Did you know that SMEs with access to credit can grow faster and achieve optimal size sooner, while those with limited access to finance potentially remain stagnant and smaller in size? This is according to the Finmark Trust study, released in 2016.
“There are a number of research studies that confirm the link between access to finance and business growth, showing that increased access to funding increases revenue and job growth in SMEs,” says Darlene Menzies, founder of finfind.co.za, a platform that helps SMEs access finance in South Africa.
“Access to finance improves cash flow, which enables business owners to invest in business growth,” continues Darlene. “According to FinFind’s SA SMME Access to Finance Report, business expansion is the number one reason for businesses requesting funding.”
“Working capital is essential for the day-to-day operations of a business,” agrees Shayne Burnstein, director of Swypefin, which offers alternative funding solutions. “More often than not, business owners lack sufficient working capital to meet their daily cash flow requirements or expand their operations. This can ultimately lead to the failure of the business. It’s common for a business to borrow capital and by using the basic principles of leverage, they can invest in assets that generate higher returns.”
“The reality is that growing a business requires money,” says Darlene. “Capital is needed to fund the increased expenses incurred to prepare for and facilitate increased revenue growth. Businesses that secure funding can invest in hiring more staff, secure bigger premises, expand into new markets or new products and services, purchase additional equipment, vehicles and machinery, as well as fund larger marketing budgets, amongst other things.
“Without access to finance the speed of business growth is reduced and, in many cases, the ability to achieve the potential of increased revenues, profits and job creation is jeopardised.”
According to Darlene, businesses that can secure funding and have the guarantee of working capital and cash flow availability are better positioned to employ and retain more skilled and experienced staff, to negotiate more favourable payment terms with suppliers, and to build better trading track records and improve their credit scores, all of which increase their ability to raise more finance and continue to bolster increased business growth and create more employment opportunities.
The challenge of cash flow
Karl Westvig, CEO of Retail Capital, says that more than 80% of business owners have identified seasonal cashflow as the greatest challenge facing the SME sector today. “Restrictions in cashflow inhibit plans for renovation and expansion, but mostly for stock purchasing, which has a direct knock-on effect on the profits and employment rates of the retail sector,” he says. “Giving business owners easy access to working capital allows them to get back to servicing the market while they partner with a financial provider for growth.”
“The biggest challenge that SMEs face is cash flow. Cash flow is king and that’s where finance products play a role,” agrees Linda Fröhlicht, Head of Business Banking, Sasfin. “They enable growth by giving the business owner cash to grow their business.” Of course, there’s always a balance. “There’s a cost to accessing finance, which means it’s essential that you’re accessing it to help you grow your business, rather than to service debt.
“If you borrow money to enable the growth of your business, the finance cost is actually part of the cost of your sales. But if it’s to service debt, or you can’t afford the finance, you’ve got a problem and it will only damage your business.”
According to Linda, it’s important to understand your margins, if you can sustain the cost of finance with your margins and if the product you’re looking at makes sense in terms of your business and your growth plans.
“The upside is that a financier can provide you with growth, because they’re going to give you access to cash, enabling you to grow your business. It’s a working capital solution — it’s not debt. We evaluate businesses and business owners to gain a deep understanding of the entrepreneur’s needs, first to ensure affordability and second to evaluate if the right product is being utilised to drive growth.”
Making finance work for you
According to FinFind’s SA SMME Access to Finance Report, the top six reasons that SME business owners request access to funding are to expand their businesses, for cash flow assistance, buying equipment, working capital, funding a contract and for property development.
There are many ways to use this capital, provided you understand your business needs and have a clear growth strategy. “We advise our clients to use the money on strategic initiatives that will ensure, and have a direct impact on, business growth and profitability, instead of personal expenses and debt management,” says Karl. “We have seen the majority of our clients seeing early profit yields (from four to six months) when funding was used for stock purchasing, renovations and expansions instead of salaries, holidays and debt repayments.”
A strategic deployment of funds can be anything from investing in the right equipment that will help you grow your business to securing early settlement discounts — all of which have the potential to boost growth in your business.
