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South Africa’s small formal businesses generate 30% of total employment and 32% of all waged employment including informal and domestic work, and half of waged work in the formal private sector in South Africa, this is according to stats shared by TIP. However, with a higher failure rate of SMMEs than elsewhere in the world with 70% – 80% of small businesses failing within 5 years and simply not enough jobs to go around, keeping small businesses alive must be a priority.
In previously disadvantaged communities only 1% of businesses progress from employing less than 5 people to having staff of 10 or more. Lack of skills, difficulty accessing finance, poor accounting records, limited information systems, low bargaining power and late payment by debtors all contribute to an SMME’s failure. One way to effectively address this is through mentoring and training.
Lesley Waterkeyn and Dawn Nathan-Jones are the co-founders of an NGO called Over the Rainbow that supports entrepreneurs with mentorship and training. They have just launched the third rendition of Bootcamp to Boardroom (B2B) in association with Entrepreneurs Network in Cape Town, an 8-month long interactive entrepreneurial programme designed to support, educate and empower small business owners.
Waterkeyn says: “Gone are the days when a matric or a degree guaranteed you a job, which is partly why so many people turn to entrepreneurship. And while it can be incredibly rewarding the entrepreneurial journey is very tough and having a mentor and a network is vital. The country is clearly missing a sizeable opportunity with the small business sector to grow the economy and reduce the 36.8% unemployment rate. The purpose of Bootcamp to Boardroom is to effectively address this opportunity.”
After first launching Bootcamp to Boardroom in 2021 the programme has collectively mentored and trained over 50 entrepreneurs who have subsequently grown their businesses by an average of 40% allowing them to employ additional staff. While many investors look for the next big unicorn to partner with, Waterkeyn believes that the gold lies with the small business sector.
“The B2B program has fundamentally changed the landscape for many entrepreneurs. Witnessing how business owners have embraced and applied the tools and knowledge to grow themselves and scale their businesses is truly inspiring. This initiative fosters a community of like-minded entrepreneurs, nurturing the exchange of insights and experiences,” says Dawn Nathan-Jones.
Unotida Nyoni is a former Bootcamp to Boardroom participant. He runs a virtual CFO agency providing accounting, coaching and tax services. When he first joined B2B in 2021 he was the only employee in his business. Today he employs five people and has increased his revenue by 200%.
He says: “The biggest takeouts from B2B were learning how to articulate the value that my business brings to customers clearly. One of the things we were taught was to pitch for potential investments. That really helped my sales process. In fact, we got our second CFO client right from that class. I learnt how to work on my business and not just in it. Through B2B, I got to know what the most important priorities were for me as a CEO. It helped me to spend my time in areas that gave the business the most growth. The networking opportunity has also been incredibly valuable. Entrepreneurship can be a very tough and lonely journey, but when you have friends that are on the same path, it becomes easier.”
Each Bootcamp to Boardroom participant receives one-on-one mentorship with leaders in their field thanks toEO Accelerator (EOA) as well as monthly training sessions in leadership, finding your purpose, building your brand, driving sales, managing your finances and developing your business plan and perfecting your pitch. The business leaders that facilitate these training sessions include Helene Smuts from Credo Growth, Nikki Stokes of The Digital Team, Mark Keating of SalesGuru, Unotida Nyoni of Grand Scale Consultancy and Dawn Nathan-Jones CEO of Over the Rainbow.
“We believe this to be the ultimate mix of training and mentorship an entrepreneur needs to help build their confidence and skills so they can put the necessary steps in place to take their businesses to the next level. And the proof is in the pudding. We’ve seen the impact a good business strategy can make and can’t wait to see what 2024 holds for our participants. Our goal for Bootcamp to Boardroom 2024 is to 10X everyone’s businesses.” Said Waterkeyn.
To find out more about Bootcamp to Boardroom please visit https://overtherainbow.co.za/bootcamp-to-boardroom/ or contact Lesley on lesley@otr.org.za.