As part of the National Budget speech on 26 February, Finance Minister Pravin Gordhan made some interesting promises regarding small and medium businesses. Some optimism was noted when he talked about tangible benefits regarding tax and new opportunities for small enterprises.
A common issue raised among local entrepreneurs is the ease of access to business finance, which is often criticised due to the difficulties experienced when attempting to secure funding to either establish, or grow, a business. The reality is that there is money available for entrepreneurs with the right idea.
One of the biggest challenges facing South Africa at the moment is the question of how to foster an entrepreneurial culture amongst the youth. Unfortunately much of the teaching that takes place in schools and support initiatives is very theoretical in nature and doesn’t capture the realities of being an entrepreneur.
Simon chats the Finweek cover (How SMMEs Can Break into Big Corporate Supply Chains by Jessica Hubbard), results from; Famous Brands, Consolidated Infrastructure Group, Afrimat & Protech Khuthele. Understanding Austrian Economics and another finalist from the UCT School of Accounting mergers and acquisitions competition.
Financial planning for business owners can be a complicated affair, and with so many balls to juggle in the day-to-day running of a venture, it is easy to neglect this crucial aspect of ensuring future success. Insurance is one of the aspects most often overlooked – internal research conducted by Sanlam has shown that two thirds of South African business owners do not have basic business insurance.
Once again retail giant Woolworths finds itself in a battle with an entrepreneur who tried to supply them with a product. I’m not going to debate the merits of the claims by Euodia Roets but I think there is an easy way for Woolies to get in front of this and (by their own calculation) create more than R1bn in opportunities for South African entrepreneurs.