An example of early settlement discounts can be found in the retail industry. “Currently retailers are trading under very challenging conditions. With VAT and the price of petrol increasing, consumers have tightened their belts,” says Shayne. “Under these conditions suppliers are offering retailers trade discounts for COD payments. It often makes sense for them to borrow the capital to take advantage of the trade discounts, enabling the retailer to increase their margins.”
The same is true when it comes to importing goods. “Importing goods takes time,” says Linda. “From the shipment to bill of loading, three weeks on the water, turning raw materials into a finished article, selling the products, and then waiting an additional 60 days for your debtors to pay you — cash flow becomes a real challenge.
“Finance products and terms that fit in with your cash flow cycle are meaningful. In addition, if you make an upfront payment to an exporter, you can also negotiate discounts. You can then offset a portion of the discount you will receive from the supplier to finance fees.”
Growth capital can be used in any industry and any-sized business, from a dentist or doctor’s business to a clothing manufacturer. “Advancements in 3D printing technology enable dentists that historically relied on outsourcing a technician to make dental crowns, for example,” says Shayne. “This process typically takes a few weeks at a considerable cost.
By borrowing capital to purchase 3D printing equipment, the dentist can bypass the technician and make the crown in an hour, allowing them to see more patients, which would significantly increase their turnover. As a business owner, you need to critically consider what will help you grow your business: Is it new equipment, bigger premises or marketing spend? What can you invest in that will grow your turnover and your profit margins? That’s where financing makes sense.”
Karl agrees. “Any business can benefit from both alternative and traditional funding products when invested in growth initiatives,” he says, adding that businesses in seasonal trade industries in particular should investigate the alternative funding products available to them. “Because of fluctuating cashflow, seasonal businesses usually find it difficult to access traditional business financing channels. The application process can be long and arduous, whereas alternative funding allows quick access to working capital, and repayments are linked to cash flow.”
Karl does have a word of advice for business owners considering their financing options: “Don’t wait too long when thinking of applying for funding.
Once turnover has dropped too much, it affects a business’s affordability, and when funding is obtained it’s then often used as emergency funding and meeting commitments instead of investing in business profit and growth initiatives. It’s also important to deal with credible funding providers that provide consultants and assistance to the business owner with industry advice and economical insights on where the best opportunities for growth exist.”
Alternative financing solutions
Studies such as the CB insights study on fintechs, the World Bank Group (2017) on Alternative Data Transforming SMME Finance and the IFC’s (2010) SME Banking Knowledge Guide show that fintechs are able to reduce many of the pain points and barriers to SME funding and importantly facilitate increased scale.
“Funding aggregators are automating funding matches, generating quality leads for funders and reducing search costs for both the providers and seekers, while online lenders are reducing approvals to less than 48 hours and funding disbursements shortly thereafter,” says Darlene.
“Our innovative funding products provide an alternative to traditional business finance loans,” explains Karl, highlighting Retail Capital’s alternative funding solution. “We determine business affordability by assessing expected future sales, linking payments to your business turnover. We offer fixed or flexible repayment options, linking it to your cash flow cycles and business needs, to ensure affordability.”
The rise of fintechs that are able to provide alternative funding solutions is largely thanks to innovative tech advancements and algorithms that can evaluate businesses based purely on multiple data points.
“By automating processes and gaining more insight into available data, fintech companies are able to make more informed decisions regarding the credit profile of clients,” says Shayne. “We have developed an algorithm that looks at your previous 12 months’ turnover in order to determine an amount of your future sales that we can advance to you,” he continues, explaining how Swypefin’s product works.
“Our repayments are based on a percentage of your turnover, which allows you the flexibility to pay less in the months in which your cash flow is constrained and pay more in your busier months. We do not tie up your assets as collateral. Our fee is fixed, transparent and pre-agreed upfront. You will never be liable to pay more than what is agreed upon. If the advance is settled early we offer a pro rata refund on the fixed fee depending on when settlement takes place.”
Positive cash flow and smart financing solutions
Ultimately, finance should support your business and help you grow. With that in mind, Linda unpacks when you shouldn’t be accessing finance, and how to ensure you remain on the path to growth rather than bad debt and business failure.
