nef business plan requirements

Everything You Need to Know About NEF Funding

Mar 13, 2023

Table of Contents

Introduction To The National Empowerment Fund

The National Empowerment Fund (NEF) may be the right funder for you if your business venture has the potential to make a positive impact on the local economy, creates jobs and endeavours to increase the economic participation of black people, women, youth and other previously disenfranchised groups.

The fund is designed to facilitate and promote black economic participation. Founded in post-apartheid South Africa in 1998, the funder provides financial and non-financial support to black entrepreneurs and groups in support of Broad-Based BEE (B-BBEE) in terms of government legislation.

Find Out More About B-BBEE  

How The Nef Supports Smes

The NEF is a major part of the government’s effort to support SMEs in the country. The fund offers a wide variety of financing products which target businesses across all industries.

Businesses can apply for funding for startup, expansion and equity acquisition purposes. This is offered in a combination of debt, equity and quasi-equity. Non-financial support is also made available in the form of funding advice, business planning and “general assistance to help ensure that applications are of sufficient quality to complete all steps in the application process”. Successful NEF candidates can also access post-investment support.

What Goes Into Applying For Development Funding

Before applying for development funding such as NEF funding it’s important that business owners do their research and prepare for what can be an extensive process. Your business must be able to meet the fund’s strict criteria, deal with the heavy paperwork, and handle the long processing times. 

A lack of knowledge and time are some of the key challenges that businesses applying for government funding need to be prepared for, said Zahra Rawjee, director of operations and business development, in a previous interview with SME South Africa . Her company helps entrepreneurs access development funding from the NEF and other government funders.

“Entrepreneurs [who own and manage their own businesses] are good at what they do. While they are masters of their craft, they often have limited knowledge of how or where to access finance from.

“If this knowledge and skill set does reside within the business, capacity constraints exist as these initiatives require a substantial amount of time to see through to conclusion, which will require the business to redirect resources that should be focused on sales and customer service.

Financial and B-BBEE compliance are often also lacking, says Rawjee, including annual financial statements, management accounts and tax clearance.

“Record keeping is essential if you would like to access developmental finance in the future. You need to ensure that you have a strong bookkeeping administrative system, accountants that would ensure you remain tax compliant and provide you with regular management accounts and annual financial statements,” she says.

Finally, business owners also have to manage expectations, she adds.

“The timeframe of decision-making to undertake an expansion project by the client often results in unrealistic expectations.”

Access the full article: The Consulting Firm That’s Helping Black Industrialists Secure Millions In Funding  

The Type Of Businesses That Can Apply For The Nef

NEF funding is available for a wide range of different business ideas and opportunities. This includes:

• Food and beverage
• Tourism and entertainment
• Financial services
• Construction and materials
• Agro-processing
• Manufacturing
• Motor industry
• Transportation
• Textile industry

Funding Criteria

As long as you run a compliant business that meets the set requirements, any South African business owner can apply for funding. 

Each application for funding is assessed in terms of the following criteria:

• Commercial viability of the business case being presented
• The business must comply with all relevant laws and regulations
• There must be operational involvement at the managerial and board levels by black people
• Minimum percentage of black ownership or interest of 50.1% is a requirement
• The business must be able to repay NEF funding
• The business must create a reasonable number of jobs
• Geographic location of the business is also important with the focus on rural or economically depressed areas encouraged
• Meaningful black women participation is viewed more favourably
• Rural and Community Development Projects must have meaningful participation by communities
• Possibility of co-funding with private or public sector institutions is encouraged in larger projects.

Funding Amounts

The NEF provides business loans ranging from R250 000 to R75-million.

Non- Financial Support Available

The following non-support is provided by the NEF. 

• Pre-investment Unit (PIU) – support for entrepreneurs through the application process.

The PIU’s primary functions are to:

• Information on NEF funding & non-funding solutions
• Provide guidance in drawing up funding applications
• Identify applications which meet the NEF’s funding criteria
• Keep clients informed on the progress of their applications
• Advise applicants on qualifying criteria and application process
• Post-investment unit – support to mitigate against business failure.

The unit is responsible for:

• Regular portfolio monitoring
• Regular collections management and credit control
• Mini restructure of distressed investments
• Turnaround and rescue of highly distressed investments
• Legal and workouts
• Active board seats on larger investments
• Mentorship and technical assistance
• Valuations of investee companies
• Impairments of investments; bad debt write off
• Legal Compliance
• Portfolio Management
• Portfolio Risk Management
• Additional funding on existing investments
• Exits on matured investments
• Knowledge Management
• IT system development
• To provide a superior customer relationship management channel for all NEF’s Investees

Funding Approval Process

According to the NEF, the process period is 3 to 4 months on receipt of the application up to the disbursement stage. It includes the following key steps:

• Screening of funding application form
• Submission to investment committee
• Due diligence process
• Resubmission of final report
• Legal process and procedures
• Disbursement

Nef Funding Products

NEF funding is currently obtainable from the following 9 funds:

Women Empowerment Fund (WEF)

The NEF Women Empowerment Fund allocates funding in the form of a loan or debt equity to qualifying black – women owned businesses across all industries for startups, expansion or equity acquisition purposes. 

The funding starts from R250 000 to R75 million. 

The funding requirements for this fund are as follows:

• Minimum of 51% black female ownership.
• Operational involvement at the managerial and board levels by black women.
• Commercial viability of the business case being presented.
• Compliance with all relevant laws and regulations.
• Ability of the business to repay WEF funding.
• Creation of jobs.
• Geographic location of the business is also important with the focus on rural or economically depressed areas encouraged.
• For property transactions, at least 51% of the annual expenditure of the business to be allocated to majority black-owned businesses

Where to Access Funding For Women-Owned Businesses in South Africa [UPDATED] ( https://smesouthafrica.co.za/where-to-access-funding-for-women-owned-businesses-in-south-africa/ )

iMbewu Fund

This fund is designed to support black entrepreneurs requiring startup capital or existing black-owned enterprises in need of expansion capital. 

The key requirements of this product are:

• BEE applicants should be actively involved in the day-to-day management of the business
• Minimum black ownership of 50.1% is a requirement
• Business and/or industry experience by black entrepreneurs is also considered
• The NEF reserves the right to oblige applicants to participate in the NEF mentorship programme where there is lack of business and/or Industry experience
• The business should be able to repay NEF’s investment
• Funding Instruments include term-loans, shares and other structures with ordinary share characteristics
• NEF funding is charged at prime linked interest rates
• Business must have a clear value-add with a sound business case
• Maximum NEF funding is R10 million
• The NEF will exit from the investment in 5 to 7 years

Procurement finance  

The Procurement Finance product assists black-owned SMEs that have secured tenders or contracts with financing to complete them. Funding instruments for this fund include terms loans, bridging finance, asset finance and revolving facilities. NEF funding is generally limited to R10 million for this product.

The key criteria of this product are:

• There must be active participation by black individuals in the operations of the business
• Minimum black ownership of 50.1% is required
• Industry knowledge by management or there must be clear transfer of skills through relevant partnerships
• Funding instruments include term-loans, bridging finance, asset finance, revolving facilities and debt finance
• NEF will fund both the acquisition of assets and the working capital requirements of the business
• The NEF reserves the right to oblige applicant to participate in the NEF mentorship programme
• NEF will support contracts awarded by reputable entities
• NEF does not generally support subcontracts especially those awarded by agents and entities that have a weak financial position and lacking track record
• The contract must be commercially viable and generate sufficient profits and cash flow to repay NEF’s loan

Franchise finance 

This product provides financing for entrepreneurs interested in acquiring a franchise business or looking for expansion capital. 

The key criteria of Franchise finance are:

• The NEF prefers to fund well established franchise concepts
• Active management involvement by BEE parties is required
• Minimum BEE shareholding of 50.1% is a requirement
• NEF funding of franchises is through a loan instrument with the term matching the duration of the franchise license, however, up to a maximum term of 7 years
• BEE party must have been pre-approved by the franchisor before approaching NEF
• NEF funding generally limited to R10 million
• NEF will fund SME; using mainly debt

uMnotho Fund

This Fund is designed to improve access to BEE capital.

uMnotho Fund has the following products:

• Acquisition Finance,
• Project Finance,
• Expansion Finance,
• Capital Markets Fund,
• Liquidity and Warehousing

These products provide capital to black-owned and managed enterprises; black entrepreneurs who are buying equity shares in established black and white owned enterprises; starting new ventures; expanding existing businesses and BEE businesses that are or wish to be listed on the JSE.

• Acquisition finance 
• BEE applicants seeking to fund equity purchases of between R2 million and R75 million in existing businesses
• Focus on medium to large companies
• Focus on partnerships with existing management teams and other equity investors
• Minimum BEE ownership of 25.1% post NEF investment
• Active BEE management participation
• Active BEE involvement in investee companies
• BEE Financial contribution determined on case-by-case basis
• Investment instruments can include a combination of debt, equity and mezzanine finance
• The NEF reserves the right to oblige applicants to participate in the NEF mentorship programme
• Typical investment horizon of 4 to 7 years
• Security to include personal guarantee
• Project Finance

This product provides capital of R5 million to R25 million per project for BEE parties seeking to participate in medium-sized greenfields projects with total funding requests of between R10 million and R200 million.

• Minimum 25.1% BEE shareholding
• Investment instruments can include a combination of debt, equity and mezzanine finance in support of BEE
• BEE-specific financial contribution assessed on a case-by-case basis
• NEF exposure to the project generally not to exceed 50% of total project costs
• Proven management experience within consortium
• Debt funding raised from the market to match equity funding provided by NEF and other project sponsors
• The NEF investment horizon is 5 to 10 years
• Security to include personal guarantees
• Expansion Finance

The NEF will provide funding of R5 million to R75 million to entities that are already black-empowered, but seek expansion capital to grow the business.

