronger the relationship and connection between individuals, the more likely the follower will want to help the leader.”

The law of the inner circle

A leader’s potential is determined by those closest to him or her. “When you have the right staff, potential skyrockets. Hire the best staff you can find, develop them as much as you can, and hand off everything you possibly can to them.”

The law of empowerment

Only secure leaders give power to others. Theodore Roosevelt said it best, “The best leader is the one who has sense enough to pick good men to do what he wants done, and self-restraint enough to keep from meddling with them while they do it.”

The law of reproduction

It takes a leader to raise a leader. “An environment where leadership is valued and taught becomes an asset to a leadership mentor. If a company has strong leaders – and they are reproducing themselves – then the leadership just keeps getting better and better.

The law of buy-in

People first by into the leader, then the vision. “People do not at first follow worthy causes. They follow worthy leaders who promote worthwhile causes.” Nelson Mandela had the buy-in of the people because he was a worthy leader with a worthwhile cause. To get the buy-in from people, you need to have both a worthy leader and a worthy cause.

The law of victory

Leaders find a way to win for their team. “When the pressure is on, great leaders are at their best. Whatever is inside them comes to the surface.” A good leader will find out what needs to be done in order to win, and then do it, no matter what.

The law of the big mo

Momentum is a leader’s best friend. Every sailor knows that you cannot steer a ship that is not moving. Similarly, strong leaders understand that to change direction, you first have to create forward progress. “With enough momentum nearly any kind of change is possible.”

The law of priorities

“Examine the life of any great leader, and you will see him putting priorities into action,” says Maxwell. Activity does not necessarily equal accomplishment. A good leader knows which activity is a priority. A great leader satisfies a number of priorities with a single activity.

The law of sacrifice

“A leader must give up to go up.” Sacrifice is an ongoing process in leadership. The nature of the sacrifice will be different for every person, such as a pay-cut or less free time. FW de Klerk worked to dismantle apartheid and the cost was his career itself.

The law of timing

“When to lead is as important as what to do and where to go.” When the right leader and the right timing come together, incredible things happen. For example, Winston Churchill only became prime minister of England when he was in his sixties, but showed great leadership during the Second World War.

The law of explosive growth

To add growth, lead the followers. But to multiply growth, lead the leaders. Leaders are harder to hold on to because they are energetic and entrepreneurial, and they tend to want their own way. “Leaders who develop leaders experience an incredible multiplication effect in their organisations that can be achieved in no other way.”

The law of legacy

A leader’s lasting value is measured by the legacy left behind. This is the most important law of leadership, yet few leaders get it right. “A legacy is created only when a person puts the organisation into the position to do great things without him or herself.”

By |2016-11-01T10:20:07+02:00May 11th, 2016|Business Resources, Entrepreneurship, Leadership|0 Comments

Value Based Leadership – do you value it?

What is Valuing?

The Process of Valuing is how we interact with others based on what we value most and our values. Let me unpack that a bit;

We have a core of what we value most. This is what we will protect at all cost and have subscribed our belief, behaviour and actions on. How we view ourselves and invest in our body, mind, soul and heart is based on our core. These bloom in our lives as values or rules of engagement. These rules are our lenses to the world. We see ourselves based on these values and constantly justify our lives through these lenses. Our Core based values are also how we see others and ultimately judge them.

For example, if a person has a core of financial wealth. They will have a very structured life around money and finances. Everything they do can always be traced back to how they perceive money. Their dress code, possessions, faith, personal image and relationships are wealth focused. When they introduce themselves they will use their financial standing in life to justify their position in a crowd or to make a point in a conversation. Their values will also be financially motivated with the protection of wealth as their main agenda in life. All their actions will be geared to either accumulation of retention of money. This also flows to how they perceive and judge others. They will, on meeting a person, be able to place them in an order or category based on financial standing. Putting down those who are deemed ‘poor’ or unfit for company. They may tolerate them for the purpose of gaining something but will rarely offer advice or riches to them as it will be deemed an unwise investment with little or no return.

Value Based Leadership

Value based leadership come into play as leaders, based on their core and values attempt to led others with often different cores and values down a road that they are sure is fitting for all. Leaders see the word and outcomes of projects as validated and just from their perspective. The difficulty comes in the way others may see the same outcomes and not buy into the project at all. This is often the first issue that comes to light as a leader. We need to begin to see life through the lenses of the people we work with and lead. This will assist in determining their motivation for doing what they do and make it hugely easier to get others down a road towards a goal.

Unlike the Russian dairy farmer who out performed all other dairies in the area by motivating her cows each day with a motivational talk of “Good morning cows, today you do one of two things, either more milk or more beef, you decide”, we cannot lead people like that. The day of autocratic, do as I say, is over and will often repel people rather than motivate them.

Transactional Analysis plays a huge role in leadership and calls for the adult-to-adult conversation at all times. As soon as we find ourselves falling into the Parent-to-child conversation we move back into our own values and judgement leading to fear based leadership. Our aim as a leader is to treat others as adults at all times understanding their motivation for doing what they do or have done and modified that through their belief system not trying to force them through yours.

