Nonprofit organisation Women in Mining Business South Africa (WiMBIZ) held a one-day conference on September 5, to explore how women can leverage technology, finance and networking to build sustainable businesses in the mining industry.

The conference was held as part of Electra Mining Africa, in Johannesburg.

It was mentioned that a considerable challenge for small business is access to finance, with 65% of small, medium-sized and microenterprises struggling in this regard.

 E'lique Advisor founder and CEO Lornella Jonas pointed out that the challenges businesses face in terms of access to finance is universal and not just limited to South African companies.

She emphasised the importance of companies having an accountant or the requisite knowledge to ensure that that are tax compliant, with business owners often not taking this seriously or not knowing how taxes work.

Ndzuno Consulting founder Pamella Ndzuno emphasised that there are key areas of compliance that small business owners need to ensure are in place.

She said they must be tax compliant as this is required if they want to trade.

They should also be compliant with economic empowerment legislation, with this being especially important for companies in the mining industry space who are looking to apply for tenders or requiring this to be on a supplier database.

Ndunzo pointed out that this would facilitate access to more opportunities.

She also stressed that businesses must be registered with the necessary industry bodies.

They should also ensure that they are up to date on their financial reporting, so that the business is not deregistered.

Business owners should also avoid mixing personal and business expenses, Ndunzo warned. She also highlighted the importance of them keeping proper records of expenses, with banking transactions not sufficing, as more in depth information is required for tax purposes.

Ndunzo also encouraged growing business to capitalise on enterprise supplier development programmes offered by mining companies, who are required to spend a percentage of their earnings on supporting small businesses.

During the panel discussion on leveraging technology, the importance of future thinking was emphasised, rather than only focusing on the present, as this could result in lost opportunities.

Speakers also mentioned that technology could provide an opportunity to level the playing field, as users are more concerned with having a working product, rather than who made it.

Moreover, women can use technology to grow further, with this opening up options for expansion to international markets.

Another panel discussion also focused on the importance of networking and how women can and should leverage this to make strides in the industry.

A myriad of suggestions from panellists included being deliberate in these engagements, knowing what you want to achieve, being strategic, striking a balance between being humble and bold, focusing on building relationships rather than being transactional, and building a good reputation for oneself.