• BEE shareholding should be minimum of 50.1%
• Pricing based on instrument, risk matrix, security package, etc.
• Security to include personal guarantee and security over business assets
• Capital Markets Fund

This product invests in BEE enterprises, particularly those owned by black women, that seek to list on the JSE or its junior AltX market. The uMnotho Fund will also help listed BEE companies to raise additional capital for expansion.

All other key features are similar to those of the Acquisition Finance product.

This product assists BEE shareholders who need to sell a portion or all of their shares while keeping the shareholding black (https://www.westerncape.gov.za/text/2013/March/nef-presentation.pdf).

All other key features are similar to the Acquisition Finance Fund.

Strategic Projects Fund (SPF)

The SPF fund works to ensure the participation of black people in early stage projects. The fund provides venture capital finance to develop industrial capacity in strategic sectors identified by the government as key drivers to economic growth.

SPF targets the following priority sectors: 

• Agriculture
• Business Process Outsourcing [Call centres, data storage centres and termination centres]
• Mining, Mineral Processing and Mineral Beneficiation
• Automobiles
• Renewable Energy and Biofuels [solar, biomass, hydro, co-gen and wind]
• Pharmaceuticals and Chemicals
• Forestry, Pulp and Paper
• Infrastructure [telecoms, healthcare, roads, rail airports, dams and water]
• Tourism [hotels, resorts, tourism attractions and leisure]

Rural, Township and Community Development Fund

The aim of the Rural, Township and Community Development Fund is to provide funding to aspiring rural entrepreneurs, cooperatives and community groupings. The fund also seeks to facilitate skills transfer. 

The sectors funded are as follows:

• Agro Processing and Manufacturing
• Eco-Tourism
• Forestry and Fisheries
• Commercial Property
• Aqua and Marine Culture
• Non – Farm Activities (rural based)
• Projects must be financially sustainable
• BEE applicants should be actively involved in the day-to-day operations of the business
• Technical partners should be actively involved in the day-to-day operations of the business
• The NEF will invest using debt, equity and quasi-equity instruments
• Minimum black ownership of 25.1% is a requirement
• Joint ventures between black and non-black partners to support skills transfer
• The business must have a clear value-add with a sustainable business case
• The NEF will exit from the investment in 5 to 10 years

Arts and Culture Venture Capital

The fund is designed to promote and develop the arts and culture sector by providing affordable loans to start and/or expand small businesses.

All compliance requirements listed below must be submitted:

• Compliance Requirements
• Completed NEF application form;
• Business plan and projected Income Statement, Balance Sheet and Cash Flow Statement for the duration of the funding period;
• Cash flow projections indicating how the loan will be repaid over the term and the loan duration;
• Registration documents as a legal entity;
• Valid tax clearance certificate;
• Minimum of 50.1% shareholding by black South African citizens as defined in the B-BBEE Act who are resident within the borders of South Africa;
• In need of start-up or expansion capital;
• Require loan from Arts and Culture Venture Capital Fund of not less than R250,000 and not more than R5 million; However applicants are welcome to apply for normal NEF funding above R5 million;
• Loan repayment should be within twenty four (24) months;
• Own contribution of 5% or more towards the project;
• Audited/reviewed financial statements for the past three years along with management accounts not older than three months ONLY for businesses that have been in operation;
• A minimum of three (3) months must be provided between the closing date of the advert and the actual date when the first disbursement on the loan is required to allow enough time for the project;
• Financing any asset such as equipment or infrastructure must be for the purpose of start-ups or expansion with existing contracts or orders;
• Social impact in the form of job creation and economic empowerment by indicating how many job opportunities will be created; Employment numbers must be stated by race, gender,disability,etc. for the project to be funded;
• Applicants should be actively involved in the day-to-day operations of the business. If applicant is employed full time, he/she may be required to resign from his/her employment and provide the Fund manager with proof of resignation;
• Necessary skills, experience or with the potential skill appropriate for the enterprise to succeed;
• Have a profit motive and clearly indicate how the loan will be repaid;
• Applicant’s projections must show growth prospect in order to be self-sustainable in future; and
• Brief profile and financial strength to settle projected receipts when due of the applicant’s customer(s) or sponsor(s)

Tourism Transformation Fund (TTF)

The TTF is a dedicated capital investment mechanism that was developed in collaboration with the National Empowerment Fund (NEF) to drive transformation in the tourism sector in a more direct and impactful manner. It aims to assist small and micro black-owned tourism enterprises to expand and grow with the goal of creating a new generation of black-owned, youth, women and community based tourism operators. All applications and approvals for this program are managed by the NEF.

The TTF provides a combination of grant funding, debt financing, and equity contributions to facilitate capital investment in the tourism sector by black entrepreneurs. 

