Please do the following to ensure that all emails are flagged as trusted emails:

• Check your junk mail folders. If the Origin Financial or relevant Insurer email is there, please reclassify the email by going to the junk email options and adding it to the ‘safe senders’ list.
• Ask your internet service provider to whitelist the Origin Financial or relevant Insurer address as a trusted email address.
• Ask your organisation to update its email policy to allow Origin Financial or relevant Insurer emails to be received.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

2020 was an immensely difficult year. Because of the economic downturn in the country, it left a lot of businesses with insurmountable odds to make things work and so, many businesses have had to shut up shop. While this has been unfortunate for many business owners, it does present those who have been able to continue their business successfully with new opportunities and new questions to ask themselves.

Not least of these is knowing whether your business is scalable (even after a torrid economic year). In fact, scalability is often made possible because of economic downturn. Despite the disaster of 2020, it does look as though the economy will grow by quite a margin in 2021 (as is normal after a recession). There is no doubt that business will pick up and that businesses that have fallen away as a result of the pandemic have opened up space in the market, leaving clients ready to be picked up.

Here are some things to think about as you consider growing your business in 2021:

1. You should only scale once you are ready. 

Scaling a business is an endeavour that should never be taken lightly, but should come as a result of good deliberation and forethought. That is to say that scaling for scaling’s sake is a risk that endangers all stakeholders in the business. Make sure that it is something you want to do and are ready for before taking the plunge.

2. Having to reject business opportunities for lack of capacity is a good sign for scaling.

The more opportunities you have to turn down shows that there is room for expanding your business in some way or another. You will have to evaluate what kind of opportunities it is that you are turning down – even if these are outside of the regular scope of your business. Is it perhaps an opportunity to bring in someone with greater superiority and experience in a related business activity? Is it time to increase the workforce with just one or two people to fill the gap? Are the opportunities you are turning down due to seasonal demand?

Note that there are many reasons why you might need to turn down an opportunity, but getting down to the root of the cause is the only way to determine what your next step should be (dissecting your finances is one way to assess your situation before you decide to proceed or not).

3. Good cashflow and budgeting can help you release funds to grow.

If you’re finding that your cashflow is strong but you are perhaps are unsure what to do next to take your business to the next level, a strategic financial review may do wonders to show you where you are over- and underspending. As soon as you are aware of the areas of your business where you can reasonably focus more attention (whether that is in infrastructure, staffing, product/service development, or somewhere else), you will be able give your energy to those aspects that lead to business growth. In order to make the most of this step, it is will be of great value to speak to your financial advisor.

4. Do some market research to search out lost/returning customers.

One important consideration in and after a recession is that while there may be businesses that have closed, their customers will need to go somewhere to have their needs/wants met. This means that there is great value in rounding up the customers and clients who are looking for someone else to fill a gap that was created. Take time to find out who your target market is and how to reach them. Also, don’t be afraid to broaden your horizons: if the COVID-19 pandemic has proved anything, it is that new trends can form very quickly as people reprioritise their lives. The faster you move to engage with the lost consumers and clients, the more opportunity beckons your business’s growth.

5. Infrastructure is everything.

If you do not have the necessary infrastructure in place (or if you cannot reasonably expand your infrastructure to increase your capacity), scaling can be extremely difficult, if not impossible. If you have assessed your available assets and resources and deem it to be a good foundation on which to expand your business, you may just have what it takes to increase your revenue by accessing a larger part of the market share in your industry.

Are you ready to assess your business and take the necessary steps to grow and take advantage of the gaps created due to the COVID-19 pandemic? If you do, the world may just be your oyster.

References:

• https://articles.bplans.com/five-signs-that-its-time-to-scale-up-your-business/
• https://www.entrepreneur.com/article/347323

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

When to start with estate planning?

At the age of 18 a young man or woman officially becomes an adult in the eyes of the world. This means that you are entitled to make important financial, legal or health decisions about your life. But what if something happens and you are unable to make these decisions at a critical time? Such situations can range from a small inconvenience to a life-threatening crisis, but if your estate is in order, it can speak on your behalf. Consider the following:

1.Financial power of attorney

A financial power of attorney allows you to appoint someone you trust, like another family member, to make financial decisions on your behalf. This document can be activated when you are incapacitated or right after it has been signed, and it will remain effective until you can resume charge of your own decisions again.

A financial power of attorney will allow the appointed person to handle important legal and financial matters on behalf of the grantor. In the case of a business or financial situation which involves the young adult, such as a passport or car registration renewal, it is convenient for the power of attorney to act on his/her behalf if they cannot tend to the problem. This arrangement may come in very handy when there is a legal situation which requires quick action and the young adult is unable to attend. Families with a disabled family member can also benefit from the security of a power of attorney.

2.Living will

A living will enables you to state specific medical wishes if you are alive, but unable to communicate them. Artificial life support in the case of a coma or terminal illness is an issue often discussed in such a document. Preferences regarding administering of pain medication, artificial nutrition and other treatments can be dictated in this document.

3.Health care power of attorney

With this type of power of attorney, you give someone else the power to make health decisions on your behalf. These decisions, regarding serious health and emotional problems, will be made based on instructions which you have given to your power of attorney beforehand. Sometimes a living will is combined with a health care power of attorney, because both of these can be revoked, i.e. it can be cancelled at any time by destroying it, communicating your wishes to your doctor, writing a letter regarding the cancellation or by creating a new living will and health care power of attorney, indicating that the new will revokes all the previous ones.

Start the conversation

Every family’s legal needs are different, so perhaps you should take the first step in being prepared for the worst. Remember that every time your family changes, such as when a child is born, you need to adapt your will to include them. Start the process and be prepared.

This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).

MY BUSINESS IS:

• MY EXPERTISE, MY PASSION AND TIME
• WHAT I LIVE FOR
• MY RETIREMENT PLAN
• MY FAMILY
• MY LIFE!

But what if my business suffers a loss? What if my business burns down? What if my business is a victim to a robbery? What if my motor vehicle is destroyed in an accident? What if I fall ill? What if I am physically impaired or permanently disabled? What if my partner passes on? What if my key staff member suffers a disability? Should I help my staff provide for retirement? What if my staff members cannot work because of constant illness and do not belong to a medical aid? How do I set up my payroll and who will provide me with accounting, VAT and auditing services?

The ORIGIN FINANCIAL team do not want you or your business to suffer because of these unforeseen incidents. We can provide you with comprehensive, holistic and accurate planning and advice to ensure that your business can recover from almost any incident and accident.

Our financial advisors and planners are ready to partner with you to develop the best risk management strategy suited to your specific needs.

We also include the following advice, products and services in the business or commercial environment:

1. Comprehensive commercial short-term insurance for a wide variety of business types, including:

• Agricultural Insurance;
• Engineering Insurance;
• Body corporates and Homeowners’ Associations;
• Cell Captive or Structured Insurance;
• Liability Insurance;

2. Buy & Sell structures and business continuation plans;

3. Keyman and Contingent liability plans; and

4. Employee benefits, including pension and provident umbrella funds, group retirement annuities, group life & disability benefits and group medical aid and GAP cover.

Let our business help you retain your business!

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)