Page 5 - KZN Business Sense 10.5 Lead story Raksha Laghari- eBook

THE COST OF NEGLECTING YOUR TEAM’S

DEVELOPMENT

re you running your You don’t know what you don’t sales, management, and
business on hope and know, and this unconscious leadership specifically designed
Aexcuses? ignorance is costing you far to equip you and your team
What are the hidden costs of more than you realise. When with the skills you need to turn
not upskilling you and your team? business owners, managers, the tide. These programmes
and sales teams lack formal are not a cost, they are an
■ How much longer can your training, it has a profound investment in the long term
business survive without ripple effect. Productivity success and sustainability
properly trained managers plummets, teams become of your business. You will
and sales teams? disengaged, and staff turnover be shown how to implement
■ Are you losing top talent spikes. The cost of re-hiring business, sales, management
because you’re not investing and retraining alone can and leadership easy to follow
in their growth? drain an already struggling best practices in each of
■ Can your business afford business. Worse, the long-term these key roles within your
the inefficiencies caused by damage to your organisation’s organisation.
untrained staff? performance and culture is Stop delaying and hoping
immeasurable. things will get better on their
Over my more than 16 years own. Take action today.
as a business coach, I’ve I’ve seen too many business
worked with many business owners bury their heads in Contact me to learn how
owners who are running the sand, refusing to invest in we can help you upskill you
their companies on a hope training because they’re too and your team and secure
and a prayer, with no formal focused on “keeping the lights a brighter future for your
or informal training for on” and paying bills. But this business. Don’t wait for the
themselves, their managers, or penny-wise, pound-foolish cost of inaction to cripple
their sales teams. They wonder approach is not sustainable. The your success. 
why their businesses are truth is you can’t afford not to
struggling, yet they refuse to invest in upskilling your team.
acknowledge the root cause of If your managers can’t lead
the lack of skills development effectively, your sales people don’t
in key areas. Instead of taking know how to close deals, and you SCAN
responsibility, they point don’t have the skills to steer the QR CODE
fingers and use excuses, business, how do you expect to TO GET IN
blaming the market, the survive, let alone thrive? TOUCH
economy, or their staff. At ActionCOACH, we offer WITH
MasterCLASSes in business, MARLENE
But here’s the harsh reality... POWELL

CRITICAL ROLE OF DATA IN DEBT RECOVERY

AMID SURGE IN CONSUMER DEBT

Chantelle Frier, National of borrowing escalates, and the consumer expenses. The “A one-size-fits-all approach access to over 20 data sources,
Sales Manager of average South African consumer repercussions extend to the public to debt recovery is not only including all credit bureaus in
SearchWorks finds themselves allocating and private sectors, resulting in ineffective but can exacerbate the South Africa, debt collectors can
approximately 62% of their financial losses that drive up prices very problems we seek to solve,” perform ID and bank account
s South take-home pay towards servicing and the cost of credit, ultimately Frier adds. “Businesses should verifications, asset valuation,
Africans debt, the need for efficient, burdening taxpayers as service be empowered to manage their live tracing on individual and
Aand effective debt recovery strategies quality deteriorates. financial risks with precision, company records and batch
their pockets is a crucial consideration for ensuring that credit is extended tracing for multiple records at
have been any business extending credit,” In response to these challenges, and recovered in a manner that is once; credit, past employment,
impacted explains Chantelle Frier, National Frier says there is a need for a sustainable for both the provider property, vehicle ownership and
by rising Sales Manager of SearchWorks, more nuanced approach to debt and the consumer.” directorship searches; and have
inflation, South Africa’s largest and most recovery that leverages the latest access to an income estimator
cost-of-living innovative data aggregation data aggregation technology. “The She adds that agencies should on the new client, all within the
increases, platform that allows users to key to navigating this complex embrace modern technologies to confines of the law.
and a spate of conduct live, accurate searches on economic space lies in our ability ensure collections are conducted
interest rate hikes over the past two individuals and companies, and to access and utilise up-to-date, securely, legally, and with a vision “By leveraging technology,
years, consumer debt has surged in-depth KYC checks online. relevant consumer data. By that is sustainable over the long debt recovery businesses and
at an alarming rate. More people The household debt-to-income employing a comprehensive haul. “In today’s competitive departments can play their part in
are turning to credit facilities to ratio in South Africa is projected to suite of data-driven tools, we can market, the ability to streamline addressing the current debt crisis
keep up with daily expenses, with hover around 65.00% in 2024. This enhance the efficiency of debt processes and maximise resources head-on, fostering a more resilient
worrying knock-on effects for figure, coupled with an estimated recovery processes, from KYC at the lowest possible cost is not and equitable financial ecosystem,”
businesses and the entire South R300 billion in debt owed to checks to individual and company just an advantage but a necessity.” says Frier. 
African economy. record tracing,” she notes. As businesses and individuals
municipalities, paints a grim
With a renewed focus on picture of the financial burdens Access to reliable, credible data grapple with the implications of T: +27 (0)86 034 0000
E: info@searchworks.co.za
debt recovery processes and individuals and businesses face. enables debt recovery agencies mounting debt, the role of data W: www.searchworks.co.za
procedures, businesses need The consequences of massive to perform a wide array of in shaping effective recovery
to ensure they have the most debt levels also ripple through the verifications and searches, thereby strategies has never been more
reliable, up-to-date information broader economy. Postponed or crafting tailored, effective recovery critical. By using SearchWorks,
available to assist with recovering missed payments contribute to strategies that take into account which offers the user 160 different
outstanding monies. “As the cost inflationary pressures, escalating debtors’ individual circumstances. search types and gives instant

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