Continued learning at Thompson & Hoffman Audiology, where we attended the APPF summit in August and had the opportunity to learn from Dr Cliff Olsen about best international practice of fitting and evaluating hearing aids, and from Dr Keith Darrow about the relationship between hearing loss and cognitive decline. Knowledge is power

SMEs, through effective encouragement and opportunity from larger organisations and support and guidance from business mentoring companies, hold the key to South Africa’s growth, development, and economic recovery. It is widely agreed that SMEs hold the key to South Africa’s economic recovery, and for good reason. SMEs create employment in diverse sectors, across all functional disciplines, and at all skills levels. SMEs contribute significantly to the country’s gross domestic product (GDP) and their ongoing success and sustainability create meaningful employment. They are notably helping to reduce some of the extreme economic inequality we experience in South Africa. Larger organisations providing support through skills transfer and engagement are catalysts in creating opportunity for SMEs to succeed. Procurement and Socio-Economic Development The procurement and socioeconomic development elements within the South African Broad-Based Black Economic Empowerment Act (B-BBEE) are focused specifically on supporting skills transfer and creating opportunity for SMEs and individuals within two broad categories. The procurement element encourages larger organisations to procure at least 30% of their goods and services from SMEs whose enterprise revenue is less than R 50 million per year. This is broken down as follows: –– 15% from SMEs with a total annual revenue of up to R10 million; and –– 15% from SMEs with an annual revenue of between R10 million and –– R 50 million. The socio-economic development element encourages larger organisations to support initiatives where the outcome of their contributions results in the beneficiaries developing skills and receiving opportunity that ultimately give them access to the economy through direct employment or from within their own businesses. Although B-BBEE is purely voluntary, there is significant engagement from larger organisations to align as closely as possible in meeting the Act’s economic transformation commitments. The procurement element encourages larger organisations to contribute 3% of their net profit after tax (NPAT) towards enterprise and supplier development initiatives. The socioeconomic element encourages larger organisations to contribute 1% of their NPAT to social upliftment initiatives, where an outcome of creating opportunity for individuals and small entities to access to the economy is achieved. These two elements on the B-BBEE scorecard help to create significant transformation momentum for both formal and informal sector individuals and SMEs. They help to lay the platform for the transfer of skills, and to create opportunity for individuals and SMEs to enter the economy and contribute towards South Africa’s growth, advancement, and economic recovery. The B-BBEE Act, and in particular the procurement and socio-economic development elements, create significant means for SMEs to receive support and funding. Anyone who has started a business themselves, or has grown an enterprise to the next level, knows well that funding is not the only requirement in their enterprise’s advancement forward. They know that they need to understand the internal requirements of their business, as well as be able to interpret and adapt to the changing economy and its many challenging economic influences. Ecosystem Support Unlike larger organisations, SMEs seldom have access to internal resources to help them interpret influencing market conditions, or to create a local and international digital presence for their unique service offering. Hence the need for ecosystem support to help SMEs draw in essential knowledge, gain business process understanding, and ensure adequate integrated reporting systems and policies that maintain their ongoing high-quality reporting and service delivery, to support the enterprise’s growth and long-term sustainability. There are many wonderful value adding business mentoring companies in South Africa. These organisations provide essential encouragement and support to SMEs entering the market, and guidance to small and medium enterprises going through the many challenges of internal growth. In South Africa, there is little difference in reporting responsibility of a large organisation and that of a small enterprise. Without the internal competencies large organisations have at their fingertips, smaller enterprises need to draw guidance and support either from their larger clients, or directly from capable service suppliers. Failing which, they set themselves up to face the wrath from authorities for their transgressions. Good Corporate Citizens Larger organisations too demand compliance adherence in their engagement with SMEs. Their own B-BBEE scorecard requires that they engage with properly constituted enterprises, that meet legislative requirements as stated in the Company’s Act and are regarded as good corporate citizens. If an engaged enterprise for example does not