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New Era Newspaper - 26/06/2017 - Vol22 No222

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10 Inside BUSINESS

10 Inside BUSINESS Monday, June 26 2017 | NEW ERA Sam Ikela How to trim down SME running costs Staff Reporter Windhoek Operating costs associated with running a business may be challenging to deal with due to the current economic woes. SMEs need to develop long-term strategies to ensure they can stretch each rand whilst saving where they can. “The state of the economy is not great, consumers are hard pressed and businesses are feeling the impact with /33 less spending going around. SMEs in particular have to be smart about how they manage the flow of their income and expenses. Businesses can achieve this by reducing their spending and by finding new and innovative ways to execute tasks without breaking the bank,” says Sam Ikela, head of growth segment at FNB Business. Ikela shares a few savings tips for SMEs: • Start with a wastage audit – Many businesses do not have a full view of their total expenditure. A basic wastage audit will assist in pointing out how much a business spends across the board. It is important for the entrepreneur to track the speed at which his costs will grow in relation to his business turnover and ensure that it stays within an acceptable margin. Common areas where a business is bound to save money is with the likes of stationery, cost of water and lights, cost of conference calling and travelling to meetings and telephone costs. Decreasing these costs can result in significant savings for the SME. • Review business insurance – Ensure sufficient cover at the right cost for the business by shopping around and ensuring that you review your insurance annually to make certain you are sufficiently covered at an affordable levy. • Digitize – Taking services MaxiPlus online reduces costs as it reduces the amount of people required to complete the task. With the rise of the internet, businesses now have a plethora of options that are easily accessible at an affordable price to the business, thereby assisting in bringing down the business’s running costs and gaining greater footprint by providing easier access to entrepreneurs across a wider geographical area. • Employ professionals – Employing professionals ensures that tasks are completed on time and are done efficiently. Quite often, business owners hire people that are good at many things with the flawed thinking that they are reducing costs, when in fact, the cost of adjusting mistakes and reviewing work from a staff complement that isn’t skilled may be more expensive. If you cannot afford to pay the salary of highly skilled professionals, many businesses also offer company shares to the employees to incentivise them for the lower salaries paid. • Talk to your business banker – In most cases, businesses have a range of products that can assist a business save money or bank at preferential interest rates. Banks also understand that businesses are feeling the strain in the current economic environment. “Business in the coming months will not be smooth sailing. Ensure that you talk to your banker about what products they may have that will better enable you to save money, invest or simply improve your business’s cash flow. Effectively, a focus on running a lean and effective business is a great way of ensuring you keep your business afloat this year,” concludes Ikela. GET ALL THESE AND MORE: 3Mbps WITHIN CLOSED USER GROUP PAY: N$ Per 1,799 Month Incl. devices PAY: N$ 1,029 Excl. devices Per Month Visit your nearest Teleshop or call us Toll Free on 1100 * Devices may vary from package to package

