The main challenge entrepreneurs are facing in Africa is not the lack of great ideas but the fear of turning ideas into reality. With unemployment in South Africa at an all time high, more and more people are trying to make their own way in the economy.The Africa Digital Entrepreneurship events are about turning dreams into action. The series of events aims to enable digital entrepreneurship and the upcoming ‘Bitcoin Nights’ meet-up in Johannesburg on Thursday, 24 October at The Business Exchange Morningside, 150 Rivonia Road is a must-attend event for anyone interested in the digital assets space.

Business networking is the fast track to success and event sponsors such as Zcoin and OVEX believe that entrepreneurship is the way forward for South Africans. Jonathan Ovadia, Co-Founder and CEO at OVEX, a company helping to create an open, trustless and more efficient financial system says “the vision is to break down the barriers that prevent people from entering the traditional financial system. We believe that wealth-creating investment opportunities shouldn’t only be accessible to the wealthy, but should be available to all.”

The event is facilitated by the United Africa Blockchain Association (UABA), a non-profit leading blockchain education and adoption in sub-Saharan Africa. With the help of sponsors, The Africa Digital Entrepreneurship Series’ goal is to provide relevant content on business and technology that helps people learn and grow professionally and personally.The meet-ups provide a conducive environment for networking and ideas exchange, and attendees can look forward to free drinks, giveaways and prizes. Other sponsors include Divi, which makes it possible for anyone to participate in securing blockchains through their one-click masternodes, challenging the notion that you need technical expertise to participate in the blockchain ecosystem. Centbee, a digital wallet company that believes in the power of people to create an abundant future and æternity, a new blockchain technology, designed to deliver efficiency, transparent governance and global scalability are also part of the sponsors who see huge potential in Africa and are actively championing the digital asset revolution.

The theme of the Johannesburg event focuses on the Digital Asset Economy and anyone interested in tech is welcome to attend FREE of charge and benefit from the networking opportunity and inspiring discussions. Speakers will include Adi Kaimowitz, President and CEO of Virtual Actuary, Maushami Chetty of Novate Legal; Mpho Dagada – Commisioner, 4th Industrial Revolution at the SA Presidency; and Yaliwe Soko, Chairperson at UABA.The event aims to inspire participants to increase their appetite for entrepreneurship and get more knowledgeable about the growing trend in digital assets. Africa is a market ready to adopt new technology but lack of emphasis on digital entrepreneurship opportunities in Africa might result in missed economic opportunities for the next generation.

“It’s important to encourage the youth to explore the option of entrepreneurship as a career path instead of waiting for employment opportunities which may never be available to them.Initiatives such as the Africa Digital Entrepreneurship Series focus on creating awareness and demystifying what it means to run a digital enterprise,” said Heath Muchena, Founder of Proudly Associated, a company working with companies developing blockchain-powered technologies that have use cases focusing on emerging economy development to gain adoption across the continent.Whether you’re a student, professional or fledgling entrepreneur, this event will provide valuable insights and an opportunity to learn, grow, network and be inspired all in one. The meet-up will be a relaxed, no-suits-or-ties sort of event so expect to learn and be entertained. 

"The Africa Digital Entrepreneurship Series connects up-and-coming entrepreneurs in all fields. It’s a fantastic way for those interested in tech and online businesses to build a solid support network,” said Grey Jabesi, host of the Grey Ave Podcast, Africa’s top rated podcast which focuses on survival skills for the 21st century.

By attending this FREE event, attendees will:

Learn about new frontiers in digital innovation

Find out how to leverage technology to broaden participation in the global digital economy

Boost digital asset knowledge including digital asset acquisition and management

Learn how to build a fully remote businessDiscover mentorship opportunities

Interact with other entrepreneurs and build business networks

Meet like-minded innovators and go-getters

Be empowered!

GET TICKETS HERE: https://www.eventbrite.com/e/africa-digital-entrepreneurship-series-tickets-77802321839

Event details: 

Admission: FREE (Limited space so make sure you get there early.)

Date: Thursday, 24 October, 2019

Location:  The Business Exchange, Block 4, 150 Rivonia Road, Morningside, Sandton, 2057 Johannesburg.

If you want to sponsor this event or for more information, contact:This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it.

DoshEx, the Johannesburg-based developer of tokenised ecosystems and exchange, has formally launched following the listing of two virtual assets by two financial service companies.