Humans are the only creatures who are able to process our actions through what we call the Gap theory.  All other creatures work on an action – reaction life style. What the physic world call the ‘fight or flight’ reaction, for any action there is a reaction. This can be seen in emotionally immature people as they react to even the smallest action to themselves based on their core with very little thought to the desired outcome. This knee jerk reaction is almost always harmful to the relationship and could be regretted later.

The Gap theory when learnt and applied allows us to, just for a fraction of a second, press the pause on life between action and reaction to ask and answer the following questions;

  • What is this happening?
  • Who is involved?
  • Why are they doing this?
  • What reaction do they want?
  • What reaction do I initially want?
  • What would be the best-desired outcome?
  • What reaction would determine this desired outcome?
  • Will it be beneficial to all?

OK, let’s do it…

This once learnt and practised, can assist in making better leaders and certainly improve relationship all around.

All these are ways that we value others. In a form of hierarchy of process it works like this:

  • We have a core that is precious and important to us.
  • We set up rules to protect this core, our values
  • We treat and invest in ourselves based on these values
  • We include, treat and protect our families based on our core based values.
  • We see and judge others based on our value tinted lenses
  • We expect others to behave and react like we do
  • We see business opportunities based on serving and enhancing our core
  • As we mature emotionally as leaders we understand the gap between our lenses and those of others in our family, business and daily life.
  • We are able to shift our motivations and leadership style to suit those we lead and interact with.
  • We are able to determine the desired reaction not based on our core but the greater good and change our behaviour accordingly.

Conclusion

We are complex beings with many different functions purposes and outworkings. We are able to determine our core belief and values and live according to what we decide. We need to understand others and how they see life in order to interact and lead them from point A to point B. We cannot expect to treat everyone else like we treat ourselves; we may not be right all the time and need to learn from others and how they see life.

Leadership is not a science but an art. The art of human relationships is always dynamic, impossible to master and never ending. Being a leader of men is a huge responsibility and needs to be faced daily with humility and openness to change and new ideas. Adapting to new circumstances, systems and patterns of behaviour, but without ever sacrificing your core, your values and yourself, is what makes a true leader great.

By |2016-11-01T10:20:07+02:00May 10th, 2016|Business Resources, Entrepreneurship, Leadership|0 Comments

Do you have a Business Strategy Model?

We have been speaking business growth all month.

We covered: Product Offerings, Strategic Networks and Marketing, and in this final episode in the series we put all the previous models together into one workable model that supports the development and growth of your business. The model also creates a set of goals, actions and accountability for each focus area.

In this video we also chat you to WIGS, Wildly Important Goals. Those goals that are more important than anything else in the business for the defined period. More on WIGS can be viewed here from the 8th Habit.

With this sort of workable model in your business, growth is imminent and becomes part of the daily activities of each staff members routine.

If you are interested in developing a growth strategy for your business or team. Then please contact us for a consultation or chat.

By |2016-11-01T10:20:07+02:00April 25th, 2016|Bruce on Business, Business Resources|0 Comments

Grow your business – Strategy Workshop

This month has been all about strategy at EM Solutions. We have had a number of talks, blog posts and emails about the subject. Now it is time to put it all together and we are asking you to be a part of it.

On Tuesday 26th April we will be hosting the Business Growth Strategy Workshop at our Cape Town offices.

If you own, run or are starting a business, then this sort of workshop is a must for your longevity in your position. Join us as we unpack four models that together will create a Business Growth Strategy for your organisation. If you are small and starting out or big and wanting to grow, this workshop will get both you and your business on the right track and moving towards your goals.
This workshop unpacks four growth strategy models that cover:
Product Development
Strategic Networks
Marketing Effectiveness
Focus areas and WIGS
We will workshop each of these together and you will leave with a future-focused plan for your business to get you growing. To join us please RSVP direct to Carlyn on 021 839 2281 or Carlyn@em-solutions.co.za.

Your future awaits you.

By |2016-11-01T10:20:08+02:00April 19th, 2016|Business Resources, Entrepreneurship|0 Comments

Does your growth strategy include getting outside your comfort zone?

Growth happens outside your comfort zone. Let me say that again, growth happens outside your comfort zone. That means two things, you need to get outside your comfort zone to grow and you need to learn how to rely on others.

In this video we talk about  developing your business through strategic marketing activities. Take a listen and list some ideas that may pertain to your business. Here are some suggestions:

Create a working social media campaign with links, reposts and posting calendars

Develop and implement a referral farm

Identify and implement a working sales funnel to attract and convert customers

Develop a method to up-sell or re-sell to existing customers

Build a solid ongoing, repeatable marketing strategy

By |2016-11-01T10:20:08+02:00April 16th, 2016|Bruce on Business, Business Resources, Marketing|0 Comments
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