Monday, June 26 2017| NEW ERA Inside BUSINESS 11 Calle Schlettwein Schlettwein tables Namra Bill Southern Business School appoints new deputy director Staff Reporter Windhoek Southern Business School Namibia has confirmed the appointment of Feitjie Veldskoen-Kapofi as deputy director. Veldskoen-Kapofi has an impressive and substantial career track record within both the fields of finance and education, making her the perfect fit for SBS Namibia. She is a qualified and experienced professional with extensive experience within the financial management sector. Her constant career growth is a clear indication of her need for selfimprovement and love for the field. She is also very familiar with the operations of SBS Namibia as she was a part-time accounting lecturer with the institute. As SBS Namibia keeps on growing and student enrolment increases the need to professionalise and increase management capacity for future anticipated growth means that the new deputy director has her work cut out for her. In her last position as manager f i n a n c e a n d a d m i n i s t r a t i o n at First Capital Treasury Solutions, she was in charge of ensuring the organisation ran smoothly across the board, from an administrative and financial point of view. With the growth of SBS Namibia continuing unabated this will be where her knowledge and talents will be most required. Being passionate about education and realising that the youth really are the future of Namibia, Veldskoen-Kapofi has been fully involved with the National Youth Council as a board member as well as other youth orientated organisations promoting and furthering the educational agenda focused on the youth. She said: “It is my hope and mission to Feitjie Veldskoen-Kapofi improve the way in which SBS Namibia is run. Making it an education institution that is truly there for its students, our valuable clients. Bringing affordable higher education to Namibians, no matter where they reside in this great country, is something I cannot wait to get involved with.” Albin Jacobs, director of SBS Namibia, said: “Having Feitjie on board will make a real difference as her expertise and knowledge of all finance and admin related duties will streamline and organise our organisation to the benefit of our students. With her assistance Southern Business School Namibia will continue to transform and become a major player in Namibian higher education.” WINDHOEK Minister of Finance Calle Schlettwein on Tuesday tabled the Namibia Revenue Agency Bill of 2017 in the National Assembly, saying it will transform the existing Department of Inland Revenue and the Directorate of Customs and Excise. The Bill is an establishing law for a semiautonomous revenue agency to be known as the Namibia Revenue Agency (Namra). Motivating the Bill, Schlettwein said the institution will act in the interest of the state and streamline the collection and processing of revenue using 79 percent of the ministry’s staff. “This new institution will serve as the agency for the state, with the primary function of assessment and collection of public revenue for the benefit of the State Revenue Fund, as well as the administration of revenue and customs and excise laws,” he explained. Namibia, he noted, is a resource-based economy, which comes with the associate complexity of potential illicit financial flows, transfer pricing, profit shifting and other base-eroding tax planning activities. These functions require specialised skills that could not be best optimised in the public service environment due to constraints on the acquisition of the specialised skills, said the minister. Schlettwein informed the august House that establishing Namra will inject a critical mass of the appropriate and specialised skills needed to carry out the functions of a modern revenue administration and trade facilitation office. He said it will improve operational efficiency of the revenue and customs and excise offices, while providing a robust institutional platform for implementing revenue administration reforms and the enforcement of revenue and customs and excise laws. All that, Schlettwein noted, will increase revenue collection through speedy implementation of the reforms and application of technology, while safeguarding the state’s capacity to continue providing reliable and affordable public services. Namra will be overseen by a board of directors appointed by the minister on the basis of expertise and will be headed by a commissioner, also appointed by the minister on account of skills and experience as well as meeting the requirements. The board will serve for three years and the commissioner will serve for five years. – Nampa Money Market Change Latest 3 months 0.00% 7.33% 6 months 0.00% 7.83% 9 months -0.01% 7.98% 12 months -0.01% 8.15% Bonds Change Latest GC17 (R203 : 7.39%) -0.02% 8.06% GC18 (R204 : 7.42%) 0.01% 8.33% GC21 (R208 : 7.58%) -0.02% 8.40% GC24 (R186 : 8.57%) 0.00% 9.79% GC27 (R186 : 8.57%) 0.00% 10.18% GC30 (R2030 : 9.14%) -0.01% 10.81% GC32 (R213 : 9.23%) 0.00% 10.94% GC35 (R209 : 9.55%) -0.02% 10.98% MARKET OVERVIEW Commodities %Change Latest Gold 0.49% $ 1,252.54 Platinum 0.48% $ 932.73 Copper 0.00% $ 5,742.00 Brent Crude 1.15% $ 44.72 Main Indices %Change Latest NSX (Delayed) -0.32% 991.68 JSE All Share -1.03% 50,874.79 SP500 -0.06% 2,435.61 FTSE 100 -0.34% 7,422.35 Hangseng -0.08% 25,674.53 DAX 0.00% 12,774.70 JSE Sectors %Change Latest Financials -1.31% 14,183.03 Resources -1.45% 29,022.75 Industrials -0.83% 70,243.61 Forex %Change Latest N$/US dollar -0.31% 13.0403 N$/Pound -0.42% 16.5072 N$/Euro -0.41% 14.5500 US dollar/ Euro -0.09% 1.1158 Namibia Monthly Data Latest Previous Namibia Inflation (May 17) 6.3 6.7 Bank Prime 10.75 10.75 BoN Repo Rate 7.00 7.00 130 125 120 115 110 105 100 12/31/2013 The investment performance of N0 in the STEFi Index from 31 December 2013 to yesterday 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 22-Jun-17

New Era

New Era Newspaper Vol 22 No 167