The digital tokens registered and listed with DoshEx permit these pioneering enterprises to transfer value to third parties in a fast, cost-efficient and transparent manner that delivers built-in fraud protection and client peace of mind as all transactions are blockchain-enabled. Transactions logged on a blockchain are cryptography-based and tamper-proof, a key factor behind the growing international appeal of tokenized ecosystems. A third ‘tokenized economy’ is scheduled to list on the Bryanston-based exchange in the fourth quarter of 2018.

Each ‘tokenized economy’ meets unique industry needs while various reasons drive the use of these digitized assets. DoshEx, a self-funded exchange and tokenization specialist, is led by a group of South African entrepreneurs and businessmen and offers a range of services, including:  conceptualization and development of tokenized solutions, customized to the unique needs of major corporates and others; safekeeping of funds through ‘cold storage’ in cold wallets, totally isolated from online networks and safeguarded through multi-signature security systems, reducing any single-man dependence and vulnerabilities; design and deployment of blockchain-enabled solutions; exchange listings on DoshEx; design and roll-out of fit-for-purpose tokenized ecosystems, with integration to traditional financial systems for ease of use.

DoshEx CEO Alex de Bruyn commented: “We took the exchange live in August and are now ready to follow up with the public launch of tokenized solutions. “Although globally proven, tokenization is still a relatively novel concept in South Africa, but we could not have hoped for a better response to our market offering, as indicated by the signing of three great customers and the delivery of our first two tokenized solutions.

“Early adoption requires a vision and a keen awareness of the benefits that accrue when instantly verifiable and automatically triggered transactions are concluded via a blockchain.” He added: “Financial service organizations have been quick to appreciate the benefits of a DoshEx listing, but awareness is rapidly growing across other sectors.” International experience indicates that tokenization spurs the further development of loyalty programmes, though the loyalty industry represents only a small fraction of the potential customer-base.

De Bruyn said major retail groups and quick service restaurant chains are well positioned to achieve efficiencies and reinforce ‘sticky’ customer relationships through the creation of tokenized ecosystems on a blockchain. Many organizations, according to the DoshEx CEO, are attracted to token-ecosystems simply because of their proven ability to slash transaction and record-keeping costs, with the benefits especially attractive to large organizations that draw on extensive supplier networks and serve wide-ranging customer groups.

DoshEx services are supported by an in-house team of blockchain developers and business process professionals. De Bruyn noted: “Feedback from potential DoshEx users indicates tokenization is increasingly seen as a tool for leveraging corporate growth and an essential building block for businesses with international ambitions. “Tokenization creates instant global reach. Cross-border remittances cease to be a constraint or a hassle-factor for customers.

Transaction efficiencies across the supply chain are also considerable while major companies are impressed by the instant auditability of blockchain-generated records – an important consideration as corporates review internal controls in light of recent accounting failures.” Though corporate interest continues to pick up, De Bruyn foresees no immediate capacity constraints. He commented: “We anticipate high future demand for tokenized solutions, but we’re confident we have sufficient capacity within our current structure. However, local skills are scarce and extensive blockchain and cryptography training is hard to come by. This could become a constraint, but not for some while yet.” 

About DoshEx:
DoshEx is a South African company pioneering the local development of crypto-tokens. Related DoshEx products and services include tokenised solutions for corporates and SOEs, safekeeping of funds and the design and deployment of blockchains. This digital exchange is the brainchild of a group of entrepreneurs with a background in payments and crypto-currencies. Among the innovators is Alex de Bruyn, whose entrepreneurial credits include the launch of Waxed Mobile Payments. (He was co-founder.) De Bruyn is young, articulate and passionate about the tokenised future. He is also DoshEx’s media spokesman.

Website: www.doshex.com
Contact: Alex De Bruyn
Tel: +27 11 468-5236

Simply and SweepSouth, two technology players with a focus on social impact and financial inclusion, have announced a partnership to provide accidental death and disability cover at no cost to all SweepSouth’s SweepStars - its force of domestic cleaners.

The partnership is a win-win. It deepens Simply’s social commitment to provide cover to individuals among lower income groups who currently are underserved, particularly when it comes to life and disability cover. For SweepSouth, the gesture builds loyalty and commitment among the over 7 000 SweepStars it currently has on its books.

The partnership also helps serve a profound need in the domestic worker space. According to the SweepSouth Report on Pay and Living Conditions for Domestic Work released earlier this year, 78% of domestic workers don’t have any form of savings or pension. And with 84% of domestic workers being sole breadwinners, their families face potential catastrophe if anything happens to them.