“One of the biggest issues we see are companies that overtrade and get themselves stuck in a debt cycle,” she explains. “In simple terms, a business that is overtrading has orders, but not the infrastructure to meet those orders. If there’s a clear growth strategy in place matched with the right financing vehicles, this growth can be planned, controlled and executed, but many entrepreneurs want to run before they can walk.
“When this happens, the business will invest in expensive fixed assets in order to meet orders, and then the necessary orders don’t come in, or something happens to disrupt the business. Now the business is playing catch-up, and the business owner needs finance to cover debt.”
Related: Understanding Cash Flow
According to Linda, the biggest cause of over-trading is failing to plan cash flow. “This is one of the first questions we ask: Do you have a strategy in place and a cash flow projection? Not just for this year, but this month, week, and even on a day-by-day basis.
Another key error many business owners make is using the deposit from one contract to kick start another contract. “There’s a domino effect when this happens. The business very quickly gets totally out of kilter, and the owner never quite manages to get on top of his finances. To avoid this trap, concentrate on finishing the job at hand. Ensure that you allocate the funds that you get to where you lent the money from — no matter what.
“This goes back to managing cash flow. Business owners believe that finding a second project from the first (when it’s not finished and the money isn’t in the bank) will help them grow. Instead, it just kills their business.
“Cash is king and never borrowing money can cap your growth, but you need to understand the difference between healthy debt and bad debt.”
While the solutions for cash flow assistance, buying equipment, working capital and funding a contract are similar to each other, property development is specific.
Done correctly, investing in the commercial property from which you run your business can make strong financial sense and result in savings on your bottom line.
“Many business owners who own their premises have two separate companies,” explains Suraj Lallchand, director at Fedgroup Ventures, a division of Fedgroup. “The first is the original company that actually runs the operations, and the second is a ‘prop co’ that owns the property.”
The reasons for this are simple: There are tax benefits, it opens a second income stream, and it keeps the two entities separate, allowing the business owner to one day sell the business while maintaining the property portfolio they have built up. In many cases, if the business is sold but remains in the premises, as the property owner they will continue to draw rental fees from the business.
“It’s a simple process,” explains Suraj. “You would put the property into the prop co, take a loan against the property, and charge rent to the operations company. This then becomes a taxable deduction for the operational company, and the interest you pay on the loan for the building is deductible for the prop co. As a result, you bring your taxable income down to a minimal amount. We see many companies that would rather purchase their own properties and take the tax deductions than continue to rent.”
The key to owning your own commercial property is whether or not the operations company can afford the rental and has strong prospects for the future. “If you can’t occupy the building and you don’t find a tenant, the prop co will end up defaulting on its loan and losing the property,” he adds.
“We always do our due diligence on the borrower and the property in question,” agrees Rick de Sousa, Head of Commercial Property Finance at Fedgroup. “The security we are lending against is determined by the value of the property as well as the owner’s ability to service the loan. If the owner of the business is purchasing the property, then the business’s stability and projected income is an important factor for us to consider.”
According to Rick, there is a completely different level of responsibility involved when you purchase premises compared to rent. “It’s a good example of risk and return,” he says. “Your risks increase, and it becomes your responsibility to ensure the building is maintained, rates and taxes are being paid, security, insurance, health and safety — you no longer have a landlord taking care of any of these things — but the returns should be commensurate with that risk.”
Rick’s advice is that you ensure the yield of the property makes sense. “Property has proven to outperform inflation. It’s generally in the high teens. In addition, commercial property is pretty predictable when it comes to rentals as well. You can bank on a yearly increase of 6% to 8%. This all aligns with whether the property is well managed though, and if you’re the landlord and the tenant, whether your business can continue to pay the rentals for the foreseeable future.”
From a property owner’s perspective, Fedgroup’s terms are flexible. “We can lend up to 75% of the asset value,” says Rick. “We also give interest-only terms. This means you can choose to only pay the interest, and once the business has grown and your revenues have increased, you can elect to start paying capital, or you can continue to only pay your interest and see returns once the property has appreciated and is sold. Those returns can then be invested in the next property.”
Over and above the flexible terms and the fact that Fedgroup does not prescribe how funds are allocated once the loan has been granted, Rick believes their clients benefit from the property experience of the division’s team and partners. “We can talk property with them, which is extremely valuable when making such a big decision.”
