A key challenge highlighted by #financial institutions for the low percentage of SMMEs that successfully access finance is their inability to submit commercially viable business plans.

Managing Director of Business Partners, Mr. Ben Bierman reaffirms this point: “The most important first step for any business when considering #funding, is to construct a comprehensive business plan. The more comprehensive a business plan is, the easier it is to identify a financier.”

BIZ-Help has been supporting #smmes to compile business plans aimed at accessing finance. A major weakness identified by BIZ-Help is the lack of or absence thereof relevant information required to compile business plans. Key information required such as quantifying the target markets, understanding their needs, and developing relevant marketing strategies to grow market share are important information to inform the commercial models of the business.

Technology has revolutionized business, however most SMMEs in #southafrica have not embraced this new way of doing business effectively.

According to the 2022 State of South Africa #smallbusiness Report by accounting #technology firm, Xero, 30% of businesses using technology claim that it has enabled them to expand their customer base and 28% said that cloud technology has made a direct impact on the efficiency of their business operations.

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If used correctly technology can be used as a cost-effective tool to obtain the required information to inform the compilation of a commercially viable business plan. BIZ-Help has partnered with technology firm MyActive Online Solutions with 15 years’ experience in the industry supported by one of the best software engineering companies in South Africa – Entelect #software. The web- management, communication management and event management services offered by MyActive Online will ensure that the relevant information required for commercially viable business plans are obtained through seamless and cost-effective solutions.

General Manager of MyActive, @Kumashree Naidoo comments on this partnership: “We are really excited to partner with BIZ-Help in supporting businesses to become more tech-savvy and to keep up with technological trends in growing their businesses.”

CEO of BIZ-Help agrees: “The partnership with MyActive will provide our network of businesses with cost-effective technological solutions which will also help in obtaining much-needed data to enable us to compile financially viable business plans to secure funding for these businesses.” To learn more about MyActive Online visit: www.myactive.co.za

Contact BIZ-Help to benefit from this partnership.

www.biz-help.co.za | [email protected] | +27823275555

Published by Sugen Pillay

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