Nedbank Business Bundle eases economic woes
CHALLENGING: CLIENTS STRUGGLING TO KEEP AFLOAT
The latest results of the Nedbank SBI Index™ for the second quarter of 2017 highlights the need for small enterprises to engage with their personal banker for ways in which to extract maximum savings.
The ongoing Nedbank SBI survey-based index is reported on a quarterly basis, providing an assessment of the small business sector in South Africa, indicating the sector’s resilience to current economic conditions.
Business confidence has decreased dramatically in the first half of 2017. Small business is definitely feeling the effects of the technical recession. The Nedbank SBI score is currently at its lowest in four years. Drought, political uncertainty and negative growth are taking their toll.
Seen in the light of the recent credit rating downgrade to junk status, the SBI endorses the view that the economy is in a challenging phase, and clients are struggling to keep afloat.
“Therefore, Nedbank understands the importance of helping small businesses extract maximum savings,” said Alan Shannon, Head of Relationship Banking Sales.
To this end, as a savings instrument for entrepreneurs, Nedbank has launched its Business Bundle, comparatively offering the best value for money when set against rivals, with exclusive benefits and personalised services for entrepreneurs.
With the country’s challenging economic environment, the Business Bundle from Nedbank not only offers you personalised banking services, but also critical tools to save – with up to 40% savings on monthly banking fees, contributing directly to the bottom-line at a time when every cent counts.
In line with Nedbank’s new brand proposition – “see money differently” – the Business Bundle resonates with the bank’s commitment to using expertise for good in promoting small business enterprises.
To ensure that business owners are better equipped to avoid common pitfalls, Nedbank provides practical tips for entrepreneurs through the Essential Guide for Small Business Owners, available on the bank’s website at www.nedbank.co.za/ business
“As a bank for small businesses, we are committed to partnering with entrepreneurs to help grow their businesses. As such, Nedbank is always looking at ways in which we can help unlock the value of our clients’ businesses. We support their business growth journeys by providing practical tools to help them run their businesses,” said Shannon.
Part of the Nedbank commitment to the small business sector involves a variety of initiatives aimed at nurturing and growing this sector, true to its belief that the small business community is pivotal to the growth of the economy and the creation of jobs.
Through initiatives such as training and enterprise development, Nedbank invests heavily in small business, growing the economy and creating jobs.
“Our efforts in the small-business sector are underpinned by our Banking and Beyond philosophy, which provides non-financial support such as ‘Vote Small Business’ which encourages consumers to keep small businesses in their communities top of mind when making their purchases. Banking and Beyond also includes other flagship initiatives, such as the small-business-driven SimplyBiz website
[www.simplybiz.co.za], the Essential Guide for Small Business Owners, CIPC registration and the Money Manager Accounting Tool,” said Shannon.
In many instances, said Shannon, early stage businesses fail due to cash-flow problems arising from inadequate provisioning on the part of entrepreneurs, whose core expertise generally centres on their field.
Shannon advised entrepreneurs to make a concerted effort to develop their financial acumen by making use of resources such as Nedbank’s Essential Guide for Small-Business Owners and SimplyBiz online portal.
The Nedbank Small Business Index – based on survey data collected on an ongoing basis through telephonic and web-based interviews among a representative sample of small business owners, with a turnover of between R500 000 and R20 million across all industries – says that increasing political instability and the slow economy are evident in business’ response to the appropriateness of support they receive from government and the private sector.
Even though at the same time last year, businesses expressed that their current financial situation was at its near lowest, this year has brought on even more negative sentiment.
All industries show a highly negative view on their current business situation. Consumers, too, have started tightening their belts.
Our efforts in the small-business sector are underpinned by our Banking and Beyond philosophy, which provides non-financial support such as ‘Vote Small Business’.
Alan Shannon Head Of Relationship Banking Sales at Nedbank