The SweepSouth concept, which connects households needing cleaning services with independent domestic workers, was born out of frustration at the many structural inefficiencies and lack of progress in terms of pay rates and further upskilling opportunities for workers within the domestic services industry.

“In many ways, this sector had remained unchanged in practice and attitude for decades,” says SweepSouth founder and CEO Aisha Pandor.

“We wanted to provide dignified, flexible work opportunities at decent levels of pay, to domestic cleaners,” she added.

Homeowners and corporate clients book SweepStar services online through the SweepSouth website and mobile app. SweepStars in turn are able to choose where and when they wish to work, earn up to 80% of the booking fee (plus all of the tipped amounts), and through digital literacy learn to unlock the power of devices such as smartphones, which become tools to add income to their families.

“The SweepSouth partnership with Simply extends dignity to the SweepStars and their families by providing accidental death and disability cover at no cost to the cleaner,” Pandor says.

Simply, an insurtech startup providing great value life, disability and funeral cover online, is making waves in the South African insurance industry. The business has sold over 8 000 policies since launch in late 2016, with most of its retail policies sold via mobile.

The initiative with SweepSouth is a good strategic fit for Simply, as serving South Africa’s one million strong domestic worker force is already a key focus for the company. Through their Domestic Cover product, employers of domestic workers can provide low-cost life, disability and family funeral cover for their employees through a convenient online buying process.

Anthony Miller, CEO of Simply, explains: “When a domestic worker dies or becomes disabled through an accident, his or her dependants are often left destitute.  Working with SweepSouth, who share our passion for social impact, we can now extend our benefits to thousands who would otherwise not have had any life or disability cover. And this at no cost to the Sweepstars.”

/ends.

About Simply Financial Services (Simply)

Simply Financial Services (Simply) is a registered financial services provider that designs and sells great value, simple life insurance products in South Africa.  The business was founded by three South Africans – technology entrepreneur Anthony Miller and actuaries Simon Nicholson and Shaun Dippnall – and has offices in Cape Town and Johannesburg.

Simply offers 3 products: Family Cover – Cover for individuals; Domestic cover – Cover for domestic workers; and Group Cover – cover for the employees of businesses, NGOs and otherSimply products include life, disability and funeral cover – available individually or as a combo. Policies start from as little as R59 a month, depending on the benefits and level of cover selected, and are really easy to buy online. They are underwritten by Old Mutual Risk Transfer Ltd (OMART), a member of the Old Mutual Group, and reinsured by the Reinsurance Group of America (RGA).

For more information, check Simply out at www.simply.co.za

About SweepSouth

SweepSouth’s mission is to create happy homes by providing dignified, flexible work at decent pay to our SweepStars; and a hassle-free and reliable service that gives time back to our clients. Our SweepStars can dictate where and when they would like to work, earn up to 80% of the booking fee (plus tips), and learn to use technology to unlock the power of a device like a smartphone, so that it becomes a tool that can bring income to their families.

This impact on wider communities is something we are especially proud of, with 74% of our SweepStars being primary breadwinners at home. Of the thousands of SweepStars we’ve already given work opportunities to via our platform, 71% were previously unemployed while 29% were underemployed, evidence of the real impact we’re having on creating employment.

For more information, check SweepSouth out at www.sweepsouth.com

CAPE TOWN 21 May 2018 — Carrick Wealth today announced the appointment of Ben Nevin as Manager - Wealth Management and Advisory – Botswana.

Ben Nevin showed his leadership strengths while working as a Wealth Specialist for Carrick Wealth in the Western Cape, where he was also a member of the company’s internationally recognised award-winning Client Servicing Team in 2017.  

Carrick Chief Executive Officer Craig Featherby said that when he launched Carrick, one of the foundations of the business was to employ the best people they could find.

“From the get-go, Ben was decisive and maintained a high level of accountability,” said Featherby. “That, combined with his natural leadership ability, intelligence, and fortitude, made it an easy choice to head-up the Botswana office.

”Nevin, who holds a Bachelor of Laws degree from the University of South Africa and who attended the Carrick Development Academy (CDA) where he won the Top Wealth Specialist Trainee Award, said he jumped at the opportunity to head the Botswana office, and welcomed the challenge.

“My defining characteristic in the work place is my ability to fit in immediately and to add value fast — analysing situations and providing practical solutions is second nature to me,” he said.

