Today sees the continued commitment by corporate South Africa, as over 400 professionals once again engage and assist more than 200 medium-sized black-owned businesses across the country
KPMG, in association with Absa Corporate and Business Bank (ACBB), today launches its second KPMG Enterprise Development Initiative (EDI) day. This initiative will once again see over 200 medium black-owned businesses from 15 regions, across the country, coming together at different venues to participate in tailored business mentoring sessions hosted by KPMG and Absa.
The KPMG Enterprise Development Initiative day aims to achieve long-term, sustainable enterprise development, specifically targeting entrepreneurial businesses in South Africa that are more than 50% black-owned with a turnover of up to R35 million per annum.
Following the success and outstanding feedback from last year’s participants, the KPMG Enterprise Development Initiative day consists of business mentoring sessions at business centres around the country. Business coaching teams will include up to four KPMG professionals and an Absa relationship executive.
According to Moses Kgosana, Chief Executive of KPMG; “What started out as – and of course remains - an alignment to a fundamental aspect of KPMG’s business model of ‘turning knowledge into value’ and our corporate citizenship philosophy of putting our skills to work, now has far wider reaching significance and goes beyond a mere commitment to enterprise development.
Rather initiatives of this nature should not only assist medium sized businesses with consultancy on an operational level, but in certain instances, could even influence its future operating viability in these turbulent economic times.”
James Slabbert, Managing Executive at Absa Corporate and Business Bank says; “Businesses generally have experienced an upward economic trend in the last 10 years. However, with the change in the economic cycle, businesses were forced to reconsider growth target. Many medium sized businesses are struggling to find sustainable ways to survive, and to ultimately create a platform for growth when the economic upswing happens.
As a result, the enterprise development initiative that KPMG and Absa host each year is aimed at equipping growing businesses/owners with the skills and knowledge to allow them to plan for future growth. Even in this economy, business growth can be achieved by launching new products and services; moving into new markets; winning new customers and/or combining existing resources in new ways - but this needs to be done with the right market insight. Absa and KPMG offer this expertise through the EDI day.”
Every participating medium sized business will meet with their skilled business coaching team in a private business session for a two-hour period, to discuss their respective business.
Slabbert continues; “We are pleased to see that over 200 medium sized black businesses nationally will participate this year, and that once again areas like East London, Port Elizabeth, Polokwane, Witbank, Klerksdorp, Ermelo, Rustenburg, Secunda and Nelspruit have been included with the more central regions like Johannesburg, Cape Town, Durban, Bloemfontein and Pretoria.”
The principles of this programme will continue to be extended through the hosting of quarterly business seminars, which will be driven by Absa, in association with KPMG, to provide medium sized businesses with ongoing and up-to-date information on changes to business legislation, tax codes and any other areas of interest related to their financial well being.
Furthermore, KPMG have invested in a full-time Associate Director, whom will be based at Absa, to drive this initiative throughout the year – highlighting the sustainability of the project.
Kgosana says; “Our mandate is to boldly support Government’s drive for economic growth and sustainability. Therefore, while not even our own target market, one cannot ignore the sector that will play a large role in driving government’s objectives widely – the sector that can boast a 96% majority in South Africa – the sector that is the small and medium business sector.”
Slabbert adds; “To support the ongoing growth of the local economy, corporate South Africa needs to find ways in which to make a meaningful difference to the overall economic wellbeing of the country. We feel our ongoing partnership with KPMG to drive this consecutive EDI day indeed supports such local growth. By sharing sound business practices with emerging enterprises to not only equip them with skills training and business mentorship, but to do so in a well-managed environment, underpinned by the principle of sustainability."
Kgosana concludes; “There is no doubt that corporate South Africa is an active participant in Government’s mandate around transformation with many organisations already embracing positive steps to drive economic growth. Today however, more than ever before, dire support is needed in the wider business community for relevant mentoring to effectively drive business growth. The small and medium sized business market makes up a large percentage of the country’s workforce yet do not have the resources to obtain high level consultancy. The KPMG EDI day addresses this need and aims to drive a deeper understanding and practical realisation of Enterprise Development. It is in this vein that I humbly encourage other corporate initiatives – which are similar in nature. KPMG and Absa have come together once again to form a working relationship that applies what our organisations do best to deliver real value.”
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