Frequently Asked Questions

The Business Plan precisely defines a business and its objectives for making a profit and identifies the business products and services, the target market and anticipated expenses. Basic components of the Business Plan include a market study, marketing strategy, current balance sheet, an income statement and a cash flow analysis.

A new business in development should have a Business Model and Business Plan to create the focus and objectives for growth and to attract clients and investment. Established businesses should regularly revisit and update their business plans to anticipate trends and challenges and plan for continued growth and sustainability.

Every employer is required by law (Basic Conditions of Employment Act - Section 29) to provide an employee with a written contract of employment no later than the first day of commencement of employment.

The Employment Contract is an important document and regulates the terms and conditions of employment between the employer and the employee. It stipulates what the employer will provide in terms of labour legislation and benefits and it specifies what the employee is entitled to receive in terms of company policy, company benefits and labour legislation. It also regulates the behavior of the employee in the workplace as all company policies and procedures, including a disciplinary code, form part of the Employment Contract.

There are many important elements of an Employment Contract and these include:

• The nature and description of the job, including working hours and location.


• Remuneration package including benefits (including medical aid, travel allowance, pension and respective employee and employer contributions), commission structure, deductions.


• Duration and term of the Employment Contract. Employment Contracts are typically either permanent or fixed term. The Employment Contract should specify when employment will commence and when or on what terms it may terminate.


• Leave and the various forms of leave for which an employee qualifies, including the requirements for taking leave. This will include statutory leave, such as annual leave, sick leave, maternity leave and family responsibility leave.


• Termination and terms of how the employment agreement may be terminated. This includes the notice periods applicable, under which circumstances either party can terminate and what is expected of each party should the employment relationship be terminated.

A competency is the capability to apply or use a set of related knowledge, skills, abilities and personal attributes required to successfully perform a defined job role in the work place.

Competencies can be broadly grouped into behavioural competencies and technical competencies. Behavioural competencies include: interpersonal relations, attention to detail, communication, customer service, planning and organizing, emotional intelligence, customer service. Examples of technical competencies include: financial management, human resource management, data management, information management.

Performance Management is a process that provides measurable goals, feedback, accountability and documentation for a company's performance outcomes. It is a process of defining and measuring activities and outputs for employees and teams to meet clear and defined company objectives. It is used to align company goals with the goals of teams and employees to increase efficiency, productivity and profitability.

Knowledge and understanding of current economic trends provides information for business decision making on company competitiveness, product and service delivery and development, economic and financial efficiency and market competition.