Tag: Xero SA

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.

Technology adoption has played a huge role in how Small and Medium Enterprise (SME) navigated the past two years. Some businesses have used their tech to stay connected to their team and customers, while others found digital solutions to be the difference between closing their doors and maintaining a regular income.

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.