Ask just about any entrepreneur and they will tell you that of the many challenges they face, the most arduous are financial. Developing financial literacy, mastering financial planning and management, and securing the funding they need to grow their business are more often than not, Herculean feats. Due to the significant and persistent gender gap, none are more tested by finance-related constraints than women entrepreneurs.
According to a 2023 Public Investment Report, almost 22% of South African businesses are women-owned. Developing and growing this pool of female entrepreneurs is vital to drive the country’s economy and address the unemployment crisis.
Since 2021, the Gordon Institute of Business Science (Gibs) Entrepreneurship Development Academy (EDA) has served as the education partner in a collaboration with the Cherie Blair Foundation for Women and DHL Express that provides tailored training to women entrepreneurs in South Africa. The project has now announced the launch of a groundbreaking educational initiative, the Road to Finance programme. This marks the third education programme delivered by Gibs EDA through this partnership, following the successful Road to Growth and Road to Leadership initiatives.
Financial education to empower women entrepreneurs
Twenty-eight top-performing alumni from the Road to Growth 2022 and 2023 cohorts have been selected to participate in the South African pilot of Road to Finance. These participants are women with established businesses in various fields, including property, agriculture, beauty, marketing and branding, event management, finance and debt management, investment, logistics, manufacturing, media, and hospitality.
Reneilwe Dinkoanyane, Gibs marketing manager says: “These women have demonstrated resilience and dedication in growing their businesses. They have expressed the need to deepen their understanding of business finance which is a vital skill set for achieving sustainable growth. Gibs has specifically adapted the Road to Finance curriculum by contextualising the educational themes to align with the South African reality. We have used local case studies to ensure the content is relevant and relatable. Additionally, we have customised the programme to ensure the training addresses the unique challenges and opportunities these women face in their business environments.
“In true women style, collaborations have already been birthed within the group, as participants speak boldly about tackling unemployment, creating jobs, and driving economic growth in their communities. This spirit of collaboration and shared purpose is a testament to the power of bringing together like-minded entrepreneurs who are passionate about making a positive impact.”
Kea Modise Moloto
Participant, Kea Modise Moloto, the founder and managing executive of two seven-year-old businesses is looking forward to the training. She says: “It is perfect timing for me because my businesses have reached a new growth stage, and everything concerning finances is even more critical. Cash flow, budgeting, planning and management is of the utmost importance. I am not implying that there are stages when it is not, but we have more clients than we have ever had, and need to avoid any possibility of disappointing them due to financial constraints on our delivery. As the business leader, it is important to know and understand the business in its entirety to help make decisions, promises, and commitments that will keep us growing and meeting client expectations. Our finances play a critical role in this.”
Investing in women’s economic potential
Dhivya O’Connor, CEO at the Cherie Blair Foundation for Women says: “As we celebrate bringing the Road to Finance programme to South Africa with our partners DHL Express and GIBS, it reinforces our shared commitment to empowering South Africa’s women entrepreneurs with the knowledge and support they need for their businesses to grow and thrive. With more women succeeding in the country’s entrepreneurship ecosystem comes greater inclusivity, robustness and innovation which is essential to the advancement of South Africa’s economy.
“Successful women entrepreneurs also pave the way for younger women who dream of starting their own businesses. Through education and support, they become equipped to serve as vital inspiration, role models, knowledge sharers and mentors for the next generation of women business owners.”
A tailored approach to developing financial acumen
The Road to Finance programme offers a four-step blended learning approach, combining asynchronous online content with live, interactive sessions facilitated by experts in the field. Participants will gain expertise in developing a clear vision for their business as well as understanding various financing options, preparing necessary financial documents, pitching their business to potential lenders or investors and negotiating terms effectively with financiers. The programme culminates in a pitching and community-building event, where participants will present their business strategies to key stakeholders, gaining valuable feedback and exposure to investment opportunities.
“I am truly excited to empower these visionary entrepreneurs to take control of their finances”, says Sibongile Zulu, the Gibs lead faculty for Road to Finance. “We will begin by laying a strong foundation through mindset shifts and a deep exploration of each business owner’s growth goals. They will be able to assess current financial health, focusing on profitability and exploring internal funding strategies, including strategic pricing and customer-funded models. I look forward to teaching them about product and service bundling, and how to use profitability analysis to make well-informed decisions as they scale.”
Taking their businesses to the next level
According to a 2020 survey by the Cherie Blair Foundation, only 16% of women entrepreneurs had secured loans or investments from banks, and just 6% from financial service companies. Many respondents also reported encountering gender discrimination and bias when seeking finance. The Road to Finance was created to change this narrative by empowering women with the tools and knowledge they need to confidently access funding and grow their businesses.
Sibongile adds: “It’s important for the participants to be guided through funding readiness, learning how to calculate their funding needs with simple, easy-to-follow methods. This will lead into a comprehensive review of funding options and assisting them in identifying the required documents when approaching funders. My focus will be on preparing them to confidently pitch to funders, culminating in a live pitching event and offering guidance on negotiating terms with potential investors. However, it is not just all about the numbers. I am also eager to help them build holistic confidence in their offerings, pricing, securing new business and funding, and their negotiation skills. Our aim is to equip the participants with both ‘hard’ skills – the calculations and strategies, and ‘soft’ skills – confidence and negotiation techniques, ensuring their confidence is rooted in solid business foundations.”
Looking ahead
Shereen Cassim Hassim
With the support of DHL Express and the Cherie Blair Foundation for Women, The Road to Finance programme represents a significant step towards financial empowerment for South African women entrepreneurs. By enhancing their financial acumen, women business owners will not only strengthen their own enterprises but also contribute to the broader economic development of South Africa.
Shereen Cassim Hassim, another of the participants in the upcoming inaugural Road to Finance training, is the founder of Book Express, a book seller enterprise based in Gauteng with both local and international customers. She is also in the planning stage of her second business, a trucking service. She says: “I am really looking forward to the programme as finance is the most vital part of any business; it is at the heart of whether your business is profitable or not. I am so grateful for the opportunity to attend the Road to Finance, and I am eager to learn and most importantly, implement what I learn. I also love to share the knowledge with my team and those in my network so that we can create a better and more sustainable economy both in South Africa and for the African continent which has so much potential.”
