Enterprise Development Initiatives – 6 Ways to Benefit Your Business and Your Country

There is a widespread need in South Africa for positive change. Many live below the breadline in underprivileged and disadvantaged communities. The majority of individuals in these communities are unable to improve their own circumstances. This is often because they have neither the skills nor the resources to do so.

Meanwhile, there are others who are in management positions at established businesses. Some see the need for change and for the uplifting of the living situation of the unfortunate many. How can corporate entities give attention to their own corporate well-being and profitability, and at the same time serve their country? And those less fortunate in particular?

There is a way. Major companies are catching on to the concept of Enterprise Development Initiatives. They see this as a way to look after their own interests and have the profound satisfaction of helping those less fortunate. Woolworths and SAB have great success stories to share in the realm of Enterprise Development, as does Umsizi. Corporates come alongside and upskill individuals and entrepreneurs. In partnership, capital goods and training can be provided. This allows small enterprises to flourish and grow.

Take a look at our list of ways that Enterprise Development Initiatives help your business as well as the citizens of your country.

1. Enterprise Development Initiatives improve your B-BBEE scorecard

The B-BBEE codes in South Africa were established to bring about measurable positive change in the historical economic imbalance. As a result, companies have an incentive toward good economic empowerment policies. They can then enjoy a strong B-BBEE scorecard and the rewards which go along with it.

Contributing to Enterprise Development builds up your company’s points. There are also bonus points available for diverse factors such as job creation linked to Enterprise Development. Points are also awarded for seeing the target enterprises join the supplier chain.

2. Enterprise Development Initiatives bring hope to individuals

There are those among the poorest of the poor who are born entrepreneurs. They are hardworking and ready to learn, yet they never realise their full potential. This is due to a lack of funding, resources or skills sets. When larger corporations take up a partnership with these individuals, they are set on a pathway to success. It brightens their future and restores dignity to them and their families.

3. Enterprise Development Initiatives uplift communities

When you invest into Enterprise Development Initiatives, you are building up social enterprises. This creates sustainable development in the community in which the enterprise is based. The turnover of startup enterprises leads to currency recirculation which benefits the community. Also, as enterprises grow, they provide gainful employment opportunities to community members. What follows is the empowerment of many who would otherwise be hopeless. They can begin to earn a living for themselves.

What we see now is individuals entering the marketplace for the first time. Ordinarily, they would encounter the challenges of a lack of skills and experience. Through mentoring and working closely with these people, they have a foot up over these challenges and can overcome.

4. Enterprise Development Initiatives broaden the view of your larger team

Think about your employees and corporate partners. You can encourage them to engage with Enterprise Development Initiatives. They can become involved and engage with the projects themselves. As they do, they will have their eyes opened to see the bigger picture of the challenging lifestyle which the majority of South Africans face. Your entire network can take part and enjoy the opportunity to help out. When we create awareness and build bridges between communities and different walks of life in this way, everyone wins.

5. Enterprise Development Initiatives enable startups to stand on their own feet

With each project, there is a point in the future when funding may come to an end. At Umsizi, we tackle every project with this in mind: the enterprise must come to the point where it can stand on its own. This means we ensure every Enterprise Development project into which we invest is viable and can sustain itself.

We ensure this through training, support, mutually-beneficial partnerships with corporates and government, and ongoing monitoring and reporting. In this way we see small business entities get over the hump from surviving to becoming profitable.

There is an unmistakable trend facing many startup entities, and that is for the business to fold in the first three years. Enterprise Development Initiatives are key to reversing the trend.

6. Enterprise Development Initiatives reduce poverty

At the heart of these initiatives is a drive to develop entrepreneurs and enterprises. This is precisely what our country needs. Creatin

g wealth, skills and careers has a cumulative effect. That effect is to eradicate poverty and diminish the pove

rty cycle and despair. This type of grassroots economic transformation is at the cutting edge of community upliftment.

Do you want to find out more about how we can help you with setting up Enterprise Development Initiatives? Would you like to partner with our projects? Would you like to hear some of our great success stories? Be sure to contact Umsizi. We’d love for your business and the people of your country to benefit from Enterprise Development Initiatives.