It’s no secret that SMEs are the most significant contributor to economic growth and job creation in South Africa. However, their importance notwithstanding, SMEs are confronted with significant obstacles that hinder them from thriving! The most significant barrier is access to funding for scaling up and expanding businesses.
The attention of business owners and entrepreneurs is understandably divided – they have many responsibilities and hundreds of different business platforms to carry them out. While juggling all these tasks, they’re also thinking strategically about the next phase of their business and how to propel it forward.
In the course of running a business, you will likely reach a point where you will require external financial assistance. Here are some common points at which you might need funding:
Getting your funding ready from the get-go is therefore crucial. You do not want to miss out on future opportunities that could help your business thrive by presenting a lacklustre image to potential funders. The days of the lengthy process to obtain finance looms in the background and financial institutions and finance platforms trend toward turning digital and utilising cloud accounting software.
The rapid growth of technology and its presence in almost every aspect of daily life have given rise to a new generation of small businesses. They’re using technology to make running day-to-day operations easier, more efficient, productive, and effective.
Depending on where your business might find itself along the way, the financial data in your cloud accounting software can provide valuable insights to funders, which could be the key that unlocks the door to their investment. More importantly, it shows funders that you take pride in your business and are committed to running your business responsibly, which will ultimately earn their trust.
You can present a bankable business by utilising cloud accounting software, like Xero, which will enable you to share your up-to-date financial data and insights with any lender at any time at the click of a button! Reach out to us by clicking here if you want to find out how we can help you get funding ready or put you in contact with the right people to obtain the funding you need.