Nyasha Dzumbunu talks to CFO South Africa about life as a career woman and her role as CFO at SBU

“Change is the only constant in these times. In that situation of volatility and uncertainty, we always try to stay adaptable to change. Being a more agile and adaptable organisation is critical in enabling us to survive and thrive,” says Nyasha Dzumbunu, CFO of Shanduka Black Umbrellas (SBU), one of the leading enterprises in supplier development organisations in South Africa.

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COUNTDOWN TO THE CODES: Are you prepared?

Get ready for the new codes with Shanduka Blackpages 

We are on the verge of major change in enterprise and supplier development requirements as the legislative compliance to the amended Codes of Good Practice will come into effect on 1 May 2015. To assist in your preparation and that of your business; we have compiled a step-by-step guide on how the Shanduka Blackpages can add value through its various functionalities.

Step 1: Are you aware of the legislative requirements and impact of the amended BEE Codes? We have developed an online training course on the Codes that can be accessed free of charge by all registered SME members. The course comprises 4 modules with a supporting video and a quiz and should take no more than 60 minutes to complete.

Step 2: Does your business have a valid BEE certificate? Shanduka Blackpages, together with Empowerdex and Sage Pastel BEE123, are able to offer Shanduka Blackpages members with an annual turnover less than R10 million (according to the amended B-BBEE Codes of Good Practice, gazetted October 2013), an Empowerdex affidavit at a discounted price of R855 (including VAT) including the free Softline Pastel software.

Step 3: Have you updated your business profile and uploaded all the supporting documentation? A high profile score increases the success of your business being identified in search results conducted by the professional buyer members on SBP.

Step 4: Do you understand your business funding requirements and have you contacted the SBP funding partners? The availability of finance assists in the formation of new businesses, and allows businesses to take advantage of opportunities to grow, employ local workers and in turn support other businesses and the economy as a whole. If you believe your business is ready to take on equity or debt financing, SBP can offer you access to a range of finance service providers who can potentially assist you with your business financing needs.

Step 5: Have you visited the SBP Grow Portal for assistance in business coaching and advice through our Meaningful Mentorship programme?

Step 6: Ready, Set, Supply! Your profile is up-to-date and you are now equipped with the knowledge and the tools on SBP and you have access to more than 4,700 corporate buyers within the broader Supply Chain Network community.

www.shandukablackpages.org

RED TAPE: Re-registering My Company

Dr Siphokazi Koyana, Ph.D: Re-registering My Company

I first realised something was amiss when my bank called to inform me that my business was reflecting on its system as de-registered. I called my accountant immediately to see if this was true. He confirmed that it was but promised that he would help me get it re-registered soonest. I had thought as my accountant, he was taking care of such payments on my behalf. He apparently had assumed I was taking care of CIPC stuff myself. Regardless, being de-registered meant that my company had been removed from the list of active businesses on the database of the Companies and Intellectual Property Commission (CIPC) for not paying the annual R115 required to remain registered. This was at the end of 2012. My company, which had been operating since 2002, it turned out, had been de-registered since 2011. After many reminders to my very busy accountant, who kept promising me that he would sort this out for me, I finally decided to take matters into my own hands and re-register my company myself. Little did I realize what a nightmare that would prove to be.

Firstly, the website was not useful at all. Each time I tried to log on, it was down. The real problem finally caught up with me a year later, when I was trying to move into a better office building. The property agent and the landlord would not even consider us as potential tenants if our company was de-registered.

I then drove from Johannesburg to the CIPC offices at the dti complex in Sunnyside, Pretoria, to find out first-hand what it was I really needed for re-registration. The queue was long but moved fast. The list of documents to submit was long but not daunting. One of the requirements was to pay the penalty fee of R750 at the bank, which I did immediately.

The next stop was the Pretoria News building. I had to advertise in the paper that I was applying to re-register my company and invite anyone who had reason to contest that to do so in writing within seven days. This cost me R450. My next stop was the Deeds office. I queued and finally paid R280 to get the receipt necessary to proceed with the application. Next in line was the Office of the Treasury. When I got there, the reception had run out of copies of the template of the letter I had to submit to the relevant official. The people who would normally have the template were upstairs in a meeting, which would take an hour. And so I had to wait in the reception lounge that long. I finally got the template and had to populate it with information and details specific to my company. The quickest way to do this was to go to the nearest internet shop, type the letter as required, print and sign it and then return it to the Office of the Treasury. Well, I managed to find a dingy internet store and submitted immediately. In this letter I had to state why I had let my company get de-registered. I explained the misunderstanding with my accountant. I was told the letter of approval from the relevant officer would be sent to me in four to six weeks! Meanwhile, I still had to get a copy of my I.D. with a notary’s stamp and an affidavit from the police station, explaining why I had let my company get de-registered. When I got to the police station, I had to wait in the very long queue. By the time I made my way out of Pretoria it was already 17:00; I had been there since 9:00. The day was gone, and I was exhausted by the summer heat and waiting in those queues with nothing to do.

