Helping individuals requiring funding understand what funders are looking for in a Loan application undoubtedly enhances their success chances. Yet another value-add by OBC Franchising.
Two members of OBC’s Head Office Team, Mornė van Dyk and Robbie Capazorio, recognised that securing funding ranks high on the list of potential barriers for individuals wishing to invest in OBC Better Butchery stores. This applies regardless of whether the investor is a newcomer to the OBC family or existing franchisees wishing to acquire an additional store. Always the trailblazers, they decided to do something about it.
To begin with, the duo debated what would satisfy the obvious need that exists in the best possible manner. They came to the conclusion that a workshop addressed by various experts would fit the bill.
They then designed the following agenda:
2. The importance of the business plan.
3. Understanding basic financial concepts
• Balance sheet;
• Projected income statement;
• The do’s and don’ts of financial gearing.
4. The funding process and the various options available to SMEs.
5. Questions and answers.
Next, invitations were sent out to individuals who had shown interest in investing in an OBC
Franchise as well as to franchisees who were known to be thinking about expanding their existing businesses or investing in additional ones. Most importantly, participation by representatives of the major banks was secured as well.
Whilst Robbie and Mornė handled agenda items 1 to 3, the bankers outlined their respective institutions’ approach to SME funding and how to prepare a compelling funding request.
Proceedings were inter-active throughout and participants left with a much better understanding of the financial implications of starting/extending a business and feasible funding options. Looking back, the workshop can be declared a great success. To accommodate future applicants for franchises, it will be repeated
as soon as prospect numbers warrant it. Franchisees wishing to sit in would be most welcome. Please record your interest in principle with Christel Schoeman – firstname.lastname@example.org – and she will send you details if and when these become available.