Latest newsFollowing the dip taken during the pandemic years, the South African economy has faced a number of headwinds on its road to recovery. The current economic downturn has been characterised by high levels of inflation, the rising cost of credit, fuel hikes and a cost-of-living crisis. These realities have placed millions of small businesses across the country under immense strain. Despite these challenges, many of these businesses continue to demonstrate a "heritage of resilience" and maintain an optimistic outlook heading in 2024. 22 Sep 2023 Read more Small business owners must understand how to go about hiring the right people, in order to build teams that can get the job done, in the correct way and within the right time frame. Although every startup has different requirements in terms of the kind of people and expertise it needs to get off the ground and be a success, there are a few basic guidelines that should be followed when it comes to the hiring process, and how to avoid hiring the wrong talent. 22 Sep 2023 Read more There are a range of skills that are required and critical to becoming a successful entrepreneur. Some of these include negotiation skills, good communication, time management, an appetite for ongoing learning, risk tolerance, resilience and adaptability. Another one of these critical skills is the ability to pitch your business to potential investors or new customers. 14 Sep 2023 Read more South Africa's tourism industry was among the hardest hit sectors by the onset of the Covid-19 pandemic. The introduction of strict lockdown regulations all but shut down thousands of small tourism businesses and brought the sector's value chain to a standstill. Now, recent reports indicate a gradual improvement, with tourism volumes and international arrivals showing a steady incline. Ahead of the busy end-of-year period, small businesses need to step up with strategies to leverage the opportunities that exist within the sector as local and international tourists prepare to make their way through our country. 14 Sep 2023 Read more Spring is officially on our doorstep, and for many small businesses, the beginning of spring marks the onset of the busy season. It's been a tough winter for small business across a range of sectors, specifically retail, which saw a year-on-year decline in sales during the first half of 2023. According to recent statistics, this decline was most notable in the hardware, paint and glass, household furniture, appliances and equipment industries. 7 Sep 2023 Read more Like several of its global counterparts, South Africa is experiencing a critical skills shortage, particularly in finance, health and IT sectors. The current skills deficit can be attributed to a number of factors, including the migration of young talent to opportunities overseas as well as remote work prospects. The impact of this attrition of the skills base has upped the ante for local businesses competing for the best talent. Within this highly competitive environment, small businesses need to be very strategic about how they attract and retain their workforces. 6 Sep 2023 Read more As engines of economic growth and generators of jobs, the well-being of South Africa's small business sector is inextricably tied to broader imperatives such as financial inclusion, a more equitable nation, and social upliftment. This is according to David Morobe, spokesperson for the Business Partners Ltd Entrepreneur of the Year® (EOY) competition, who says that recognising and rewarding success in the sector can play a significant role in encouraging entrepreneurial activity and resilience. 25 Aug 2023 Read more The concept of the 'Internet of Things' (IoT) has been around for over twenty years and has come to represent the interconnectedness of everyday objects and devices that can store and transmit data. Now, well into what many regard as the fourth industrial revolution (4IR), the IoT and the way we use information is shaping a new global economy - one in which knowledge and intellectual capital are the most valuable commodities. For small businesses (particularly in Africa), the 'knowledge economy' represents a new horizon for optimised innovation, operational efficiency and global competitiveness. 24 Aug 2023 Read more The rate of digital adoption in South Africa has rapidly accelerated in recent years. Today, over 72% of the population uses the internet, which equates to an estimated 43.48 million internet users. With more of the local population adopting digital platforms for working, shopping and playing, small businesses have a golden opportunity to cash in by strengthening their online presence. 18 Aug 2023 Read more The impact of South Africa's sluggish economic growth has echoed across numerous sectors, with business owners struggling to meet the worsening demands of the ongoing energy crisis. Currently, at least 34% of small businesses cannot afford the costs involved with installing a back-up power supply or alternative energy source while 37% cannot afford the financing programmes available to invest in alternative energy solutions. Despite these challenges, business owners continue to show signs of their well-documented resilience as their businesses gear up for the busy season. 17 Aug 2023 Read more South Africa has emerged a clear leader on the continent, as an enabler of women's entrepreneurship. However, as President Ramaphosa pointed out last year, despite efforts from multiple segments of society, only 41% of South African women aged between 15 and 60 years are regarded as being economically active. While we should celebrate the significant strides being made towards tackling gender disparities in entrepreneurship, we should strive as a collective to address major challenges that prevent progress such as access to funding. 15 Aug 2023 Read more Women make great entrepreneurs for a number of reasons. Industries like insurance view women as having relatively lower risk exposures than their male counterparts - a factor that allows them to generally make more calculated and informed decisions. A study found that women entrepreneurs are incredibly resourceful when it comes to starting their own businesses, despite the adversity they often face. 10 Aug 2023 Read more A growing body of global research has linked a healthy company culture to key performance metrics such as profitability, productivity and talent retention. The Covid-19 pandemic brought issues related to employee wellness front and centre, further emphasising the direct correlation between company culture and business success. Now, in a post-pandemic world, more leaders need to take up the mantle of fostering better workplace environments. The return on this investment can reap long-term and far-reaching benefits. 27 Jul 2023 Read more Transforming a business idea into a fully-fledged venture is certainly no small feat. For some entrepreneurs, undertaking this mammoth task is a job best accomplished by collaborating with a business partner. While working with a business partner does come with its own unique set of challenges, in many cases, the pros outweigh the cons. 26 Jul 2023 Read more South Africa's manufacturing sector is one of several areas of interest, identified in the National Development Plan (NDP) as an industry poised for job creation and GDP growth. Despite several hurdles having thwarted the industry's progress over the past few years, efforts by the public and private sectors to revitalise and expand South Africa's manufacturing capabilities, present an encouraging prospect for small- and medium-sized (SMEs). 25 Jul 2023 Read more South Africa's small business sector is a tough environment to break into, but those who succeed in weathering the storms of the first few years of business, have a real shot at scaling their business to new heights. Arguably, effective financial management is the single most important aspect of running a successful venture, part of which involves saving on a regular and consistent basis. 19 Jul 2023 Read more The idea of starting your own business, especially in the face of the challenges that exist within the South African environment, may feel daunting. But don't be discouraged - every thriving business empire ever built, began as nothing more than an idea. That is a universal truth that applies to businesses of every kind and size, from history-making brands like Apple to your local spaza shop. 18 Jul 2023 Read more As the new, emerging businesspeople, South African youth represent immense potential. They are expected to play a pivotal role in growing the economy, enabling social cohesion and driving positive change. 17 Jul 2023 Read more While small businesses may very well be the unsung heroes of the South African economy, their contribution to national development is unmistakable. Creating an enabling environment for entrepreneurship is therefore not only good for business but it is also necessary to build a more equitable and prosperous economy. 14 Jul 2023 Read more The important role that small businesses play in sustaining and growing the South African economy has been well-documented. Estimates show that small and medium-sized businesses (SMEs) contribute as much as 34% to the country's total GDP. 5 Jul 2023 Read more
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