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Start strong – preparing for 2023

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For many small businesses, 2022 was a year of unprecedented change, as businesses and consumers adapted to life after the worst of COVID-19. As 2023 starts, consider the following so that you face the the year ahead with renewed determination.

Financial deregulation necessary to spur economic growth

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No new business can prosper without access to start-up capital, and the regulatory environment must not stand in the way of this process. In other words, South Africa’s economic future is not served by do-gooder statutory restrictions on financing. As such, significant amendments should be made to the National Credit Act, as well as the Banks Act, to ease pressure on small businesses that seek to finance their growth. 

Small business development depends on getting ‘the land question’ right 

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Historical land dispossession has handicapped South Africa’s economic development, particularly of small businesses and small-scale agriculture. This, combined with continued restrictions on subdivision, lack of secure title, and threats to constitutional property rights, impede rapid land reform and economic growth.

If growth is South Africa’s aim, it’s time for Jan Tax...

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South Africa’s tax laws were designed for a high-income society – a result of a long history of the country accommodating a small, wealthy economy, and a large, poor one. But for a country with tens of millions being either unemployed or receiving very little income, being one of the world’s highest-taxed states does not make sense, particularly when small business growth is so crucially important to our economic future.

New small enterprise bill – is it answering the wrong questions?

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There are two customary rules in South African law-making that are adhered to almost to a T: The law must make matters worse, or the law must miss the point. Rarely, if ever, does legislation that comes out of the South African Parliament or the provincial legislatures make things better for citizens and consumers. The new National Small Enterprise Amendment Bill, 2020, is no exception.

New small enterprise bill will discourage dealings with SMMEs

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The Minister of Small Business Development has been parading a draft National Small Enterprise Amendment Bill. The period for allowing interested parties to submit comments about the draft Bill to the department has just ended. This ill-considered proposal would authorise officials to break contracts deemed 'unfair', no doubt causing commercial uncertainty and thereby discouraging larger businesses from contracting with small enterprises. The Bill defeats its own purpose.

Rebuilding small businesses after COVID-19

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The COVID-19 pandemic has wreaked financial havoc throughout the nation, leaving many small business owners struggling in its wake. According to our research, 86% of small businesses said they had suffered negative effects as a result of the pandemic and only 14% of small business owners said they had experienced limited effects.

Deregulating the economy – a matter of urgency

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Small business is widely acknowledged as the engine of economic growth in both developing and developed economies. The South African government also recognises this.

Budget 2019 | but what about small businesses?

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Where is the focus on growing South Africa’s small business sector? That is the overriding question we are left with at the end of Finance Minister Tito Mboweni’s maiden budget speech. The few mentions the Minister made about Small & Medium Businesses were short on detail at a time when we desperately need to supercharge the growth of this segment.

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