Daily Archives: November 8, 2024

Business breakfast meeting shines spotlight on Guruve

Business breakfast meeting shines spotlight on Guruve

Fungai Lupande
Mashonaland Central Bureau
The Zimbabwe Chamber of Small and Medium Enterprises in collaboration with the Ministry of Women Affairs, Community, Small, and Medium Enterprises recently held a business breakfast meeting in Guruve to share ideas, foster networking, inspire local entrepreneurs, and create business opportunities for the community.
The meeting was attended by local businesspeople and those from as far as Harare and Chitungwiza.
Guruve Rural District Council’s acting chief executive, Mr Munyengetero Maposa highlighted various business opportunities available in the district.
“There are vast opportunities in the gold and chrome mining sectors, agriculture, retail, transport and logistics, as well as in tourism within Guruve District,” he said.
Guruve is home to the renowned Tengenenge Arts Centre, which has produced world-famous sculptors, including the late Bernard Matemera and Henry Munyaradzi. The centre attracts international tourists who visit to see its unique artefacts.
One of the speakers at the meeting was Dr Kudzanai Vhere, an author of several books on entrepreneurship.
He urged the business community to be innovative and to consider opportunities beyond their local areas to make a greater impact in the business arena.
The guest of honour, Mashonaland Central Provincial Affairs and Devolution Minister Christopher Magomo expressed gratitude to Guruve RDC for organising the meeting.
“SMEs are pivotal to development and are the backbone of our economy,” the minister said.
He also urged large corporations to support small and medium enterprises and encouraged them to view these businesses as partners rather than competitors.
Mr Godfrey Chireru, the Guruve District Information Officer said the entrepreneurial spirit displayed at the meeting was impressive.
He said the event provided an opportunity for small and medium enterprises to explore how they can collectively contribute to the nation’s economic growth.

PWDs Launch Entrepreneurs, Business Association

Resource persons and participants at the training

Persons with Disabilities (PWDs) have launched the Ghana PWDs Entrepreneurs and Business Association (EBA) in Accra.
The  newly launched  national association is aimed at empowering  PWDs  by helping them attain skills in entrepreneurship, marketing, business orientation, capacity building.
The Association also aims to help PWDs entrepreneurs to access grants and equipment from stakeholders like the government and other private agencies.
Speaking at the launch, president for PWDs EBA, Richard Offei, explained that the mission of the association is to empower PWDs to become successful entrepreneurs, create employment opportunities for PWDs and also showcase innovative business ventures of persons with disability.
He explained that the association will help its members to attain skills in various economic fields to help empower the members’ financially in order to carter for their basic needs and reduce the dependency rate of PWDs on the government and in the society.
However, Mr. Offei expressed his grievance at the discrimination that PWDs face in society as it is the perception that they are expected to be beggars on the street.
Again, he expressed disappointment as invited government dignitaries did not show up at the launch.

By Florence Asamoah Adom

Calculate Your Business Loan EMI: A Step-by-Step Approach to Financial Planning

Whether you’re launching a startup, seeking new investment opportunities, or expanding operations, business loans can provide quick access to the funds necessary for growth.However, understanding and calculating your business loan EMI (Equated Monthly Instalment) is crucial for effective financial planning. By using a business loan EMI calculator you can assess the impact of the loan on your monthly cash flow and make informed decisions.What Is a Business Loan EMI?When you take out a business loan, the lender charges interest on the loan amount, which must be repaid over an agreed-upon period. The business loan EMI refers to the fixed amount you pay back each month, which includes both the principal and interest until the loan is repaid in full.Factors That Affect Your Business Loan EMI When calculating business loan EMI, some common factors taken into account are as follows:Principal Loan Amount – A higher principal loan amount results in higher EMIs. The more you borrow, the larger your monthly repayments will be. Interest Rate – The interest rate, set by the lender, directly impacts the EMI amount. Higher interest rates lead to higher EMIs. Interest rates vary among lenders and are influenced by factors such as your age, credit score, annual turnover, nature of business, business vintage, and the lender’s policies at the time of loan application. Loan Tenure – The duration of your loan impacts the EMI. A longer repayment period will result in smaller EMIs but leads to higher interest costs, whereas a shorter tenure increases the EMIs but reduces the total interest paid.In addition to the EMI, your financial planning should consider other fees and charges, such as processing fees, that can impact the overall loan cost. Always seek reputable lenders, such as SMFG India Credit, that clearly mention the costs associated with business loans on their website.How to Calculate Business Loan EMI?There are 2 primary ways to calculate your business loan EMI – using the EMI calculation formula and using a business loan EMI calculator. Let’s explore each method. Using an EMI Calculation FormulaThe mathematical formula to calculate business loan EMI is:EMI = P x R x (1 + R)^n / ((1 + R)^ n-1)where,P = principal amountR = monthly interest rate (annual interest rate divided by 12)n = repayment period in monthsLet’s say that you take out a business loan of INR 30 lakhs at an interest rate of 13% per annum with a repayment period of 48 months. Using the above formula, the EMI turns out to be approximately INR 80,482. Using a Business Loan EMI CalculatorTo save the time and effort involved in manual calculations, you can use an online EMI calculator to quickly estimate your monthly payments. Here’s how you can use the free business loan EMI calculator provided by SMFG India Credit and get your result in seconds:1. Access the Calculator – Click here to access the business loan EMI calculator and get started.2. Enter the Loan Amount – Enter the total loan amount you wish to borrow for your business. 3. Select the Interest Rate – Use the slider to select an interest rate. Keep in mind that this is an estimate and the final interest rate will be at the discretion of the lending institution. 4. Enter the Loan Tenure – Select a loan tenure that works for you, ranging between 12 to 48 months. 5. Calculate Business Loan EMI – Once you enter the information, the calculator will provide your business loan EMI in seconds. Important Note: EMI Calculators give you an estimated figure. Please note that the actual EMI amount may differ based on the lender’s policies at the time of evaluating the loan application.  The calculator results should not be considered a substitute for professional advice or loan sanction.Tips for Effective Financial Planning Using a Business Loan EMI CalculatorA business loan EMI calculator can be a valuable tool for financial planning. Here are some tips on how to use it effectively:Experiment with Different ScenariosUse the calculator to experiment with different loan amounts, interest rates, and tenures to see get a realistic picture of your business loan EMIs. This can help you estimate the most manageable repayment plan for your cash flow.Consider the Total Loan CostFactor in any charges and fees associated with the loan, such as processing fees, prepayment penalties, late fees, etc.Assess AffordabilityConsider your existing expenses to determine how much EMI you can comfortably afford without straining your business cash flow. Aim to keep aside funds for unexpected expenses or fluctuations in income.Monitor Cash Flow RegularlyKeep track of your cash flow regularly to ensure you can meet your EMI and other financial obligations. Adjust your budget as necessary to accommodate any changes in income or expenses.Conclusion Business loans are a viable solution to help your company grow, giving you the funds needed to start new projects, support daily operations, or invest in lucrative opportunities. By using a business loan EMI calculator, you can foresee how the loan may impact your cash flow and plan accordingly to ensure the repayments fit your budget. With careful planning and regular checks on your finances, you can use business loans to support your growth while maintaining a stable financial position.*EMI calculators only tell you an estimated figure. Your actual EMI, interest rate, and other loan terms will depend on your eligibility and the lender’s policy at the time of the loanapplication.