“Many businesses keep the company and property portfolio separate. There are tax benefits, it opens a second income stream, and it keeps the two entities separate, allowing the business owner to one day sell the business while maintaining the property portfolio they have built up.” — Suraj Lallchand, Director at Fedgroup Ventures, a division of Fedgroup.
Growth through property
“Owning commercial property is a good example of risk and return. Your risks increase, but the returns should be commensurate with that risk.” — Rick de Sousa, Head of Commercial Property Finance at Fedgroup.
Should You Buy Second-Hand Luxury Cars?
Not convinced? Read on below for reasons why you should choose a used luxury vehicle.
As an entrepreneur or business owner, you are likely interested in keeping up your image to current and future clients. This can be done by wearing a sharp suit to meet an investor, ensuring that your office space is kept clean, neat and modern, or by driving a luxury vehicle to a client meeting. Now, a luxury vehicle might sound expensive, but pre-owned cars and used cars for sale provide you with an affordable option for any luxury vehicle.
You will be able to find cars online that will suit your needs and budget. For example, you can search for used cars on a dealership website and find a diverse array of luxury car options. Remember, just because you are looking at second-hand cars, it does not mean that you are compromising on quality.
Additionally, your vehicle finance and car insurance payments will be more affordable if you choose used, pre-owned or second-hand cars. Not convinced? Read on below for reasons why you should choose a used luxury vehicle.
You’ll be getting more for less
Whether you will be purchasing a pre-owned vehicle for company use or for your own transport purposes, you will still be spending less and getting “more” car. Second-hand luxury vehicles are more affordable but you will still be driving a high-quality car. And you might even be able to afford car finance for your dream car if you search for second-hand cars for sale.
Brand new luxury vehicles can often reach exorbitant prices, with some costing as much as R300 000. A used luxury vehicle might only reach R150 000, which is much more affordable. While you might not be getting the latest model Mercedes Benz, you will still be able to buy a vehicle with all the bells and whistles. The lower price tag will also bring with it a lower insurance quote from some car dealers. Be sure to keep an eye on the latest car news to find used luxury car deals in your area.
There is slower depreciation
One of the major issues of buying a brand new car is that it will depreciate almost immediately after you drive it off the sales lot. Some vehicles can lose over 20 percent of their value within the first 12 months of ownership, but this is much lower when purchasing used cars, whether they are luxury vehicles or not.
This means that the car’s value for money will not change as drastically, saving you money in the long run. While a used or pre-owned car will still experience depreciation, it will not be as swift as a new car. You might lose a significant amount of the value of a new car, meaning that if you decide to sell your car after five years, you will be losing a lot of money in the sale. Ask the dealer what the depreciation rate will be for the car you would like to purchase before making a final decision.
You will receive all the same features
Simply because you are buying a used luxury car, this does not mean that you are compromising on quality. In fact, you will still be receiving the same features as a new car but for a lower price. And this includes all the safety features, which are vital if you will be using the car for business purposes.
Some of the features include electric windows, a central locking system, leather seat covers, and a USB and Bluetooth sound system. You will find that even a five-year-old luxury car will have these features and you will be able to have a smooth and comfortable ride. This is especially convenient and cost-effective for business owners who want a company car to suit their image and their budget. You will be able to provide a comfortable car for your employees without overspending.
You will still be covered by a warranty
Many pre-owned luxury vehicles will still be covered by their warranty, which means that any damage that occurs while it is still covered will be paid for. For example, there might still be coverage for dents on your warranty which is useful if you are in an accident or if there is weather damage done to your vehicle.
You could also invest in an extended warranty, meaning that you will be covered when the current warranty expires. Be sure to do some research into what the best options are and ask for one which suits your specific needs and budget. You should also look online for reviews of different warranties to see which will best suit you. Look for a cover that has all the essentials as well as some of the extras which you feel you might need. Speak to your employees for advice on what they feel would be the best option for how the vehicle will be used, if it will be a company car.
How To Avoid The 3 Plagues Of The Financially Disabled
The quickest way to make more money is to better manage the income you already have.
