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🔊 Video contains music. Are you a small business owner in South Africa? You're not alone in your struggles! SME's play a key role in South Africa's economic growth and create employment opportunities for millions, yet SME business owners struggle to remain compliant and competitive with heavy compliance demands. SME business owners simply don't have the time to attend to consuming administrative paperwork and accounting that takes away from the core business activities, leading to steep penalties for non-compliance or late submissions that eat away the cash flow of their business! This is why Garva Accountants invested in technology to cut down the time of routine transactional processing, enabling us to develop a special model to help small business owners making less than R10million turnover a year remain compliant with their accounting and tax affairs at highly affordable, all-inclusive fees. Let us take care of your bookkeeping, accounting, tax and reporting obligations so that you can focus on what is important- the management of your business! We know by helping South Africa's small businesses, we help the South African economy. #SmallBusinessMatters #SMESupport #Entrepreneurship #GrowSA #SAEconomy

🌍 "Africa Must Rethink Its Tax System to Empower Entrepreneurs" 💡 Let’s talk about something no one wants to hear but everyone needs to: taxes and incentives for startups. Countries like Delaware and Dubai are thriving because they’ve made it simple and rewarding for entrepreneurs to register businesses there. Their secret? Tax incentives and streamlined systems. Meanwhile, in many parts of Africa: ❌ Tax systems are complicated and discouraging. ❌ Entrepreneurs face poor support, fear, and even penalties. ❌ High taxes offer zero value for startups that already struggle. Here’s the reality: In today’s world, technology allows you to register a company anywhere. Entrepreneurs can build global, distributed teams without a centralized office. Why should they choose a country that makes doing business harder? If African nations want to compete, they need to: 1️⃣ Restructure tax systems: Offer lower rates and real incentives for startups to register and operate locally. 2️⃣ Simplify bureaucracy: Make it easy for entrepreneurs to comply, not impossible. 3️⃣ Shift mindsets: Entrepreneurs are not the enemy. They are job creators, innovators, and economic drivers. Entrepreneurship creates opportunities, jobs, and tax revenue in the long term. For African countries to thrive, they must nurture their entrepreneurs, not drive them away. 💬 What’s your take? Should African countries overhaul their tax systems to attract startups? Let’s discuss. 👇 #Entrepreneurship #Taxes #Innovation #AfricaForward #StartupEcosystem #BusinessGrowth #PolicyChange

A startup domiciled in the US, UK, Ireland, Singapore, UAE and a few others, you can literally be tax complaint without the need for a tax expert. The tax regime is predictable, doesn’t change significantly each financial year, and it’s pretty straight forward. Good for investors and the founders. (From my own experience). In Kenya and some other countries in Africa, the tax regime is too complicated, not predictable, changes massively each year, and more so too bulky. Why ? In Kenya, each year , the Finance Bill is usually more than 130 pages! The effect - less investment, less compliance, and more businesses closing down. How do we expect innovation to grow in Africa with such bottlenecks ? Our governments must start listening and change. #Startups #Africa #Innovation #Kenya Sheena Raikundalia CS ELIUD OWALO Kenya Private Sector Alliance (KEPSA)

According to our new research 90% of Irish SMEs say that the Government needs to implement a full review of the supports they offer businesses to ensure they are fit for purpose, with 52% saying the government are doing more to support large foreign direct investment multinational companies than SMEs. Our Managing Director, Mark O'Rourke says, "Overall the results very much demonstrate an enduring resilience and confidence amongst the Irish SME community despite dealing with economic volatility, thanks to a range of domestic and international financial hurdles that remain largely outside of their control. In light of the upcoming budget, we urge the Government to prioritise enhanced access to finance for SMEs, as recent data reveals some concerning statistics, like just over one in three SMEs barely breaking even.” Read more here: https://lnkd.in/ejHSVXHr #SupportingBusinessAmbition #SMEfinance #SMESupport #SMEConfidenceTracker

Some very interesting insights from our latest Bibby Financial Services Ireland SME Confidence Tracker 2024's survey of 220 decision-makers and entrepreneurs in indigenous businesses across a broad range of sectors, with Mark O'Rourke. The latest survey reveals cautious optimism among Irish businesses, with 67% expecting sales to increase and investment plans in recruitment of new staff (28%) and digital technology (28%). However, rising costs are a major challenge, with one-third of SMEs struggling to break even. Not surprisingly, 90% of SMEs believe that government support programs require a full review to ensure they are fit for purpose. #IrishBusiness #Economy #SMEConfidenceTracker2024 #Budget25 To read more about the survey findings, click here: https://lnkd.in/euFPyRqh

