The South African Institute of Chartered Accountants Enterprise Development (Saica ED) has partnered with Anglo American Zimele (Zimele) to implement a financial excellence program that will empower 66 small, medium and micro enterprises ( SMME) of the mining sector.
The program aims to improve the financial management systems of SMEs in order to manage efficient operations and create business sustainability. The 12-month business development programs are now underway focusing on financial excellence.
Through this intervention, Zimele hopes to achieve several goals, including developing financially savvy SMEs through financial coaching, receiving a credible and up-to-date management reporting system, accounting and administrative support, as well as playing an active role in rebuilding of a sustainable environment. business.
Saica ED is part of Saica’s Learning and Development Division and runs Enterprise and Supplier Development (ESD) programs – with a particular focus on Black-owned initiatives, while Zimele is a business development program. company at Anglo American – which deals with a range of economic development activities including training and support for mining SMEs.
Improving SME financial management processes
The Zimele and Saica ED program will assist and implement the following components – in-depth financial analysis process; financial coaching for SMEs with small and medium-sized firms associated with Saica; accounting and back-office support for SMEs; fund bootcamps; and the monitoring and evaluation of the impact of the financial excellence program on the performance of SMEs
All SMEs will be tracked in terms of business development and growth against the initial in-depth financial analysis. This will be achieved by establishing strong financial record keeping practices as well as coaching the contractor in effective financial management systems and treasury processes.
Larisha Naidoo, Head of Anglo American Zimele, commented: “This is one of the interventions we are implementing to support businesses in our host communities with practical tools and essential SMME services to enable them to stand up and participate in the economy in a meaningful way.
“This will not only help them address financial management issues, but it is part of the broader business and supplier development work that will help grantees address relevant business challenges that may be identified as part of the coaching process.”
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