Successful mapping approach to guide SMEs

The South African business landscape is especially diverse, and falls short of many offerings that the SME sector desperately need, such as the simplification of business requirements and processes that the average person can understand. SA Profile spoke to Nemesis Accounting Director, Shani Naidoo, to find out more…

Shani Naidoo

Director: Nemesis Accounting

Why did you choose to predominantly focus on SMEs?

The South African business landscape is very diverse. The business service offerings to this business landscape fall short of many offerings that the SME sector desperately need. One such need is the simplification of business requirements and processes that the average person can understand. Over the years, through our diverse client base, we have seen this very clearly.

As a result, Nemesis has developed a “mapping” approach when assisting and guiding a business. This has proved to be very successful, especially with the smaller clientele. Clearly this type of teaching enables learning to take place within that business, and the owner also has the opportunity to connect with his business.

We believe in the SME sector and envision a stronger sector with the correct type of service providers leading these businesses in the right direction.

Nemesis also uses a different approach to client servicing and engagement. We firmly believe in enabling accountability within a business by integrating the business owner to be part of the learning and transformation process of his business.

Our skills set encompasses the following: Neuro-Linguistic application based communication, GC Index implementation skills, mentoring and SMART GOAL criteria methodology. We bring a fresh approach to the SME sector in terms of business solutions for their future sustainability.

Shani Naidoo and Nemesis Accounting's journey

After completing my CMA qualification in 1995 at Wits University, I entered the insurance and banking industry and worked in it for the next four years. In 1999, I had the opportunity to enter the accounting/tax/compliance arena at an audit firm in Johannesburg. This was the start of my career as an accountant and tax practitioner. In late 2005, I embarked on my entrepreneurial journey into private practice and Nemesis Accounting was launched.

Since then I have obtained a few other qualifications: Registered FAP, Registered Certified Tax Practitioner (SARS, SAIT), Business Rescue Practitioner (UNISA/ Law Society 2018), Internal Audit Certificate (Tuks 2014), Business and Financial Coach (2018), Master NLP Practitioner (Neuro Linguistic Practitioner 2019), GCologist: GC Index accredited facilitator and trainer of the GC Index (2019 UK).

From 2005 to 2007, I served on the EXCO Board of the Midrand Chamber of Commerce and Industry (MCCI) as the treasurer.

In 2010, Nemesis Accounting was nominated for the Small Business Entrepreneur of The Year Award by the National Small Business Chamber (NSBC). In August 2018, Nemesis Accounting hosted its first Women’s Day Event at our office in Kyalami : Business Woman of The Future.

In March 2019, together with Y-Connect, the Ignite Your Sales and What’s Your Business Money Game workshop was hosted, which showcased a very different approach to sales and money management.

During August 2019, our second Women’s Day Event: The New Business Woman Of The Future was held –this was specifically geared at mindset dynamics and emotional integration with business aspects.

According to research, SA has a higher start-up failure rate (approximately 70-80%), largely due to cash flow management. What are some of the critical aspects that negatively impact SMEs from a financial management aspect?

Sales is king and cashflow is the queen; a pair that complements each other in a business structure. Everybody you talk to wants to "make" money. What does this really mean? Do they understand what is actually involved in achieving this goal ?

Many businesses start from an idea and hope to flourish within five years. Many of these business owners lack business skills and training, both vital to securing your business frame in the market and being able to navigate it through the ups and downs during the business timeline. This has a direct impact on the cashflow and management aspects of the business.

In September 2020, SME Warrior, the business training and development leg of Nemesis Accounting, launched the SME Warrior Entrepreneur Academy. An online platform comprising of the House of Legal, House of Finance & Entrepreneurship and House of People Performance and Development.

In 2022 year I also embarked on more courses. I started the Neuro Leadership qualification which will be completed in 2023. I also began the Multiple Brain Integration Techniques (MBIT) coaching certification and thereafter completed the Masters internationally recognised MBIT coach qualification.

One must understand that financial management is only one aspect of a business structure. Together with the sales force, well-oiled and functioning towards the same goal, will definitely contribute to a good cash inflow. The management of this cash inflow is the cornerstone of liquidity of the business.

Another element is the business debt. How much debt does the business have and what percentage of this cash inflow is servicing the debt on a monthly basis?

The top element is the sales force of the business. How strong are the sales drivers in the business? Are the sales improving, declining or stagnant? These critical components are all part of business management. It’s an engine that contributes to the financial strength or weakness of the business.

How does Nemesis Accounting services help SMEs overcome these challenges?

Training and development is the answer. There is no easy way to get the fundamentals right. It’s a mind-shift that must take place before the business owner can fully understand how the components all fit together and what part he/she plays in this game called business.

