Building Financial Resilience in Challenging Times
July marks National Savings Month in South Africa, an initiative led by the Savings Institute of South Africa (SISA). This campaign aims to encourage responsible financial behaviour and empower consumers to save for the future.
The reality is concerning: research shows over 80% of middle-income earners lack readily accessible savings for emergencies. With the global financial climate adding pressure, building a financial safety net is crucial for South African SMEs.
Lexpro: Your Trusted Legal Partner for Business Growth
We understand the unique challenges faced by SMEs ( Small and midsize enterprises), and this National Savings Month, we’re offering practical tips to help you save money and build resilience:
1. Become a Tax Savvy Superhero
Stay on top of SARS (South African Revenue Service) obligations, including provisional tax payments. Consider consulting a tax expert for complex business structures. Additionally, explore tax savings opportunities by reviewing past tax filings with SARS.
2. Embrace the Power of Marketing
Marketing doesn’t have to break the bank. Utilise social media platforms and online business listings to reach your target audience. Consider offering free consultations or webinars to establish expertise and attract new clients.
3. Batch Billing for Efficiency
Streamline your invoicing process by batching invoices at set intervals. This reduces administrative time and helps ensure timely payments from clients. Our accounting program can help you achieve this.
4. Leverage Government Grants and Initiatives
The South African government offers various grants and initiatives to support SMEs. Research opportunities relevant to your industry and explore potential funding sources from organisations like the Small Business Development Agency (SEDA).
5. Network and Collaborate with Other SMEs
Collaboration is key! Network with other SMEs in your industry and explore opportunities to share resources, negotiate bulk discounts with suppliers, or even co-host events.
Partner with Lexpro: Go Beyond Legal Expertise
Lexpro provides an all-in-one software suite to optimise your legal practice and cut costs in various areas. Our offerings include:
● Accounting: Ensures precise financial management for your firm, minimising manual tasks and reducing accounting expenses.
● Litigation and Debt Collection: Simplifies complex legal processes, enhancing efficiency and potentially shortening case resolution times.
● Deceased Estates & Wills: provides a comprehensive suite of tools for managing intestate and testate estates, generating accurate liquidation and distribution accounts
● Payroll: Our payroll solution guarantees accurate and timely employee payments, reducing the risk of errors and penalties.
● Bookkeeping Services: We offer professional bookkeeping services to help you maintain organised financial records, ensuring accuracy and saving you time.
With Lexpro, you can enhance your financial management by automating tasks, boosting efficiency, and cutting costs.
Contact Lexpro today for a free demonstration.