How consistent is your cash flow? Seventy-eight percent of Americans live paycheck to paycheck, and American consumers aren’t the only people affected. Many business owners struggle financially. Twenty percent of businesses go under within their first year of operation. People spend the first 18 years of their lives of schooling and trial-and-error, only to still find themselves in a rut for the rest of their lives – unless they master the art of managing money and cash flow.
Don’t become a part of a measly percentage. Rise to the top, and create something that will last. Create something that is evergreen that will also stand up against the powerful winds of the economic world.
If you’re looking to fight the financial epidemic and become financially free, whether you’re an uprising entrepreneur or a seasoned business owner, here are the three plagues of the financially disabled that you need to avoid at all costs.
1. They allow fear to guide all their decisions
Negative emotions will slow down your progress. Avoid being angry, negative, fearful and doubtful. Remove these feelings and replace them with hope, faith, power and positivity. Your vision, clarity and judgment become cloudy when you hold onto negative emotions. This prevents you from staying productive and leveling yourself up.
It’s not easy and will take some time to replace the negative feelings with positive emotions. Be patient with yourself and become self-aware of your daily thoughts. Are the majority of your thoughts negative or positive? Catch yourself red-handed in the act of thinking negative thoughts and quickly replace them with positive thoughts. Doing this consistently over time will change your habits which will eventually turn you into the money-making machine that you already are.
2. They avoid learning from others
One of the quickest and easiest ways to fast track your success is to get help. Avoiding coaching and proper mentorship from the right people will keep you riding shotgun in the slow lane. Just like athletes need coaches and training to quickly reach the next level, you need to find the right help from those who are anywhere from two to 10 steps ahead of you. Don’t do any more than this. If you find someone who is too far ahead of you, you risk spending way too much time and money for something that is far out of reach.
You can recognise the pioneer by the arrow in his back. Don’t be a pioneer. There are people who have gone before you who can show you the cliffs and roadblocks to avoid. Here is what you should do instead – pay to play. You can either pay someone by exchanging your time or services for their specific knowledge or by paying cash.
This should be someone that you trust, that has consistent results and is doing what you want to do. Follow them for at least two to three months on social media to find out if they are real.
3. They spend more money than apply action
Does this sound familiar? You spend thousands of dollars on different products, services and events only to find yourself still in the same place? You become motivated for a short time only to become extremely frustrated that you’re not going anywhere. Stop doing this. Please refrain from buying too many things all at once. What you need to do instead is follow a 3-step method – scan, soak and apply.
First, scan what you need to learn. Just like I teach my students, learn what you’re trying to learn as fast as possible without trying to understand everything. Next, you need to soak it in. Learn what you need to learn for understanding and context. You will notice that you are understanding more, and you’ll catch things that you missed on the first scan of the information. Since you’re understanding more, now is the time to apply what you’re learning. Take time, be patient and apply the steps you’re learning. Do this repeatedly until you’re consistently taking action on what you learned.
By avoiding these three plagues, you’ll instantly start to notice yourself getting more done with the time that you have. This will help you stay on track to becoming financially free and living the lifestyle you want. The best time to start was yesterday. The second best time to start is now.
Do your future self a favour. Pick one of the easier steps above and start working on it. After you feel comfortable with a step, pick the next best. Then complete the last step, and you’ll start to see the cash flow coming in easier and more consistently.
This article was originally posted here on Entrepreneur.com.
The Future Of Finance: Are Universities Prepared?
Producing graduates for the world of finance is an expensive, specialised and time-consuming business. Can universities keep pace with the requirements of a rapidly changing industry?
Financial services needs a highly-skilled workforce and higher education institutions are struggling to keep up, especially as persistent technological progress disrupts financial institutions and the markets and societies in which they operate.
At the heart of the problem lies a traditional university system that can only produce a relatively small number of graduates for the sector through programmes that may take three to four years to complete. To compound this, universities are expensive and highly selective, which effectively bars many from getting the training they need.
Professor David Taylor, Director of the African Institute of Financial Markets and Risk Management (AIFMRM) at UCT, is considering the long-term. He doubts that the current structure and cost of a traditional postgraduate degree is either effective or sustainable.
