In the second half of 2008: Oil prices dropped to a third of the price at the beginning of the period. The Rand depreciated by about 30% to the US Dollar. The US Federal Reserve cut its benchmark interest rate effectively to zero. The JSE all share index lost about a third of its value. In the aftermath: The South African economy entered a recession. Rising unemployment put severe pressure on consumers and small businesses. The untimely outbreak of H1N1 (commonly referred to as “Swine Flu”) … [Read more...] about A silver lining for SMEs
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50 SME’s to Benefit From Pro Bono Programme
The Nelson Mandela Bay Business Chamber has kicked off its annual Pro Bono programme with 50 local Small and Medium Enterprises (SMEs) who will receive free tutelage support from established member companies. Over 10 companies have volunteered their time by sponsoring free services in the fields of legal, labour, mentorship, marketing, finance and accounting services, including access to markets. The beneficiaries are matched with the appropriate service providers for tailor-made mentorship … [Read more...] about 50 SME’s to Benefit From Pro Bono Programme
What SME’s need to be thinking about in 2018
In 2018, small-to-medium-sized enterprises (SME’s) will be looking for a glimpse of inspiration to chart a new growth path and scale their businesses. This is off the back of a tough 2017 and previous years which have inhibited the growth of local SMEs. Jesse Weinberg, Head of the SME Customer Segment at FNB Business says “Small business success becomes a monumental task when there’s arguably very little to no real economic growth overall. However every challenge presents an opportunity, and … [Read more...] about What SME’s need to be thinking about in 2018
SME Funding Game Changer
The efficient use of digital platforms is crucial in enabling convenient access to funding for South Africa’s small and medium enterprises (SMEs). This is according to Mike Vacy-Lyle, CEO of FNB Business, who says a pragmatic approach that prioritises the use of technology could be a game-changer in the way the country’s SMEs access funding opportunities. “We are seeing evidence of this in our business since we introduced online credit scoring for SMEs that bank with us. The automation of … [Read more...] about SME Funding Game Changer
SME’s get shot at R2.6 Billion boost
On Friday First National Bank (FNB), firmly committed to playing a bigger role in tackling South Africa’s unemployment crisis. A loan agreement in the amount of $200 million (around R2.6 billion) was concluded between FNB parent, FirstRand, and the International Finance Corporation (IFC) a member of the World Bank Group. The loan is aimed at magnifying lending and support for the SME sector in South Africa, where FNB is a leading player. In an effort to promote growth of the SME sector, the … [Read more...] about SME’s get shot at R2.6 Billion boost
The answer to improving SME’s
"South Africa could be doing better; we don't have enough entrepreneurs building businesses on scalable models. The sum result of is a slowing economy with little wiggle room. The fix is a simple one – Let's invest in building the right environment for entrepreneurship," says Mags Ponnan, Head of Business Incubator and Customer Value Propositions at FNB Business. The National Development Plan goals are to create 11 million jobs by 2030; this is only possible through 90% of new jobs being … [Read more...] about The answer to improving SME’s
High unemployment highlights need to invest in SMEs
The latest Quarterly Labour Force statistics put unemployment at over 26.5%, highlighting the desperate need for both government and private sector to prioritise investment into building up entrepreneurial ventures that will drive job creation. According to Mags Ponnan, Head of Customer Value Propositions at FNB Business; SMEs need to be a greater focus area for growth, if we are to decrease the unemployment numbers. * A number of statistics estimate that SMEs account for over 90% of … [Read more...] about High unemployment highlights need to invest in SMEs
SMEs hit with a double whammy
Small business owners should brace themselves for a two-fold setback due to the current electricity tariff increase which impacts on profits and ultimately the spending power of consumers. Sanjeev Orie, Head of Business Value Adds at FNB Business says because of the tariff increase, the use and availability of energy has yet again been put in the spotlight as one of the biggest challenges that limits the productivity and growth of small businesses in the country. "April will be a … [Read more...] about SMEs hit with a double whammy
SMEs fail to use Big Data effectively
Many SMEs in South Africa are still reluctant and intimidated to use Big Data due to a lack of knowledge and the expertise to implement it. Although Big Data is viewed by SMEs as a fancy 'buzz' word, associated with huge costs and state of the art IT infrastructure, it simply refers to gathering and using information to provide action and insights. Yudhvir Seetharam, Head of Analytics for FNB Business says, "Big Data in South Africa is still predominantly used by larger and listed … [Read more...] about SMEs fail to use Big Data effectively
10 Reasons why SME’s must pay attention to Budget Speech
As the domestic economy continues to contract, Finance Minister, Pravin Gordhan has tough decisions to make while curbing spending, accommodating the drought-stricken agricultural sector and ensuring that small businesses continue to grow. "The National Budget Speech has a direct impact on the bottom line of SMEs and influences long-term business decisions," says Yudhvir Seetharam, Head of Analytics for FNB Business, as he unpacks reasons why small businesses should make time for the budget … [Read more...] about 10 Reasons why SME’s must pay attention to Budget Speech
Organised support for SME’s
The Nelson Mandela Bay Business Chamber has entered new territory with the launch of the pilot phase of its Enterprise Development Programme this morning, 31 October 2014. Over 30 small business owners and managers will enjoy the benefit of an effective combination of mentorship and skills development aimed at growing small business, enhancing their eligibility for funding, assisting them with export-readiness, giving them insights into new markets, and increasing their job creation … [Read more...] about Organised support for SME’s
Inaugural SME workshop for small businesses
While strikes have crippled the South African construction industry, the developers of the R1.7-billion Baywest Mall in Port Elizabeth have been engaging with SMEs to help them benefit from the mammoth project as much as possible. In keeping with their commitment to empower the local community, Baywest Mall developers Abacus Asset Management and Billion Group recently held the inaugural SME workshop for small businesses. The workshop, held last week Friday at the Eastcape Training Centre, … [Read more...] about Inaugural SME workshop for small businesses
