Crucial business tips for the Easter holidays

Crucial business tips for the Easter holidays

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Easter is more than just a weekend devoted to gorging on chocolate shaped bunnies and eggs. Depending on what industry you’re in – you’re either in a frenzy to get staff and inventory sorted for a busy period, or preparing for some well-deserved time off over the long weekend. And with the Easter holidays not coinciding with the school holidays there is more  to consider this year. Preparation is key in either case, and that’s why we’ve put together some essential tips to get your business ready for the Easter weekend.


Try Easter incentives for customers

Across a variety of SME industries, purchases can be incentivised by adding small festive extras; It could be as simple as adding a little Easter Egg with each purchase, an Easter special offer, a free hot cross bun with every meal or coffee order, or taking a gold coin to guess how many Easter eggs are in a jar. Get festive, and have fun with it.

Get the word out

It’s important to keep your customer base informed of your availability over the holiday weekend. This is especially important for SMEs in the hospitality industry. While some cafes and restaurants will be closed, it’s important to get the word out if you’re staying open – if you hope to take advantage of the reduced competition. Jump on Facebook or Instagram to make a social post, update Google My Business with the ‘Special Hours’ feature to reach those searching for a place that’s open, or if you’re in brick and mortar retail and hospitality; you can get creative with a sandwich board out front to let customers know you’re in business.


Stay on top of your finances

For those SMEs keeping busy over Easter, it can be difficult to source the funding required to employ staff on holiday rates, improve shop displays, and cover the cost of extra stock. For those taking the time off, you’ll still have to keep on top of invoices and pay wages for the time you aren’t receiving income. In either scenario, cashflow is key, and getting access to the funds you need is simple and easy with Lulalend. Contact us for a free quote, with no paperwork required. You’ll receive an instant decision on how much you qualify for. Access up to R1 million in 24 hours and make sure you’re Easter ready.

 Click here to apply online


Lulalend Credit Facility FAQ’s

Lulalend Credit Facility FAQ’s

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What is a credit facility?

This is a facility that gives your business access to a line of credit which allows you to draw down on available funds without us needing to do an assessment on your business each time.


What are the benefits of the facility?


  • Access to funds whenever you need them
  • Only ever pay for the funds you draw down
  • Settle early and save on future months costs


How long is my credit facility available for?

As long as you continue to trade well, the facility is available to you. Please note that you will need to remain linked via your online banking account or online accounting profile (Sage or Xero) to avoid placing your facility on hold.


How do I drawdown on my facility?

Log onto your Lulalend profile and go to the Credit Facility tab. You will see the available amount that you are able to draw down. Select the amount and click “Withdraw now”. You will then be presented with a legal agreement to sign online.


What happens to my repayment profile each time I draw down?

Each draw down cancels out the existing repayment profile and puts you on a new payment profile based on the total capital outstanding after the draw down.


When can and can’t I draw down on my facility?

You are allowed to draw down at any time, other than:

  • when you are in arrears on any Lulalend product.
  • when the Facility is placed on hold.


How much does it cost to have a credit facility?

It will not cost anything to have a credit facility product. You only ever pay for the funds you use.


What would my instalment and costs be for the facility?

Every month you pay back 1/6th of the total advanced amount plus the monthly cost. For the first 2 months, monthly costs are 2% – 6% of the capital amount drawn down and 2% for each of the remaining 4 months.


How do I increase my facility amount?

Log onto your Lulalend profile and go to the Credit Facility tab. You will see a red circle with an arrow next to Credit Facility Limit amount. You need to click on the Arrow and fill in the amount you would like to increase to.


My credit facility is on-hold, what does that mean?

This will occur when the system requires further information which has been flagged for review. A credit analyst will be in touch with you for more information if required.


4 solutions for taking control of your cash flow

4 solutions for taking control of your cash flow

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For any small business cash flow is pretty important. A study from the financial services company U.S. Bank found that about 82% of startups and small businesses fail due to poor cash flow management. No one can run a business without having a firm grip on their cash flow.

One of the biggest problems is getting paid on time and not having to chase clients for payments. You know how it goes, you send an invoice and nothing happens. You send a reminder, still nothing. Eventually, a manual EFT happens and then you have to reconcile the proof of payment with your other payments that come in dribs and drabs. Seriously, who has time for that? Luckily it’s 2019 and there are some great solutions to help you take control of your cash flow, and get your clients to pay you faster.

Instant EFTs that are actually Instant

Allowing your customers to pay with PayFast’s Instant EFT service takes the waiting game out of EFT payments. When your customers pay through Instant EFT by PayFast the funds reflect immediately in your PayFast account, that way you can ship or fulfil their order immediately. It’s peace of mind for you and gives your customer instant service which they will love. What’s more, you don’t need to wait for proof of payment. The payment is immediately reconciled in your PayFast Transaction History and you can download this along with all your other payments received.

