Tag: Business Partners Limited

South Africa cannot afford to lose its mall and medium enterprises (SMEs), says financing expert. As local business relief initiatives such as the COVID-19 Loan Guarantee Scheme come to a close, many SMEs continue to struggle, with an unfortunate number of businesses’ liquidity eroded by the pandemic and various lockdowns - especially those that operate in the hospitality and tourism industry.

The global economy has been left winded and weak by the effects of the COVID-19 pandemic and governments the world over have a difficult task ahead. With the Minister of Finance delivering his much-anticipated 2021 National Budget this Wednesday (24 February 2021), one can’t help but reflect on what solutions need to be implemented to rebuild what was lost in 2020 because of the pandemic and years of low economic growth before then. Whatever the solutions, they need to be monumental and perhaps even radical in order to revive our economy.

As South Africa begins the long journey towards recovery following the economic toll taken by COVID-19 and the associated lockdown, tourism remains a critical piece of the puzzle in helping stabilise and rebuild the economy.

Whether they like it or not, all business owners engage in some form of marketing, but many neglect to adopt a strategic approach. It’s not surprising then that marketing was highlighted as the area in which most business owners feel they require skills training, according to the most recent National Small Business Survey by the National Small Business Chamber.

Running a business in South Africa is becoming increasingly tough, amid stagnant economic growth and ever-increasing operating costs, such as rent, labour costs, fuel and electricity.

A new report released by Boston Consulting Group (BCG) has found that online marketplaces could create as many as 3 million jobs in Africa over the next six years. Considering the current state of unemployment in many parts of the continent – particularly among the youth – the healthy development of an e-commerce marketplace will prove to be an important contributor to Africa’s economic growth and job creation in the future.

Many small and medium enterprise (SME) owners grapple with the stress and strain of running a business. This was confirmed by the findings of the second quarter 2018 SME Confidence Index, which reveals that 76 percent of the SME owners surveyed say that the pressure of running their own business can sometimes be overwhelming and limit their potential.

It is important for aspiring entrepreneurs to not let their fears stand in the way of starting a business. In the light of World Entrepreneurs Day taking place today, 21 August, there is a need for more South Africans to take the leap into entrepreneurship.

According to recent research conducted by the Small Business Institute of South Africa, local small and medium enterprises (SMEs) are still economically fragile, with approximately 70% of emerging small businesses failing within the first two years of operation.