RabNets IT establishes new revenue streams through BLP Adaptation Grant
August Apelis is the Founder and Director of RabNets, a business specialising in computers and network management/support services in Papua New Guinea.
Just like many businesses around the world, RabNets was forced to close for almost a year due to the emergence of COVID-19 in the community.
In search of solutions and ways to adapt the business, August came across Business Link Pacific’s Adaptation Grants, which were launched in December 2019 to enable small to medium-sized businesses throughout the Pacific to access capital for stabilisation, recovery and growth due to COVID-19’s impact on the regional economy.
With a strong sense of responsibility to his staff and a determination to adapt his business plans to suit the needs of his customers, August applied and preserved through the application process of the BLP Adaptation Grants.
We applied for the BLP Business Adaption Grant as capital to help fund the company’s business adaptation plan on investing in our retail unit and alternative revenue streams.
The grant was used on the purchase stock such as printers/copiers consumables/products, specifically toners and ink cartridges. This really helped us to build a strong inventory of stock to build our retail side of the business as part of our plan to diversify revenue streams,” said August Apelis, Founder and Director of RabNets.
While RabNets had to reduce staff from seven to five, August said the BLP Adaptation Grant has enabled them to work on a process of expanding the current revenue streams into neighbouring island communities, which he hopes will allow him to re-hire staff.
To diversify our revenue streams, we have set up retail for IT and stationery products, run a small internet café, and do basic secretarial and desktop publication stuff.
We hope this diversification process will enable us to employ more youth and women in the near future,” said August.
In addition to the Adaptation Grant, August has been utilising BLP’s financial advisory services.
BLP has really helped us to identify our financial and business management strengths and weaknesses and recommended areas of improvements to support growth,” he said.
We strongly encourage other local SMEs in PNG who are either looking at starting or expanding their business to look out for future BLP support grants or engage in some of the other available financial and business management advisory services through the BLP portal online (some of which are free of charge),” added August.
Talking to his own experience and learnings, August tells us that an investment in proper financial management systems or accounting applications are the two things he wishes he had done sooner for his business.
There are many affordable accounting applications out there now compared to the past. Being financially accountable for everything you do in the business is one of the many important factors for growing a business,” August said.
My advice to SME in PNG is to keep track of the growth and value of your business and be open to seeking proper support from financial or accounting experts.
Additionally, get your business dream and goals in black & white, having the necessary business and marketing plan/strategy on paper is vital if one is looking at establishing a business with plans to expand in the future,” concluded August.
The Finance Facility enables access to capital for stabilisation, recovery and growth of viable but financially distressed Businesses in the Pacific Islands due to COVID-19 impact on the regional economy.
The Facility opened applications to Business Adaptation Grants across eight Pacific Islands in January and June 2021. Adaptation Grants have benefitted over 200 businesses to date, and Business Link Pacific is currently processing a similar number of grants to be disbursed before the end of 2021.
To further support recovery and growth, Business Link Pacific is negotiating key partnerships with Financial Institutions to offer concessionary lending to small businesses in the region and will soon make information available on accessing those products. The Finance Facility also offers information about financial products for businesses on its free online tool, the Finance Finder; visit today to find out what is available to your business right now.
ENDS