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Showing posts from September, 2014
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Customer relations is the recipe for success in franchising
Yolandi Ferreira, Marketing Manager of Maxi’s, discusses and provides some useful tips on the importance of customer relations in the food franchising world.

Franchising is becoming a bigger and better business option for many entrepreneurs as starting a franchise has fewer risks than starting up a business from scratch. However, this has also meant that there are more and more franchises out there offering the exact same product. Now, more than ever, a franchise needs to stand out from its competitors to attract the attention of customers. Improving customer relations is key to getting ahead.

Why Are Customer Relationships Important? 
Each customer that experiences a lack of service or even just an uninviting experience will take their business elsewhere, whereas satisfied customers have a direct impact on your bottom line, they will be back, they will tell their friends and family and they will form part of your cash flow. It i…
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Setting the standards in franchising
For many entrepreneurs, the concept of franchising is a lucrative one. With its foundations set in place and a proven track record to affirm its credibility, this business model is ideal for those who want to start a business that affords added support while still allowing them to make it their own. It is, however, important to note that with the support extended to new business owners, standards are also set in place that need to be met – allowing only so much room for originality. National Operations Executive of The Fish & Chip Co, Werner Hedder, shares more on these standards and why it is important for franchisees to meet these within the group.

In order to understand the importance of enforcing standards in a franchise, a franchisee needs to go back to the very definition of what a franchise involves.

Franchising is a business concept that it used to distribute products or services. There are two main parties involved in a franchise system:…
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Sandwich Baron franchise makes financial ‘cents’
Community members of the Kyalami area are in for a fresh treat with the opening of a brand new Sandwich Baron store in the area. Aside from welcoming some fine food, Kyalami residents can also look forward to plenty of pleasant dealings with its new store owner. As of May 2014, the Sandwich Baron Kyalami store, situated at Kyalami on Main (corner Dytchley and R55 Main roads) has shown remarkable growth. Through its owner Selen Naidoo, with her sound knowledge of balancing the books, the store has already demonstrated its promise of success.

With a background in the financial industry, Naidoo saw franchising as a profitable option to build on her passion for the food and beverage sector. Following extensive research, Naidoo knew that the Sandwich Baron business model, which has shown consistent market growth over the past 18 years, was a more than viable option. 

“Coming from a background where it’s all about making sense of the cents, fran…
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Entrepreneurs flood BOFE
The 21st annual Business Opportunities and Franchise Expo (BOFE), staged in Johannesburg last week, attracted over 10,000 aspiring and established entrepreneurs, as well as students and delegates from countries across Africa, to discover a range of business opportunities and services available to them.

As a critical way to curb unemployment, entrepreneurship not only enables wealth generation for business owners, but presents an opportunity for them to become employers as their businesses grow. BOFE, seeking to go beyond simply presenting a wealth of new business opportunities, also offers would-be entrepreneurs in-depth workshops and training on business management and development strategies at the Watt-A-Buzz Zone, where this year, over 8251 visitors and around 1500 students were able to benefit from expert insights into opening and running a business.

Speaking at BOFE 2014, the Honourable Deputy Minister of South Africa’s new Small Business Development Ministr…
Put a spring back in the step of your businessA change of season always brings about a sense of renewed purpose. Aside from the obvious changes in weather, somehow seasonal change also brings about the need for refreshed energy and drive. This is especially true in spring where everything awakens from hibernation and starts anew with greater vigour, which is why this is the ideal time to make a business bloom again. Managing Executive of The Fish & Chip Co, Jan de Beer, shares some tips on how a business owner can renew their thinking to reinvigorate their business and put back that ‘spring in its step’. 

It’s no secret that as the year goes by, one often loses the drive to finish the year off with the same purpose as when it started. With new year’s resolutions a thing of the past and 2014 well on its way there as well, many business owners are stuck in the slump of the final stretch of the year, which tends to create a ‘go-slow’ effect, among the owner and his/her supporting team…
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Maxi’s takes a ride alongside the PinkDive
When it comes to community involvement and upliftment, Maxi’s understands that the best way to show their appreciation to their loyal customers is to give back to those who need it most. Yolandi Ferreira, Marketing Manager of Maxi’s explains why the chain of nationwide family restaurants focuses on their Corporate Social Investment (CSI) initiatives and giving back campaigns. 

