Tag: Small and Medium Enterprise (SME)

Introducing a new approach to SME lending – a revolutionary short-term loan that links repayment terms to daily business revenue. When it comes to running a business in today’s disruptive and unpredictable environment, it’s never been more important for entrepreneurs to read the signs and respond accordingly, by adapting their strategies with out-of-the-box thinking and lightning-fast execution.

SME development has been on the agenda since the days of the Mandela presidency - and yet, South Africa’s small businesses continue to founder. Their precarious state has been placed under even more pressure by unforeseen events such as the pandemic lockdowns and July riots, and, with our unemployment rate now standing at more than 30%, it is more important than ever to take action.

If a business suddenly had no access to its business documents and financial records, the consequences would be severely felt. And if the company suffered a cyberattack, it could be devastating. These are just two reasons why cloud computing has become so important, and why moving to online accounting can genuinely help small- to medium-sized enterprises (SMEs).

Four in five small businesses want to become more knowledgeable about financial management, but two thirds lack the support they need. New research reveals that South African small businesses are making mistakes costing them an average of R91,311 per year due to a lack of financial knowledge.

Global Entrepreneurship Week celebrated entrepreneurs and aims to inspire more young people to make their mark in society. It's a timely reminder that we need to support youth entrepreneurship in South Africa to address our unemployment crisis and catalyse economic growth.

There is a perception among Small to Medium Enterprises (SMEs) that data, while important, is not as critical as it is for a larger business. However, this could not be further from the truth. Data is literally the lifeblood of the modern organisation, no matter the size. Without it, productivity ceases, particularly in a world where work-from-home has become a requirement.

No-code and low-code software development platforms are gaining popularity in recent times - especially among SMBs and SMEs - for their dynamic ability to quickly meet customisation and automation needs within limited budgets.

The past decade has not been easy for small and medium enterprise (SME) owners. GDP growth has been almost non-existent for most of the past ten years, and despite a widely held – and correct – belief that SMEs hold the keys to job creation and economic growth, they’ve largely been left to fend for themselves.

The country’s SMBs have had a tough 18 months, and unfortunately it seems that challenges are set to continue. The first quarter of 2021 saw one of the highest jobless rates since records began – 32.6 percent – and the latest projections show that South Africa’s economy is only expected to recover to pre-pandemic levels in 2025.

Literacy, the ability to read and to write, enables prosperity. Yet at least 773 million young people and adults lack basic literacy skills. As technology evolves, users who lack the foundation of learning and education will not reap the benefits of the ongoing digital transformation.