The credit record system in South Africa Credit record agencies gather and sell information about the creditworthiness of individuals and businesses. Many businesses pay to access the credit records of potential clients to help them make a decision about the risk involved in working with them. For example, if you want to lease office space, the chances are that the property …
A bad credit record is a common stumbling block for many small businesses that apply for finance. Fortunately, there are still a few finance options you can explore, but the success of these will largely depend on the causes of the bad credit record. How lenders use credit records The majority of lenders want to see both your business and personal …
Ghostbusters, a Mentor or Business Advisor? The Ghostbusters can’t help you, but a mentor or professional business advisor certainly will. However, the process of accessing funding can be tricky, and you’ll often need assistance. It will therefore be useful to have a clear understanding of the difference between mentors and business advisors, and how they can each assist you in …
I have met hundreds of entrepreneurs who are looking for funding – from those who have an idea and are trying to raise seed capital to start their business, to owners of high growth businesses who need expansion finance, and everyone in between. Whether they are looking for a loan or for someone to invest in their business, they generally …
There was a time when titles such as CEO (Chief Executive Officer), MD (Managing Director) and GM (General Manager) were more commonly reserved for people working for large organisations that had a large staff complement and formal, hierarchical management structures. These days, however, the title of CEO is used in much smaller companies as well. As will be discussed in …
C-level executives all have Chief in their title. These executives form the decision making, power centre of a corporation and are all appointed by the Board of Directors. Whilst these jobs are well paid, they come with the enormous responsibility to make the company profitable. The larger the company, the more C-level executives it will have. It is common, …
A business credit score is a measurement (a value/number) that is used to determine whether a business is managing its finances well, and to ascertain if it is a good borrower or not. The score is the result of a mathematical algorithm based on data gathered about the business’s financial history. It includes information about the business’s regular payment behaviour …
Many factors go into the decision making pot when funders decide to approve or decline a loan, and not all of these are within your control. This article looks at some of the key factors that will impact on your loan, and what you can do to improve the odds of a successful application. Risk and payment reputation One of …
SMEs are a critical component of the growth of South Africa, especially in respect of job creation. Report after report confirms that creating and supporting a conducive environment for SMEs to thrive is necessary for any economy, developed and developing included. In a 2018 study, it was estimated by the World Bank that 4 out of 5 new jobs will …
Tip 1 – It’s not about you Darlene Menzies, Finfind CEO, says, “You may think you run your own business, but that is a perception every entrepreneur should be questioning and challenging. Your business exists to provide a service or satisfy a need to your target market – not to you. It doesn’t matter whether you run a take-away or …