Application requirements

New and existing black-owned enterprises are eligible for funding if they satisfy the following requirements:

• The enterprise must provide services to tourists as its direct clients.
• The project must have proven commercial viability and sustainability, as per the NEF funding criteria and due diligence.
• The enterprise must be majority (51%) black-owned.
• The enterprise must be black management controlled.
• Shareholders must be operationally involved in the business.
• The enterprise must be registered as a legal entity in South Africa in terms of South African law.
• The enterprise must either be a black-owned Exempted Micro Enterprise (EME) or black-owned Qualifying Small Enterprise (QSE), in terms of the Amended Tourism Broad-Based Black Economic Empowerment (B-BBEE) Sector Code.

Read: Everything you Need to Know about the Newly Launched Tourism Transformation Fund  

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How to apply for business grants? DTI, SEDA, IDC, NEF and non-repayable grants

Many South Africans have business ideas with the potential to earn them a lot of money. Unfortunately, many lack the financial resources to actualise their ideas. If you are an entrepreneur looking for cash to start a venture, you need to learn about business grants, including DTI funding for small businesses.

Many South Africans have benefited from business grants like DTI funding for small businesses, SEDA, NEF, and IDC. If you wish to be a beneficiary, you must apply for them.

How to apply for business grants in South Africa

Starting and running a successful business is a challenging task. Many people struggle because they lack adequate capital to start and run operations.

Programmes like DTI funding for small businesses have made many people's dreams a reality. Read on if you need to learn how to apply for government grants for small businesses.

DTI funding

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DTI stands for the Department of Trade and Industry. DTI offers a type of government funding to small businesses in multiple sectors. The aim of the assistance is to promote economic development, increase healthy competition, increase the enterprise economy , and widen the economic opportunities available to citizens.

DTI incentives available

There are multiple ways the DTI offers financial assistance to small businesses, as shown below.

• Capital Projects Feasibility Program (CPFP): For enterprises dealing in local exports.
• Production Incentive (PI): This is an upgrade grant facility or interest subsidiary facility.
• Automotive Investment Scheme (AIS): This is used to grow the automotive sector
• Clothing and Textile Improvement Competitiveness Program (CTICP): For enterprises dealing in apparel and textile manufacture.
• Support Program for Industrial Innovation (SPII): This is given to technology innovators.
• Aquaculture Development Enhancement Program (ADEP): This facility is issued to registered entities engaged in aquaculture activities.
• Critical Infrastructure Program (CIP): This scheme improves investment in critical infrastructure projects

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NB: The DTI funding requirements may vary depending on the type or form of funding you want. To apply for this financial assistance, your business should fill out the DTI funding application forms on the DTI website .

SEDA refers to the Small Enterprise Development Agency. The agency was established in December 2004 under the Department of Small Business Development.

SEDA offers loans and grants to small businesses. It puts the specific businesses it wishes to issue grants to on the website. The agency also issues the criteria businesses must meet to receive funding.

SEDA online application

Applications for the SEDA grant are made online . You can confirm if your small business meets the criteria for funding. SEDA normally gives details of the application process on its official website .

Since the details vary depending on the sector and requirements, there are no official SEDA funding application forms for 2023.

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SEFA funding

SEFA is an acronym for Small Enterprise Finance Agency. It was founded in 2012. Since then, the government has been funding it to support small businesses.

There are various forms of SEFA funding , including term loans, bridging loans, and structured finance. As a result, SEFA funding requirements vary depending on the form you wish for.

To get a SEFA loan, for instance, you must submit a completed SEFA application form and a comprehensive business plan.

IDC funding

IDC is an acronym for the Industrial Development Corporation. IDC offers financial support to businesses looking to acquire capital for buildings, equipment, business expansion, or starting a venture.

How to apply

There is no official IDC funding application form. Instead, enterprises seeking funding should follow the steps below.

• Write a well-researched business plan. The plan should give a compelling case for funding.
• Register online for submission or submit the plan to the IDC offices. Ensure your application contains all relevant documents and certificates.
• IDC will confirm it has received your documents. Allow the officials time to process them. They may ask for extra information or documentation.
• The agency will give you feedback on the outcome of your application. If your business is successful, due diligence will be conducted by the relevant officials.
• Once verified, you will be asked to sign a loan contract before receiving cash.

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NEF funding

The National Empowerment Fund (NEF) is a project by the Government of South Africa to support and boost public participation in business and entrepreneurship. The fund was established in 1998.

NEF offers financial and non-financial support to black-owned and managed businesses. It also promotes a saving and investment culture among black people. NEF offers various f orms of support , as listed below.

• Tourism Transformation Fund
• Rural, Township & Community Development Fund
• Strategic Projects Fund
• Arts & Culture Venture Capital Fund
• Women Empowerment Fund
• IMbewu Fund
• UMnotho Fund
• Visit the NEF website to download the NEF funding application form.
• Complete and submit the form.
• The relevant officials will screen the application.
• Screened application forms will be taken to the investment committee for approval.
• Once approved, NEF will do due diligence on your business.
• The relevant officials will re-submit the final report.
• Next, the relevant NEF officials will conduct the necessary legal procedures.
• Finally, the funds will be disbursed.

