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Tep business planning in tourism


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Tep business planning in tourism

  1. 1. TOOLKIT Business PlanningTourism Enterprise Programme A helpful guide to assist you to focus on the potential viability and sustainability of your business
  2. 2. Version Two: May 2007 TEP T04FOREWORD Access to information is consistently noted as both a large concern and gap for tourismSMMEs. To address this gap in the market, TEP developed a number of practical toolkitsin 2006. DEAT (Department of Environmental Affairs and Tourism) then approachedTEP to create an extensive Toolkit Project.The objective of the project is to identify and address the needs of Tourism SMMEs forinformation and skills through the production and national distribution of practicaland relevant toolkits in five (5) official languages. This will enhance skills and enableentrepreneurs to be more successful in business, resulting in job creation in the tourismSMME sector.The project aims to provide adequate and user-friendly information to the SMMETourism Industry in South Africa.Through this expansion, TEP has a series of eight (8) Toolkits which includes:• Legalities and Compliances in the Tourism Industry• Website planning and development in the Tourism Industry• Business Planning in the Tourism Industry• Marketing in Tourism• Quality Assurance and Customer Care• Tourism Channel• Communication in Tourism• Business Administration in TourismBUSINESS PLANNING IN THE TOURISM INDUSTRYThe information in this toolkit has been compiled to assist you in your thinking aboutwhat should be included in your business plan. It also aims to increase your level ofbusiness knowledge and your confidence in preparing a reliable business plan. ThisToolkit is targeted at small businesses, people wishing to enter the tourism industryas entrepreneurs and existing businesses within the industry. The guidelines willalso assist you to focus on the potential viability and sustainability of your business.Although the information is of a general nature, we are sure that it will guide youtowards ensuring that your company meets industry standards.We look forward to assisting you to grow within the tourism industry.Yours in tourism,TOURSIM ENTERPRISE PROGRAMMEToolkit Project Team© Tourism Enterprise Programme
  3. 3. Version Two: May 2007 TEP T04CONTENTS1. What is a business plan? 52. What are the benefits of writing a business plan? 53. What are the main content areas that should be included in a business plan? 54. What is the single most important aspect of the business plan? 65. What are some of the elements a banker would look for in a business plan? 76. Why should a business plan be done right? 77. Checklist for starting a successful business 78. Some further issues to consider 109. Are you considering buying an existing business? 1010. Researching your business idea and proposal is very important 1311. Avoid the common business plan pitfalls 1512. Some quick tips for writing your business plan 1613. Suggested business plan format 1714. Other SMME service providers 1915. Characteristics of a financially successful business 2016. Profile of a successful entrepreneur 2017. What do banks look at when considering a loan? 2118. Business plan fees 2219. Examples of financial calculations 22-23© Tourism Enterprise Programme
  4. 4. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 111. WHAT IS A BUSINESS PLAN?A business plan records the series of actions that are required to be carried out inorder to achieve your business goals.2. WHAT ARE THE BENEFITS OF WRITING A BUSINESS PLAN?A Business Plan helps you to:a) develop a competent business strategy;b) take an objective, critical, unemotional look at the business in its entirety;c) determine the feasibility and viability of the business;d) simulate the real situation on paper;e) think through the important issues methodically;f ) anticipate problems before they occur;g) develop an operating tool to manage the business and work towards success;h) prevent ad hoc decision making;i) communicate your ideas to various stakeholders.3. WHAT ARE THE MAIN CONTENT AREAS THAT SHOULD BE INCLUDED IN A BUSINESS PLAN?The contents will vary depending on the nature of the business - whether it isengaged in the service industry or manufacturing, whether it is a start-up, growingor mature business, etc. It is not the headings in the table of contents that areimportant, but the content under each heading in the business plan that is relevant.The Business Plan would include elements such as:a) Executive Summaryb) History of the Companyc) Business Objectivesd) Manufacturing Plane) Production Plan© Tourism Enterprise Programme
