Small business owners work the hardest on their business, investing a lot of their time and money to realise their entrepreneurial vision. It is so important to have a vision for where you want your business to go and remind yourself of this regularly.
Not only will this keep you motivated when you are experiencing tough times, but it will also push you to think about how you can lay the foundation during the start-up stages to enable growth when the time comes.
Having recently worked with businesses in Gauteng and KwaZulu-Natal to help them keep their doors open despite the impact of the pandemic and the looting incidents in 2021, has reminded me of the importance of managing your finances well.
It has been incredibly satisfying to assist businesses to access revolving credit loans, for example, to be able to cover their losses and continue to pay their employees’ salaries.
The best way to increase your chances of securing a loan in future for your business, is to get the basics right from the starts. That includes: