It's no secret that economies around the world are struggling. Increased inflation, booming petrol prices and erratic stock markets are everywhere, and South Africa is not immune. Recently an economist at Oxford Economics Africa, Jee-A van der Linde, was quoted in the daily Maverick speaking about South Africa specifically. “Real gross domestic product [GDP] contracted on a quarterly basis in Q2, and we expect sluggish growth in the quarters to follow. The possibility of more intense load shedding in Q3 could see the economy enter into a recession,” he said. With recession a distinct possibility in the near future, tough times are doubtless ahead for many businesses and avoiding closure is going to become a priority. So, what can you do to assist your business, ease the pressures of recession and get through to the other side?

When it comes to managing a small business, no tool will be as important as your accounting software. Accounting software allows entrepreneurs to track accounts receivable and accounts payable, have a clear understanding of their profitability, and be prepared for tax season, all of which are essential for keeping cash flows intact and fulfilling obligations. There are, however, a myriad of accounting software solutions available on the market, most of which have features or services a small company may never use. Investing in the wrong accounting software can be like going to the dealership for a small runabout and coming home with a Ferrari. So where does a small business owner begin and just what should they be looking for when it comes time to buy this vital piece of software?

Credit. If you own your own business, it's very likely you already understand the valuable role that having a good credit score can play in a person's private life, but it is just as valuable for your small enterprise. Business credit is one of the most important tools in any entrepreneur’s toolkit. Building a good credit reputation helps the business qualify for credit facilities such as business credit cards and loans, and can open up many other funding opportunities. Your business’ credit begins when you register your new company and is likely to become an important aspect of your success. So how can you build your credit score to ensure you have the best possible score when the time comes that you need it?

Cash flow has been called the ‘lifeblood’ of a business, and all business owners can attest to the harsh reality that cash flow can make or break a company, particularly in the still-constrained financial circumstances of the post-pandemic business world, in which inflation and rising interest rates are creating further cash flow challenges. Given the crucial importance of proactively managing the cash flow in your business – and the fact that it is one of the biggest challenges most business owners face - we share in this article ten top tips you can implement in your business immediately to maintain a positive cash flow and ensure adequate cash flow reserves are always available as the end of the year approaches.