have a B-BBEE scorecard or affidavit, then the engaging organisation will not be able to allocate B-BBEE points on their own scorecard. There are also other areas of strict compliance, where joint and several liability is apportioned to both the company and service supplier where compliance is not evident. SMEs, therefore, as starting points on their journey toward success and sustainability, need to ensure that they: Meet governance and sustainability objectives Are productive meeting both financial and operational objectives Meet compliance and legitimacy requirements Manage internal and external risk adequately Have ethical and effective leadership and an engaged enterprise culture Enterprise and supplier development, a subsection of the procurement element on the B-BBEE scorecard, when used effectively, provides support and opportunity for larger organisations to generate the confidence they need when engaging with SMEs. Business mentoring companies often work side by side with larger organisations to upskill and help develop competent and sustainable service providers. A Professional Approach BusinessFit SA’s approach through its 5 Stage Quality Assurance Process, and Corrective Action/Sustainability Report is gaining popularity as a professional approach to ensuring enterprise and supplier development initiatives result in the desired outcome of more competent and capable entrepreneurs and business leaders. The approach assists in ensuring enterprises have robust functional frameworks. These include: Clearly structured and implemented business strategies Defined measurements and outcome intentions Engaged staff members who understand the needs of the business, and how they personally contribute towards the enterprise’s success and sustainability High quality assurance and quality controls in their enterprise’s production and service delivery Large organisations like Standard Bank understand that their contribution to transformation in South Africa rests in their ability to uplift the SME community, and as such have teamed up with enterprises like BusinessFit SA and DRG in providing business sustainability conferences within KwaZulu-Natal. The Open Business Council, which also recognises their unique ability to contribute to SME development in South Africa, recently partnered with BusinessFit SA. The aim was to support SMEs in creating effective digital footprints; to assist in ensuring that they have the means to be represented professionally in local and international markets. The Success Formula The South African Department of Trade and Industry has considered deeply the challenges of growing the South African SME sector and has implemented significant policy through the B-BBEE Act to help drive skills transfer and SME development and engagement opportunities. Further, business mentoring companies like BusinessFit, ActionCOACH, and others, are working closely with large organisations and their suppliers to help create ongoing successful and sustainable supplier relationships – to result in the growth and development of the South African SME sector and overall economy. These actions are resulting in: Transfer of essential business and financial skills Creation of employment Giving more people access to the economy Narrowing income differential Growing the country’s GDP Building a vibrant and inclusive economy The success formula being the combination of public sector transformation policy, private sector commitment and engagement through large organisations, business mentoring companies, and SME leaders, wishing to be given an opportunity to bring their innovations, passions, and excellence into the formal and informal sectors of the South African economy. For more information contact DRG Outsourcing, DRG Siyaya, and BusinessFit SA Contact David White, T: +27 (0)31 767 0625 E: david@drg.co.za W: www.drg.co.za

A surge of innovation and collaboration filled the air as the Youth Innovation Challenge 2023 took off on August 17th at the prestigious Old Mutual Tech Hub. The event brought together partners, executives from public and private sectors, and diverse attendees all passionate about driving change. A Grand Launch The event kicked off with an energetic networking session, laying the foundation for a day of connections and shared aspirations. Tendai Pasipamire, Programme Lead at Innovate Durban, opened with a welcome, underlining the challenge's role in shaping the city's future. Inspiring Insights Aurelia Albert, CEO of Innovate Durban, provided an overview of Innovate Durban's mission and the challenge's background. This led to a thought-provoking keynote by Justice Matarutse, Program Manager, Innovation from eThekwini, who highlighted circular economies' role in sustainable development. Unity in Partnerships Adams & Adams and Zutari, esteemed challenge partners, expressed unwavering support for innovation. Their messages resonated, emphasizing the collaborative spirit driving the Youth Innovation Challenge. Real Stories, Real Impact Testimonials from past participants underscored the platform's tangible impact on lives and communities. Inspiring videos showcased previous winners, spotlighting the influence YIC had on their career paths and entrepreneurial