Company Formation

Workmates > Competition

WORKMATE
COMPETITION

There are four major classes of competition in the actual fiduciary business in South Africa. These include individual proprietors and small accounting offices and medium offices with between 6 and 25 employees, these offices are available for general financial and tax consulting. There are also large auditing and consulting companies...

3 major classes of competition in the actual fiduciary business in South Africa:

1. Individual proprietors and small accounting offices. The primary business of these competitors is accounting and tax compliance (for individuals and companies). These offices normally employ between 1 and 5 people. These offices deal in a large spectrum on a general level, but without specialization. These offices are often members of the SAIPA.

2. Medium offices with between 6 and 25 or more employees. These offices are also dealing in a large and general spectrum. If there are several partners--with different formation and specialties--these offices are available for general financial and tax consulting. This offices are member of the SAIPA or/and other professional services.

3. Large auditing and consulting companies. These companies have several hundred employees. They tend to operate more in the lucrative consulting business. Public companies are normally audited by these companies. Large companies are normally not interested in dealing with small and medium business. All large companies have an international network.

Description

Operations

There are four major classes of competition in the actual fiduciary business in South Africa. These include individual proprietors and small accounting offices and medium offices with between 6 and 25 employees, these offices are available for general financial and tax consulting. There are also large auditing and consulting companies. These companies have several hundred employees. They tend to operate more in the lucrative consulting business. Other financial consultants are also new competitors in this field. Our competitive advantage is that we are experts in CaseWare financial statements.


Indicate where your products or services fit in the competitive environment. Present a short discussion (Strengths and weaknesses) of each of your primary competitors – direct and indirect. Explain why you think you can capture a share of their business. If possible, include their annual sales and their market share. There are four major classes of competition in the actual fiduciary business in South Africa. These include individual proprietors and small accounting offices and medium offices with between 6 and 25 employees, these offices are available for general financial and tax consulting. There are also large auditing and consulting companies. These companies have several hundred employees. They tend to operate more in the lucrative consulting business. Other financial consultants are also new competitors in this field.


Workmate’s competitive edge is in the well-established reputation of Carmelsa’s who has been in the consulting business for over a decade. Combining his professional expertise with the financial, marketing, and technical support of Carmelsa, the company is positioned to further entrench itself in the growing market of municipalities, public entities and corporates consulting in the South Africa. For our business, we do not have main competitors. We have a lot of widely-sized competitors in a vast market of services. This market environment gives ample opportunity for Workmate to create and expand a niche in the chosen market fields. Finally, worth noting is the growth trend for the general market, estimated between 5% and 10%, annually.


Compilation of financial statements (monthly, quarterly, half-yearly, yearly and any other specified period)

Customisation of Annual Financial Statements per client specifications as part of our service delivery