Why We Turn Away 92.6% of Our Prospects

Why We Turn Away 92.6% of Our Prospects

Why We Turn Away 92.6% of Our Prospects 244 325 Uzenzele Holdings

Many SMEs approach us for assistance in facilitating access to funding opportunities – and we turn away 92.6% of them. That might not sound like a particularly appealing selling proposition, and it’s not. The truth of the matter is that accessing the kind of funding that we specialise in facilitating is an enormous undertaking. Ultimately, only  7.4% of the prospects who approach us are in a favourable position to meet the demands of the funding application process.

There are many reasons why a prospect may not be prepared for our services or the funding opportunities that they are seeking. Fortunately, with a little insight, we can advise prospective clients on how best to prepare themselves to qualify in the top percentile of businesses that are ready to take their growth to the next level.

What are the top reasons that SMEs can’t access the business funding they need?

The top three funding challenges which slow SMEs down are unawareness of funding opportunities, frequent rejection and/or radio silence, and the administrative burden associated with the funding application journey.

Obstacle 1: Unawareness of funding opportunities

Most businesses (we’re talking up to 93% of SMEs) aren’t even aware of the full scope of funding opportunities available to them. There are variations on this theme, of course. Sometimes SMEs are aware of the various funds, grants, and initiatives available to them, but they don’t know that they’re eligible to apply. To take it even further down the line, sometimes they know they’re eligible but they are so profoundly overwhelmed by the complexity of the application process that they don’t know where to begin.

That’s why it’s essential to have a specialised consultant on your team to help unwind the tangle of emails to send, application forms to fill out, supporting documents to collate, and narrative strategies to develop. Uzenzele Holdings is at the centre of a network of over 40 funders whose diversity in funding mandates is matched only by the diversity of industries in which they operate.

Because we maintain ongoing relationships with these dealmakers, we’re in an ideal position to orchestrate mutually rewarding funding relationships. We only propose quality projects with expertly prepared application packs to our dealmakers. It’s partially why we only take on such a curated selection of projects to work on. Ultimately, by discerning the most favourable candidates, we maintain strong dealer relationships and expedite the process of funding SMEs through the perfect partnership.

Obstacle 2: High rejection rates or radio silence

Another obstacle which discourages SMEs on their funding journeys is the high rate of rejection or, even worse, a lack of any response at all to their funding applications. Often, the reason this happens is not because the business is ineligible – it’s more likely because of an incomplete or improperly filled-out application pack, or insufficient proof of due diligence.

It’s not enough simply to show prospective funders that the business is currently equipped to receive funding. In many instances – especially if you are pursuing loan funding – your application also needs to make a watertight case for how the funder would be making a sound investment into a sustainable business model.

This requires microscopic attention to detail. But how can business owners know what to scrutinise for if they don’t know what prospective funders will be looking out for? Uzenzele Holdings is fluent in the funding mandates of our dealmakers as well as the funding needs of our clients. Our position (in addition to our experience and expertise) empowers us with unique insight into how best to match an SME to a funder.

Uzenzele Holdings ensures that every funding application is not just perfectly organised, but that it is crafted with a narrative strategy that speaks directly to the mandates of potential funding matches. To this end, our team of seasoned experts performs a detailed due diligence process in the 100 days leading up to submission to optimise for desired outcomes. That is, a fruitful and mutually beneficial funding relationship between SME and funder. Not only is this service a practical quality check of the application pack – we’re also your biggest cheerleader during a grueling step that might otherwise deter a client from pursuing funding altogether.

Obstacle 3: You can’t be everywhere all the time

Many businesses are not prepared for the sheer scale of detail, accuracy, and evidence that is required by most funding processes. Many funding mandates include cryptic assessments and complex requirements which take valuable working hours away from the regular demands of running a business.

Furthermore, inexperienced applicants run into unexpected hiccups which slow (or even halt) time-sensitive funding processes. Funders may request additional documentation to aid their decision, or applications lose steam because they are not pitched with a narrative strategy that aligns with the funding mandate. Application processes for funding of this nature require you to step into more roles than just “the applicant” – you also need to be a broker, a project manager, a legal mind, and a relationship manager (all on top of running a business).

Running a business already requires that you wear a ton of different hats. You can’t be expected to be a funding fundi as well. We wrote an article about it – read it here.

Are you in the top 7.4%?

The world of business funding is vast and complex, and the conditions of eligibility are challenging, to say the least. However, the reward is well worth the effort. For a broader overview of the grants and incentives as well as other funding types that Uzenzele Holdings specialises in, browse our site. It could be the first step you take towards expediting your access to exponential business growth.

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