Need funding? Make your business more investable
In this video, SME experts, Jo and Janine take us through the 7 big things to consider as a business owner as well as tips for seeking funding. They cover important business ‘hygiene factors’ or ‘must-haves’ to ensure you can take your business to the next level.
Joret Olivier (aka Jo) has lived in countries all over the world and has had years of experience with supporting small businesses. Currently back in sunny South Africa and with Standard Bank, she helps small and medium-sized businesses (SMEs) to grow. She often collaborates with the ICBC (Industrial and Commercial Bank of China) which is one of the largest banks in the world as well as a leading supporter of SMEs, globally. Click here to connect with her on LinkedIn.
Janine Zachar, head of enterprise and direct banking, at Standard Bank has a background in engineering, communications and teaching. She offers a wealth of knowledge on how to grow small business from a variety of perspectives, informed by her colourful career path. Her expertise spans ‘how to go about funding micro and small business’ to ‘how to engage with larger business in scaled markets’. Connect with Janine on LinkedIn here.
For a quick sneak peak, here’s a summarised list of their recommendations:
7 BIG things to consider as a business owner:
Examine goals daily
Understand your finances
Understand your market and your clients
Make decisions with your future in mind
Commit to compounding (underinvestment is never a good approach)
Network and seek 'expert advice'
Take care of business 'hygiene factors'
Considerations when seeking funding:
Determine your personal investment (Time? Skills? Money?)
Determine your willingness to take on debt
Keep your personal business accounts separate
Determine the profile and involvement of owner(s)
Are there any skills gaps that need filling?
Research industry risks, competition and barriers to entry
Use profits to reinvest in your business
Be adaptable!