Greg Stockton, Director: Wealth Management and Advisory, and who heads the Carrick International Division, said that Botswana — ranked 12th on the continent for the number of high net-worth individuals — was an important component in Carrick’s expansion in the rest of Africa.

“Botswana has political stability and a strong fiscal regulatory landscape, which makes for a great business environment in our sector,” said Stockton. “Nevin will hit the ground running and ensure we maintain a strong presence in the market.

”Nevin will take up his post with immediate effect.  He said that, “My career at Carrick thus far has reinforced in me the fundamentals of wealth management and creating lasting wealth for our clients. It remains our mission as a company — and my role as a leader — to grow, protect, and preserve our clients’ wealth.”

For more information, please contact:

Lynn Halliday
Marketing Manager
Carrick Wealth Management+27 21 201 1000 - ext. 1100  Or visit: www.carrick-wealth.com 

Note to Editors: Carrick Wealth is a registered financial services provider specialising in international financial planning. Carrick is also licensed in South Africa, Zimbabwe and Malawi, and holds three global licences in Mauritius. Carrick at all times maintains its independence with regard to product providers and asset managers, providing bespoke risk assessment, financial planning and other services to high net worth individuals (HNWI). Through our own qualified and experienced financial advisers, as well as through partnerships with industry leaders in the fields of foreign exchange, tax, international property, offshore bank accounts, trusts, wills and estate planning, Carrick is able to provide the highest levels of service for financial planning and investment requirements, both offshore and domestic.  

BLANTYRE, 5 February 2018, Carrick Wealth has opened for business in Malawi. This brings to five the number of countries in which it operates, including Botswana, South Africa, Zimbabwe, and Mauritius.

Carrick Chief Executive Officer Craig Featherby said Carrick’s Africa 2020 road map also included additional offices in Kenya, Ghana, Tanzania, Mozambique, and the Ivory Coast.

“We believe that the long-term growth projections for Africa, and especially those we have targeted, such as Malawi, are positive. All of them have shown an increase in GDP over the last five to seven years. And combined with the political stability in Malawi over the last 20 years, we believe this growth bodes well for our new office,” said Featherby.

Since 1993, Malawi held five presidential and parliamentary elections. According to a recent World Bank report, Malawi’s GDP growth in 2017 will be more than 4.5% — a 2% increase over last year. In addition, inflation between 2016 and 2017 dropped by 13.5%, to 9.3%.

Featherby pointed to other factors that would contribute to Malawi’s growth and support Carrick’s decision to open for business, the most important of which was urbanisation. Currently, an estimated 16% of its population of about 17 million lives in urban areas. This demographic is changing rapidly.

“The four major urban centres of Malawi are the economic core of the national economy,” he said. According to the World Bank, they comprise 33% of GDP, despite the small size of the urban population.

“Cities are a key to capturing Africa’s consumer opportunity,” said Featherby, noting out that in Nairobi, Kenya, per capita consumption is more than double the national average, and that the top three cities in Ghana account for more than 65 percent of national consumption.

“Africa’s rapid urbanisation, its young population, and its growing labour force makes it — and Malawi — a highly valuable asset in our plan to realise the potential of the continent’s economies,” he added.

Malawi Managing Director Gomez Kumwenda said that this was an exciting opportunity, for the Carrick team but also for the potential clients in the country.

“We believe that recent events in Malawi have emphasised the need to have in place strong fiscal regulatory controls, and that this has made doing business much more transparent and efficient,” he said. “We look forward to implementing our vision of working with clients on their long-term financial planning, helping to grow their wealth, protect it from excessive and unforeseen risk, and preserve it for their children.”

For more information, please contact:

Lynn Halliday
Marketing Manager
Carrick Wealth Management
+27 21 201 1000 - ext. 1100  +27 82 444 1100
Or visit: www.carrick-wealth.com 

Note to Editors:

Carrick Wealth is a registered South African financial services provider specialising in South African and international financial planning. Carrick is also licensed in Zimbabwe and Botswana, and holds three global licences in Mauritius. Carrick at all times maintains its independence with regard to product providers and asset managers, providing bespoke risk assessment, financial planning and other services to high net worth individuals (HNWI). Through its qualified and experienced wealth specialists, as well as through partnerships with industry leaders in the fields of foreign exchange, tax, international property, offshore bank accounts, trusts, wills and estate planning, Carrick is able to provide the highest levels of service for its clients financial planning and investment requirements, both offshore and domestic.