journeys. Unveiling a Vision Amid charged anticipation, Tendai Pasipamire officially launched the Youth Innovation Challenge 2023. The theme, objectives, and transformative potential were revealed, sparking purpose and excitement among attendees. A Promising Future Closing remarks left attendees inspired and motivated to contribute. The launch not only signaled a remarkable journey's start but united changemakers committed to creating circular economies and sustainable development in Durban. Join the Circular Revolution: Youth Innovation Challenge 2023 Are you a young innovator? The countdown is on for the Youth Innovation Challenge 2023, hosted by Innovate Durban in partnership with eThekwini Municipality, Adams & Adams, Zutari, and Old Mutual Tech Hub. This game-changing challenge focuses on using technology and innovation for thriving circular economies, aligned with Economic Development and SDGs. Why Participate? Join 80 young visionaries, aged 18 to 35, in tackling pressing Durban challenges. Contribute, gain recognition, and expand horizons while shaping the city's future. The Challenge: Transforming Communities Through Circular Economies Unleash creativity and entrepreneurial spirit under the theme "Thriving Circular Economies in Durban." Be at the forefront of driving sustainable change. Prizes That Matter Cash prizes, trademark sponsorship, and a chance to join a 12-Month Programme await the top three solutions. Selected students enjoy a paid two-week engineering project experience. Who Can Apply? Problem solver, innovator, change agent? Join as an individual or team, aged 18-35, with STEM qualification or in the final year. Reside in Durban and commit to the challenge's journey. Join the Journey: Mark Your Calendar Applications Open: Aug 17, 2023 Deadline: Sep 17, 2023 Workshops: Sep 26, 2023 Solution Development: Oct 26, 2023 Final Pitch: Oct 27, 2023 Award Ceremony: Oct 31, 2023 Shape Durban's Future Visit http://www.innovate.durban/yic2023/ by Sep 17. Be part of the journey to brighter, more sustainable tomorrows, powered by technology and innovation.

The KZN Top Business Women 2023 – powered by DRG , BusinessFit and Mangwanani African Spa kicks off this week. The first group of participating women will be having their photo shoot and their video interview at the beautiful Mangwanani Signature Spa The Capital . The edited video will be available online and used for content for the article, which along with the photo – will appear in the commemorative KZN Top Business Women Portfolio, print and eBook. The profiles will also be shared across a range of social media platforms, which provide great ongoing marketing opportunities. During the build up to the final event, the participating women will share aspects of their stories in three panel-based webinars, which will be streamed remotely. Each woman will participate in an online webinar. The dates for these are the 12, 19 and 26 October at 6 pm. The grand finale – the gala dinner, with several ladies receiving further recognition, will take place on the 2 November at the Southern Sun Elangeni Maharani Sky Venue. The event will be live streamed. We are delighted by the large number of nominations that have been received so far. For more information visit https://www.kzntopbusiness.com/top-business-women-nominations

As you may already be aware, it has been announced that all private and nonprofit companies must now declare their beneficial ownership with CIPC. While the information surrounding these requirements can be quite confusing, we have outlined the main requirements below on why and how this affects your business. Why is this now required? On 24 February 2023, South Africa was put on a FATF “Grey List”, and as part of the Greylisting various deficiencies were identified and need to be addressed in order for South Africa to ultimately come off the list. One of these measures is the Beneficial Ownership Register, a register of natural persons who own or exercise control over legal entities either directly or indirectly. The register will be used to assist law enforcement and regulators (both nationally and internationally) with relevant information when it comes to the investigation of the ultimate owners of entities. CIPC has been tasked via legislation to keep the Beneficial Ownership Register and as such, all companies are now required to file details of their beneficial owners with CIPC. According to CIPC, the register will not be available publicly, but will be shared with law enforcement and regulatory bodies in line with POPIA requirements. What is a Beneficial Owner? According to the definition provided by the CIPC, a beneficial owner is “any individual who, directly or indirectly, ultimately owns that company or exercises effective control”. This can be via shareholding, voting rights or a chain of ownership (such as through a trust, holding company or juristic person). For example, Company A is 100% owned by Company B, which is owned 100% by Company C, and Company C has 2 people as their shareholders. It is the individual shareholders of Company C that are the beneficial owners of Company A, and it is their information that CIPC requires. The threshold for reporting an individual's information