NSBC Experian Breakfast Connect Survey - 21 July 2023

Experian in partnership with NSBC would like to develop an SMME focused app to assist SMEs in becoming funding ready. We would value your feedback around this. Please complete this 10-minute online survey.

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* 1. Name and Surname

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* 2. Email address

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* 3. What are the main barriers you face in accessing funding and capital for your business?

Banks & Credit Providers don’t want to lend to you

Documentation requirements

Credit worthiness not good enough (i.e. bad credit scores, lack of credit history)

Historical business performance

The cost of credit (high interest rates)

Other (please specify)

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* 4. What funding options have you explored?

Banks

Suppliers

Government grants

Investor financing

Other (please specify)

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* 5. What kind of assistance would make it easier for you to access funding?

Understanding what is needed to apply

Understand the factors banks look for

Understanding the timelines in applying

One place to access lending options

Other (please specify)

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* 6. Is there an administrative burden of onboarding as a supplier, for your business?

Yes

Not applicable

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* 7. If yes, what specific regulations or requirements are most cumbersome?

Contracting

Paperwork for application process

Meeting regulatory requirements

Lack of transparency

Industry scorecards

Not applicable

Other (please specify)

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* 8. What are your key needs when it comes to hiring and retaining skilled talent?

Having people skilled in what they need to do

Commitment from your employees to work hard

Affordable salaries

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* 9. How are skills gaps affecting your business?

Difficulty using new technologies

Ineffective marketing and outreach

Cash flow monitoring challenges

General management skills

Other (please specify)

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* 10. How could staff skills be improved?

On the job training

External workshops

Online courses

Other (please specify)

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* 11. What is the main difficulty you experience in reaching new customers?

Understanding how to reach a bigger audience

Marketing strategies are difficult to develop

Cost to market and sell

Limited network and partnerships

Other (please specify)

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* 12. What is your top marketing challenge?

Ineffective promotional channels

Identifying promising new markets

Reaching customer segments

Other (please specify)

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* 13. How has load shedding impacted your business operations and costs?

No impact as we have alternative power strategies

Has disrupted our business – but making plans to work around it

Has disrupted our business and has created extreme pressure with performance severely impacted

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* 14. What is your primary need when it comes to adopting more technology and digitisation?

Offering new products and services

Improving processes

Setting up new channels

Leveraging a digital media marketing strategy

Other (please specify)

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* 15. What is the main obstacle hindering you from keeping up with technology trends?

Lack of understanding of what is available

Cost

Skills

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* 16. Would you subscribe to an app to take away the burden for Funding, Procurement & Market readiness?

Yes

Not sure, need to know more