Story # 2
Being ready... adding value to the value chain
Our Supplier Development initiative (driven by Absa Group Procurement), strives to enable entrepreneurial growth by providing business development assistance, hands-on training and enhanced access to markets. In 2019 alone, Absa allocated 35% of its procurement budget to 30% black women–owned companies. Here’s how MyCFO leveraged these tools to thrive…
With an appreciation of opportunities on offer by becoming a female chartered accountant (CA), Mamoroke Lehobye was determined to be a champion for the acceleration of entrepreneurship by advocating, participating and innovating sustainable business finance solutions for Small, Medium and Micro Enterprises (SMMEs). She knew that the SMME ecosystem forms the lifeblood for many local economies, but often lacked the adequate financial management and business finance skills - folding before they even had a chance to begin or reaching their financial intent. Compliance and cash flow management are an ongoing practice; it is pivotal for the survival of the business and access to market as Corporate SA want to trade with other responsible corporate citizens.
Share your client’s worries
That’s where MyCFO began its journey with ventures starting out in their first three years. “Thereafter, we continue to assist entrepreneurs in achieving their intent to create value, build wealth and establish generational legacies - an opportunity where businesses could bring on board trustworthy expertise; a partner that is willing to walk the path with them and share critical knowledge and experience along the way. Mamoroke also prides herself on experiencing (and overcoming) the same challenges as her clients.
Her first obstacle to establishing the concept? According to her, “the industry was not ready for a CFO for SMMEs.” Overcoming what she originally felt was straight out rejection, she began to rebuild her self-confidence and showcase the value of her expertise.
Advocacy is also a huge part of her work within the entrepreneurial ecosystem. With the assistance of Absa, Mamoroke is actively involved in in panel discussions and business finance coaching to create awareness of the importance of financial management in a business. Her main advice to emerging entrepreneurs is to always remember why you are doing it, in her words constantly check your “intent”. Although it may scare some, industry competition does not worry Mamoroke at all, as she plainly puts it: “Competition is fun and promotes innovation and growth!”