BNM Elite, The Accounting, Taxation, Bookkeeping and Quantity Surveying Consulting Firm Making a Difference in South Africa’s SME Sector

Brian Kazungu, 27/01/2022

BNM Elite, a Johannesburg based Accounting, Taxation, Bookkeeping and Quantity Surveying consulting firm is making a difference in South Africa’s SME Sector through professional and affordable services to people who are taking the entrepreneurship route.

A black female owned business which was formed by two sisters who are both graduates from the University of Johannesburg in South Africa, BNM Elite helps entrepreneurs with statutory and financial compliance as well as cost assessment on construction projects.

With its motto being: We Analyse, We Standardise, We Restore Confidence, through BNM Elite, SMEs have found a cost-saving way to become professional in their engagement with their stakeholders through keeping books in order and being compliant with statutory bodies.

In many parts of the world, South Africa included, many people venture into entrepreneurship for various reasons but may find the journey to be tough because of lack of knowledge especially on how to plan and manage finances in their operations and projects.

The other challenge with SMEs is that they find themselves failing to comply with various statutory bodies out of ignorance and thus making it difficult for them to get contracts and qualify for tenders.

In response to these challenges, out of their academic training and work experiences, Nompumelelo and Bawinile Nyembe established BNM Elite in order to professionally and affordably assist fellow entrepreneurs to profitably navigate the business landscape.

iniAfrica News’s Brian Kazungu spoke to Nompumelelo Nyembe, the Chief Executive Officer of BNM Elite to find out more about their company and the approaches it is taking in assisting SMEs and other businesses to become successful.

iniafrica news: Would you briefly describe the background and nature of your business?

Nompumelelo Nyembe: BNM Elite is a black female owned business consulting firm specialising in Accounting, Taxation, Statutory Returns, Bookkeeping as well as Management Accounting, Business Consultancy and Quantity Surveying services.

It was established by two inspired sisters, an Accountant and a Quantity Surveyor who both graduated from the University of Johannesburg in their respective fields of study.

iniafrica news: What is the main motivation and major push for you to engage in the business that you are involved in?

Nompumelelo Nyembe: As a business, BNM Elite was formed out of the realisation that there are several opportunities in the market for those people with an entrepreneurial mind-set.

The time that we spent in formal employment showed us that there was still room for us to step into the market as independent service providers.

If you look at it, the world is gradually adopting entrepreneurship and many young people, instead of looking for jobs, they are now opting to start their own businesses and yet quite often, they lack the critical financial knowledge to professionally manage their enterprises.

The same applies to those who have ventured into the construction industry since they also need to understand the cost of their projects through the services of a Quantity Surveyor.

In this regard, we then realised that most SMEs cannot afford to employ on a full time basis the services of an Accountant (Tax Practitioner) or Quantity Surveyor who can assist with financial and cost aspect of their operations and that is why we stepped in to bridge the gap.

We give SMEs and even established business the option to access customised accounting, taxation and quantity surveying services only when necessary and this has proven to be a great cost saving approach for many companies and a source of business for us.

iniafrica news: Which products and services are you offering? Would you describe what each of these products and services is all about and the intended benefit of each of these to your targeted and actual clients?

Nompumelelo Nyembe: We specialise in Accounting, Taxation, Statutory Returns, Bookkeeping as well as Management Accounting, Business Consultancy and Quantity Surveying services.

Every business must be able to establish whether it’s making profit or not. As such, without proper bookkeeping and accounting knowledge, it is difficult to manage and control the revenue and expenses of an enterprise and thus the need to engage us as BNM Elite so that we can help with financial understanding and cost effective approaches.

The same applies to taxation and statutory returns issues since compliance with various regulations is important when it comes to tenders and other big projects. We help businesses to comply with the provisions of various government bodies such as SARS and the Department of Labour etc.

Because of both our academic backgrounds and experience in the market, we have thus managed to identify various challenges being faced by many entrepreneurs and we have also figured out solutions which we can offer to these businesses in order for them to succeed.

It is the same story with the Quantity Surveying service that we are offering. We help individuals, SMEs and big companies to establish the real cost of their projects so that they won’t blindly engage in operations. This saves them time and resources since it helps with making informed decisions

iniafrica news: How has the market responded to your products and services so far since inception and what can you attribute to such kind of a response?

Nompumelelo Nyembe: The market response has been very positive and pleasing. We are excited to continue offering these services because besides the fact that it is a source of income for us, our great motivation is that we are making a difference in our communities through helping other businesses to be professional, efficient and profitable.

