Omega Fumba

Content Manager and Writer at SME South Africa

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Articles

Guide to Project Finance in South Africa

2 weeks ago | smesouthafrica.co.za | Omega Fumba

Overview In business, coming up with an idea for a project can be exciting, but between the idea and a profitable operation lies the reality of project finance, and for many first-time entrepreneurs, this is what makes or breaks the business. For long-term projects and initiatives, businesses look for project financing. Project finance is often misunderstood as something that’s either reserved for corporate giants or involves a confusing maze of paperwork.
5 Post-Funding Tips for Your Business

2 weeks ago | smesouthafrica.co.za | Omega Fumba |Maryna Steyn

Securing funding is a significant milestone for any entrepreneur. However, the real challenge begins post-investment, when strategic planning and execution are crucial to ensure sustainable growth and investor satisfaction. Thoughtful capital allocation is essential. This ensures that resources are strategically allocated to address immediate operational needs while concurrently progressing towards long-term objectives.
Addressing Common B-BBEE Myths

2 weeks ago | smesouthafrica.co.za | Omega Fumba

South Africa has a history of racial division, and to redress the issues left by apartheid, Black Economic Empowerment (BEE) was introduced. The intention was to increase the participation of black people in the economy. However, due to the serious nature and the racial history in the country, there are common myths about Broad-Based Black Economic Empowerment (B-BBEE) that have been spread. B-BBEE and BEE essentially share the same meaning.
4 Overlooked Factors Investors Consider Before Funding

2 weeks ago | smesouthafrica.co.za | Omega Fumba

The journey to finding an investor who’ll believe in your business can seem like you’re chasing a mirage, where it seems like you’re getting close, but for some reason, you keep getting rejected. Well, in such instances, it’s best to go back to the drawing board and have an in-depth analysis of what the investor looks for in a small business. Once you’ve studied the investor requirements, you must ensure that your business is in alignment with them.
How to Implement a Hygiene Protocol for Your Business?

2 weeks ago | smesouthafrica.co.za | Omega Fumba

Hygiene is not just good manners; in business, it’s a survival strategy. Whether you’re running a food business, beauty salon, or small manufacturing unit, a lapse in hygiene can cost you more than just customer trust. It can lead to fines, reputational damage, or worse, forced shutdowns. The reality is that today’s consumers are more informed and health-conscious. If your business lacks a visible, reliable hygiene protocol, you’re essentially chasing customers away.
How to Build a High-Performing Team?

2 weeks ago | smesouthafrica.co.za | Omega Fumba

Building a high-performing team is crucial for any business owner as it’s essential for business growth. But for South African entrepreneurs navigating the complexities of scaling a business, especially in a resource-constrained environment, team performance isn’t just about productivity. It’s about building a culture that can adapt, innovate, and thrive. In this guide, we unpack the strategies that you can use to build a high-performing team.
Using Emotional Intelligence to Become a Better Entrepreneur

3 weeks ago | smesouthafrica.co.za | Omega Fumba

There are certain crucial skills you need to have as a business owner, but some skills are more underrated than others, one of those being emotional intelligence. It’s obvious to think entrepreneurs should be able to strategise, negotiate, handle money, but what about emotional intelligence? Emotional intelligence (EI), also known as emotional quotient (EQ) is essentially your ability to understand and manage your own emotions, as well as those of others.
How to Grow From Freelancer to Business Owner

3 weeks ago | smesouthafrica.co.za | Omega Fumba

Freelancing can be an effective way to generate an income and grow your career. However, at some point, you might need to move from that and become a business. Becoming a business owner from a freelancer doesn’t mean you have to hire a large team. You can still operate independently. But, there are crucial structural, financial, and legal shifts that formalise what you do and allow you to grow sustainably.
R500m Spaza Shop Fund: Everything You Need to Know

3 weeks ago | smesouthafrica.co.za | Omega Fumba

In a significant move to take South Africa’s informal economy to new heights, the government has introduced the R500 million Spaza Shop Support Fund. This initiative aims to empower township and rural entrepreneurs by providing financial and non-financial support to spaza shop owners, facilitating their transition into the formal economy and enhancing their competitiveness. If you’re a spaza shop owner, this article will outline all that you need to know to qualify and apply for the fund.
Understanding Non-disclosure Agreements (NDAs) in South Africa

3 weeks ago | smesouthafrica.co.za | Omega Fumba

Running a business involves more than just managing finances and daily operations; it also requires protecting confidential business information. That’s where non-disclosure agreements (NDAs) come into play. NDAs are vital legal tools that help entrepreneurs protect sensitive information, whether it’s a groundbreaking idea, a client list, or certain work processes.