SMEs Need Business Budget to Succeed

As a business start up and small business consultant, I have noticed a great deal that one of the major reasons 80% of starts ups don't last the first two years is due to lack of proper business budget.

A budget is simply "an estimate of income and expenditure for a set period of time"

Who needs a budget? Every businesses need a budget annually.

The same way large corporations spend a lot to put their company budget together as to provide guidance, strategy and direction for the company, so also micro, small and medium scale businesses must also have business to run with.

Having a profit and loss account is not enough, that is an aftermath. 

The budget provides direction, focus, discipline, accountability, prudence and even propels the business for hard work.
With the budget, you already have tried to map out all that you would be venturing into and exactly what you want to achieve with a period, so you are not dissuaded by whatever wind that comes around.

Startups: Apply to the MTN Enterprise Challenge powered by Jumia and win $25,000

Applications are now open for the MTN Entrepreneurship Challenge powered by Jumia.

The MTN Entrepreneurship Challenge powered by Jumia is a pan-African competition which will bring together over 1000 entrepreneurs, students and investors, to collaborate on ways to amplify and consolidate the continent’s entrepreneurs. The competition will see entries from more than 60 universities in 13 countries across Africa, who will develop a unique digital application or smart solution that will solve a tangible problem faced on the continent.

The winner of the MTN Entrepreneurship Challenge will win a cash prize of $25 000 towards their start-up, and have access to a Facebook Start Program valued at $15 000, which includes tools and services needed to build mobile applications. The winner will also enjoy a yearlong partnership with Jumia where they will have the opportunity to work from any of JUMIA’s offices across Africa. This will enable the winner to learn from, and be mentored by experienced and successful entrepreneurs in the JUMIA network. Two runners-up will each receive US $5 000 towards their projects.

Apply to African Entrepreneurship Award 2016 and win $1 million; business ideas also welcome

Do you have a business idea that will create jobs and improve lives in your region?

Well, the 2016 edition of the African Entrepreneurship Award is open for applications. This means you stand to benefit from personalized, online mentoring over the next few months by people in your region, across Africa and around the globe as they help you finetune your business idea.

You also have the chance of joining a new network that can lead to new customers and investors, and finally, if you emerge among the ten finalists, you get to share in the $1 million award.