Tag: Colin Timmis

I have spent my career watching South African Small and Medium Enterprise (SME) owners achieve extraordinary results with limited resources. Their resilience is well known. However, this does not remove the difficult path that entrepreneurship often entails. According to our recent Emotional Tax Return report, 95% of South African SME owners make personal sacrifices to sustain their businesses.

Amid Global Entrepreneurship Week, running from 17 to 23 November, new insights from small business communities offer practical lessons for South African entrepreneurs. These insights show how digital skills, innovation and proven global strategies can fast-track growth. As the week unfolds, global SME insights highlight opportunities for transformation.

It is no secret that South African small businesses demonstrate remarkable resilience and optimism despite ongoing challenges. At the forefront of this resilience is digitisation. It is proving to be a vital catalyst for continued growth. In fact, digitisation delivers better business outcomes every day.

Despite ongoing challenges such as inconsistent power supply and economic instability, an impressive 83% of small businesses have grown their revenue in the past year, and 90% are optimistic about their future growth. These findings from our 2025 State of Small Business Report may be surprising to most, but they prompt the question: What is driving this optimism? The answer lies in SMEs' bold embrace of technology.

It is incredible to witness the passion and optimism currently fuelling growth in the accounting profession. The 2025 State of Small Business and State of Accounting reports show promising trends. A majority of firms (85%) have increased revenue in the past 12 months. Even more (88%) expect further growth in the year ahead.

In the 2025 Budget Speech, Finance Minister Enoch Godongwana unveiled a proposed staggered increase to the Value Added Tax (VAT) rate. This move, designed to address economic challenges and fund key government initiatives, will undoubtedly add pressure to small businesses, especially those who are already struggling with cash flow. However, it’s worth understanding who pays VAT, how VAT contributes to total tax revenue, and how you as a small business can manage this change.

Small businesses in South Africa manage multiple priorities, such as business efficiency, innovation and growth. Many overlook the value of claiming the full range of tax benefits available to them amidst these daily challenges.

Small business owner wellbeing is essential for sustaining growth, balancing challenges, and achieving long-term success in today’s competitive environment. Wellbeing is a key factor in business growth and success, especially for entrepreneurs navigating the often lonely path of self-employment.

In today’s digital age, data-driven insights have become the cornerstone of business success. These insights help businesses thrive. Understanding customer needs provides a greater competitive edge. Additionally, analysing financial data helps businesses plot their growth. This allows them to fulfill their full potential. The benefits of data in the business world are endless.

The fifth annual State of South Africa Small Business report 2022 found that 95% of business owners have experienced stress in running their businesses. Undoubtedly every late payment, supply chain issue, and government decision over the past two years has placed additional stress on the owners of small businesses.