We offer in-house training on financial matters, customise training workshops to assist teams to work together, workshop values and beliefs to ensure alignment with the business values and beliefs and obviously, goal setting.

It’s easy to list these things but the crux of it all is in the constant execution and maintenance of the learning. As a result of the setbacks which we have seen over the years, we decided to focus on short learning slots over a period of time. We customise these around the various concerns of the business and drive internal focus workshops which have brought about better results.

What sort of SME would benefit from the services offered by Nemesis Accounting?

There is no cut-and-paste picture of an SME. At various stages in a business, many businesses will encounter setbacks and then experience the impacts of these setback. It’s more about identifying and getting help early in the struggle. Once a person has drowned, a life jacket is pointless. But if the life jacket is thrown out early when the person is in danger then there is a good chance to save that person.

It’s the same with a business. There are many early tell-tale signs in the business and the business owner must be able to identify these and do something about them as soon as they are identified. The first person to turn to is your accountant. Be honest and open to suggestions even though you may not want to hear it. Keep in mind that professional people are objective in such instances whereas the business owner is more emotional. It makes sense to talk to your accountant who is a trained professional.

What key interventions has Nemesis Accounting undertaken for SMEs for progressive growth?

One of our clients asked us to evaluate their new sales team in the financial services space. After doing this, management was able to see that the team dynamics were not suited for the financial products they were taking to market.

We designed a customised sales training programme using neuroscience methodology and interventions in the training. The content comprised of human behaviour analysis and customer connection. We also used language analysis to show how language influences the decision-making of customers.

The buy decision was to make the sale, so trainees had to learn how to use language to make that buy decision. We also addressed the emotional component because as human beings, all our decisions are based on some sort of emotion first.

Why is Nemesis Accounting successful with these interventions?

Our interventions are based on neuroscience and Neuro Linguistic Programming (NLP). Being a master NPL practitioner and an internationally accredited Master Brain Integration Techniques coach (MBIT), using these methodologies in training and development enables a person to maximise their learning capacity and have a more integrated understanding of what they are doing.

Our success is definitely attuned to the implementation and integration of these methods with our financial, compliance and analysis services.

Tell us a bit about Nemesis Accounting’s partnership with the Chamber of Commerce?

The Chamber of Commerce has partnered with us to assist with the roll-out of approved projects for sustainability, humanitarian and developmental causes in the country. These projects are scheduled to start around April 2023.

The timing of these projects is perfect because the need is rife in the country for these initiatives to be rolled out.

Our role will be that of funds management and financial reporting to the funder and enabling project compliance.

How will this help unlock opportunities for SMEs to address the skills shortage and upskilling business owners while enabling holistic transformation, optimal financial management practices, and networking?

Each project will have an objective to achieve. There will be projects that facilitate learning and business skills sets. Another project will focus on solar energy and another on farming development and sustainability farming and another on education, etc.

The list is vast, and the areas of focus have been clearly defined so that the value and transference of benefit and skills does filter through the various communities and youth as well.

Obviously, this is a huge task, and one must not expect miracles. It’s a process-driven initiative. The unlocking of opportunities is a “nice to have” at this stage. As the projects progress through implementation, the outcomes per project will be monitored and therein we will see opportunities arise. Networking is seen as a social gathering rather than an avenue to learn and connect with likeminded people. Through the Chamber of Commerce events we anticipate assisting with, the environment will be created in such a way that it stimulates networking and not socialising. This is the only way that attendees will be able to experience a more serious and connected approach to business and entrepreneurship.

As a successful female business owner what are some of your highlights?

We were blessed to be nominated in 2022 for the Standard Bank Top Women and Top Gender Empowered Company.

I was also featured in Leadership magazine in Ghana and South Africa (November edition 2022).

I completed my MBIT Masters qualification. This was really an huge achievement for me.

What were your main challenges, and how have you overcome these?

A decline in our paying customer base. Coming out of Covid, the impact was just as bad as being in the middle of Covid. On identifying the decline, we immediately started looking at rerouting the business to focus on a different area of service.

It is with comfort that we have been able to turn the business around after a six month stagnation. Our extended area of specialisation is cross border funding and loan transaction with high level compliance support in clearing these funds.

What top tips would you give to entrepreneurs?

1. Know your business game.

2. Understand your shortcomings in what you do.

3. Be willing to take a different approach to achieving success.

4. Unlearn, relearn and implement with consistency.

5. Ask for help when you need it.

6. Learn about money and financial management. ■

Nemesis Accounting is dedicated towards providing new age holistic solutions to SMEs with reference to compliance, accounting, business integrative solutions and dynamic thinking. Focused on the broader picture, Nemesis Accounting enables SME growth and sustainability through bespoke interventions using neuroscience education, thereby enabling businesses to unlock latent and existing opportunities through devising holistic transformation strategies for implementation.