to CIPC is any beneficial owner who has more the 5% ownership/control. How often will I need to update this information after this initial submission? Going forward, all new companies will need to file this information within 10 days of being incorporated. If there is a change to any beneficial owners, the updated information needs to be filed with CIPC within 10 days of the change. And on an annual basis, as part of your CIPC annual return, you will be required to confirm that the beneficial ownership on file with CIPC is correct. What do I need to do now and can DNKA do this for me? CIPC requires information on each beneficial owner, as well as the securities/share register, ID copies, mandates and ultimate beneficial owners’ disclosure form. The exact requirements depend on the complexity of your structure and should be looked at on a case by case basis. You can attend to this yourself via the CIPC eservices platform or engage a trusted partner such as DNKA to assist you. Our fee to attend to this initial submission for noncomplex structures starts from R1950 ex. VAT. We are also able to assist with any required changes or other Company Secretarial services prior to submission. If you would like DNKA to provide you with assistance or have any questions, please email our COO Caroline Sculley via cipcbo@dnka.co.za . DNKA Inc is a registered audit and accounting practice in Kloof, KZN and specializes in assurance, consulting and compliance for SMMEs.

Introduction In the dynamic realm of entrepreneurship, the journey from startup to success often involves a crucial shift in mindset. The adage "work on your business, not in your business" has echoed through boardrooms and brainstorming sessions for years, underscoring the importance of strategic thinking, delegation, and scalability. This piece delves deeper, emphasizing not only the need to step back but also the significance of truly knowing your business. From the macro perspective of strategic direction to the micro details that define your brand, a holistic understanding of your business is key. This article explores how to strike a balance between working on your business and knowing your business, offering insights into achieving lasting growth and prosperity. The Essence of Working On, Not In At the heart of "working on your business, not in your business" lies the art of delegation. Entrepreneurs often find themselves wearing multiple hats in the early stages of their venture, from product development and marketing to customer service and financial management. However, as the business evolves, relinquishing some of these tasks becomes vital. Delegating routine and operational tasks to capable hands frees up time for visionary thinking and strategic planning. This transition allows entrepreneurs to focus on the big picture, making informed decisions that steer the company toward long-term success. Embracing Strategic Vision To work on your business effectively, cultivating a strategic vision is essential. This involves setting clear goals, developing a roadmap to achieve them, and regularly evaluating progress. A comprehensive data-driven Strategy Plan can serve as a guiding light, outlining the mission, values, and growth strategies. Regular strategic reviews ensure that your business remains aligned with its objectives and adaptable to changing market dynamics. The Power of Knowing Your Business Beyond delegation and strategy, intimately knowing your business is a cornerstone of sustainable growth. This entails a deep dive into the finer details that define your brand. Understanding your target audience's preferences, analysing market trends, and staying ahead of competitors is part of the equation. Moreover, knowing the operational intricacies of your business fosters agility and enables you to identify areas for optimization. The Balancing Act Balancing the act of working on your business while knowing your business requires finesse. It's about harmonizing visionary thinking with practical insights. Regularly stepping back from day-to-day operations to assess the broader landscape empowers you to make informed decisions. Simultaneously, maintaining a pulse on the intricacies of your business ensures that your strategies are grounded in reality. Cultivating a Learning Culture In the ever-evolving business landscape, being open to continuous learning is paramount. Surrounding yourself with mentors, participating in industry events, and seeking out new perspectives will help you refine your business acumen. This ongoing education equips you with the tools to navigate challenges and seize opportunities. Conclusion The journey from business inception to sustainable success demands a delicate interplay between working on your business and knowing your business. As an entrepreneur, your role evolves from being the jack-of-all-trades to becoming the captain of the ship, steering it toward new horizons. By mastering the art of delegation, nurturing a strategic vision, and cultivating a deep understanding of your brand, you can orchestrate a harmonious symphony of growth. So, step back, strategize, and immerse yourself in the essence of your business — for therein lies the true path to entrepreneurial triumph.