  5. 5. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITf ) Personnel Plang) Products and Servicesh) Marketing and Sales Plani) Competitionj) Research and Developmentk) Management Planl) Financial Planm) Operational Plann) Conclusiono) Supporting Documents and AnnexesWhen it comes down to it, the business plan is a work of art in its own right andshould express the entrepreneur’s strategy and operational plans. The contents of theplan must, therefore, be clear and unambiguous. New Business Idea Sound Business Plan Yes No Clear Business Strategy Vague Business Strategy Sound Marketing Plan Fuzzy Marketing Plan Sound Service Plan Questionable Service Plan Sound Manufacturing Plan Confusing Manufacturing Plan Sound Financial Plan Unconvincing Financial Plan Sound People Plan Unresolved People Plan Sound Operational Plan Obscure Operational Plan4. WHAT IS THE SINGLE MOST IMPORTANT ASPECT OF THE BUSINESS PLAN?Investors and bankers focus much attention on the capabilities of the owner(frequently referred to as “the jockey!”). In other words, the person or people who willbe responsible for ensuring that the business is successful.© Tourism Enterprise Programme
  6. 6. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 155. WHAT ARE SOME OF THE ELEMENTS A BANKER WOULD LOOK FOR IN A BUSINESS PLAN?a) Did the owner personally do a lot of the “research legwork”?b) Can the owner substantiate statements made in the business plan?c) Does the owner understand the financial plan?d) Does the owner display a passion for the business and being successful?e) Does the owner have sufficient knowledge of the industry dynamics and the factors which may affect the industry in which the business will be operating?6. WHY SHOULD A BUSINESS PLAN BE DONE RIGHT?a) One vital feature of a business plan is that if you do not do it right, there is a strong likelihood that the business will not successfully survive the first year or two.b) Business planning needs to be undertaken seriously because it is an important, tangible representation of who you are, what you are and what you want to be to prospective stakeholders.7. CHECKLIST FOR STARTING A SUCCESSFUL BUSINESSGenerala) Do you know what it takes?b) Do you have what it takes?c) Do you understand the business risks?d) Do you understand how to reduce business risks?e) Have you taken any special courses/seminars/training that will help you in your business?f ) Is your idea original?g) Will it be difficult for someone else to have the same idea?h) Have you checked to see whether other companies offer the same idea?i) Have you checked the feasibility of your idea with some knowledgeable people (not necessarily family members)?© Tourism Enterprise Programme
  7. 7. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITj) Have you spoken to a banker about your plans?k) Have you calculated the potential sales achievable?l) Have you calculated the potential profitability achievable?m) Do you know how much money will be required to get the business started?n) Have you saved enough money to make at least a 25% contribution towards the required funds to start the business?o) Do you know what the breakeven sales level (or breakeven volume) is?p) Do you know when your business will reach the breakeven point?q) Will you have some money reserves in case of time delays/emergencies?Your business location is VERY importanta) Have you identified a good location for the business?b) Did you evaluate several locations before making your final selection?c) Does the location have expansion possibilities?d) Have you calculated the shop fitting cost accurately?e) Will the landlord keep your option open until you are ready to start?f ) Have you read the lease agreement?Have you considered the various business risks that will impact on the business?a) Have you considered what could happen if sales projections are not achieved in the first few months?b) Have you considered what could happen if gross profit percentage is not achieved?c) Have you considered what could happen if a net loss is made?d) Have you considered what could happen if the business takes longer to open its doors than anticipated?e) Have you considered what would happen if you get sick?Staff can “make” or “break” youa) Will you be employing first-class staff?b) What value will the staff bring to the business?c) It is usually better not to employ family members.© Tourism Enterprise Programme
  8. 8. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITPromoting your businessa) Have you considered how to promote/market the business?b) Have you looked at methods/techniques used by other businesses or competitors?c) Have you decided to which types of customers you wish to sell?d) Are businesses in your proposed location doing well?e) Are businesses similar to yours doing well in general?Pricing your productsa) Have you considered how to price your products/services?b) Have you checked with potential customers as to whether the pricing is acceptable?c) Do you know what gross profit you should be achieving?Important REGULATORY IssuesYou will need to register:a) your close corporation/companyb) for personal tax and as a provisional taxpayerc) for company taxd) for VATe) for PAYEf ) for UIFFor more information on legal requirements please refer to the “TEP Legal Toolkit”,which is available for download from Plan Assumptionsa) Have you considered the assumptions to be incorporated in the financial plan?• They must be realistic and achievable.• They must be based on research.• Remember that all assumptions are interlinked and should make sense.© Tourism Enterprise Programme