Entrepreneurs - your problems are NOT unique. 🌍 It might feel like you're constantly - putting out fires, - balancing cash flow, - and trying to keep up with everything The challenges you're facing are shared by entrepreneurs... 𝗚𝗟𝗢𝗕𝗔𝗟𝗟𝗬 🎯 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝘁𝗵𝗶𝘀: - 25-30% of businesses in South Africa struggle to meet tax deadlines. - In Europe, the VAT gap is a staggering €93 billion. - Across Africa, cash flow pressures and limited infrastructure make managing VAT almost impossible This isn’t just your problem - this is a reality for millions of entrepreneurs. 𝘁𝗵𝗲 𝘀𝘁𝗿𝘂𝗴𝗴𝗹𝗲 𝘁𝗼 𝗵𝗮𝗻𝗱𝗹𝗲 𝘁𝗮𝘅𝗲𝘀, 𝘀𝘁𝗮𝘆 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝘁, 𝗮𝗻𝗱 𝗺𝗮𝗻𝗮𝗴𝗲 𝗱𝗮𝘆-𝘁𝗼-𝗱𝗮𝘆 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗶𝘀 𝗿𝗲𝗮𝗹, 𝗮𝗻𝗱 𝗶𝘁’𝘀 𝘁𝗼𝘂𝗴𝗵. Entrepreneurs across the globe face similar battles. - trying to navigate these complexities. So, if you’re overwhelmed by tax deadlines, or found yourself scrambling at the last minute to pay your VAT bill - just know, that you're not the only one. DM me to learn more about managing VAT! #entrepreneurship #vat #taxcompliance #smallbusiness #africa #finance #businessgrowth #globalchallenges

Sadly, this Budget demonstrates a complete lack of understanding from the Government about the extent to which business owners and #entrepreneurs support and drive forward the British economy. With reliefs reduced and taxes raised, smaller businesses have been targeted from almost every direction. Conditions for existing businesses have been made immediately more challenging, and this will directly impact “working people”, who may well now not get the pay rise, bonus, or benefits they were hoping for from their jobs. We need to incentivise people to start their own businesses, to employ people and contribute, not turn them off so badly that they actually consider leaving the country. Many founders and investors I know are looking seriously at the US, Italy, or Dubai. It’s all very depressing, and runs in contradiction to the Government’s apparent agenda for 'growth'. How can we grow when business is stifled and our #talent is heading elsewhere? #Budget2024

Navigating the Challenges of Small Business Ownership in South Africa Running a small business in South Africa comes with its own set of unique challenges. From economic instability to regulatory complexities, these hurdles can feel overwhelming. However, with the right strategies and support, small business owners can overcome these challenges and thrive. Here are some common challenges and potential solutions: 1️⃣ Access to Funding: Many small businesses struggle to secure the capital needed to grow. Exploring alternative funding options such as small business loans, crowdfunding, or partnerships with private investors can provide the financial boost needed. 2️⃣ Regulatory Compliance: Navigating tax laws, labor regulations, and other compliance requirements can be daunting. Partnering with professionals who specialize in small business compliance can save time and ensure you meet all obligations. 3️⃣ Market Competition: Standing out in a competitive market requires innovative marketing strategies. Leverage social media, focus on customer service, and offer unique value propositions to differentiate your business. 4️⃣ Economic Instability: South Africa’s fluctuating economic conditions can create uncertainty. Diversify your revenue streams and build a strong financial cushion to weather unpredictable times. 5️⃣ Skills Development: Finding skilled employees is a persistent challenge. Invest in training programs for your team and explore government initiatives that support skills development. Success is achievable with the right mindset, resources, and community support. Let’s continue to empower and uplift our small business sector—it’s the engine of our economy. What are the biggest challenges your small business is facing, and how have you overcome them? Let’s start a conversation! #SmallBusinessChallenges #Entrepreneurship #SouthAfrica #BusinessSolutions #SMEDevelopment #BusinessGrowth #EntrepreneurSupport

🆕 Why more flexible grants worked better for small firms in Burkina Faso An unresolved policy question is whether support in form of grants should be flexible (“cash grant”) and its exact use left to the discretion of the beneficiary or whether it should be earmarked and accompanied by strict procurement rules and possibly an own contribution (“matching grant”). Today on VoxDev, Michael Grimm, Sidiki Soubeiga & Michael Weber (Universität Passau, The World Bank) outline their latest research on whether cash grants or earmarked grants are better for supporting firms in Burkina Faso: https://lnkd.in/e6G2vqyn

Our latest SME Confidence Tracker survey reveals some alarming statistics: just over one in three SMEs are barely breaking even, and the cost of doing business is dampening their prospects. “While there are encouraging signs of recovery, the fragile state of many small businesses underscores the urgent need for targeted investment from the Irish government. Without adequate support, the potential for widespread business closures could spell disaster for the broader economy." says Managing Director, Mark O'Rourke. Read more about the challenges facing Irish SMEs in this article: https://lnkd.in/euZ7Ks6P #IrishBusiness #SmallBusiness #GovernmentSupport #BusinessOptimism #SMEConfidenceTracker #SMEfinance