Cloud Accounting, it’s the future

Xero is a cloud accounting platform that has changed the face of accounting for small businesses around the world. If you’re still manually inputting and reconciling your accounts then it’s time for a change! With Xero you can send clients invoices with pay now links that allow your clients to pay immediately through various methods such as credit or cheque cards, Instant EFT, Masterpass or even bitcoin!

Once payment is made from a Xero invoice, this will reflect in your Xero account. You can even add monthly PayFast payments to your Xero account by uploading them to Xero so your business accounts will be organised in one place (in the cloud!) where you can access it from anywhere.

Cover your bases

It makes sense that if you have a brick and mortar store, sales tend to drop off during the week and pick up on the weekends when people aren’t at work. Did you know this is the opposite for online stores? You can see in the graph below that sales actually increase during the week for online stores with Monday and Tuesday being the busiest. So cover all your bases and set up an online store to increase sales during the week. That way you’ll have a consistent flow of cash coming into your business.

Keep your taxes under control

Submitting tax returns for small businesses can be a minefield and you need to make sure this part of your business is air tight. If you have an accountant to assist you then that’s great. However, if not you can make use of Tax Tim who’ve just launched a product specifically for small businesses. Tax Tim assists individuals and small businesses file their tax return by asking simple questions (in English… no tax jargon) and convert your answers into a fully complete tax return ready to be submitted to SARS for a small fee. Who knows, you may even qualify for a tax refund and you didn’t even know!

Keeping your cash flow under control is easily doable, set aside some time during your schedule to make sure you know what’s going on in your business and if you’re really stuck and find you need a little cash injection the good news is that PayFast merchants can apply for a Lulalend loan straight through their merchant dashboard. Visit for more information.


Unlocking economic growth through SME Financing

Unlocking economic growth through SME Financing

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It is quite widely known that the SME sector contributes up to 60% towards the Gross Domestic Product and labour force – which is why it is viewed as a lever for increasing economic growth.

You’d think with SMEs providing that much benefit traditional lenders, such as banks, would see the importance of making access to credit more easily accessible for SMEs, and work to find a suitable solution. The reality, however, is that 89% of SME’s that apply for funding through a bank don’t get financing that they went in for. There are various reasons why but often the process becomes too tedious and time-consuming or those that see it all the way through land up being declined.

This might sound quite discouraging if you’re a business owner, but the good news is that alternative lenders have started to take action and are addressing the need to assist SMEs. Not only that but they are holding each other accountable for responsible lending practices by driving industry standards through an organization called SASFA (South African SME Finance Association) to ensure SME customers are fairly treated and the reputation and sustainability of this SME Finance sector is maintained.

To read more about SASFA and how they are working with lenders like Lulalend to unlock economic growth read the full article here.

Three key challenges for SMEs in 2018 and how to overcome them

Three key challenges for SMEs in 2018 and how to overcome them

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The slowing economy, recent rating downgrades, on-going political instability, and a growing budget shortfall is leading to low business confidence. SMEs are certainly feeling this: in our recent Key Funding Challenges for South African SMEs report, only 30% of SMEs believed they would achieve revenue growth of more than 50% over the next year.

Conditions are unlikely to change dramatically over the next few months, prompting many SME owners to wonder how their business will survive and thrive in 2018. During the course of preparing our recent research report, we spoke to a hundred SMEs across the country to find out what their key challenges are.

Here’s our round-up of the biggest challenges SMEs are likely to face in the year ahead, and how to overcome them:


#1 – Funding

With traditional lenders shying away from unsecured short-term business funding, many SMEs are left without the working capital they need to grow, take advantage of new opportunities, and negotiate more favourable terms with suppliers and customers. Access the credit emerged as the biggest challenge faced by South African SMEs, with three out of five stating it as a key obstacle to their growth. SME owners should therefore turn toward the new generation of digital-first lenders that can take the business’ overall health into account when assessing applications for funding, instead of relying on antiquated box-ticking exercises.

#2 – Marketing

Marketing, customer acquisition, and customer retention were among the top challenges among our SMEs surveyed. This is alarming, since nearly half said expanded marketing efforts would have a direct positive impact on business growth. Entrepreneurs should become familiar with cost-effective marketing tools such as websites, email marketing, social media, and public relations to build relationships with current and potential customers.

