THE CENTRE HOSTS SUCCESSFUL MONEY MANAGEMENT SEMINAR IN PARTNERSHIP WITH FNB
The DUT Centre for Social Entrepreneurship Rapid Incubator hosted a highly successful Small Business Money Management Seminar on Friday, May 17, 2024, at the Durban Botanic Gardens. The seminar was designed to provide essential financial management education to aspiring, small, and developing business owners, equipping them with the tools needed to thrive in a competitive marketplace.
The seminar featured Mrs. Seshme Holloway, the director and founder of JRS Solutions, who shared invaluable tips on managing finances and the transformative power of goal setting. Drawing from her decade-long experience, Holloway emphasized that making substantial revenue does not necessarily equate to profitability.
“Making a lot of money doesn’t mean that you are making a profit. You need to measure your business because if you can’t measure it, you can’t manage it. Don’t fear numbers because a fear of math can lead to your business’s financials dropping,” Holloway advised.
She further highlighted the importance of goal setting and progress measurement in sustaining motivation and driving business success. “As an entrepreneur, you should normalize measuring your progress and setting goals. They give value to work, help us communicate, and evaluate our progress. This is the power of writing things down and goal setting,” Holloway added.
Holloway encouraged entrepreneurs to plan, save, and spend wisely, advocating for the development of Key Performance Indicators (KPIs) to track business performance. She also stressed the need for entrepreneurs to engage deeply with their business finances, even if they do not have a formal accounting background.
The seminar also featured a presentation by Mr. Senzo Myeni, a representative from First National Bank (FNB), who delivered a comprehensive training program on Consumer Financial Education. This program, which has been a part of FNB for over a decade, focuses on the practical aspects of money management.
“The programme has been with the bank for more than 10 years now, and it is gaining momentum as more people become aware of it. The demand has increased, our content is cutting edge, and there is no other bank in South Africa that shares this type of knowledge,” said Myeni.
Myeni introduced the entrepreneurs to the 70/20/10 principle and the four pillars of money management: Save, Spend, Invest, and Donate. He advised the small business owners to always plan and save before spending and to diversify their income streams.
“Money management is a skill. Small businesses fail because they don’t know how to manage money. Practice makes permanent—you need to learn how to do it. To grow a skill in money management, you should start seeing your bank as a partner. Have rules, and ensure your business plays by them,” Myeni stated.
The session resonated deeply with the incubates, including Sindi Mnyende, CEO and Founder of Kets Atelier, a furniture manufacturing company. Mnyende shared her key takeaway from the seminar, noting the impact of Myeni’s practical demonstration of daily spending habits.
“The highlight of my day was when Mr. Myeni did a rough calculation on the amount of money we spend on the least important things, rather than investing in our long-term goals. It’s true because, at the end of the day, my bank balance is not smiling, but I was busy spending throughout the whole year,” Mnyende remarked.
The seminar left the entrepreneurs feeling enlightened and motivated, eager to apply the financial management principles they had learned to their businesses.
- Nomvelo Mkhwanazi
- Photographer: Bheka Nxumalo