  9. 9. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITb) Examples of typical assumptions:• Time until first sale (time to market)• Sales volume over time (market share to be captured)• Rates of depreciation• Currency conversion rates• Predicted growth• Start up costs including capital costs, overheads and costs of sales• Gross profit percentage• Payment cycles• Stock levels8. SOME FURTHER ISSUES TO CONSIDERa) A good quality business plan alone is not sufficient to ensure a profitable and cash positive business.b) A good quality business plan plus a sound team are the basic cornerstones for planning a successful, profitable and cash positive business.c) The vast majority of successful small companies are built around a team and not a single entrepreneur. For example, they often employ the services of some or all of the following: • Competent legal advisor • Competent accountant • Competent banker • Competent business advisor • Competent sales staff • Competent production staff • Competent financial staff9. ARE YOU CONSIDERING BUYING AN EXISTING BUSINESS?a) Have you made a list of pros and cons about buying a business that someone else has started?b) Are you sure you know the real reason why the owner wants to sell?c) Have you compared the cost of buying the business with the cost of starting a new business?© Tourism Enterprise Programme
  10. 10. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITd) Is the stock up to date and in good condition?e) Are the premises in good condition?f ) Have you talked to other business people in the area to find out what they think of the business?g) Have you talked to some of the main suppliers?h) Have you talked to a lawyer about your proposal?i) Have you spoken to the existing accounting firm about this business?j) Have you undertaken a due diligence of the business?TYPICAL SUMMARY OF DUE DILIGENCE PROCEDURESIf you are serious about buying a business and do not wish to get into somethingover your head, then it is vital to undertake a due diligence of the business you wishto purchase. Remember, once you have bought a bad business it is very difficult toget out – rather let a doubtful business opportunity go by. There are always otheropportunities at a more acceptable risk. Dealing with a seller who does not want toprovide information is the first warning sign.Typical contents of a due diligence summary:Strategic Overviewa) History and background of the businessb) Examine the industry – growing, mature or decliningBusiness Operational Overviewa) Directors and senior managementb) Human resourcesc) Products and servicesd) Premisese) Production Activitiesf ) Research and developmentAccounting and Information Systems Overviewa) Business control systemsb) Previous auditsc) Internal controls© Tourism Enterprise Programme
  11. 11. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITd) Information technologye) Accounting policiesFinancial Overviewa) Past financial resultsb) Current financialsc) Profit forecasts and budgetsd) Taxation (business tax, VAT, PAYE, SDL, etc.)Trading Overviewa) Sales activityb) Customer basec) Product mixd) Product pricinge) Order bookf ) Order backlogg) Sales and distribution channelsh) Markets and marketing strategyi) Effects of related businesses in the groupj) Supplier profilek) Cost of goods soldl) Operating expensesAssets Reviewa) Propertyb) Plane and equipmentc) Inventoryd) Accounts receivablee) Loans owing to the businessf ) Bank and cashg) Prepaid expenses, intangibles and other assetsLiabilities Reviewa) Long term debt profileb) Accounts payablec) Accrued liabilities© Tourism Enterprise Programme
  12. 12. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITCash Flow Reviewa) Working capital managementb) Cash reservesc) Banking facilitiesd) Forecast cash flowRisk Managementa) Contractual commitmentsb) Contingent liabilitiesc) Insurance coverd) Employee benefitse) Environmental factorsKey Business Success Factorsa) To date, what made the business successful (or not successful)?Remember that this is a typical list and there may be other factors to investigate inthe circumstances of a particular business and industry.10. RESEARCHING YOUR BUSINESS IDEA AND PROPOSAL IS VERY IMPORTANTUseful Websites for Business Planning and Market Research are: Organisation Website Contact Details Tourism Enterprise Programme Business Trust Government Website Department of Labour Department of Trade and Industry National Treasury - Department of Finance South African Revenue Services (SARS) Statistics South Africa Proudly South African© Tourism Enterprise Programme
  13. 13. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT Gauteng Tourism Authority South African Cities Network Bureau of Market Research, UNISA NAFCOC Trade Edge Business Solutions ECI Africa Umsobomvu Youth Fund Foundation for Development in Africa development-africa.orgw Advertising Standards Authority of South Africa Future View SEDA Gauteng Enterprise Propeller (GEP) Association of South African Travel Agents (ASATA) Bed and Breakfast Association of South Africa (BABASA) Federated Hospitality Industry of Southern Africa (FEDHASA) South African Association for the Conference Industry (SAACI) South African Tourism Services Association (SATSA) Tourism Business Council of South Africa (TBCSA) Tourism Grading Council of South Africa (TGCSA) Bizland SME Toolkit Business Partners www.businesspartners. Khula Enterprise Finance First National Bank Standard Bank ABSA Nedbank National Empowerment Fund Bizcommunity South Africa Info South Africa Advertising Research Foundation© Tourism Enterprise Programme
  14. 14. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT South African Reserve Bank South African Chamber of Business Finmark Trust Finscope Exhibition Association of South Africa Travel News Black Management Forum Catering, Restaurant Food Services Association of South Africa Franchise Association of South Africa Department of Environmental Affairs Tourism (DEAT) Credit Guarantee Insurance Corporation of Africa Development Bank of South Africa (DBSA) Industrial Development Corporation Gauteng Economic Development Agency Direct Access/Grant Thornton Conference Industry info Southern African Tourism Services Association (SATSA) AVOID THE COMMON BUSINESS PLAN PITFALLSHere is a list of common business plan pitfalls to avoid when considering yourbusiness plan:1 My business is too small to have a business plan.2 I’ll just get a consultant to write it for me and that will be good enough.3 Spending money to develop a business plan is such a waste.4 Trying to assess what can go wrong is a waste of time.5 Lack of assessment and understanding of the business and financial risks6 Underestimating how long it takes to build up a good customer base7 Underestimating the need to advertise and promote in order to create awareness of the business8 Underestimating the need to find good staff9 Excessive length of the business plan, which detracts from the main issues10 Excessive detail, which clouds the main issues© Tourism Enterprise Programme
  15. 15. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT11 Excessive appendices regarding production/engineering detail, designs, etc.12 Excessive write-up about the production or engineering process in the body of the plan13 Excessive write-up regarding the financials in the body of the plan14 Irrelevant market and demographic data cluttering up the business plan15 With all the information on the Internet it is easy to go over the top with market research.16 It is easy to get carried away with charts, graphs and figures that do little to add value to the write-up.17 Information should be relevant and support the specific business strategies outlined.18 Lack of or unrealistic assumptions and projections19 Projecting too high a level of sales in the first few months to cover inadequacy of start-up capital available20 Inadequate thoughtful narrative explaining penetration levels, market growth and revenue sources21 Avoid superlatives (e.g. “greatest”, “best”). Rather explain exactly why your product is the “best”, for example.22 Avoid use of non-assertive language. This includes vague, qualifying words such as “might”, “probably”, “maybe” and “perhaps” that can have a subtly negative effect on the reader. Be positive and definitive.23 First impressions count. Check for spelling mistakes, grammar, punctuation, unprofessional language, numbers that do not total and poor organisation/ logic of the business plan.24 Grudgingly prepared because the business plan is needed to raise finance and never really referred to again25 Using Internet business plan templates in a mechanical way without making them specific to your actual business.12. SOME QUICK TIPS FOR WRITING YOUR BUSINESS PLAN1 Don’t just start writing2 Plan out the entire process before beginning3 Have a brainstorming session with partners, trusted associates, people who know the business and a business advisor to get a few different views© Tourism Enterprise Programme
