THE BUSINESS OF ADAPTING
Business is rarely about one issue in isolation. It is the ability to respond to changing economic conditions, manage risk, embrace new opportunities and, perhaps most importantly, remain focused on people. This edition of Business Sense reflects that reality, with stories ranging from interest rates and compliance to artificial intelligence, investment, tourism, leadership and customer experience.
The latest increase in the repo rate to 7.25 percent, taking the prime lending rate to 10.75 percent, comes at a challenging time for South African households and businesses. Higher borrowing costs, rising fuel prices and continuing inflationary pressures reinforce the importance of careful financial planning and sound cash-flow management. At the same time, compliance remains an increasingly important part of doing business. Heather Flack’s coverage of SARS requirements highlights how maintaining accurate records and a compliant tax position is not simply about avoiding penalties. It can also influence a business’s ability to access finance, participate in tenders and secure larger commercial opportunities (page 8). Adv Anastasia Mashobane looks at the principles of sound municipal governance and the relevance of King V, considering the upcoming elections (page 11).
Technology presents another balancing act. Artificial intelligence is rapidly becoming part of everyday business decision-making, but the articles by Matthew Brown and Sameer Kumandan (pages 6 and 9) raise an important question: who remains accountable when an algorithm makes the decision? Effective AI governance, human oversight, transparency and professional scepticism will become increasingly important as businesses adopt these tools.
Terry Flack examines the role of AI in his article on customer experience (page 12). Johan van Deventer explores the customer relationship further in his article focusing on complaints and labour practices. Risk management has many dimensions. Rona Evans examines the complex intersection of construction, insurance and professional accountability (page 5). Mike Myer’s coverage of flood preparedness highlights the importance of having practical plans before an emergency occurs (page 14). Colette Tanner examines incapacity because of ill-health or injury (page 16).
There are encouraging signs of economic opportunity across KwaZulu-Natal. The planned daily Ethiopian Airlines service between Durban and Addis Ababa will strengthen international connectivity, while investment at Cornubia Business Park demonstrates continued privatesector activity in the region. These developments underline the importance of infrastructure, connectivity and collaboration in supporting economic growth.
People remain at the heart of this edition. Our cover photo and page three article feature Elzani Broughton managing director of Serfontein & Richards Attorneys, exploring her inspiring journey into leadership.
The article ‘Building a Legacy of KZN Top Business Women’ celebrates the contribution of women across a remarkably diverse range of industries in this annual initiative (page 9).
As businesses navigate an increasingly complex environment, the recurring message throughout this issue is the value of being prepared, staying curious and continuing to learn. As mentioned in the ActionCOACH Q & A (page 13), “Do not try to do business alone.”
We hope you enjoy this edition of Business Sense and find both practical insight and inspiration in the stories we have brought together.
