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Guide to Government Funding for SMEs

The South African government has made it a priority to ensure the success of small businesses. South Africa. South Africa is lucky to have a growing ecosystem of small to medium-sized enterprises (SMEs). There are approximately 2,6 million SMEs in South Africa.

When it comes to funding, the government has set aside capital and development programmes for small businesses. The Department of Small Business Development (DSBD) is focused on facilitating the development and growth of small businesses.

The department also works to ensure that large businesses contribute to inclusive and shared economic growth and job creation.

New This Week (25 June 2024)

SMEgo Makes Financial Documents Easy

Creating professional financial documents should not waste your time. Small business owners need tools that improve their operations and help them stay on top of their finances. Enter SMEgo from Old Mutual. 

SMEgo is a one-stop shop for all your financial needs. From creating invoices and credit notes to applying for funding and getting business insurance quotes,  the app has it all! What’s more, an interactive dashboard provides insight into your finances without needing to calculate payments, orders, funding or sales.  

SMEgo is an App for All

Any business can use the SMEgo platform. The tools on the platform offer subscribers from any business the ability to:

  • Create invoices, purchase orders, or statements

  • Access their credit score, before applying for funding

  • Add products or services to the platform

This means that whether you offer handyman service, sell hand-crafted items or own a beauty salon, any type of establishment can benefit from the SMEgo platform.

SMEgo Keeps Your Information Safe

When adding your business name and details, you can also link your bank account to the platform. The benefit of this is that business owners can automatically add their details to invoices so clients can easily pay outstanding fees. Furthermore, online payments can easily and quickly be accepted right from your phone. 

Entrepreneurs can rest assured knowing that all their information is safe when they sign up for the platform as all information is protected. 

You can receive all these benefits by subscribing to a premium accounting for only R 299,99 per month. 

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Entrepreneurship innovation is key if you are a South African business trying to stay ahead of trends in today’s digital world. This crucial factor helps businesses stay competitive and profitable. Furthermore, it drives the creation of new products, services and solutions that the world or customers may need.

Entrepreneurs who can identify opportunities for innovations and successfully implement them in their business operations can gain a competitive advantage in the marketplace and create value for themselves and their customers.

What is Innovation in Entrepreneurship?

Entrepreneurship innovation refers to the process of introducing new ideas, methods, products, or services that make a business more advanced. It also includes the transformation of creative ideas and solutions. This drives business growth, improves efficiency and meets customers' ever-changing needs while improving decision-making and problem-solving across the business.

Here are some of the key aspects of driving innovation in entrepreneurship
1. Problem-solvingInnovation helps entrepreneurs to solve multiple problems in different ways. By developing new products, services and business models, entrepreneurs have to handle a wide range of challenges and can create value for their customers, society, and their business operations.

2. Increased ProductivityInnovation helps entrepreneurs to streamline their workflow efficiently by identifying problems and opportunities for improvement. Entrepreneurs can improve their productivity and competitiveness by developing new processes or technologies that reduce errors and increase speed. Entrepreneurs can automate time-consuming tasks reducing the time and resources to focus more on strategic activities.