  16. 16. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 4 Perform research and develop strategies first 5 ENSURE THAT YOUR BUSINESS IDEA IS FEASIBLE AND VIABLE 6 Limit your written plan to no more than 30-50 pages 7 Limit the executive summary to a maximum of 2 pages 8 Include supporting documentation in the annexes/appendices 9 Prepare realistic financial projections 10 Use graphics to highlight critical matters, but do not get carried away 11 Research your competition particularly well and find out what makes them strong or weak 12 Obtain brochures, product catalogues, website information, etc. from similar businesses 13 Define your service well – explain carefully what market need your product/ service will address 14 Think through how your product/service will be different from similar services already provided 15 Explain how the “widgets” will actually be sold to the specific clients identified 16 Ask a few trusted business people to review your plan 17 Support assumptions with independent sources as far as possible 18 Go the extra mile in devoting time to preparing and discussing the content of the business plan 19 Gather reliable business information 20 Focus on the CASH FLOW of the business and then focus on the CASH FLOW of the business and then focus on the CASH FLOW of the business!!!!!! 13. SUGGESTED BUSINESS PLAN FORMAT A business plan format is a useful guideline to structure your thoughts into a logical business plan. However, do not think that these are the only items. Delete or add to the business plan format as you see fit in order to properly explain your business to relevant stakeholders. 1. Executive Summary 2. Business Strategy 2.1 “What is it?” 2.2 Business Life Cycle 2.3 Vision© Tourism Enterprise Programme
  17. 17. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 2.4 Mission 2.5 Medium to Long Term Business Objectives3. Marketing Plan 3.1 Market Assessment 3.2 Market Segments 3.3 Target Markets 3.4 Specific Customers 3.5 Product 3.6 Pricing 3.7 Location 3.8 Promotion 3.9 Marketing Mix 3.10 SWOT Analysis 3.11 Competitor Analysis4. Management Plan 4.1 Structure 4.2 Experience Qualifications5. Financial Plan 5.1 Assumptions 5.2 Required Business Investment 5.3 Summarised Income Statement for Year 1 5.4 Breakeven Sales 5.5 Breakeven Sales Safety Margin 5.6 Summarised Cash Flow Projection for Year 1 5.7 Cash Safety Margin for Year 1 5.8 Balance Sheet Projection for Year 1 5.9 Financial Ratios at end Year 1 5.10 Financial Sensitivity Analysis 5.11 Financial Controls 5.12 Physical Assets 5.13 Bank Loan Requirement and Security Profile6. Operational Plan 6.1 Suppliers 6.2 Legislation Issues 6.3 Taxation 6.4 Legal Issues© Tourism Enterprise Programme
  18. 18. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 6.5 Management of Intellectual Assets 6.6 Judgements 6.7 Litigation 6.8 Action Plans 6.9 Corporate Governance 6.10 Business Values7. Risks 7.1 Management Vulnerability 7.2 Business Instability 7.3 Business Planning 7.4 Record-Keeping 7.5 Loan Non-Repayment 7.6 Stock 7.7 Suppliers 7.8 Debtors 7.9 Contingent Liabilities 7.10 Barriers to Entry 7.11 Seasonal Fluctuations 7.12 Financial Sensitivity 7.13 Other Risks8. Conclusion14. OTHER SMME SERVICE PROVIDERSTEP works alongside other SMME service providers in trying to assist SMMEentrepreneurs, readily directing entrepreneurs to those service providers where theservices required fall outside the scope of TEP services.Examples of other such service providers include:Khula Enterprise Finance (a service unit of the Department of Trade and Industry)Preparation of business plans for loan finance to a bank and mentorship servicesTelephone 012 394-5560 or toll free 0800 11 88 15Website© Tourism Enterprise Programme
  19. 19. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITUmsobomvu Youth Fund: Business Development Services Voucher ProgrammeProvision of business support services to entrepreneurs between the ages of 18 and35. Services include:- Accounting and bookkeeping- Branding and design of business forms- Business plan development- Tendering support- Business administration and financial administration- Business process re-engineering- Business feasibility and due diligence- Legal services- Marketing plan development- Web design for marketing purposesCall Centre 08600 96884Website 15. CHARACTERISTICS OF A FINANCIALLY SUCCESSFUL BUSINESSA business plan is only the beginning of the process of building a successful business.Much will depend on your passion for success. The characteristics of a financiallysuccessful business usually include the following:1. Profitable2. Positive cash flow3. Well structured balance sheet4. Adequate return to owner5. Loans repayable from trading cash flow6. Good working capital management16. PROFILE OF A SUCCESSFUL ENTREPRENEUR Banks look very closely at the “jockey” and will assess the overall fighting spiritand integrity of the entrepreneur. Do you have the characteristics of a potentially© Tourism Enterprise Programme
  20. 20. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITsuccessful entrepreneur?Characteristics such as: High energy, health and emotional stability Goal orientated Sense of urgency Status (less important than achievement orientation) Moderate risk taker Creative and innovative Ability to deal with failure and overcome problems Enthusiastic Self control Self confident Realistic Need for control (i.e: not good at delegating) Hungry for accomplishment Support of family17. WHAT DO BANKS LOOK AT WHEN CONSIDERING A LOAN?Most banks have some form of credit model or process that they use as a generalstarting point when evaluating loan applications. This is the “bank speak” (similar to“doctor speak” or “lawyer speak”, for example). Many bankers speak of the “5 Cs”–The “5 Cs” 1. Character “Who are you?” – Banks lend to people not to plans. Plans support people. The key tothe success or failure of the business is the owner. 2. Capacity “Why is the business financially viable?” The financial projections of the businessshould be realistic and show that the business will be profitable and cash positive.© Tourism Enterprise Programme