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LEDA funding

The Limpopo Economic Development Agency (LEDA) was established in 2016 with the aim of accelerating job creation and promoting economic growth and development. It does this by offering business loans.

The LEDA funding application form is available on the official website. Kindly note that these are loans, not grants.

What are non-repayable small business grants?

These are a type of development funding the Government of South Africa offers to support small business growth. The businesses are not required to pay back the amount received.

How do I get local grants for my small business?

You can get grants by applying for those you qualify for, e.g. DTI, SEDA, IDC, and NEF.

What does SEDA help with?

SEDA provides support for small businesses in various phases of their life cycle. The support includes offering business talks and providing funds, tools, and equipment needed to start, run, and operate an enterprise.

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Many South Africans are beneficiaries of DTI funding for small businesses. SEDA, IDC, and NEF have assisted others. These agencies promote business development in the country.

DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional help or advice and should not be relied on to make decisions of any kind. Any action taken upon the information presented in this article is strictly at your own risk and responsibility!

READ ALSO: How to calculate PAYE on salary 2022: step-by-step guide

Briefly.co.za recently published details on how to calculate PAYE on salary. PAYE means pay-as-you-earn tax. It is a repayment scheme that incrementally makes deductions as paychecks are received in South Africa.

The South African Revenue Service collects pay-as-you-earn tax from employees. After PAYE is deducted, one receives a net salary.

Source: Briefly News

Peris Walubengo (Lifestyle writer) Peris Walubengo is a content creator with 5 years of experience writing articles, researching, editing, and proofreading. She has a Bachelor of Commerce & IT from the University of Nairobi and joined Briefly.co.za in November 2019. The writer completed a Google News Initiate Course. She covers bios, marketing & finance, tech, fashion & beauty, recipes, movies & gaming reviews, culture & travel. You can email her at [email protected].

Cyprine Apindi (Lifestyle writer) Cyprine Apindi is a content creator and educator with over six years of experience. She holds a Diploma in Mass Communication and a Bachelor’s degree in Nutrition and Dietetics from Kenyatta University. Cyprine joined Briefly.co.za in mid-2021, covering multiple topics, including finance, entertainment, sports, and lifestyle. In 2023, she finished the AFP course on Digital Investigation Techniques. She received the 2023 Writer of the Year Award. In 2024, she completed the Google News Initiative course. Email: [email protected]

Insurance Requirements

General insurance provisions.

For a comprehensive description of NEF’s insurance requirements, both during and after construction of the Project, please refer to the insurance specifications below. The Project’s Sponsor should direct the insurance agent/broker to the NEF, Inc. web site for an explanation of the following types of insurance coverage, if applicable or required:

• Property, including Loss of Rents for any occupied units and Boiler & Machinery
• Flood/Windstorm/Earthquake insurance
• General/Excess Liability insurance
• Worker’s Compensation (for employees on the project site)
• Builder’s Risk, including insurable soft costs
• General Contractor’s (plus any separate contracted subcontractor’s) Liability
• General Contractor’s Payment and Performance Bond
• Architect’s Professional Liability
• Environmental Consultant’s Professional Liability
• Property Manager’s (GP Affiliate Manager) Fidelity/Crime, Workers Comp, and General/Excess Liability
• Special project coverage
• ALL INSURANCE CARRIERS MUST BE AT LEAST A.M. BEST RATED A VIII
• The name of the operating entity (the “Partnership”) that legally owns the Project (either as an LP or LLC) must be listed as the “Named Insured”. If it is a Master Program, then the Partnership must be listed as an “Additional Named Insured”.
• National Equity Fund, Inc. and, as applicable, either NEF Assignment Corporation, as nominee, its beneficiaries and their respective ISAOAs, or the Investment Fund, its successors and assigns, must be listed as an “Additional Insured”. Other “Additional Insured” may be required at the request of Insurance Risk Management.
• All Project insurance policies must have 30 days’ notice of cancellation, except for non-payment of premium, in which case, ten (10) days’ notice must be given.
• The Certificate Holder’s rights of direct notice must be listed as “National Equity Fund, Inc.”
• Each Certificate or Binder must set forth the name of a producer and his/her email address and telephone number.
• Prior to closing, NEF’s insurance consultant will deliver an insurance protocol to the Sponsor and other parties to the transaction that identifies all applicable Named Insured and Additional Insured parties.
• To assure the proper insurance placements and documentation, it is important to provide these guidelines to the licensed insurance producer securing coverage on behalf of the Partnership.
• CERTAIN INVESTORS MAY HAVE ADDITIONAL INSURANCE REQUIREMENTS. SEE LINKS TO ADDITIONAL JP MORGAN CHASE REQUIREMENTS BELOW.