Losing a parent - and a sense of security - is a traumatic experience for any child. Sadly, this painful process is often exacerbated when proper planning is not in place to ensure your children will still enjoy financial security, even if you are no longer here to provide for them.

Proper financial planning is crucial to ensure your children is financially provided for if you die, especially for minor children, children with single parents, children from a previous marriage and handicapped children.

Hein Klokow of Secure Legacy outlines a three-step process to ensure your children’s financial future is secure when you are no longer around. “A common concern, particularly with minor children, is how to determine and provide a sufficient income for them after the death of one or both parents,” explains Klokow. “A further concern is how this income, as well as any assets, will be managed and preserved to ensure the children have the financial resources they need until the time they become adults. We recommend a three-step process to address these concerns, and the expertise of an experienced estate planner who understands the different estate planning structures and can assist you to consider all the relevant factors applicable to your situation.”

1. Determine your children’s financial needs
Firstly, with the help of your estate planner, you need to determine your children’s financial needs. Every family is different with its own circumstances. In addition, the considerations for parents with minor children are different from those with adult children. There are also additional considerations when you have a handicapped child or children from a previous marriage.

2. Providing the financial resources
Once you have established what your children’s financial needs are in the case of death of a parent, you need to ensure that the financial resources are in place to meet those needs. The most common way to ensure that there is sufficient income for your minor children is to utilise family assets and life insurance policies.

3. Sustainable management
When the financial resources are in place, a structure is required to manage it sustainably to ensure it will continue to provide for your children’s financial needs until the time they become adults. Normally, in the case where one spouse dies, the other spouse inherits the estate assets and is also the beneficiary on the life policies. He or she then uses the life insurance claim payments and assets to cater for the financial needs of the children.

There are, however, often cases where you will have to consider alternatives, especially if you are a single parent, if your spouse is unable to manage the financial affairs or if you have a child from a previous marriage. Similarly, adult children who are not capable of managing their financial affairs can, with the right structure, be allowed to benefit from their inheritance without having to make financial decisions.

“In these cases, and in the eventuality of both parents dying, we generally make use of one or more trusts. The trust deed stipulates how you wish the funds to be utilised, who the trustees will be and when the trust should terminate so the assets pass to your children as they reach adulthood - usually at age 18, 21 or 25 or, in the case of a handicapped child, until death,” explains Klokow.

“The trustees have the responsibility to manage and invest trust funds as well as to adhere to your direction for your children’s health care, education and maintenance as set out in the trust deed. It is thus very important to choose your trustees carefully! You should consider appointing an independent trustee, who deals with the administration of trusts on a day-to-day basis, together with a trusted family member or friend, both of whom will work closely with your children’s guardian. This should provide structure, compliance and independence to the trust, ensuring your children’s inheritance is managed in their best interest.”

A further consideration will be the type of trust and the tax implications of each option. Your estate planner will be able to assist you in weighing up the advantages and disadvantages of different estate planning structures, considering all the relevant factors applicable to your family’s specific circumstances.

With expert advice and proper planning, you can ensure that your children will be provided for financially when you are no longer around to take care of them – a lasting gift that will continue to provide financial security long after you have gone.

Note to the editor:
About Hein Klokow
Hein is qualified with an LLB. CERT. IN TAXATION and is an admitted attorney of the High Court of South Africa. In early 2004, he joined an international financial institution, specialising exclusively with deceased estates, wills, trusts and estate planning. His 13 years of experience in his field of expertise gives him great insight into the practical, legal and tax consequences when structuring and administering trusts, wills and estates. He is currently a Director of Secure Legacy and involved in the development of deceased estate administration software, as well as will management software. He regularly presents learning sessions to financial advisors and seminars to clients, and has written articles for magazines such as The Property Investor on subjects related to his field of expertise.

About Secure
Legacy Secure Legacy assists business owners, professionals and families in protecting their wealth and securing their wellbeing through dedicated and independent solutions for executor services, estate planning, drawing up wills and setting up and managing trusts. Our core business is to secure the legacies of our clients by devoting ourselves exclusively to providing ongoing, specialist estate planning, trust and will services. 