Paving the Path to Success through Digital Transformation, Innovation, Sustainability, and Thought Leadership In this article, we will explore how an integrated approach to digital transformation, innovation, sustainability, and thought leadership can foster growth, build credibility, and pave the way for a prosperous future. In today's dynamic business landscape, where we are dealing with an unpredictable future comprised of ever more complex problems, generating revenues and profits alone is no longer sufficient for long-term success. To thrive in evolving economies, companies must transcend daily routines and conventional business governance. This needs a deeper focus on 4 crucial aspects: digital transformation, education & innovation, sustainability and thought leadership. These pillars are foundational to business success in this new age and are key to creating the reliability and collaborative partnerships essential to not only surviving but thriving in the exponential age. By embracing these pillars, businesses can unlock their true potential and make a significant impact in a glocal (global + local) market. The 4 Pillars for Success: Digital Transformation, Innovation, Sustainability, Thought Leadership, Reliability and Collaborative Partnerships 1. Digital Transformation: Gaining Visibility in the Digital Age In an increasingly interconnected world, digital visibility is paramount. Businesses aspiring to serve a glocal market must ensure they are discoverable by leveraging the power of technology. Establishing a robust online presence, supported by a well-optimized profile page, can position a company prominently in search engine rankings. By actively managing digital visibility and employing effective search engine optimization strategies, businesses can create a strong foundation for growth and attract potential customers. 2. Education and Innovation: Catalyzing Growth and Adaptation In the rapidly evolving technology era, continuous learning and innovation are critical for sustained success. Companies that fail to adapt and embrace change risk becoming obsolete. By providing access to e-books, training programs, and research papers, organizations can empower their workforce to expand their knowledge and generate new ideas. Integration of artificial intelligence (AI) and metaverse solutions further stimulates visionary thinking, inspiring companies to explore uncharted territories. Events and summits foster interactive environments where diverse thoughts and approaches can inspire breakthrough innovations, encouraging companies to embrace a culture of lifelong learning. 3. Sustainability: A Prerequisite for Future-Proofing Sustainable development goals have become imperative for businesses aiming to thrive in the long term. By prioritizing environmental, social, and governance (ESG) practices, companies can align their operations with a sustainable future. Initiatives such as Carbon Neutral Self-Assessment services enable businesses to evaluate and reduce their carbon footprint while preparing for entry into new markets. By embracing sustainability, organizations demonstrate their commitment to responsible business practices and position themselves as attractive partners for customers, investors, and stakeholders alike. 4. Thought Leadership: Empowering Visionary Leadership To excel in an ever-evolving landscape, businesses require strong thought leadership that drives innovation and fosters an environment conducive to growth. Thought leaders possess the ability to challenge conventional thinking, encourage creativity, and champion social and environmental awareness. By empowering business leaders and nurturing a culture of forward-thinking, organizations can tap into the full potential of their human resources and fuel sustainable innovation. The embracing and adoption of these 4 pillars are key to creating the reliability and collaborative partnerships essential to realising glocal success: Reliability: Overcoming Trust Barriers in International Business Operating in the international business landscape presents unique challenges, particularly when it comes to establishing trust with potential partners or clients. With limited and often outdated information available, verifying the credibility of overseas entities can be a daunting task. To address this issue, innovative solutions, such as an immutable platform for verifying company credentials, can instill confidence and mitigate commercial accidents. By utilizing technology to ensure transparency and trust, businesses can foster reliable international partnerships and unlock new growth opportunities. Collaborative Partnerships: The Path to Success To realize the full benefits of the aforementioned aspects, collaborating with like-minded organizations is paramount. Collaborative efforts, such as the partnership between Open Business Council with DRG in South Africa, exemplify the value of prioritizing human resources, sustainability, and innovation, ultimately leading to scalable economies and a brighter future for all. By fostering a high-quality community, the Open Business Council ensures that businesses receive the support they need to thrive and create a positive impact. By partnering only with esteemed entities that share the same mission and vision, businesses can enhance the quality of their community and achieve exceptional results. By walking hand in hand with organizations that share the same vision, businesses can collectively drive meaningful change. In the ever-changing business landscape, companies must adopt a holistic approach that goes beyond traditional practices to ensure long-term success. The pillars of digital transformation, innovation, sustainability, and thought leadership have become essential for businesses aspiring to thrive in a global market. Now imagine a platform that offers all these supportive tools in one single spot. Embracing digital transformation, innovation, sustainability, and thought leadership with the support of the OpenBusinessCouncil, companies can pave the path to success. Through their services, businesses can enhance their digital presence, build trust, foster innovation, embrace sustainability, and empower visionary leadership. All these tools enable companies to build a solid foundation for growth and navigate the challenges of the modern business environment. Contact Lindiwe Bhadi directly on lindiwe@drg.co.za to gain further insights and support.

This Week@Work I challenge the idea that retiring from your business is somehow an accomplishment. I met with 2 older business owners, both feeling pressure to hand the reigns to the next generation. But their desire to stay on is not greedy, it’s fuelled by passion for the business they created, and the meaning they draw from seeing it grow and succeed. As a business owner, the reward is often in the journey not the destination. Your prosperity is largely in your hands. It's also in the wellbeing of your suppliers, customers, friends and family who run their own businesses. You're welcome to share This Week@Work with them. Pavlo Phitidis www.aurik.com

The exciting 2023 Suzuki Joburg Ultra triathlon takes place on the 8th of October at Cradle Moon. There is a Sprint Triathlon and an Ultra Triathlon to enter, so get your individual or Team entry in and join us for a fun and exciting day or racing in the Cradle. Entries close in early September, so don't delay. Enter soon. ENTER HERE VUM Durban Sunrise Run presented by JEEP Hillcrest Join us for this exciting 10km and 21km running race on the 27th of August. Starting at the Suncoast Sundeck, this event gives runners a beautiful race route to Durban North and back. Join us for this exciting proudly Durban event. LIMITED ENTRIES LEFT! ENTER HERE TINMAN DURBAN The next Durban TINMAN kicks off on the 17th of September. Grab the kids and enter yourself for SA's most loved and oldest Triathlon Series in Durban. ENTER HERE TINMAN CAPE The NEW Val De Vie TINMAN is one not to be missed. This exciting Series which has gone from Benguela Cove to Langabaan, now takes place at the beautiful Val De Vie Estate on the 5th of November. Enter yourself and your friends for an exciting multisport race. ENTER HERE TINMAN JOBURG The TINMAN Joburg Series kicks off again on the 29th of October back at Prime View. So get your entry in and get the family training for this exciting multisport race in the highveld. ENTER HERE PARK SQUARE FUN RUN Come RUN Umhlanga at this exciting new event on the 15th of October 2023. Choose to do the 5km or the 8km route, walking or running and the whole family is invited! Sign up and get training for this fun, family event on your doorstep. ENTER HERE

In a world where financial constraints can hinder the pursuit of higher education, bursaries play a vital role in empowering deserving students to fulfil their academic aspirations. Ms Charys-Mari Botha, a final year law student within UKZN’s College of Law and Management Studies , is a shining example of how bursaries can make a significant difference in the lives of students. Through the generous support of the Willowton Bursary and Hatch Black Women’s Bursary, Botha has been able to pursue her studies and work towards her dream of becoming an attorney. Aspirant attorney Ms Charys-Mari Botha Coming from a single-parent household, Botha’s journey has been shaped by the unwavering support and determination of her breadwinner mother. As an educator, her mother has instilled in her the values of dreaming big and working hard to achieve her goals. Witnessing her mother's resilience and perseverance has