  21. 21. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT3. Content “Where will the money go?” What will the money be used for and how will it berepaid? 4. Contribution “What can you bring to the party?” The entrepreneur will be expected to contribute tleast 25% of the total start-up capital required and thus have a vested interest in thesuccess of the business. 5. Collateral“What will happen if the business fails?” A banker would also, in most instances,require security or collateral to secure the amount to be financed.18. BUSINESS PLAN FEESTypically, fees charged by business plan service providers range from R6,000 toR12,000 but could be much higher depending on the complexity of the businessplan.Please refer to the TEP “Let’s do Business Toolkit” for information on how TEP canfurther assist with the development of Business Plans.19. EXAMPLES OF FINANCIAL CALCULATIONSSome examples of important financial calculations are shown below:1. Mark-Up Percentage (%) Gross Profit x 100/Purchases (or Cost of Sales)© Tourism Enterprise Programme
  22. 22. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKIT 2. Gross Profit Percentage (%) Gross Profit x 100/Sales 3. Expenses Percentage (%) Expenses x 100/Sales 4. Net Profit Percentage (%) Net Profit x 100/Sales 5. Current Ratio Current Assets/Current Liabilities 6. Level of External Debt to Total Assets Percentage (%) (Long Term Debt plus Short Term Debt) x 100/Total Assets© Tourism Enterprise Programme
  23. 23. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITNotes:© Tourism Enterprise Programme
  24. 24. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITNotes:© Tourism Enterprise Programme
  25. 25. Version Two: May 2007 TEP T04BUSINESS PLAN TOOLKITNotes:The information contained in this booklet is of a general nature and should not be construed asconstituting legal or other professional advice, nor should it be relied on as a substitute for legal or otherprofessional advice. Readers seeking more information or advice are strongly advised to seek professionaladvice should it be necessary.The processes that are recommended in this publication are as accurate as possible at the time of goingto press. Processes may, however, change with time and/or from province to province. Following a processrecommended in this book may, therefore, not always be the exact one for your needs. This publication is,nonetheless, intended to be of as much assistance and guidance as possible.© Tourism Enterprise Programme
  26. 26. CONTACT DETAILSGauteng Free StateHead Office Regional Representative :Physical Address : Ceder Investments CCWoodmead Business Park, 145 Western Service Road, Physical Address :Woodmead, Johannesburg 78 Victoria Road, Unit 2, Willows, BloemfonteinPostal Address : Postal Address :P O Box 409, Wendywood, 2144 P O Box 32347, Fichardt Park, Bloemfontein, 9317Telephone : 011 804 5750 Telephone : 051 444 0070 or 086 110 5845Fax : 011 802 8448 Fax : 051 444 0579Email : Email : Northern CapeRegional Representative : Regional Representative :Golden Spot Trading 664 CC Ceder Investments CCPhysical Address : Physical Address :2nd Floor, Tourist Junction Building, 3 Chapel Street, Kimberley160 Pine Street, Durban Telephone : 053 832 2799Postal Address : Fax : 053 832 3006P O Box 6573, Zimbali, 4418 Email : : 031 305 7006Fax : 031 301 7912 Eastern Cape – Port ElizabethEmail : Physical Address : 108 Tourism Centre, Cnr Walmer Boulevard,Western Cape Mitchell Street, South EndRegional Representative : Telephone : 041 582 2150African Equations CC Fax : 041 582 2234Physical Address : Email : Floor, I.L. Rosenberg House,80 Jordaan Street, Cape Town, 8001 Eastern Cape – East LondonPostal Address : Physical Address :P O Box 16649, Vlaeberg, 8018 59 Western Avenue, Sanlam Park, VincentTelephone : 021 422 0203 Telephone : 043 727 0480 or 011 832 2014/5Fax : 021 422 0220 Fax : 043 727 1002 or 011 832 2030Email : Email : LimpopoRegional Representative : Physical Address :Silulu Investment Services (Pty) Ltd Standard Bank Building, 49 Landdros Mare,Physical Address : 14 Henshall Street, Nelspruit PolokwanePostal Address : P O Box 2270, Nelspruit, 1200 Telephone : 015 295 7287 or 011 832 2014/5Telephone : 013 752 2300 Fax : 015 295 7294 011 832 2030Fax : 013 752 3496 Email : : North West Physical Address : 2 Joule Street, Industrial Site, Mafikeng, 2745 Postal Address : P O Box 130, Mafikeng, 2745 Telephone : 018 381 1660 or 011 832 2014/5 Fax : 018 381 1667 or 011 832 2030 Email :