3 minute read
FINANCIAL SERVICES
Are professional service businesses franchisable?
SAMANTHA BARNES crunches the numbers on two franchises fi nding success in professional services
BUSINESS DOCTORS
The co-founders of Business Doctors, Rod Davies and Matthew Levington, have selected and supported more than 40 successful franchisees, identifying key attributes. “They are entrepreneurial, are results-driven and community focused through strategic partnerships such as business chambers,” says Steve Sutton, CEO of Business Doctors South Africa. “They have a passion for business and the need to make a difference. Business Doctors are business owners fi rst and foremost, giving these franchisees a deeper understanding of their clients’ struggles and needs.”
Sutton says the Business Doctors franchise has created hundreds of jobs and is assisting thousands of business owners to increase the value of their businesses. “Sales have grown by more than 30 per cent year on year, largely driven by increased SME support and development.”
Steve Sutton
THE TAX SHOP
This is a very successful accounting and tax franchise. After qualifying as a chartered accountant CA(SA) , Bernard
Accredited by the Franchise of clients if they cannot do so themselves Association of South Africa as for whatever reason. The enterprise the only foreign exchange and is accredited with Sas n Bank, Mercantile banking franchise in the country, Bank, Investec Bank and GroBank as BeztForex con rms its real a business introducer and foreign competitive advantage is “obsession with exchange intermediary. customer service”. “Scarcity of human resources means
“We provide a very that banks are not readily personalised service,” says available to assist clients managing director, Rudi with complex foreign Bezuidenhout. “Clients can exchange and global transact from their home, trade transactions,” says of ce or anywhere. Their Bezuidenhout. “One of the transactions are safe as biggest challenges facing they use the accounts that importers and exporters they directly hold with our involved in cross-border banking partners.” currency payments is
BeztForex is mandated Rudi Bezuidenhout how best to manage and to act and trade on behalf mitigate the impact of Schoeman spent a few years in the UK before returning home, where he
DID YOU KNOW? A Level 1, 100 per cent black-owned business, Business Doctors was awarded gold in the FNB Business of the Year 2019 and achieved a top 10 position in the National Small Business Chamber’s South African Small Business Awards.
Source: Business Doctors
established a business consultancy with a fellow CA(SA). “We soon realised there was a great need to service individuals and SMEs in tax,” says Schoeman, executive director. The Tax Shop was established in 2001 and grew rapidly.
In 2007, they franchised the concept. The business now has 73 offi ces throughout southern Africa, including Namibia, and offers services in accounting, payroll, tax, business advisory and various fi elds. In 2020, The Tax Shop was approved as an accredited company for assisting learners from The South African Institute of Tax Professionals.
“Our franchise is unique in South Africa,” says Schoeman. “It is based on concepts we observed in the USA and elsewhere. It has been incredibly rewarding to see individuals achieve their dreams. Our philosophy is making our clients’ lives easier.”
Schoeman sees a growing market for consultants. “Many companies are discovering that they can outsource their accounting, payroll, tax and other business functions at much less cost than employing
New way to trade in foreign currency
somebody full-time.”
volatile currency markets on their business operations.” BeztForex endeavours to establish a hedging trading facility with their partner bank, without the placement of margin, or signing of guarantees or surety. Clients can convert their existing facility into a working capital or overdraft facility.
With imports and exports of goods and services contributing almost 60 per cent to South Africa’s GDP, BeztForex serves a sizeable market.
FAST FACT BeztForex has been operating since March 2012 and is currently one of the largest FX brokers in Sasfi n Bank.
Source: BeztForex