Our motto is: We Analyse, We Standardise, We Restore Confidence

We are very excited to see that we have managed to live up to this motto as evidenced by the success stories from our clients and on even our own success stories.

The feedback that we get from our clients and the references which we get through our satisfied customers gives us so much joy and we don’t regret following the path that we took in establishing BNM Elite.

Some of the reasons why we have we have been well received as a company and why we have managed to retain our clients is the fact that we believe that every customer, whether as a business or individual is very unique and deserves customised attention.

We have noticed that besides solving their problems, customers enjoy the way we treat them and that is why they keep coming back and keep on referring others to do business with us.

iniafrica news: What is it that is unique about yourself, your team and your services which sets you apart and which also helps you to stand out among various service providers who are in the same category with you?

Nompumelelo Nyembe: The way we merge our expertise and academic insights into solving our clients’ problems makes us very unique. We also have an inspired, qualified, goal oriented and customer focussed team which ensures that we deliver the best service.

The other thing which makes us unique is the fact that we tailor-make or customise or service to meet the different needs of our diverse clientele. Whether your business is still starting or it has been in operation for some years, we devise a way to attend to your specific needs in a way which helps you to achieve your goals.

iniafrica news: Do you have any background in this industry? If yes, could that have helped you in identifying the business opportunities behind your entrepreneurial drive?

Nompumelelo Nyembe: I am a qualified Accountant and Tax Practitioner with a BComm Accounting degree from the University of Johannesburg. Before we started this business, I was formally employed in the same field and this where I gained the much needed experience to be proficient in accounting and tax services.

The other director who is also my sister is a qualified Quantity Surveyor with a Diploma in Building and a B-Tech degree in Quantity Surveying from the University of Johannesburg as well. She has also been formally employed in companies which handled serious construction projects and this has made her well prepared for any Quantity Surveying task.

The academic backgrounds and the experience that we have has helped us with spotting opportunities and responding to them effectively and efficiently.

iniafrica news: In a world where most people, especially the youth are failing to start and run their own enterprises because of lack of capital, how have you managed to launch and operate this initiative?

Nompumelelo Nyembe: One of the greatest advantages which made us to start despite the usual challenges that most SMEs face is the fact that we are a professional service centred business that does not need too much capital to start a business.

In a professional service business like ours, the biggest resource that is needed is the qualifications and expertise. With these in your possession, you can operate from anywhere.

Our business is different from those enterprises which needs serious investment in equipment which require substantial amounts of money for one to get started.

iniafrica news: It is a fact that the current economic situation globally especially in this industry is challenging. As such, what is it that has helped you as a business to continue operating under some difficult conditions that you have encountered?

Nompumelelo Nyembe:  Yes, the global economic situation has resulted in some loss of jobs but it has also resulted in many people converting their skills and expertise into tools of entrepreneurship rather merely looking for employment.

We help such people to professionally establish their business and this gives us a steady supply of clients.

On the other hand, besides people who starting their own businesses because of the economic situation, we also have medium size and big businesses which can no-longer need or afford the services of a full time accountant or quantity surveyor.

We are the best alternative for such businesses because we only engage them only when they need our services for example when doing statutory returns or financial statements.

iniafrica news: Based on your experience, what advice can you give to unemployed youths and many other job seekers concerning entrepreneurship as a way of creating employment for themselves and others?

Nompumelelo Nyembe: To those with the relevant skills and expertise but who have been laid off, my advice is that they can also consider the entrepreneurship route. Yes, I have heard some people say that entrepreneurship is not for everybody, but I believe that it is worth trying. As you prepare your CV, don’t forget to also try and come up with a sound business plan. If you become entrepreneurship minded, you may realise that the only person you are waiting for is you.

To those who are yet to attend college, I advise them to go for courses which will not make you reliant on finding a job as an employee only. It is also worthy doing course which will enable you to offer a service or produce a product whether you are formally employed or not.

iniafrica news: Where do you foresee your business in the future and what legacy do you want it to leave on earth? Why do you have such convictions?

Nompumelelo Nyembe: I foresee BNM Elite expanding and making a big impact not only in South Africa but across the world.

The world has suddenly become a small global village especially for people who are in the professional service industry like us. As such, we believe that as our clients succeed and grow, no matter where they are in this world, we will also succeed and grow together with them.

We want BNM Elite to be an inspiration to the youths especially young girls that you can pursue your gaols as a woman and still make it.

The questions in this interview are adapted from the book, The SME HANDBOOK written by Brian Kazungu.