Gauteng Business News

Send  Share  RSS  Twitter  05 Mar 2013

BANKING: Business Solutions for SMEs


Recent Gauteng Business News

Latest trends reveal that about 95% of the South African business market is comprised of Small and Medium business (SME). With the high levels of unemployment, SMEs are crucial from a national perspective as they are seen as major job creators.

SME business needs vary considerably compared to those of large enterprises. “The key difference is that SMEs have simple banking requirements when they start out. As they grow and mature, their needs evolve, which gives us the platform to help these SMEs grow further through our Business Banking offering,” says Sanjeev Orie, Head of Products, FNB Business Banking.

Access to simple banking services is a priority for SMEs. “We have found that business factors such as cost, banking fees, service, access to credit is of importance to SMEs. FNB has recognised these factors and tailored products and solutions that will help emerging SMEs understand the business environment quicker,” explains Orie.”

To make their mark, SMEs need to have certain skills and knowledge of the industry which will help them lay the foundations to starting and maintaining their business. Orie suggests the following guidelines that will help get SMEs started:

· Conduct market research which will help determine issues such as the potential size of your target market, pricing and what your competitors are doing. Market research is vital which will determine issues such as the process of setting up your company, including its legal form, its tax identification numbers, it permits and/or licenses, branding and so forth.

· A well thought out business plan that explains/tells your company's story, including its organizational, financial and market-related details.

· Financial management, accounting, marketing, legal and tax issues are important. No one is an expert in these fields but it is important to "know what you don’t know" so that you can engage the help of professionals in these areas.

· Use technology in your business. FNB’s Business Account offers business clients access to some of the most innovative products and rewards that FNB has introduced to the personal banking market in the last two years. Tools like FNB’s Instant Accounting which help you complete your financial statements together with Instant payroll will make running your business efficiently. These can be accessed easily via FNB Online Banking.

Through the Business Banking online facility, FNB offers instant access to an overdraft facility, up to a certain value and is available on account opening. Any business must watch and manage their cash flows especially payments to suppliers, to ensure that they don’t find themselves in situations where they have adverse credit records.

Our simple solutions are available across all channels (online, ATM, cellphone and more recently our mobile app). “FNB has been aggressive in the SME market with its products and services. The drive towards digital and affordable banking has been a key motivator, which has helped us develop products and solutions for all ends of the target market,” concludes Orie.


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