6 Easy Ways To Efficiently Manage Business Growth

Starting your own business was hard, and you deserve a pat on the back for daring to go for it!
However, bigger challenges are awaiting you. As your business grows steadily, so do your responsibilities and workload.
You will enter a new phase as challenges surround you from all directions. Your company’s future trajectory will depend on how you handle them.
Here are 6 easy ways to efficiently manage your business’ growth and stay ahead of the competition.
1. Planning Is Everything
Failing to plan is planning to fail. This classic line is particularly relevant in business contexts.
Here are some key points that a growth plan should cover.

Ways to finance the scale-up
Potential markets for your products
Local vs. overseas expansion
Customer feedback analysis
Talent acquisition to meet the increasing demand

Make sure the plan is built on defined goals and objectives.
For example, where do you see your business in the next five years? What can you do to make it happen? What are some moves you should consider after that?
Answering these questions will help you draft a detailed and practical plan.
2. Consider Practical Financing
Once your business grows, you’ll require additional funding to stabilize it.
There are plenty of finance options, but choosing the right one depends on factors like the size and model of your business.
SBA loans are perfect for small business expansions since the monthly payments are relatively low. If you meet their eligibility requirements, look no further.
Finding a reliable loan provider is easy if you have good credit scores.
Businesses in a rapidly growing stage approach venture capitalists to fund their projects and expand their network.
3. Track Your Expenses
Though business growth calls for additional funding, there’s no harm in minimizing the costs. This is why tracking your company’s financial transactions is crucial. It gives you a clear picture of where the money is going.
As the revenue increases, unnecessary expenses are a common occurrence. Often, businesses don’t realize how much they’re spending until it’s too late.
So, check your audit reports and identify where cost-cutting would be effective. You may purchase better equipment that reduces electricity bills or offer upskill programs to boost your employees’ productivity.
Such measures can save you a lot of money over time. So, consider them as an investment rather than a burden.
4. Invest in Your Team
Many businesses don’t understand the importance of human capital. A well-trained team is the backbone of any project.
Yes, training needs money and resources, but its benefits are immeasurable.
Adequately trained employees are quick at understanding information and connecting the dots. They can handle the demands of a growing business without frustration.
With such a workforce, your product delivery would be prompt, leading to happier customers and higher revenues.
5. Focus Only on Management
You might have performed all the tasks, from accounting to managing your social media. It is common in the initial stages of running a company.
Now, with a booming business, you will have less time. Therefore, doing everything by yourself is impossible because managing needs a lot of attention.
Under these circumstances, you can outsource some operations like accounting and payroll services and focus on creating better development strategies for your company.
Along with saving time, outsourcing will bring expertise from professionals, and you won’t have to worry about errors in the final work.
6. Embrace the Change
A thriving business goes beyond earning loads of money. It tests your limits, and you may not always like it.
You cannot expect to maintain progress if you explore only in your comfort zone. You may have to learn about new tech or invest in tools you have never heard of.
Be open to recognizing your shortcomings and adapting to the changes. It is essential to remember your vision and stay strong throughout this journey.
You are a source of inspiration to the entire team. So, your actions should reflect optimism and positivity.
Conclusion
Networking events are an excellent way to stay in touch with people from various domains and diverse experiences.
By talking to successful entrepreneurs, you can understand their approaches to several struggles in the business world. This knowledge can help you steer your brand’s growth in the right direction.