Please forward Certificates/Binders to the following:

National Equity Fund, Inc. c/o Traxler & Tong, Inc. P.O. Box 98 Sausalito, CA 94966

For additional information, please contact:

Chris Svenson Insurance Consultant Traxler & Tong, Inc. [email protected] 415-755-4085 ext. 204

Cherita Perry Director of Insurance National Equity Fund, Inc. [email protected] 312-619-5192

INTAKE FORM

Please complete the  insurance intake form  and submit via email. Detailed submission instructions are provided on the form.

INSURANCE SPECIFICATIONS

Under Construction

Completed Construction

Permanent  Assisted Living

INSURANCE SPECIFICATIONS FOR JP MORGAN CHASE

Construction Permanent 

OTHER DOCUMENTS

Identification of Legal Interests–Closing Certs National Flood Insurance Program Architects: Sample Certificate of Liability General Contractors: Sample Certificate of Liability

KEY CONTACTS

For assistance with development questions of NEF properties:

FOR ASSET MANAGERS

Determining Cash Flow

As a small business owner, it’s important to know how much cash is moving in and out of your business. You need to think ahead in order to meet financial obligations and run a profitable business on a long-term basis.

Calculating Start-Up Expenses

Business startup costs can add up quickly. You’ll likely need to invest in equipment, inventory, payroll, software, and office space – just to name a few expenses. Plus, you’ll also have to pay for permits, marketing costs, and any needed legal fees.

Why Is Budgeting So Important?

Budgeting – creating a realistic spending plan for your money – helps ensure you will always have enough capital for business necessities and aids long-term financial planning. Following a budget can also keep you out of – or help get you out of – debt.

Additional Resources

Viva Fit Kitchen

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How One Business Owner Scaled Her Healthy Meal Prep Business with Nebraska Enterprise Fund's Support Viva Fit Kitchen, a healthy meal prep company with a Mexican twist, is not just about serving delicious food but also helping others lead a healthy lifestyle. The...

Legato Living Elkhorn

by emmaleescheibe | Feb 14, 2024 | NEF News

How Legato Living's Individualized Care Sets Them Apart as a Locally Owned Memory Care Facility The odds are high that you know someone living with dementia experiencing memory-related challenges. Caring for someone with memory impairment is becoming increasingly...

Dirty Birds

by emmaleescheibe | Jan 29, 2024 | NEF News

From Dream to Reality: How Dirty Birds' Fried Chicken Restaurant Became Possible with the Help of Nebraska Enterprise Fund When you hear the words “dirty birds,” fried chicken may not be the first thing that comes to mind, but the phrase “Dirty Birds” has been popular...

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Specialising in crafting meticulous business plans, our guiding principle is “Plan, Strategise, Achieve”. We support South African entrepreneurs by crafting detailed business plans, transforming initial ideas into structured and coherent strategies for potential growth and funding application.

Being the experts in multiple industries, our business plans comply for with all industry regulators in South Africa.

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Frequently asked questions, is a business plan essential.

Why is a business plan essential for my start-up or existing business. A business plan serves as a blueprint for your venture, detailing your business objectives, strategies, and financial projections. It not only provides direction but also enhances credibility when seeking funding or partnerships. With Business Plan Partners, you benefit from our vast experience in crafting business plans tailored to South African standards, ensuring your venture’s success.

How can a business plan help me secure funding?

Lenders and investors often require a comprehensive business plan to understand your business’s viability and potential for returns. A well-structured plan, like those crafted by Business Plan Partners, showcases your business’s strengths, market positioning, and growth strategy, increasing your chances of securing the necessary funds.

I'm not well-versed in financial jargon. Will I understand the financial projections in the business plan?

Absolutely! At Business Plan Partners, we pride ourselves on creating business plans that are both professional and easy to understand. We break down complex financial data into digestible insights, ensuring you’re well-equipped to make informed decisions.

How does a business plan from Business Plan Partners differ from generic templates online?

Generic templates often provide a one-size-fits-all approach. In contrast, Business Plan Partners offers bespoke business plans tailored to your unique business needs and objectives. Our plans are compliant with major South African institutions, ensuring they’re not just documents but strategic tools for success.

Can a business plan assist in identifying potential challenges and opportunities in my market?

Indeed, it can. A robust business plan includes a thorough market analysis, highlighting potential challenges and untapped opportunities. With Business Plan Partners, you gain insights derived from our extensive experience in various industries, helping you navigate the South African business landscape effectively.

How often should I update my business plan?

A business plan isn’t a static document. It should evolve as your business grows and the market changes. Regular updates, especially after significant milestones or changes in the market, ensure your plan remains relevant. With Business Plan Partners by your side, you have a trusted partner to guide you through these updates, ensuring your business remains on the path to success. However, using our service for updates is entirely optional and not a mandatory requirement for a business plan.

What standards do our Business Plans adhere to?

Our Business Plans are crafted to meet the criteria set by:

• Finance / Funding Institutes in South Africa.
• South African Banks (FNB / Standard bank / Nedbank / ABSA). We are Official Partners of Nedbank.
• South African and Government Tenders / Contracts.
• The National Industry Regulator.

Apply above to speak to a Business Specialist today!

Will a Business Plan guarantee Funding?

While a well-crafted business plan significantly improves your chances of securing funding, it’s essential to understand that we cannot guarantee funding. Our role is to equip you with a comprehensive and compelling business plan, which is a crucial document for funding applications.

However, many other factors, such as market conditions, the viability of your business model, creditworthiness, and the specific criteria set by funding institutions, influence the final decision. What we can ensure is that with our expertise, your business plan will present your vision and strategy in the best light possible, bolstering your case when you approach lenders or investors.

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Some companies plan to increase return-to-office requirements, despite risk of losing talent

By Khristopher J. Brooks

Edited By Anne Marie Lee

Updated on: May 29, 2024 / 6:38 PM EDT / CBS News

A quarter of U.S. companies will require its workers to show up at the office more often next year, even though doing so may cause some productive staff members to leave.

That's according to new  findings  from ResumeBuilder.com which surveyed 756 employers at companies with return-to-office policies in place since 2021. RTO mandates have been one of the most divisive issues in corporate America since the nation emerged from the pandemic, with companies and employees often  clashing over policies.

Among companies planning to require an increased number of days in office, 86% cited productivity as the top reason for doing so. That was followed by a desire to improve company culture (71%), employee well-being (57%) and retention (55%). 

However, the findings of at least one study on RTO mandates seems to contradict those motives. Research from the Katz Graduate School of Business at the University of Pittsburgh, found that RTO mandates have no impact on companies' financial performance. It also found that RTO policies can cause a "significant decline"  in employee satisfaction . That may explain why 80% of companies in Resume Builder's survey said they have lost talent as a result of their RTO policy. 

"Unfortunately, I think many business leaders make assumptions about things like productivity, culture, and employee well-being,"  Julia Toothacre, resume and career strategist at Resume Builder, said the report. "Productivity is a result of clear expectations and good management. Culture is driven by people, not physical spaces, and employee well-being is more about how people are managed, their stress levels, and the amount of flexibility they have."

The survey also found that 45% of companies will not push employees to come into the office more often next year, choosing to leave their current RTO policy as is. Another 21% said employees will be allowed to come in less frequently in 2025.

Still, an overwhelming 93% of business leaders believe employees should be physically present in the office and therefore support RTO mandates. Most employers currently require that employees work in office a certain number of days, with 38% enforcing a minimum of three days per week. Amazon, Apple, and Starbucks are among the companies now requiring workers to come in three days a week.

As work-life balance becomes a higher priority for employees, however, Toothacre says companies can expect more walkouts as a result of RTO mandates.

"People may have moved and aren't willing to move again to keep their position," she said. "It's also possible that there are familial responsibilities that require a flexible schedule or the need to be at home. Some people also like working from home or remotely and don't want to return to an office environment."

ResumeBuilder.com drew its results from a May survey of business owners, human resource managers, supervisors, CEOs, senior managers and other top decision-makers at companies. The respondents were all over age 25, made over $75,000 a year and had an education higher than a high school diploma. 

Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

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IRS makes Direct File a permanent option to file federal tax returns; expanded access for more taxpayers planned for the 2025 filing season

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IR-2024-151, May 30, 2024

WASHINGTON — Following a successful filing season pilot and feedback from a variety of partners, the Internal Revenue Service announced today that it will make Direct File a permanent option for filing federal tax returns starting in the 2025 tax season.

The agency is exploring ways to expand Direct File to make more taxpayers eligible in the 2025 filing season and beyond by examining options to broaden Direct File’s availability across the nation, including covering more tax situations and inviting all states to partner with Direct File next year.

The IRS plans to announce additional details on the 2025 expansion in the coming months.

The decision follows a highly successful, limited pilot during the 2024 filing season, where 140,803 taxpayers in 12 states filed their taxes using Direct File. The IRS closely analyzed data collected during the pilot, held numerous meetings with diverse groups of stakeholders and gathered feedback from individual Direct File users, state officials and representatives across the tax landscape. The IRS heard directly from hundreds of organizations across the country, more than a hundred members of Congress and from those interested in using Direct File in the future. The IRS has also heard from a limited number of stakeholders who believe the current free electronic filing options provided by third party vendors are adequate.

The IRS will continue data analysis and stakeholder engagement to identify improvements to Direct File; however, initial post-pilot analysis yielded enough information for the decision to make Direct File a permanent filing option. The IRS noted that an early decision on 2025 was critical for planning and programming both for the IRS and for additional states to join the program. IRS Commissioner Danny Werfel recommended to Secretary of the Treasury Janet L. Yellen to make Direct File permanent. He cited overwhelming satisfaction from users and improved ease of tax filing among the reasons for his recommendation, which Secretary Yellen has accepted.

“The clear message is that many taxpayers across the nation want the IRS to provide more than one no-cost option for filing electronically,” said IRS Commissioner Danny Werfel. “So, starting with the 2025 filing season, the IRS will make Direct File a permanent option for filing federal tax returns. Giving taxpayers additional options strengthens the tax filing system. And adding Direct File to the menu of filing options fits squarely into our effort to make taxes as easy as possible for Americans, including saving time and money.”

State and eligibility expansion

Building on the success of the limited pilot – where taxpayers with relatively simple tax situations in 12 states were eligible to use Direct File – the IRS is examining ways to expand eligibility to more taxpayers across the country. For the 2025 filing season, the IRS will work with all states that want to partner with Direct File, and there will be no limit to the number of states that can participate in the coming year. The agency expects several new states will choose to participate.

The IRS is also exploring ways to gradually expand the scope of tax situations supported by Direct File. Over the coming years, the agency’s goal is to expand Direct File to support most common tax situations, with a particular focus on those situations that impact working families. Announcements about new state partners and expanded eligibility are expected in the coming months.

“User experience – both within the product and integration with state tax systems – will continue to be the foundation for Direct File moving forward,” Werfel said. “We will focus, first and foremost, on continuing to get it right. Accuracy and comprehensive tax credit uptake will be paramount concerns to ensure taxpayers file a correct return and get the refund they’re entitled to. And our North Star will be improving the experience of tax filing itself and helping taxpayers meet their obligations as easily and quickly as possible.”

Direct File’s role in the tax system

During the agency’s review, many taxpayers told the IRS they want no-cost filing options. Millions of taxpayers who did not live in one of the 12 pilot states visited the Direct File website to learn more about this option or asked live chat assistors to make Direct File available in their state.

As a permanent filing option, Direct File will continue to be one option among many from which taxpayers can choose. It is not meant to replace other important options by tax professionals or commercial software providers, who are critical partners with the IRS in delivering a successful tax system for the nation. The IRS also remains committed to the ongoing relationship with Free File Inc., which has served taxpayers for two decades in the joint effort to provide free commercial software. Earlier this month, the IRS signed a five-year extension with industry to continue Free File.

As the IRS works to expand Direct File, it will also work to strengthen all free filing options for taxpayers, including Free File, the Volunteer Income Tax Assistance program (VITA) and the Tax Counseling for the Elderly program (TCE).

Pilot analysis and feedback

In the six weeks following the close of the Direct File pilot, the IRS closely analyzed pilot data and gathered feedback from diverse groups of stakeholders, including Direct File users, state officials and representatives across the country’s tax community.

While data analysis and partner engagement are ongoing, the IRS’ post-pilot analysis has yielded three conclusions that support making Direct File a permanent tax filing solution:

1. Taxpayers overwhelmingly liked using Direct File

As detailed in the IRS Direct File Pilot: Filing Season 2024 After Action Report PDF , more than 15,000 Direct File users participated in the General Services Administration’s Touchpoints survey, which collects comprehensive user feedback about government systems:

• 90% of respondents ranked their experience as Excellent or Above Average.
• When asked what they particularly liked, respondents most commonly cited Direct File’s ease of use, trustworthiness and that it was free.
• Additionally, 86% of respondents said that their experience with Direct File increased their trust in the IRS.
• 90% of survey respondents who used customer support rated that experience as Excellent or Above Average.

For the primary quantitative measure of taxpayer opinions of Direct File, the IRS selected the Net Promoter Score (NPS) customer sentiment metric, which asks users, “On a scale from 0 to 10, how likely are you to recommend Direct File to a friend or family member?” NPS scores range from -100-+100. Direct File has a NPS of +74. If compared to benchmark scores from financial services companies, Direct File would lead in eight of nine categories.

2. Direct File made the tax filing experience easier

Direct File’s users reported saving time: Filing taxes with Direct File generally took less than an hour, and many reported filing in as little as 30 minutes. Nearly half of Direct File users reported paying for tax preparation the previous year, and the Treasury Department estimates that Direct File users saved $5.6 million in tax preparation fees this filing season.

3. Direct File helps catalyze the IRS’s digital transformation

To build Direct File, the IRS assembled a team of experienced tax experts, digital product specialists, engineers and data scientists from across the federal government. The agency partnered with the U.S. Digital Service and GSA’s 18F, as well as private sector partners, who all brought critical agile technology expertise. Working side by side at IRS headquarters and collaborating with remote team members across the country, the Direct File team developed and delivered a strong technology product.

The Direct File pilot also gave the IRS the chance to test customer service innovations on a large scale.

Live Chat served as Direct File’s primary customer support channel because it could be integrated directly into the product. This allowed customer support to gradually expand in concert with the overall number of users in each phase of the pilot. The IRS is exploring how this approach could impact taxpayer service overall as the agency works to provide taxpayers with more choices in how they can interact with the IRS.

“We’re mindful that the most important decision we made during the pilot was to focus on executional certainty,” Werfel said. “We took the time to get it right. We found the right first step to test the demand and the user experience and build a strong product. We will apply that same critical lesson for next year as we take a strategic approach to expanding Direct File’s availability and capabilities.”

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