For more information please visit http://securelegacy.co.za or to arrange an interview, please contact:  
Hein Klowkow
Director: Secure Legacy
Tel: 012 543 1806
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The financial crisis of 2008 severely damaged the reputation of the banking sector. Nine years on, consumer surveys consistently find that the financial service industry is one of the least trusted sectors. Restoring that trust is imperative to creating a flourishing financial services sector that can fulfil its vital role in Africa’s economy  Almost any consumer interaction with a financial services firm requires an act of trust on behalf of the consumer; it is therefore of crucial importance to the industry that consumers have a high level of trust in financial services providers.

Trust in innovation

In the 2016 Edelman Trust Barometer, it found that while only 54%of respondents trust the financial services industry as a whole, 62% feel the industry is acting responsibly in the way it is bringing electronic payments to the market. As an industry, it has responded quickly to shield consumers from liability on card fraud and is working collectively to protect broader financial systems. The above shows there is an opportunity if handled well, to use innovation to build trust. 69% of those surveyed by Edelman trust the innovation of new electronic and mobile payment options, thus were ready to leap forward to use them; they saw massive conveniences and greater personal efficiency even in the face of added risks. 

Earning trust in a complex continent

Africa is a continent with a myriad of cultures, geography and incomes, but innovations that touch consumers on a personal level can counter balance security concerns, Edelman’s report found that 82% of those surveyed agreed that “makes my life easier” is an important trait for building trust. Look at Mpesa; the concept has made the lives of many in Kenya easier. Albeit they were forced to use it, but within the financial service the introduction of the platform was a game changer and is now trusted by millions.  So what can companies do to take advantage of this opportunity? 

Focus on discovery, establish personal and societal benefits

Communicating the financial stability of institutions, listing the steps they are taking in data security and highlighting the innovations that organisations are developing can make a difference. Mobile banking and electronic payments are good examples. Banks like FNB have been quick to adopt technology in the mobile banking app arena, and have forged the way tech can be secure, efficient and deliver consumer value. Fintech is seeing the financial services sector flourishing, and organisations need to engage with consumers through regular dialogue, and active consumer participation in product development.  

Act with integrity, rigour and self-awareness

Take sustainability into consideration. Be consistent in reporting and tell people how you are doing. This is a long-term, not a short-term strategy. Start with social listening; have a well-communicated culture, focused on an institution's people and the communities in which they live and work. Edelman discovered that only 24% of consumers expect businesses to "make the world a better place," while 54% of people say they refuse to do business with companies that do not. 

Consumers are sending a clear message with this finding. Enterprises that listen to their customers on this will gain the greatest advantage.   

Observe, share information and improve products

Do not be afraid to acknowledge problems, and be sure to take steps to solve them. FinTech drives consumer activity, be it engagement or disengagement, and can be a clear indicator of successes and challenges. Additionally, any tools or applications can be built in a way that auto identifies any issues (bugs, bottlenecks, etc.) and allows consumers to report obstacles quickly. Most importantly, this feedback needs to be acted on; otherwise, this will drive a culture of consumer ignorance, with users being less likely to be actively reported on going forward. It is vital to communicate across all platforms and in every field: operations, purpose, products and services, engagement and integrity. Considering the role financial services plays in individuals' lives, knowing that 83% of people surveyed by Edelman said that "keeps my family safe" was an essential attribute, but only 56% thought the financial services industry was performing well on this measure. Strengthening collaborative approaches to data security and privacy, standing for consumer protection and making sure the institutions themselves remain stable will help to close the gap. Knowing what builds trust amongst consumers when it comes to the financial services sector, organisations need to build on this knowledge with fintech firms; the industry needs to make consumers aware of what the industry is doing to improve security, safeguard our financial systems and bring greater access to developing communities within Africa.

By Handre Lourens, Business Rescue Manager at Hobbs Sinclair  

Most financially distressed companies have the same things in common: poor working capital controls and the employment of a reactive working capital management strategy rather than a proactive approach.  

Improving the company’s working capital through a proactive strategy can be a quick way to get your head above water without increasing sales or cutting cost. For companies in financial distress, that kind of improvement can be the first step to turning the company around. For healthy companies, the surplus cash flow can be reinvested in ways to create value for customers, be invested in a brand or expand your services or product range.  

The process of improving working capital can also highlight improvements in operations such as supply-chain management, human resource management, procurement, sales and non-value-added cost.  

The first step is to focus on your income and customers and to ask the how, who and when question. You need to understand exactly how your income is generated, who you will collect it from and when you will collect the income.  Once you have established the above, you should focus on collecting all income due to you as soon as possible. This can be done by informing debtors of their balance due, following up on debtors to pay their outstanding balances, offering a discount on early settlement of their account or, as a last resort, taking legal action to recover the balance due.  

