SAICA Enterprise Development (SAICA ED) has partnered with Anglo American Zimele (Zimele) to implement a Financial Excellence Programme that will support 66 Small Medium, and Micro Enterprises (SMME) within the mining sector. The programme aims to improve SMMEs’ financial management systems to run effective operations and create business sustainability. Anglo American Zimele approached SAICA ED for a collaborative and customed financial excellence programme to assist with supporting two cohorts of SMMEs from their Kumba Iron Ore and Anglo American Platinum operations.
The 12-month Enterprise Development programme is now underway and will focus on financial excellence. Through this intervention, Zimele hopes to achieve several objectives, including developing financially savvy SMMEs through finance coaching, receiving credible and up-to-date management reporting systems, accounting and back-office support as well as playing an active role in re-building sustainable businesses.
SAICA ED is part of the Learning and Development division of The South African Institute of Charted Accountants (SAICA). It runs Enterprise and Supplier Development (ESD) programmes – particularly focusing on black-owned initiatives – intending to grow the SMME entrepreneurial ecosystem for greater sustainability.
Established in 1989, Zimele is Anglo American’s capacity and enterprise development programme at Anglo American – looking after a range of economic development activities including training and supporting mining SMMEs. For over 30 years, Zimele has helped to fund over 3,700 small, medium and micro-sized enterprises and supported more than 61,000 jobs.
“ Partnering with SAICA ED is one of the interventions that we are implementing to support enterprises from our host communities with practical tools and SMME essential services to enable them to stand on their own two feet and participate in the economy meaningfully. This will not only help them deal with financial management issues, but it forms part of the broader enterprise and supplier development work that will assist beneficiaries in dealing with pertinent business challenges that may be identified as part of the coaching process,” said Larisha Naidoo, Head of Anglo American Zimele.
Through the Zimele & SAICA ED partnership, we will be assisting with and implementing the following components:
• financial deep dive process;
• finance coaching for the SMMEs with SAICA associated Small and Medium.
• accounting and Back-office support to SMMEs;
• finance boot camps and;
• monitoring and evaluation of the impact of the Financial Excellence Programme on SMME performance
“SAICA ED’s intent for this programme is to mobilise selected members from all designations of the SAICA profession to assist Anglo American Zimele in promoting Financial Excellence in the SMMEs of South Africa,” says Jameel Khan, Head of Projects at SAICA ED.
All SMMEs will be tracked in their business development and growth against the initial financial deep dive. This will be achieved by establishing solid financial record keeping practices and coaching the entrepreneur in financial management systems and effective cash flow processes.
“With a continuous passion to see development and transformation in South Africa’s entrepreneurial ecosystem, SAICA ED is very excited to further its reach in the mining sector through this strategic partnership with Anglo American Zimele.We look forward to a fruitful season of high impact and seeing the SMMEs on the programme becoming financially excellent,” adds Annie McWalter, SAICA Enterprise Development, Chief Executive Officer.
