South African SMEs should gear up for the new normal - A volatile business environment means that smart SMEs must position themselves to change as required.
The almost-post-pandemic business environment offers small and medium enterprises several challenges and some big opportunities. As usual, long-term success is a function mainly of a company’s ability to read trends and come up with ways of riding them. It’s vital that they do, given that SMEs play such an outsized role in Africa’s economies — an estimated 80% of the workforce in both the informal and formal sectors is employed by larger SMEs, in the turnover range of.
In short, the SME sector as a whole has a massive role to play as an engine of growth and employment, but it is uniquely vulnerable. It is clearly in everyone’s interest that SMEs are helped to prepare themselves better to trade profitably and respond to change. Cash, and particularly cash flow, are key in any business; they present a particular challenge for SMEs, which often exist on a hand-to-mouth basis. A key first step is to develop a culture of saving throughout the business.
Finances and financial health are obviously critical in any business, and specialised service providers can help SMEs put their financial affairs onto a sound footing and save capital, which can then be ploughed back into the business. In particular, properly drawn up financial statements are prerequisites for accessing funding from banks or grants from donor agencies to underpin growth.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South African network operator lands capacity on Google’s undersea cableLiquid Intelligent Technologies has bought capacity on the Equiano subsea cable.
Read more »
South African streaming shootout: Disney+ vs Netflix vs Showmax and moreDisney+ will be launched in South Africa on 18 May. But how does it compare to Netflix, Showmax, Prime Video, BritBox, Apple TV+ and others?
Read more »
Disney+ South African pricing and launch date revealedWalt Disney Co has announced the launch price and date of the Disney+ streaming service in South Africa.
Read more »
To do business with government, Huawei must have South African staffTo do business with government, Huawei must have South African staff - So says Luvuyo Keyise, the chief executive of the State Information Technology Agency, who has given the tech giant six months to bring South Africans into the fold
Read more »
To do business with government, Huawei must have South African staffTo do business with government, Huawei must have South African staff: So says Luvuyo Keyise, the chief executive of the State Information Technology Agency, who has given the tech giant six months to bring South Africans into the fold
Read more »