The focus should be to reduce your debtors’ collection days to as few as possible, while at the same time retaining the customer relationship. The second step is to focus on your inventory levels. Having a clear understanding of the demand and supply of your product or service is a key factor. You should establish the optimum amount of inventory to sustain your level of demand while maintaining a small buffer for unforeseen circumstances.  

The third step is to focus on your expenditure and, more importantly, the supply chain relationships that the company has. Contacting each supplier will allow you to understand the suppliers’ working capital needs and offer specific payment terms that are beneficial to both parties. This is an ongoing process that does take lot of time.  

All this will add to reducing your total number of working capital days. That means the number of days it takes you to buy an inventory, manufacture a product, sell the product to the customer and collect your money. Getting this number of days as low as possible will ensure a healthy bank balance and a bottom-line that will put a smile on your face.  

There are, however, some risks involved as well. Too little inventory can disrupt operations. Stretching supplier payment terms can leak back in the form of higher prices, if not negotiated carefully, or unwittingly send a signal of distress to the market. But management who are mindful of such pitfalls can still improve working capital by active management and focusing on the constraints.  

Working capital is often under-managed simply because of lack of awareness or attention. There is also the possibility that working capital may not be tracked or published in a way that is transparent and relevant to all stakeholders. That almost always indicates an opportunity to improve.   At Hobbs Sinclair, as business rescue practitioners, our first focus is on improving working capital to free up cash flow. This allows us to keep the day-to-day activities running while a long-term strategy can be developed and voted on by creditors in the best long-term interest of the company and all the stakeholders.  

In conclusion, working capital is critical to a company’s operations and the financial team within each company needs to take on this responsibility and share it so that it is implemented into every activity within the company.

Econorisk and Watershed have teamed up once again, this time to raise money for the Breatheasy Tracheostomy and Ventilation Homecare Programme and the Red Cross War Memorial Children’s Hospital.  

On 24 November at 19h00 South African music sensation, Watershed, will take to the stage at the Rockwell Hotel theatre to perform for this life-changing charitable initiative made possible by Econorisk, a leading short-term insurance brokerage.  

Developed by Sister Jane Booth, the Breatheasy Programme provides parents of children reliant on tracheostomy or artificial ventilation for breathing, with the tools and skills needed to enable their children to enjoy life at home, surrounded by their families, rather than in hospital.  

Steven Hall, who brought the Breatheasy Programme to the attention of Brett Schultz, Director at Econorisk, explains how the event came about: "As a way of saying thank you for the care my mother received in hospital before she passed away, I wanted to find a cause which I could support - paying it forward, by raising awareness for an organisation helping the community and those in need. That is when I came across the Breatheasy Programme for children in South Africa whose lives are affected by breathing complications.  

"I decided to take part in half and full ironman events to create an even greater awareness of the Breatheasy Programme and their challenges and to raise funding for them. When I approached Brett he was immediately on board.  He shares a passion for sport, and wanting to make a difference for those in need. Econorisk sponsored my entry fees for the 70.3 season, but Brett also wanted to get other companies involved. His vision was to create an event in which we could platform the Breatheasy Programme to create more awareness, as well as establish additional fundraising opportunities. That is how the concert with Watershed came about."  

Not only is the Breatheasy Programme supporting the community and changing lives, but it is also a good fit with Econorisk’s brand values, as Brett explains:   

“At Econorisk, we pride ourselves on providing holistic insurance solutions to clients, giving them peace of mind and the reassurance that they are covered in case of any unwelcome future events ... thereby helping them breathe a little easier. I therefore knew immediately that the Breatheasy Programme was the right initiative for Econorisk to back.  

“I have known Craig Hinds for many years and, having worked with Watershed on a previous Econorisk fundraiser event in 2014 in support of up and coming South African Paralympic hopeful, Nicole Sanders, I approached him with the idea of another concert, which he wholeheartedly supported. And so the planning began.”  

The Breatheasy with Econorisk fundraiser concert with Watershed takes place on 24 November 2016 at 18.30 for 19h00 at the Rockwell Hotel theatre in Greenpoint, Cape Town. Proceeds raised will be used to purchase vital medical equipment such as ventilators, suction machines and humidifiers for the Programme that has been caring for children with a wide range of respiratory disorders for over two decades.    