#3 – Cash flow management

Improved cash flow management emerged as a top challenge for local SMEs, with financial reporting and admin not far behind. One issue may be that of financial literacy: many entrepreneurs start businesses out of necessity, and lack the basics of proper financial management. There are a plethora of free online courses available to entrepreneurs that can help build a better understanding of financial management. Online accounting tools such as Xero can also provide excellent support to SMEs by automating much of the day-to-day accounting processes.


The spirit of entrepreneurship in South Africa

The spirit of entrepreneurship in South Africa

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In a recent article by the Huffington Post they stated that “Knowing the real South Africa is to know, and be familiar with, the ambitious entrepreneurial spirit that runs through its tributaries and flows like a river into the heart of a nation.” This capture the essence and state of entrepreneurship in South Africa. It is a ripe, fertile environment that is breeding some of the finest business trailblazers.

Well-known entrepreneurs like Elon Musk founder of SpaceX, Koos Bekker of Naspers are a testament to the quality of entrepreneurs coming out of South Africa. Alongside Lulalend CEO, Trevor Gosling, in Ventureburn’s Top 31 entrepreneurs under 40 making waves in South Africa is the CEO and co-founder of Yoco, Katlego Maphai. We asked him if we could get his perspective on the state of entrepreneurship in South Africa and share some thoughts with us as a locally bred entrepreneur.

 Katlego was part of an incubator program and gained some corporate experience before moving on to Yoco, a mobile card reader and point of sale app. The business has been going for 4+ years now and has recently met a huge milestone of 10 000 customers.  He shared with us that being part of a start-up has involved sacrifice and has brought with it a lot of emotional expectations in hoping the business succeeds.

Q: Starting and owning a business involves grit. Not every business is a success story. Looking back, how have you used the setbacks to learn and grow in a personal and business capacity?

Katlego: Setbacks are a test of resilience and tenacity. With the right attitude, you can use them to identify opportunity, and I think that’s what sets true entrepreneurs apart from the rest. They see setbacks, not as failures but opportunities that give you the chance to decide whether your business is going to tank or you’re willing to go in a new direction.

When setbacks happen it’s really an opportunity to get perspective from those around you – your board, team members, or investors, who can provide guidance as you determine the new direction.

Young entrepreneurs need to stop seeing setbacks as a failure and start seeing them as valuable lessons. When you start to do that your perspective changes and you see failure as a sign of how much you are trying new things, not a negative reflection of your achievements.

Q: What are the things you think are important for any business owner to stay focused on throughout the journey?

Katlego: For us at Yoco, the golden thread is that we are ruthlessly focused on the customer. We orientate ourselves around them and build things around their journey – not the other way around. Irrespective of the level of experience, the customer should always come first.

Q: How would you encourage small business owners to make good decisions, and how does one determine which to focus on at different stages of the business?

Katlego: At Yoco we make decisions to reinforce the golden thread if you’re focused on that you’re orientating all your decisions properly. The equation of good business decisions is balanced out with the customer journey.

Q: The early stages of a business often require thought through, but also quick decision-making processes. How do you navigate the decision-making for the best interests of the business?

Katlego: For me, there are two things that drive the decision process. The customer journey and the competitive landscape. Firstly, a venture needs to aspire to treat it’s 10 000th customer as it treated its first customer, this is the true measure of scaling with excellence. Strategic decisions are made with the customer journey in mind so they need to ask themselves how much time am I dedicating to the current version of the customer journey versus the future version of the journey. Secondly, decisions also rely heavily on the competitive landscape. Business owners need to have a both a here and now mindset and a forward-looking mindset. They need to keep in mind what will be keeping them ahead of the competition in 2-3 years and how they will be evolving.  It’s important to ask yourself how is your business evolving, assessing investments in time, effort and resources over the short and long term alike. True advantage is built over the long term, not with day to day tactical decisions.

Q: How does an entrepreneur find the balance between planning and risk-taking, and what would you say that looks like?

Katlego: I see these as the same thing. Let’s be clear, hedging bets is not the same as taking risks. Strategy involves seeing where the market is going and how to invest as a company into the right things to take advantage of the opportunities. That is taking a risk because you won’t have all the data for those decisions. A lack of long term thinking can be detrimental.  Incremental gains are only short term but long term investments will determine whether your business will still be around a few years from now.

Final thoughts:

Katlego: I think what I really want South Africa’s young entrepreneurs to know is that it’s really about figuring things out. You can’t go into an incubator, do a course or get a degree and walk out thinking you have taken big steps towards the goal. That is a bit misguided. A lot of the experience and knowledge you gain is from figuring things out as you go along. You don’t have to have all the answers from the get go. You just have to start, not be afraid to fail, and take the lessons you learn from that and go at it again. Using customer centricity and subsequently being relevant as the guide on where to go next.