“Great things in business are never done by one person. They’re done by a team of people.” (Steve Jobs) There are many benefits to having a great team, and these have been backed up by scientific research around the world. These include, for example: Improved productivity, with thousands of employees noting that having the respect of their peers is the number one reason they go the extra mile at work. Better problem-solving, as team members pool their diverse unique talents and skills to find smart solutions to ever-more complex problems. Generation of innovative ideas as team members with different experiences, opinions and perspectives collaborate. Taking more calculated risks, as team members know they have the support of a team.Personal growth, increased job satisfaction and reduced stress are all benefits of working in a team. Reduced risk of burnout as the workload is shared among team members. Five steps to build your team stronger  Take care of the basics with the help of your accountant Ensure fair remuneration and that each team member’s salary is optimally structured. Put the basics in place: Employment contracts, salary slips, leave and sick leave, job descriptions and performance reviews. Offer incentives for employees to increase their earnings – from simply working extra hours to profit sharing for achieving company goals. Provide the right skills and tools for each team member Team members should have a clear understanding of their roles and responsibilities, and how it contributes to achieving the team’s goals. In addition to safe, clean and friendly working conditions, each team member should have the right skills and the right tools to make their contribution to the team’s success effectively and efficiently. Be sure to provide practical means to track the team’s progress to maintain motivation. Offer perks that matter! Non-monetary perks that have proven to be very popular include flexible working hours, extra time off, transport, childminding facilities, fun social activities and opportunities to volunteer during work time. Health and wellness programmes are an affordable and practical option to help team members to better care for their health, improving productivity and reducing both absenteeism and presenteeism (when team members are at work, but are too ill to perform their duties). Financial wellness programmes can provide team members completely confidential assistance to deal with the financial stress that is known to negatively affect work performance. Ensure open and regular communication Regular and prioritised communication – from weekly team meetings to reports with regular due dates are crucial to share information and provide feedback to the team and individual members. Provide all team members with opportunities to share their input, actively seek out suggestions, listen to understand and work to build consensus, which is likely to result in the best decisions. Define common goals and clear steps to achieving these goals. Celebrating successes and implementing lessons learned Be certain to celebrate milestones and successes with the team, recognising each team member’s efforts. Define the lessons learnt from failures and adjust the team’s approach accordingly. Consider team-building…

“At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.” John Chambers, former CEO of Cisco Systems) Around the boardroom tables of the world, one thing is on every agenda – digital transformation. From global conglomerates to SMEs, leadership is keenly aware that in a digital world, those who do not adapt will quickly become irrelevant. In fact, a recent study revealed that 55% of businesses believe they have less than a year to digitalise before they start to suffer financially and lose market share. Businesses must adapt to stay ahead of the game. By integrating advanced technologies across all aspects of the enterprise, businesses are able to significantly improve a business’s efficiency by automating manual processes, reducing errors and improving productivity. This allows them to not only keep up with the competition, but also to enjoy greater efficiency, productivity and customer satisfaction. This process of implementing these modernising technology advancements is referred to as a digital transformation. However, the process of digital transformation is not one a company should enter into lightly as it’s not simply about implementing the latest technology and tools. The goal of digital transformation isn’t just to eliminate manual processes, but to augment your operations, streamlining workflows and improving the customer experience. This must all be considered within the context of your budgets, timelines and overall business goals, while managing organisational risks. As a result, it’s imperative to develop a digital transformation strategy which takes into account all of these aspects and potential pitfalls of an overhaul of this nature. Get buy in from the highest levels A digital transformation is a necessary change, but it can’t work without buy in and leadership from the top down. This is something the company needs to do together, and some tough choices are coming. With a likely high price tag and disruptions on the cards, the company is about to go through a challenging time; making sure everyone at the top understands this is a powerful first step. Analyse your current system Before embarking on your digital transformation, you will need to know exactly what needs to change. To do this you will need to do a complete, top to bottom analysis of your current technology and systems in order to: Review business processes and highlight inefficiencies Identify technology gaps or areas where your existing systems fall short Define functional capabilities needed to effectively support or improve your processes. Develop your company mindset Digital transformations are not as much about technology as they are about change. A thorough digital transformation will likely change the way everything is done in your company and will therefore require a culture of agility, communication and open mindedness. Leaders will need to take ownership of the transformation and prepare all involved well ahead of any actual proposed developments. Employees, clients and other stakeholders will all need to understand the transformation strategy and how it…