One of Maxi’s CSI initiatives is the ‘Fan of the Month’ competition, where one lucky Facebook follower can select the charitable organisation that the brand will support that month. To win this honour, customers simply need to interact with the Maxi’s Facebook page on a daily basis and the person who engages with the brand the most, will have the privilege of selecting the organisation in need of some meals, treats and kindness. 

In addition to their monthly CSI drives, Maxi’s has also partnered with Sir Juice to raise awareness of breast cancer during September and Octobe…
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6 Common mistakes of managing personal and business finances
Managing a business profitably is not a lot different from managing your personal finances. There are more similarities than you think. The key to running a successful business is your ability to manage cash flow. Even the best business ideas can fail if capital and revenue are not carefully monitored.

Similarly, if you overspend or mismanage cash on a personal level, you may find yourself with insufficient funds to retire on or have an unacceptable exposure to debt. 

Ravi Govender, Head of Small Enterprises at Standard Bank says that by managing your personal finances in tandem with your business finances, you will ensure that both you and your business stay financially healthy. 

“We are heading for some stormy waters; labour unrest has pushed back economic growth by 0.6%, the cost of borrowing due to the weak rand is increasing and interest rates are creeping up. Businesses who rely heavily on overdrafts for cash flow will beg…
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Building a growing franchise means always planning for the futureChange is the only constant in business and franchising. The ability to meet the challenges posed by change and keeping a franchise growing requires all franchisees to acquire planning and goal setting skills. 

Fortunately, franchisees are able to lean on the expertise available from franchisors and also obtain information and assistance from their financial advisor when they need it, says Simone Cooper, Head of Franchising and Enterprise Development at Standard Bank. 
“However, there is no substitute for local knowledge. It is a franchisee’s knowledge that puts him or her in the best position to identify what strategies should be considered when planning for future growth,” says Ms. Cooper.

Planning for a prosperous future requires three growth strategies to be considered: 

Setting growth targets:Setting short-term and medium-term growth targets for the enterprise. Setting targets that are achievable involves:
Reviewing your…
SA’s entrepreneurs Need to Prepare for Business Realities
While entrepreneurship presents massive opportunities to curb youth unemployment, many young entrepreneurs are ill-prepared for the realities of doing business. This is according to expert speakers set to hold entrepreneurial workshops at the upcoming Business Opportunities and Franchise (BOFE) expo, to be presented in partnership with Eskom at the Coca Cola Dome in Northgate next week.

Experts in the field of business development say Generation Y’s aspiring entrepreneurs have been raised in an environment where things move quickly and gratification is instant. Therefore, many of them lack the endurance to stay in business when the going gets tough.

Success doesn’t happen overnightSA’s young entrepreneurs are handicapped in that they ‘don’t have the patience gene’, says Tshepo Phakathi, Group CEO of Phakathi Holdings, whose KAELLO initiative promotes entrepreneurship and mentors thousands of young aspirant entrepreneurs.

Phakathi s…
Problems Getting Finance is one of the Top Reasons South African Entrepreneurs Fail
Almost 30% of the country’s entrepreneurial businesses shut their doors last year due to difficulties in accessing the funding they needed.  It was the second major reason for the discontinuance of South African businesses, following only after failure to maintain profitability. These are the findings of the latest Global Entrepreneurship Monitor (GEM) South Africa Report, an annual study, now in its thirteenth consecutive cycle that generates relevant information on entrepreneurship, and enables South Africa to compare its entrepreneurial activity against the efforts of other African and international countries.   

GEM also reports that with an established business rate of just 2.9%, South Africa significantly lags behind the Sub-Saharan African average of 16%.  The low level is significant because it is these businesses that are providing the bulk of the country’s employment opportunities.  Low establi…
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Ensuring debit orders are legitimate is a dual responsibility
Although recent actions taken to tighten up debit order rules will undoubtedly reduce the incidence of disputed deductions from accounts, there is still a mutual responsibility for both the service provider and the customer to ensure that debit orders are correctly authorised, says Standard Bank.

The key to ensuring that debit orders are correct is by using written mandates that authorise a company to process debit orders on a client account on a regular basis, says Ethel Nyembe, Head of Transactional Products and Services Business Banking at Standard Bank. 

“It is important to note that banks fulfil the function of a payment facilitator. A debit order is therefore not a contract between the customer and the bank, but an agreement between the account holder and an external company.”

Typically, debit orders are instituted against accounts when a company has agreed on dates and amounts that are to be deducted from its accounts. A…