The theme of inspiration shone bright during the West Coast Business Development Centre’s (WCBDC) annual general meeting (AGM) where local entrepreneurs told their stories that touched on their turbulent journey in growing their own businesses and the challenges they had to face.
The event took place at the Protea Hotel in Saldanha on Wednesday 25 September.
The WCBDC provides mentorship to established Small Medium Micro Enterprises (SMMEs) as well as access to financial assistance through funding or financial advice.
According to Lynn Maggot, manager at WCBDC, about 50 local businesses attended the event. Patrick Lakabane, executive director for development programmes for the Saldanha Bay Industrial Development Zone (IDZ), was the master of ceremonies.
“We can see there was a material increase in revenue, we went from R1,1 million in 2017 to R1,7 million in 2019 and I think that is indicative of the potential support we still get from corporates,” said Maggot during the financial report. She added that funding mainly came from Lucky Star.
“We were also supported by Duferco, ArcelorMittal gave us R300 000, Sea Harvest funded R50 000, which was for a computer training programme and PPC funded R22 000.
“I also think its worthwhile mentioning that the centre generated its own revenue to the tune of R155 000 and that was essentially for providing administrative services to its clients, such as providing them space for training, internet, telephone services and so forth.”
Maggot also mentioned that their operating expenses were R2,5 million, which are similar to last year’s expenses. During the AGM, it was reported that the WCBDC had a revenue of R1 164 362 in 2018 and recorded a loss of R1 240 840, while in 2019 their revenue had been R1 677 082 and they had recorded a loss of R852 708.
“The meeting demonstrated a collaboration by all stakeholders and the three successful entrepreneurs that shared their stories were Michael Madangatya, Ronaldo Jardine and Zharon Damonse.”
Madangatya, who works in the transport industry, mentioned in his speech the importance of learning, mastering your craft and working towards a goal.
“You need to master what you do in order for you to move on to the next project. Surround yourself with people with the same vision and values as yourself and always give yourself room to learn.”
At a previous networking session that took place earlier this year, Maggot explained the importance of entrepreneurs sharing their ideas.
“Any networking opportunity widens one’s networks, and a wider network potentially means more customers and people knowing about your business.
“It also provides an opportunity for entrepreneurs to share ideas, form collaborations and stimulate the thinking about how to increase revenue,” Maggot added.
The next AGM takes place in September next year.
