WHAT can be done to save small Mzansi businesses?
Jenny Retief, CEO of Riversands Incubation Hub, said corporations play a critical role in helping small businesses grow.
We asked her how big business could boost small business.
Your size is an advantage
Sell your materials to small businesses at big business bulk rates.
Pay what you owe
When ordering something from a small business, buy your order as you agreed. This will allow small businesses to approach other delinquent companies.
Be a meaningful mentor
All successful business operators will tell you how important a mentor was to their success.
This also means complimenting them when they do well.
Fund small business
Capital is not going to magically fix a failing business but a smart entrepreneur can use extra funds to push a sluggish investment around. He or she will still need to have a marketable business plan, discipline and determination to succeed.
Buy from small local businesses
By supporting each other, corporations and entrepreneurs join in a mutually dependent relationship that encourages success.
Check your investment
Seeing where and how your funding is being used in a small business will help the two parties form a good relationship going forward.
Streamline your BEE rating
Seek a simple solution to improving your black economic empowerment (BEE) scorecard points.
Sponsor a small business
Sponsorship is a managed process, from recruitment to implementation, and the money invested is tracked by continuous monitoring to make sure that all the funds are allocated correctly and in order.
Find a reputable incubator hub
Entrepreneurs need mentors, guidance and support. Incubation programmes offer that to entrepreneurs.
Contribute to Mzansi’s growing productivity
Networking people, sharing ideas and sourcing from each other is often cited as one of the key benefits of incubation.