motivated her to overcome challenges and strive for excellence in her own life. Hailing from the Bluff, a vibrant suburb south of Durban, Botha’s career aspirations as a high school student were centred on making a positive impact in the world. Becoming a lawyer became the perfect avenue to fulfil this ambition, leading her to pursue a Bachelor of Laws (LLB) at UKZN. Her university experience was marked by unexpected challenges. Shortly after beginning her studies on campus, the COVID-19 pandemic forced a transition to remote learning, lasting for three long years. Returning to campus and facing in-person exams for the first time after such a prolonged period was a significant adjustment. However, Botha remains confident that with resilience and determination, any obstacle can be overcome. In her final year of study, her current research focuses on medical law, particularly the fate of cryopreserved embryos in divorce cases. As she prepares for her upcoming moot, she is diving into the complexities and legal implications surrounding this issue. During her spare time, Botha enjoys being a socialite and engaging in part-time work as a model, hostess, and promoter. She believes in striking a balance between her academic pursuits and extracurricular activities, nurturing her holistic development. She wants to explore the world as a flight attendant after completing her degree, eventually becoming a full-time attorney, utilising her legal expertise to make a difference in society. She advised fellow students to never give up. ‘While life may present its fair share of challenges, it is crucial to remain confident in one's abilities, trust in a higher power, and persevere. Remember that nothing worthwhile comes easily. You possess the strength and resilience to overcome any obstacle that comes your way.’ In her journey, Botha learned the significance of prioritising mental health alongside physical well-being. She understands that the mind is a powerful asset, capable of either propelling one forward or becoming a liability. Therefore, she encourages students to take care of their minds, seek support when needed, and ensure a healthy balance in all aspects of life.

KZN Top Business Women 2023: powered by DRG, BusinessFit and Mangwanani African Spa Celebrate the Extraordinary KZN Top Business Women 2023: powered by DRG and BusinessFit take great pleasure in announcing that nominations for this year’s initiative are officially open. Now in its fourth year, KZN Top Business Women recognises the achievements of women, who in their roles as leaders, executives and business owners, make an impact on business and on society. By sharing women’s stories, the initiative aims to: Inspire and uplift future generations of leaders – both men and women Bring awareness of the importance of the role of women in society and the workplace Promote gender equity By nominating a woman, you are telling her that she is an extraordinary woman who has a good story to share. Participating women will be photographed, profiled through video, and included in a KZN Top Business Women Portfolio. The women’s profiles will be available online and across a range of social media platforms, which provide great marketing opportunities. They will also share aspects of their stories in three panel-based webinars, which will be streamed remotely. In addition, the participants will be made to feel special at a gala dinner to be held on the 2nd November. Six women will receive further recognition in the following categories: • The courage to realise a dream. Honours a woman who has worked tirelessly to bring their vision to fruition. • Exceeding expectations and delivering brilliant experiences. Honours a woman who has made a significant impact on their business through new ideas and pushes the boundaries of what is possible to deliver great results. • Operating effectively and productively. For a female leader who provides the strategic direction for a private company or a publicly traded company • Fostering a culture of empowerment and diversity Acknowledges an individual for their strong efforts and dedication to support women and maintain a diverse and inclusive culture or work environment • Making a difference in the community For a woman who is dedicated to serving others while making an impact on social, economic, cultural or environmental issues.  • Being a woman extraordinaire An exemplary women leader who makes a significant impact in her chosen field If you have someone in your organisation to nominate, it will be our honour to ensure they receive the recognition they deserve, and that they are able to share their story. We accept nominations from women from all stages of business and life representing all industries. Previous nominees have included women from diverse educational and cultural backgrounds. Among others, these have included entrepreneurs, professionals, executives, artists, journalists, not-for-profits, lawyers, doctors, and public officers. Kindly note that you may also nominate yourself for inclusion should you wish to participate. To nominate someone and for more information visit: https://www.kzntopbusiness.com/top-business-women-nominations Contact gayle@mweb.co.za or 0836530465