Three months went by and no confirmation of re-registration was emailed to me. It was now May. When I finally made my way to Pretoria again, the whole system had been changed and the CIPC frontline/customer care office had been moved to the second floor of Sunnyside Mall! The good thing is the CIPC had done away with the tsotsis who pretend to be helpers outside their building. The bad thing is I discovered that my application was never registered in the CIPC office. Needless to say, R1 480 (excluding petrol costs) and many hours later on the road and in queues, I subsequently had to start from scratch: Copy of Advert, Deeds Office, police affidavit and I.D., etc. The proof of bank account letter would no longer suffice, I was to learn. I now had to submit all my bank statements from February 2011 to April 2012 to show that the company was actively in business for at least a full year after it was de-registered. My accountant of many years had lost my back-dated bank statements! That is another story for another day. I submitted all 88 pages, for which my bank charged R21 per page! At least the CIPC honoured the R750 payment I had made initially, as that, at least, reflected on its system. The CIPC has emailed the confirmation of receiving my application four months after I had initiated the re-registration process. The next step will be to submit my annual returns, and then my company will finally be re-registered. Wish me luck! In case you missed it, the moral of the story is do not be careless like me–make sure you pay your annual CIPC fees and always save your original hard copies or electronic files of your bank statements before you give your accountant copies for tax or any filing purposes.

By Dr Siphokazi Koyana, Ph.D 

South Africa’s Greatest Entrepreneurs by Moky Makura

“South Africa’s Greatest Entrepreneurs” is a collection of 22 profiles written by 19 different contributors on some of this vibrant country’s most well-known entrepreneurs. While some readers may highlight issues of age and race, it is surely more appropriate to ask what lessons we are to take from the experiences of our “greatest entrepreneurs”.

From Dust to Diamonds by Gretchen L. Wilson

“Globalization and an emerging geopolitical landscape challenge conventional understandings of economic development and social issues. The concept of “social entrepreneurship” is gaining traction among economists, philanthropists, and activists. Though the definition of the term remains fluid, it broadly includes using innovative solutions to produce large-scale social change.

From Dust to Diamonds profiles 19 civil society leaders in South Africa. Each story illustrates the individual’s passion, vision and commitment to broad social transformation — as well as their innovative approaches to address South Africa’s current social challenges.”

 

The Tipping Point by Malcolm Gladwell

“The tipping point is that magic moment when an idea, trend, or social behavior crosses a threshold, tips, and spreads like wildfire. Just as a single sick person can start an epidemic of the flu, so too can a small but precisely targeted push cause a fashion trend, the popularity of a new product, or a drop in the crime rate. This widely acclaimed bestseller, in which Malcolm Gladwell explores and brilliantly illuminates the tipping point phenomenon, is already changing the way people throughout the world think about selling products and disseminating ideas”

The Startup Playbook by David S. Kidder

“Entrepreneurs are pioneers. In creating new businesses, they venture out across the market-scape to discover and build new products and services. Like pioneers, these journeys are frequently long, lonely, and risky. But, also like pioneers, these journeys are essential for the growth of our society — to build new economies, new ecosystems of work and life.

This book offers lessons in pioneering from key entrepreneurs. Pioneers needed to know locations, weather, supply logistics, travel, and various technologies like maps, navigation, and transport. Entrepreneurs need to understand markets, industry transformations, finance, business operations, and various technologies involved in products, services, and modern business”

Choose Yourself by James Altucher

“New tools and economic forces have emerged to make it possible for individuals to create art, make millions of dollars and change the world without “help.” More and more opportunities are rising out of the ashes of the broken system to generate real inward success (personal happiness and health) and outward success (fulfilling work and wealth).

This book will teach you to do just that. With dozens of case studies, interviews and examples–including the author, investor and entrepreneur James Altucher’s own heartbreaking and inspiring story–Choose Yourself illuminates your personal path to building a bright, new world out of the wreckage of the old.”

Entrepreneurial DNA: The Breakthrough Discovery that Aligns Your Business to Your Unique Strengths by Joe Abraham

“For centuries, entrepreneurs have been jammed together in one small box. From business planning and finance to human resources and marketing, experts have taught on the archaic assumption that one-size-fits-all. Entrepreneurial DNA challenges that notion by proving that not all entrepreneurs are the same.  The fact is, Donald Trump, your lawyer and a multi-level marketer can’t be put in the same entrepreneurial box. They didn’t go into business for the same reasons; they do not operate their businesses alike. They certainly don’t have the same vision and exit strategy.”