CASE STUDY: NEDBANK
Nedbank, also one of the residents at Riversands, is a proud supporter of the project since its inception. In 2016 to 2017, the firm’s sponsorship catalysed support for more than 100 entrepreneurs while leveraging the existing Riversands eco-system to create a multiplier effect.
The sponsorship covered a range of interventions including group training, business coaching, developing marketing material and providing vital back office support systems. In particular, the back office accounting support freed business owners to focus on income-generating activities.
In addition, the Nedbank-sponsored Business Club further enriched the Riversands eco-system, attracted a high calibre of guest speaker and were over-subscribed in many cases.
Financial literacy and developing ‘fundable’ businesses is close to Nedbank’s heart. Entrepreneurs are too often consumed by the heavy administrative burden associated with running a small business. The back-office solution provides additional business capacity, greater governance and insights into financial affairs.
The back-office solution has been considerably strengthened thanks to Nedbank. This includes a full suite of financial services – the financial review, cash flow projections and monthly bookkeeping offering have been the most popular. Business coaches have demonstrated their worth in linking back financials to costing and pricing and also resolving thorny issues such as VAT.
Having sound financials allowed business coaches to prepare entrepreneurs to apply for funding.