AIFMRM is one of the country’s pre-eminent postgraduate training facilities offering three specialised Master’s degrees that produce roughly 60 highly-skilled graduates for the financial services sector each year. The Institute’s MPhil specialising in Mathematical Finance was recently ranked 59th worldwide, and Taylor says that AIFMRM works closely with industry to ensure that the graduates they are delivering are aligned with industry needs.
“We know that AIFMRM’s offering is excellent for current financial industry needs,” he says, “but as a forward-thinking institution, we need to be contesting the status quo too. Perhaps it is time for industry and educators to assess what will be needed in the future and to find a model that will be affordable, accessible, efficient and sustainable.”
Is a traditional degree sufficient for an exponential world?
Akin to Taylor, Colin Iles, consultant and CxO of the Absa Equinox Leadership Centre, believes the traditional degree system may be too slow to respond to changes in any industry. “Educational content has to be curated in a safe and structured way, with approved credits and standardisation – it is a slow system, and there is a danger of taught-content falling behind what is relevant,” he says.
Iles suggests that some of today’s necessary skills have already deviated from those acquired in a traditional degree programme. He says, “The FinTech movement has given rise to thousands of small entrepreneurial companies trying to solve various problems in unique and differentiated ways. Instead of a comprehensive degree that tries to cover every economic model and mathematical proof, you may become more relevant, quicker, by focusing on what you need to learn for that particular space and time. Then apply your knowledge and learn faster by actually building something in an entrepreneurial environment.”
Iles believes the way forward involves re-defining the purpose of the modern university. “If its purpose is to prepare people to be valuable citizens in the global economy, then the traditional university model, which has been in place for hundreds of years, may be outdated for a world that is exponential.”
He adds that universities could offer more customised, shorter sets of focussed learnings, at scale, online. “Even in complex topics, online learning is proving to be highly effective, with rapid feedback, self-paced learning and class interaction.”
Online education is a rapidly growing field. Class Central, which curates a catalogue of Massive Open Online Courses (MOOCs) recently reported there are currently 11 400 MOOCs provided by over 900 universities, catering to 101 million students worldwide. Business and technology comprise almost 40% of the available courses. There has also been a concurrent increase in online degrees.
Blended and flexible offerings may be the solution
CEO of edX, Anant Agarwal, believes that future-proofing higher education starts with re-inventing the degree. In a recent Quartz series on the future of college, he predicted that employers will soon be searching for what diverse skills people have rather than what degree they possess. So, programmes need to become more flexible.
Agarwal imagines a future where students could, for example, combine humanities skills with tech skills, or analytical skills with design skills – building a degree for a customised skill-set. Smaller, modular credits could combine into a degree from a variety of universities.
“This will be good for higher education institutions. A college or online platform could specialise in certain subjects and offer the components of education their instructors truly excel in. When each university can focus on what it does best, both the educators and the educated will benefit,” says Agarwal.
He also notes that students pursuing on-campus degrees will benefit from this model as they will be able to augment their education with specialised, online modular content from other institutions.
Kumeshnee West, Director of Executive Education at UCT’s Graduate School of Business, agrees that technology can augment face-to-face learning – but not replace it. She advocates a balance of online and classroom learning – especially when it comes to the development of soft skills and emotional intelligence, which are key strengths needed in the workplace of the future according to the WEF Future of Jobs Report 2018.
The rise of life-long learning
Gert Kruger, Chief Risk Officer at Rand Merchant Bank, believes that institutions such as AIFMRM that provide multi-skilled graduates from a variety of academic backgrounds are the first step in keeping pace with what industry needs.
“Also, we need to teach people how to think and how to learn new skills all the time. Possibly teaching more of the soft skills – collaboration, creativity, flexibility and adaptability – may make people adaptable enough to continue learning and re-learning. Organisations need to re-skill people with higher frequency than in the past. Importantly, life-long learning needs to be organisation-wide.”
He adds that the financial industry is continually evolving, but it is challenging to anticipate how organisations – and the skills they require – need to change. However, one thing is clear – “if we do not evolve, we will stagnate. Organisations need to keep abreast of change by making ongoing incremental refinements.”
This is true for universities as well, says Professor Taylor. “Universities are well placed to use their resources and deep expertise to build on what they have, to remain relevant in the future.”
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