“I believe that many South Africans have the desire to make a positive difference in others lives, but don’t always know how to,” says Steven. “Through this platform, we are giving people the opportunity to make this difference – and to have a good time whilst doing so.”  

Brett concludes: “Whilst it may come naturally to many of us, for some the simple act of breathing is sadly difficult or even impossible. Econorisk is incredibly proud to support the Breatheasy Programme and we invite companies and individuals to enjoy the sounds of Watershed for this life-changing cause.”  

Visit the QUICKET ticket line: http://qkt.io/econorisk-breatheasy to book your tickets for the Breatheasy with Econorisk concert with Watershed, 24 November 2016, 18.30 for 19h00, the Rockwell Hotel theatre, De Waterkant Village, Greenpoint, Cape Town. Tickets cost R650 per person, inclusive of a three course meal. Cash bar available. Alcohol will not be served to persons under the age of 18. Proof of age may be required. Tickets are limited so don't delay.    

Join us on Twitter: https://twitter.com/ec_breatheasy 

Like and share on Facebook: https://www.facebook.com/ecbreatheasy/ 

- Ends -  

Press enquiries contact:  

Georgina Swain:
Email:   This email address is being protected from spambots. You need JavaScript enabled to view it. 
Mobile: 076 349 4065   

Images available upon request.  

About the sponsor:  

Econorisk

Econorisk is a leading independent insurance broking business focusing on commercial and corporate insurance and providing speciality and niche insurance and risk management solutions to companies. The company has also developed expertise in domestic insurance especially to high net-worth individuals. For more information, visit www.econorisk.co.za  

Event supported by:  

Watershed Watershed is one of the most popular music exports our Rainbow Nation has to offer. For more information, visit www.watershed.co.za  

Striped Horse Craft beer. For more information, visit www.stripedhorse.co.za    

Jetline Jetline is a cutting edge on-demand printing company providing advanced print and design solutions. With branches nationwide, Jetline serves the general public, small, medium and large businesses and government institutions. The vast range of products and services offered include: graphic design, full colour and black & white printing, corporate stationery, document duplication and binding (large quantities), PhotoBooks, banners and signs, posters, vinyl and contravision, vehicle branding, website design and much, much more! For further information, visit: www.jetline.co.za  

The Rockwell The Rockwell is a 4 star hotel in Cape Town, situated in the trendy De Waterkant Village in Greenpoint, near the V&A Waterfront. For more information, visit: www.rockwellhotel.co.za  

Flagstone Flagstone is a small but frequently awarded winery with a selection of wines built around winemaker Bruce Jack's philosophy of hand-crafted wine-making. For more information, visit: www.flagstonewines.com  

Tangent Marketing Marketing and event management. For more information, contact: Julia Ledingham +27 (82) 8876376   

2016’s largest AML gathering for SADC professionals

The direct costs of non-compliance can be high, not forgetting the risk of reputational damage and the loss of business opportunities and confidence incurred. There has been no better time for management and executives to take a leading role in mastering corporate governance and ethical leadership by attending a leading industry forum such as the Anti-Money Laundering, Fraud & Financial Crime Conference.  

The Annual Anti-Money Laundering, Fraud & Financial Crime Conference is the definitive event to attend to update your AML strategy for future developments affecting your operations in Africa.  

Attend what promises to be the definitive AML event of 2016 attended by over 150 senior industry thought-leaders & forward-thinking AML practitioners. Network with participants including representatives from the following organisations and departments : ABSA Regulatory Control & Risk Management * Barclays Bank Big Data, Analytics & Insights  * Barclays Africa Financial Crime Compliance  * Nedbank Retail Risk * Nedbank Corporate and Investment Banking * Nedbank Client Onboarding  * Nedbank Private Wealth * Standard Bank Group Compliance Assurance * Standard Bank Group Money Laundering Surveillance * Standard Bank Group Internal Audit * Standard Bank Governance & AML – Rest of Africa * GBS Mutual Bank * Sasfin Bank Forex * Investec Compliance * Discovery Health * South African Reserve Bank * KPMG * Cliffe Dekker Hofmeyr * PwC * Hogan Lovells * Firstrand * ENS Africa * ACCPA  * Fircosoft * J2 * SAS * Experian * Frame Consulting * Master Data Managment * Deloitte * EY * IQ Business Group to name a few...

As South Africa’s leading financial conference organisers, Trade Conferences International has gathered a highly qualified array of experts from various financial institutions in South Africa to address attendees at the Anti-Money Laundering Conference 2016.