Coface and The Transformation Legacy's Enterprise and Supplier Development Programme boosts small business revenue growth rate by 35%

South African insurance company, Coface and enterprise development company, The Transformation Legacy, co-developed an enterprise development programme that has led to a 35% revenue growth rate for a small black-owned business called VVKBD financial services.

The four phased programme which focused on business diagnosis and assessment, personal development assessments, business mentorship and coaching as well as, business skills training and workshops, enabled financial service provider to develop entrepreneurial skills to grow their brokerage firm, gain access to business development support and tools that position the SME for growth.

“As an entrepreneur it becomes lonely and one tends to run out of ideas, with the support received from the programme through the workshops and mentorship, I have realised things that still need my attention. Things like succession planning, documenting certain processes in the business have been eye openers for me as I did not realize the importance of having these things in place in the business,” said Vusumuzi Marule, founder and CEO of VVKBD Financial Services.

VVKBD is an authorised financial service provider which was established in 2018. Their business offerings include long-term assurance and investment products on risk benefits, estate planning, retirement planning and entrepreneurial investments. Similarly, through their short-term solutions, they offer a bouquet of assurance services on household contents, business, home, commercial and motor plans.

According to Marule, since joining the programme, he has seen significant progress in the performance of the business. The business was able to attract 123 new clients, revive old clients and create jobs for three people.

“Before joining the programme, one of the major challenges we were experiencing was marketing training and materials, getting motivated staff members that I can retain and managing finances and cashflow.”

Using the grant funding received from Coface, the SME has embarked on a rebranding exercise which will enable them to roll-out marketing campaigns and print marketing material as part of the growth market strategy. In addition, all training interventions which were designed and facilitated by The Transformation Legacy, improved the organisations staff engagement, recruitment and selection processes, financial management processes and financial governance as well as, helped shift Marule’s focus from an operational to a strategic role.