Access to funding and new markets are the main factors that impede the success of small to medium businesses in South Africa.
However, non-financial business aspects play a role in putting the business in a position to perform better in current economic challenges.
702's Azania Mosaka spoke to COO of enterprise and supply chain development at Absa, Dawn Mthombeni, about the finer details of the matter.
As a business owner, you've got to look across your whole business and develop expertise that you've never had before.— Dawn Mthombeni, Absa enterprise and supply chain development
These are the options available, depending on the life stage of your business:
- Funding from friends, family and business associates
- Angel investor
- Angel funding/alliance
- Venture capitalists
- Bank loans
- Bridge loans
- Government grants
She said that mentors, business coaches, networking opportunities and financial management tools played a role in determining the direction of the business.
Listen to the full interview below for more information: