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Finance tips for South African SMEs to use right now

10 finance tips for South African SMEs right now - Lula

Let’s talk about the financial hurdles that small and medium businesses (SMEs) in South Africa often face. It’s no secret that running a business can be tricky, especially when it comes to finances. But don’t worry, we’re here to support you. With some solid financial management practices, you can overcome these challenges and thrive. So let’s dive into some tips and tricks that will help you tackle those hurdles head-on.

Here are 9 financial tips that may be helpful for you as an SME owner in South Africa this year:

1. Effectively managing your finances

It is crucial to maintain accurate financial records. This involves keeping track of all your income and expenses, and regularly updating your records. By doing so, you can have a clear overview of your financial situation and make informed decisions.

2. Budgeting is an essential tool for managing your finances effectively

To create a budget, start by identifying all of your expected income and expenses. This will give you a clear picture of your cash flow and allow you to plan accordingly. Additionally, analysing your budget can help you identify areas where you can trim costs or find opportunities to increase revenue, ultimately contributing to better financial stability.


A budget priority

3. Cash flow management

This is crucial for any business, but especially for SMEs. It is essential to ensure that you have sufficient cash available to meet your financial responsibilities. Additionally, it is advisable to plan for periods of reduced activity by maintaining a cash reserve. By effectively managing your cash flow, you can enhance the survival and stability of your business.

4. Get Some Support

Stay alert for any government support that may be available to assist in any way with your business needs or development. Grants, courses and programs are often available to start ups and small businesses.   Be proactive in monitoring both new and existing policies or programs that could potentially benefit you. Taking advantage of these resources can help drive growth and success for your business.

5. Seek Professional Advice

It’s highly recommended to reach out to professionals for guidance when it comes to your finances. Seeking advice from financial experts and providers,  accountants or financial advisors, can greatly assist you in understanding your current financial standing and developing a solid strategy for managing, maintaining and tracking your finances effectively.

6. Get the right tools

With so many digital tools available, choosing the right ones for your business can make all the difference.  By incorporating a few into your daily routine, you’ll be getting organised and getting a head start in business. Online banking, financial management tools, funding calculators are just a few that ca

n offer convenience and efficiency by automating boring admin tasks. You can  streamline your finances and focus on more critical aspects of your business or personal life. Here’s a few really great tools we love and this you will too:

Collaboration, planning and creativity tools

86% of business owners attribute workplace failures to a lack of teamwork. If you are serious about staying ahead of the game, optimising your workspace and your teams potenital with some nifty digital tools:

  • Google Workspace – to collaborate, create and connect your team – Applications that help you to run a successful business, with ease.
  • Zoom Us – To conference and chat F2F with your team whenever you want
  • Slack – To keep all your communication streamlined and in one place
  • – For team efficiencies and productivity
  • Canva   To design almost anything with complete ease, from brochures to social media posts to videos.
  • WordPress Used to create beautiful websites, blog, and apps.

Data Tools

Data helps you cut costs and reduce inefficiencies in your small business.  It helps you understand your customers better and identify what works and what doesn;t, so you can continue to improve as you go. Here’s some must have tools for your small business:   
  • Google Analytics – A dashboard for learning how your customers engage and interact with your website and products online.
  • Hubspot – Connects data, customers and your teams in one spot. Think CRM magic.

Finance Management

  • Lula  – An all in one banking and funding solution for small businesses, with a built in cash flow management tool.
  • Sage – Accounting for small businesses
  • SOS Inventory -Inventory, Order Management,and Manufacturing for QuickBooks Online.
  • Quickbooks – Software that allows you to run and manage your accounting online

7. Get serious about security

Cybersecurity should be a top priority for your businesses as you embrace new technologies at the escalation of AI. It is crucial to invest in cybersecurity tools that can help protect your company’s sensitive information from hackers and cyber threats. Additionally, training your staff on how to identify and respond to potential threats can play a significant role in safeguarding your digital assets.

7. Making cash flow

When it comes to managing capital for your business, it’s crucial to adopt a smart approach. While cash can be beneficial for growth, it’s important to exercise caution. Only borrow an amount that you’re confident you can repay comfortably. Additionally, take the time to research and compare different lenders to secure the best interest rates and terms available. This way, you can make informed decisions and ensure your usage works in your favour.  Alternative Lenders, like Lula have been built with Small Business in mind and not only offer small businesses funds, fast but a portfolio of additional tools and resources to assist small business owners in their day to day, helping to make cash flow.



8. Insurance

Securing insurance is highly recommended to safeguard your business from unexpected incidents that have the potential to disrupt your operations and impact your financial stability. By investing in insurance, you can mitigate risks and ensure the long-term protection of your business.


9. Opportunities favour the passionate

It’s important to stay vigilant and watch for potential opportunities that can help your business thrive. This includes keeping an eye out for new market openings, potential collaborations, and even grants or funding opportunities that can support your growth. By staying proactive and alert to these possibilities, you can ensure the continued progress of your business.


It’s important to acknowledge that every business is different, with its own unique set of circumstances. This means that the financial strategies that work best for one business may not necessarily be the right fit for the next. To get the most effective financial strategies for your business, you will need to consider your circumstances and seek tailored advice from professionals in the field. Contact for sound financial advice related to SME banking, funding and managing your cash better.   Time to turn your next passion into an opportunity.



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