“The best way to predict the future is to create it.” (Peter Drucker) Facing what may well be another tough year, company owners and managers will be well aware that many of the external challenges will be beyond their control. Fortunately, what remains under your control is how this new year is approached and starting 2024 with a thorough understanding of the three metrics below will ensure that this could be the best year yet for your business – The business’ past performance, Its current status, and Its mission for the new year. You don’t need an MBA or special knowledge to assess the company’s past performance, to understand the present situation, or to plan for the year ahead. Just schedule some time with your accountant, take inventory of what’s truly going on in your business and decide how to make 2024 your best year yet. Assessing the past An assessment of the company’s performance over previous years provides invaluable information about what is working and what needs to be changed. A relatively quick and easy way of assessing the past performance is looking at the business accounts and financial reports. For example, your profit and loss (P&L) statement, or income statement, will reveal reasons for periods when net losses were recorded (for example, slow business periods or extraordinary expenses) as well as raise red flags where expenses regularly exceed income. A balance sheet summarises total assets and total liabilities, showing the company’s financial position and measuring liquidity or ability to pay short-term liabilities. Summarising expected cash inflows and outflows over a period, a cashflow report reveals where the most cash is generated and used; highlights potential cash flow problems and enables informed budgeting and spending decisions. Regular debtors’ reports enable proactive management of current and overdue invoices to improve cashflow. Similarly, budget vs actual spend reports compare actual spending to the amounts budgeted for the period, to reveal areas over or under budget and to flag problem areas. Determine where the business is now Review the business operations, successes and challenges, and the reasons for missed targets, whether simply drawing on paper or using special software. Understand the company’s current capacity for production and its performance – how many targets met, on target and/or overdue. This enables current strategies, practices and operations to be evaluated, and to pinpoint what is working or not. Also look at customer satisfaction and retention rates, as well as employee satisfaction, both of which can be assessed through electronic surveys or simply speaking to clients and staff. Planning ahead Building on what’s working and realising that doing things differently is the only way to achieve different results, you can choose the goals that will create the future of your business. Specific, Measurable, Achievable, Relevant and Time bound goals – or SMART goals – focus your team’s efforts and increase the chances of successfully achieving the targets, particularly if these are supported by step-by-step plans, a budget for the required resources, accountability assigned to specific people, and ongoing reviews to track progress. SMART goals are crucial for achieving success, as they provide a clear…

“The way to get started is to quit talking and begin doing.” (Walt Disney) Whether starting a business is your New Year's resolution or something you have been waiting to do for years, if you are thinking of launching it in January 2024, then you have already made a wise decision. January is a popular month to officially launch new businesses, not just for those inspired by a New Year's Eve conversation, but for seasoned entrepreneurs. There are several reasons why January is so popular. Perhaps they will inspire you to make it your foundation month too? You have the energy Coming off a holiday and filled with the buzz of a new year is the perfect time to launch a business. New businesses require long hours and energy you may not have after a year in your corporate job, but that short break can do wonders for your energy and give you just the lift you need to get it all started. January is a slow month Following on from the Christmas spending boom and a lazy holiday it usually takes corporates a few weeks to get back to full speed. While this might sound terrible to someone eager to get going immediately with a new venture, it's a big benefit. There are a lot of admin tasks that need to be done to launch a business, from registering with the CIPC to opening a bank account, drawing up business and financial plans and getting your logo designed, so having a quiet first month to get that out the way while you aren't missing out on sales will help. Hiring According to TransformSA, January in South Africa is the month when the highest percentage of people quit their jobs. Following on from the holiday many unsatisfied, driven or unsettled people decide they can't face another year of doing the same thing and leave looking for something else. As a start-up, this means that there are many more people on the job market looking for a new opportunity and you stand a greater chance of finding the right people for your enterprise. Given that you will be starting small, it is absolutely critical to get the first few hires right, and January's talent pool will make that easier. Refreshed clients Just like employees, potential clients are also arriving at work eager to do something new and exciting. It is extremely common for business leaders to use the chance of a quiet January to go over the past year's figures and reevaluate client relationships and long-standing suppliers. This is the perfect time to walk into their offices with something fresh. Lower advertising costs Studies show that the fourth quarter of every year is by far the busiest when it comes to advertising, while quarter one, and particularly January can be a problem. If you are looking to do a significant amount of advertising, walking into a publisher to negotiate ad space in January is a power move that could see you…