Bank in initiative to assist SMME development
The development of the small, medium-sized and microenterprise sector is not only a vital driver and supporter of South Africa’s sustainable economic development but also essential to the creation of much-needed employment opportunities, Nedbank says.
It is for this reason that the Nedbank Business Ignite Initiative is one of the core components of the financial services provider, which provides start-up companies, entrepreneurs and private practices with the opportunity to put their business in the running to win a business incubation package from Kaello Business Hub.
The package is valued at over R100 000 and includes a range of flexible business solutions, expert guidance and mentoring, as well as radio advertising.
The 2019 Nedbank Business Ignite competition, which was won by Ben & Co Designs, attracted more than 1 000 entries.
Nedbank client engagement head Alan Shannon says the initiative is indicative of both the desire among South Africans to unlock their entrepreneurial passions and the need for established businesses to partner with small businesses to enable their success.
Being part of the initiative, he adds, provides the bank with the opportunity to help empower South Africa’s entrepreneurs to carve out new markets and contribute to the sustainable industries that South Africa needs.
Different AngleKaello Business Hub founder Tshepho Phakathi, meanwhile, says that, this year, the competition took a slightly different angle by focusing not only on the business but also on “the person behind the business”.
Factors such as turnover and profitability of their respective businesses determined who made the final cut.
“We had to call each applicant to establish truthfulness without doing extensive in-depth verification, but we had to have the measures in place,” Phakathi explains.
Moreover, some of the common challenges that the Nedbank Business Ignite programme has unearthed with small businesses are their lack of an understanding of marketing and that they face major cash flow problems. “Managing money in a small business can become a time-consuming practice and it is not shocking that small businesses often struggle to manage cash flow,” says Phakathi.Article Enquiry
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