Mitigating the risk of procurement fraud and other irregularities is possible by equipping organisations with the tools necessary to improve transparency, decision-making, and cost-effectiveness in procurement, says Sameer Kumandan, Managing Director at SearchWorks – South Africa’s largest online data aggregation platform. The procurement department serves as a pivotal entity within an organisation, entrusted with the monumental task of procuring goods, services, and works from external suppliers. Its significance lies in ensuring that the company gets the best possible value for money by making informed decisions that positively influence operations and profitability, while navigating a world of commercial complexities and avoiding the pitfalls of fraud and other irregularities with the potential to damage the bottom line and the reputation of the business. In 2021, the South African Institute of Chartered Accountants (SAICA) found that 70% of South African companies had experienced procurement fraud or irregularities in the past year, while the Association for Savings and Investments South Africa (ASISA) reported that R10 billion was lost to procurement fraud and irregularities in the private sector in 2020. Urgently seeking: a guardian for procurement integrity With these eye-opening statistics in mind, and in response to increasingly tough economic conditions, procurement integrity is more important than ever. “Here, the strategic use of credible, dependable tools becomes paramount,” explains Kumandan. “By streamlining procurement processes, reducing risk and boosting efficiency, procurement can make confident decisions based on solid data.” Procurement: what’s the big deal? The procurement department is typically tasked with sourcing, identifying and qualifying suppliers. This includes market research, supplier capability evaluation, and contract negotiation. Once concluded, procurement is also responsible for placing orders with suppliers, tracking orders, and ensuring that deliveries are made on time and in full. Thereafter, procurement is tasked with processing payments to suppliers and managing accounts payable. In addition, procurement also carries the unenviable burden of risk management and compliance. It is their task to mitigate and manage the risks associated with procurement, such as the potential for fraud, supply chain disruptions, quality issues, and price volatility. Compliance is equally important, and all procurement activities must comply with the company’s policies and procedures, as well as applicable industry laws and regulations. Instilling transparency and accountability “To assist in their role as gatekeepers in ensuring that their businesses only engage with legitimate partners and safeguard against fraudulent practices, procurement departments need the ability to thoroughly vet vendors, perform company background checks, and assist in crucial decision-making that ensures that organisations can grow with complete confidence,” says Kumandan. Measurable Advantages of Risk Management in Procurement With the right platform, procurement teams can greatly enhance their influence over products, steering organisational competitiveness, efficiency, and profitability. Benefits include: Greater transparency: Establishing systems that stymie fraudulent actions, bolstering accountability and compliance. Elevated due diligence: Protecting against interactions with unsavoury entities, all while refining the sourcing, negotiation, and record-keeping processes. Better decision-making: Offering businesses the critical data needed to evaluate suppliers effectively and reduce potential risks. Cost reduction: Proactively identifying and curtailing procurement risks, thereby averting significant losses. The power of search Modern procurement strategies rely on myriad verification methods, from credit checks to ID verifications. A single platform that brings together diverse data sources is instrumental in empowering procurement teams to validate vendors efficiently. “Consolidating data is vital for fostering efficiency and precision in procurement practices. As businesses evolve in an ever-complex world, embracing innovative solutions ensures that procurement departments navigate their myriad responsibilities with greater confidence – and ensure businesses operate more ethically and efficiently,” says Kumandan.