Funding alone is not always needed
The Global Entrepreneurship Monitor 2019/2020 revealed that there are four times more, early-stage entrepreneurs, in South Africa than established business owners. As such, it is vital for this disparity to be addressed and small and medium enterprise (SME) owners to be assisted to grow their operations into fully-fledged businesses.
At Retail Capital, we have noted that access to SME funding is often reported as one of the major challenges hindering local SMEs. However, oftentimes the small business funding is available, but small business owners need assistance to ensure they have the necessary tools to grow their companies to a point of turnover maturity whereby they would qualify for the business funding available.
Entrepreneurs tend to be a jack-of-all-trades managing everything from business development to finance. We find that when small business owners apply for SME funding and unfortunately don’t qualify, they often need assistance with cash flow, HR, marketing and business strategy, for example. On the flip side, it is also important to note that funding alone is not always needed for businesses to survive and thrive.
Introducing Symmetry Hub
It is for this reason that Retail Capital launched its Symmetry Hub Platform which is made up of a number of tools and services to help small business owners navigate an array of challenges they are faced with and facilitate business growth. The Symmetry services include social media marketing, paid advertising and business advisory services, with tailored, discounted packages developed to fit the budget and needs of SMEs. As such, the Hub aims to connect business owners with the tools and service providers who specialise in supporting and accelerating small business growth.
The platform was originally developed to provide our clients with a value added service that was practical once they received small business funding from Retail Capital. This allows us to pair our funding with tools and services that assist the SME owner in truly growing their business. However, the platform has since evolved to double up as a place startups, whose businesses don’t yet qualify for its funding, can shop around for tools that will grow their SMEs. This way we can assist them by providing a hub that gives them access to facilities to grow their businesses to a place where they will be funding-ready.
To further assist small business owners, Symmetry Hub will be hosting a series of free-to-attend webinars on the platform. The first webinar talks to the unforeseen challenges brought on by the impact of COVID-19 that entrepreneurs have had to combat in order to keep their businesses alive. But along with these setbacks, some businesses have embraced various opportunities and innovations in order to succeed even under the toughest circumstances.
In this quick-fire 45 minute session, valuable insights and guidance will be delivered by industry experts on how they have combated COVID, and what steps SME owners can take to build adaptability and resilience no matter what the future holds. The webinar will take place on 27 August at 5pm covering: Combatting COVID and capturing new opportunities by Richard Rayne of iLearn and Adapting to the new Retail by Alex Harris of Alex Harris Consultancy. Those wishing to attend can register at symmetryhub.co.za.
Since 2011, we have provided businesses with innovative, flexible and convenient alternatives to traditional business funding. Business owners still identify access to working capital as the single biggest challenge that they are faced with. Being responsible for 50% of the country’s GDP and contributing to over 65% of employment, we are devoted to partnering with small to medium-sized businesses to grow the South African economy. This is where we can help and we are proud to have partnered with thousands of SMEs in providing fast flexible business funding. Start growing your business with Retail Capital Business Funding and Asset Finance today. Get in touch to learn more.