Small businesses create most of the jobs in the country and despite adverse economic conditions, many remained resilient and survive.
Similar results were seen in the quarterly SME Confidence Index conducted by Business Partners Limited, which saw overall business confidence increase to 71% in the first quarter of 2023, a 7% increase compared to the previous quarter.
“Considering the extreme and mounting financial pressures small enterprises face, these results herald positive prospects and prove, yet again, that the local SME sector is as resilient as it has always been believed to be and ready to face the challenges head on,” Kunutu says. For Kunutu, greater levels of efficiency can be attributed to the wider availability and accessibility of technological tools that can automate processes and build more effective workflows. “Tasks involving aspects such as financial management and accounting, tax administration, team communication and project management have been made more efficient by software and tools, many of which are freely available or relatively cost-effective thanks to competition in the market.
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