CSERI TEAMS UP WITH DUT AUDITING & TAXATION DEPARTMENT TO EMPOWER ENTREPRENEURS WITH TAX AND STRATEGIC PLANNING SKILLS.
The Durban University of Technology’s Department of Auditing and Taxation recently participated in a strategic planning workshop hosted by the Centre for Social Entrepreneurship Rapid Incubator (CSERI). The workshop aimed to equip small, medium, and micro enterprises (SMMEs) with essential knowledge on finances and taxation. This session was designed to provide critical insights that would enhance the business operations of these entrepreneurs.
“We believe that this session will equip you with the knowledge and skills necessary to help enhance your business operations,” said Akira Singh from the Department of Auditing and Taxation.
Brian Jiyane, a master’s student in Taxation, introduced the Incubatees to the concept of taxation. He explained that taxation is a financial obligation imposed by the government on individuals and businesses to fund public services and infrastructure. Jiyane stressed the importance of paying taxes, as tax revenue plays a significant role in supporting the country’s public and social programs.
“As a taxpayer, you should play your role. Know the different types of taxes and understand the benefits of paying taxes and complying with SARS. Doing so will improve your reputation and build trust,” Jiyane added.
Mr. Sizwe Ntuli, a lecturer in Taxation, expanded on the government’s initiatives and highlighted the vital role SMMEs play in contributing to the country’s economy. He discussed various types of taxes, including income tax, payroll tax, and value-added tax (VAT), and provided insight into the Small Business Act. He explained that the Act promotes the development of SMMEs, defining them across different sectors and facilitating access to critical information and resources.
Ntuli also mentioned the support provided by SEDA (Small Enterprise Development Agency) in helping SMMEs grow. SEDA offers guidance, funding, business advice, mentorship, market access, and incubation programs, all designed to foster the development of small businesses.
Ntuli reminded the entrepreneurs of their rights as taxpayers, which include access to their own tax information and the right to pay only what is due. He emphasized the importance of keeping proper records, as this helps track business operations and is crucial when filing tax returns. He warned, “When you get to SARS, you’re going to state your income, expenses, and profit for the financial year. Without supporting documents, you could face trouble.”
Mr. Zaid from Leaped Academy then guided the entrepreneurs through the transformative power of strategic planning and the importance of prioritizing resource allocation. “We should avoid unnecessary expenses and liabilities. When a business works systematically, you can make more money,” said Zaid.
He emphasized the importance of having a clear vision and plan for a business. “A well-defined strategy makes it easier to secure funding, attract business partners, investors, and ultimately adds value to the business,” Zaid added.
Zaid continued by explaining the link between strategies, objectives, and business missions. He defined strategy as the comprehensive plan that outlines how to achieve a goal, while objectives are the specific actions needed to meet the strategy. “Strategy is basically the HOW – how you’re going to achieve the vision of the business,” Zaid said.
He highlighted that having clear objectives aligns the team’s efforts and gives direction, especially if a business has employees. “When everyone knows what they’re working towards, it makes it easier to focus on the key objective,” he concluded.
The workshop left the Incubatees feeling inspired and equipped with practical tools to drive their businesses forward. The Centre for Social Entrepreneurship expressed gratitude to Mr. Zaid for sharing valuable insights on how a solid strategy can pave the way for long-term success in small businesses.
Story by Nomvelo Mkhwanazi
Pictured: Ms Phumzile Xulu, the DUT Community Engagement Practitioner
