Olumuyiwa Olowogboyega’s Post

In the dynamic South African business landscape, your venture into simple delivery purchase orders holds immense growth potential. However, the challenge of securing funding for such transactions is not lost on us. That's where MarketDirect.co.za steps in as your steadfast partner, offering tailored financial solutions aligned with the unique needs of entrepreneurs like you. Read more: https://lnkd.in/ddiJKMZh #TenderFinance #PurchaseOrderFinance #PurchaseOrderFunding #SimpleDelivery #Purchaseorder #BusinessFinance #SouthAfrica

Failed Businesses in Australia in 2021-22: According to the Australian Bureau of Statistics (ABS), there were 472,731 new businesses that commenced in Australia in 2021-22. Of these, 12.7%, or (59,951) businesses, exited the market within their first year of operation. This means that approximately 12% of start-up businesses in Australia fail in their first year.   The ABS also publishes data on the failure rate of businesses over a longer period of time. In 2021-22, 60% (283,638.6) of businesses that had been operating for three years had failed. This means that approximately 60% of start-up businesses in Australia fail within their first three years of operation.

In this post, we'll look at the issues that small businesses confront in Africa, as well as practical examples and case studies that demonstrate effective techniques for overcoming these obstacles.

In #SouthAfrica’s highly #competitive #smallbusiness environment, #entrepreneurs need a substantial number of #resources to get off the ground and achieve growth. While access to #funding is one of these crucial resources, #support in the form of #expertadvice and specialist #technicalassistance is just as essential, according to Business Partners Limited.

Why the collapse of most businesses? Do you know that most businesses collapse within the first year of establishment? According to statistics, 54% of the businesses in Africa cease to exist within 1 year of their establishment. In Kenya alone, 7 out of 10 businesses are said to collapse in the same year of commencing business (CBK Data). This denotes a huge gap in the business literacy of most individuals, who are business enthusiasts. Addressing the issue of business collapse, is that most entrepreneurs and business owners fail to answer the question 'Why'. ✳️They fail to always start with the why, in addressing a particular problem that they would like to provide a solution. ✳️The why is a key question to unlock the purpose of the business. ✳️Once the why is discovered, the business finds its core direction. The era of doing business for the sake of doing business is over. If you want to sustain the business into the foreseeable future, one must address the question as to why they are establishing a business. Find your why and elevate your business to a great success story. Helping you elevate your business success story, Reach out to kenneth.financialshub01@gmail.com www.financialshub.info #businessadvisory #business #businessliteracy

Did you know that SMEs account for 99.2% of the UK’s business population? Their impact on the economy is substantial, emphasising the need for continued support and tailored resources. As entrepreneurs, staying ahead of the curve is essential—especially when it comes to payments, the engine powering your business. Fondy understands your dreams and challenges. We’re here to make your life easier! 🌐 Learn More: https://fondy.io/gb/ Remember, it’s not just payments—it’s a FLOW that surrounds you! 🌊💙 Disclaimer: Fondy’s magical flow doesn’t include unicorns, but it’s pretty close! 🦄✨ Feel free to share this post with your fellow entrepreneurs and payment enthusiasts! 🙌 #FondyMagic #PaymentSolution #PaymentManagement

5 Reasons You Can't Afford Not to Formally Register Your Company Starting a business is an exciting journey. But one step many entrepreneurs skip is properly registering their company as a formal legal entity. Every founder deserves the benefits that come with incorporating their venture the right way. From access to funding to legal protection - there are many reasons why registering your business is essential for success. Here are the top 5: 1. Limited Liability Registering as an LLC, corporation or partnership limits your personal liability. This means your personal assets are protected in cases of lawsuits or debt. Without formal registration, you have unlimited liability. 2. Access Funding Most lenders and investors require businesses to be properly registered before providing capital. Incorporation signals that your venture is official and investment-worthy increasing your chances of securing loans and attracting investors. 3. Tax Benefits Different entity types offer varying tax benefits that can save you money over time. Corporations can also issue shares to avoid tax on dividend income. 4. Scalability - As your business grows, having the structures of a formal legal entity becomes increasingly important. Registration lays the foundation for future scaling. 5. Legal Protection Proper registration establishes your business as a separate legal entity, protecting your personal assets from debts and lawsuits. This is crucial for mitigating risks. So while registration paperwork can seem tedious (not if you use Norebase though), the benefits - especially long-term - make a compelling case for properly incorporating your venture from the very beginning. If you're ready to make your business idea a reality in any country across the Globe, don't skip the important first step of formal registration. Go to https://lnkd.in/d4hQ2nyk to begin the process of officially incorporating your venture the right way, whether in Africa, US, UK or BVI. #Norebase #GoBeyondBorders #BusinessIncorporation

❌Everyone tell you to register a company ✅ Register a Business instead.. Here is why; ( This applies to people in East Africa mainly) Why not a company? - Huge startup capital - Slightly higher registration fees - Many statutory requirements to open - Compulsory annual filing requirements - High costs of maintenance ( after Registration) Open or register a company when you have atleast 2-4 Million Ugx. ( $1k-1200 ) Why Business? - Low costs for Registration - Very few regulatory requirements - Only pay VAT when you hit the threshold - Very easy to maintain & monitor - Your business can eventually turn into a company if it grows. To register a business you need to invest around 400k ( $100-120) Remember; 📌Registering a business is more ideal for any low income entrepreneurs who want to sell their products in East Africa.

❌Everyone tell you to register a company ✅ Register a Business instead.. Here is why; ( This applies to people in East Africa mainly) Why not a company? - Huge startup capital - Slightly higher registration fees - Many statutory requirements to open - Compulsory annual filing requirements - High costs of maintenance ( after Registration) Open or register a company when you have atleast 2-4 Million Ugx. ( $1k-1200 ) Why Business? - Low costs for Registration - Very few regulatory requirements - Only pay VAT when you hit the threshold - Very easy to maintain & monitor - Your business can eventually turn into a company if it grows. To register a business you need to invest around 400k ( $100-120) Remember; 📌Registering a business is more ideal for any low income entrepreneurs who want to sell their products in East Africa.

Running a small business in Nigeria can be very rewarding, but it also comes with its fair share of difficulties for entrepreneurs. Often these challenges are related to accounting and keeping proper financial records for decision making. Small businesses often encounter significant challenges in the realm of accounting and record-keeping. 📉👩💼 Let's address these hurdles and explore practical solutions to empower their financial journey. 💡 1. Proper Financial Record-Keeping: Correct records are very important for keeping your money in order. Using easy-to-use accounting tools (like Excel and #QuickBooksOnline) will make keeping the books easier. You can train your team on these tools regularly, or think about hiring professionals to do it for you. 💻📊 2. Cash Flow Management: Nigerian entrepreneurs must uphold the principle that “cash reigns supreme.” Business people say blood is to a person what cash is to an #SME. Cash flow drives any firm, but #SmallBusiness owners often underestimate it. A business that fails to execute effective cash flow management procedures will not create enough earnings and cash flows to survive and grow. 💸🔄 3. Mixing Business and Personal Finance: This is perhaps the biggest difficulty facing most Nigerian entrepreneurs. Due to its tight structure, limited capital, and power centralization, sole proprietorships often fail to separate business and personal funds. Small business entrepreneurs often mix personal and business funds. Professional help is needed to create a capital retention strategy or profit-sharing formula to maintain personal financial balance and ensure corporate liquidity. 📚💪 I elaborate in great depth in an article I have written on significant challenges Nigerian SMEs face, as well as potential solutions to these problems. 📋🔍 https://lnkd.in/dN6GkWD3