Funding 2.0 | How access to finance is changing

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It is no secret that SME’s are the most significant contributor to economic growth and job creation in South Africa. However, their importance notwithstanding, SMEs are confronted with significant obstacles which hinder them from thriving! The most significant barrier is access to funding to scale up, and expand businesses on their growth trajectory.

The attention of business owners and entrepreneurs is understandably divided – there are a million things to do and hundreds of different business platforms they’re using to do them. While ticking off all their tasks, business owners are also thinking strategically about the next phase and how to propel their businesses forward.

There will likely be a point on your journey where your business needs funding. Some common points of need include:

  • Paying for working capital
  • Research and development
  • Persuading growth opportunities
  • Hiring additional staff

Getting your business funding ready from the get-go is therefore crucial! You do not want to miss out on opportunities that can enable your business to thrive, simply because funders perceive your business as unpresentable. The days of the lengthy process to obtain finance, looms in the background. Today, financial institutions and finance platforms trend toward digital platforms and utilising cloud accounting software.

The rapid growth of technology and its presence in almost every aspect of daily life has given rise to a new generation of small businesses. They use technology to make running day-to-day operations easier, more efficient, productive and effective.

Depending on where your business might find itself on its journey, the financial data in your cloud accounting software can provide valuable insights to funders which might influence their business decisions. More importantly, these systems show current and future funders that you take pride in your business, which will build trust with them.

Utilising cloud accounting software like Xero, will enable you to present your up-to-date financial data and insights to any lender at any time with a click of a button!

Reach out to us by clicking here if you want to find out how we can help you to get funding ready or put you in contact with right people to obtain the right funding to support your dream.

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