10 February 2020 Insights Market Insights

Why We Love Small Businesses

Retail Capital

We have a soft spot in our heart for entrepreneurs. Starting a business is a labour of love. It is an accumulation of late nights spent writing and rewriting your business proposal or tossing and turning carving out your next great venture.

Like a first date, starting a business is both exciting and risky. It is the unknown and the undiscovered. It is filled with uncertainty, yet it has endless possibilities.

Entrepreneurs are chasing excitement, venturing into unknown, uncharted, and often quite unpredictable territory. These risks are comparable to that of hopefuls greeting the cute stranger at their local coffee shop, or sending roses to a long-time muse, a decision that might just pay its weight in gold.

Entrepreneurs are passionate and they love what they do. They are passionate about their staff, their environment and most of all, they are passionate about the problem they’re solving. This passion is what makes the magic happen – the new ideas, the groundbreaking projects, the new growth, and the relentless desire to push the boundaries of what is possible. 

A love of what you do keeps you going through the tough times, when the excitement alone is not enough to sustain you. This kind of love speaks to the entrepreneur’s deeper connection and commitment to their cause. According to the Roll with the Punches SME Report, commitment is an attribute that 53% of entrepreneurs rated as among the three most important components to running a business (see link to report below).

Small business is not all excitement, fun, and celebrations. In fact, a lot of it involves hard work, mistakes and compromise. Valentine’s Day happens once every 365 days, the rest of the year is about growing, learning and making sacrifices. In a similar vein, 58% of SMEs take little to no salary to pay overheads during the tough times (SME Report).  

Working with a small business is often very personal, it feels more like a relationship than a mere transaction. The woman selling sandwiches next to the taxi rank knows that her customers are feeding their children with her produce. In fact, she probably knows that your eldest is preparing for their first day of high school, a landmark moment in one’s life. You are invested in her future and she is invested in yours.

This personalised and intimate experience associated with small businesses is a little like an ideal Valentine’s Day. We love the small businesses who keep our people employed, feed their families and risk it all to live their dreams. 

Get access to our Roll With The Punches report here > www.retailcapital.co.za/inyourcorner

Article by Jonathan Field – Retail Capital Senior Project Manager | Finance

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.

 

 

 

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