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Maintaining a healthy credit score is essential for the growth and sustainability of your company. A strong credit profile opens doors to financing options and builds trust among suppliers and partners. If you're looking for some practical advice to improve your company's credit score, you've come to the right place. Let's have a quick overview of a business credit score before diving into practical tips to make it stronger. A business credit score, or SME [...]
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Credit is a bedrock of modern businesses. It stimulates the economy and promotes commercial activity. However, there's a potential downside. Credit allows people and businesses to spend money they don't have. It's not a perfect system, and it can entice people to spend more than they earn, use credit for ordinary purchases, and choose credit even when they have cash available. The reality is that poor credit and money management skills often lead people into [...]
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In the dynamic landscape of South African business, entrepreneurs and business owners are constantly seeking ways to gain a competitive edge and unlock growth opportunities. Meeting market demands or strategically generating a need is pivotal in achieving business success. But in the global business world, success often hinges on more than products and service offerings. It revolves around credibility. Suppliers and customers both benefit from a system that showcases credibility. Access to accurate and reliable [...]
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Successfully managing a business demands a delicate equilibrium of multiple factors, with cash flow as the cornerstone. Cash flow is the movement of money in and out of your business, and it serves as the lifeblood that keeps your operations running smoothly. Unfortunately, poor cash flow can have a far-reaching impact on your business, affecting everything from day-to-day operations to long-term growth prospects. Let's look at five ways poor cash flow can hinder your business [...]
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As a business owner in South Africa, you are well aware of the challenges and risks that come with running a company. From economic fluctuations to unpredictable market trends, you constantly strive to secure your business's stability and growth. While much attention is often given to managing your own credit score, it is equally crucial to consider the creditworthiness of your suppliers. Delinquent suppliers can pose significant threats to your business, affecting your cash flow, [...]
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As a business owner, you know that managing your finances and mitigating risks is crucial for the success and growth of your company. One aspect that can significantly impact your business's financial health is the creditworthiness of your debtors. Gaining an understanding of your debtors' credit scores can offer valuable insight, enabling you to make informed decisions, safeguard your business from potential losses, and cultivate mutually beneficial relationships. Let's explore why knowing your debtors' credit [...]
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As a business owner, you may already be familiar with the concept of a credit score. In much the same way as your personal credit score reflects your creditworthiness as an individual, your business credit score provides an indication of how creditworthy your company is. In South Africa, business credit scores are used by lenders, suppliers, and other business partners to assess the financial health and reliability of your business. Let’s dig a little bit [...]
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As a business owner or employer in South Africa, the onus is on you to be aware of the importance of complying with the Protection of Personal Information Act (POPIA). The POPI Act aims to protect South African citizens' privacy and personal information, making it crucial that your credit application form is POPIA-compliant. In this article, we will delve deeper into why having a POPIA-compliant credit application form is vital for your business's success and [...]
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When it comes to running a business, maintaining a good credit score is essential. A company's credit score not only affects its ability to secure funding but also impacts its reputation and future prospects. But with so many credit bureaus and scoring models available, which company credit score is the best? There is a full list of active credit bureaus in South Africa, with each of them collecting and evaluating data on businesses' credit history [...]
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In South Africa, the legal processes that businesses must follow to recover debts owed to them will depend on the amount owed and the nature of the debt. The National Credit Advisor (NCA) – that provides information on the National Credit Act (NCA) and the National Credit Regulator (NCR) - and has very strict guidelines in terms of how businesses can recover their debts, with specific steps that need to be taken in a specific [...]
