Dear IBhayi Members
Celebrations are the order of the day in South Africa, uniting all under the banner of Rugby World Cup Success…………….. Can we, the small-business owners of this country, leverage some of the hype and momentum, that this event has brought to our nation?
The looming energy crisis, possibly to be averted with a Restructuring of Eskom, a new education curriculum awaiting learners in South Africa, the roll-out of the NHS, as our new health care system, to name but a few of the happenings planned for our Country, going forward.
Where does that leave the Small Business Owner in South Africa?……. In light of the above, I would like to focus on some of the positives:
Positive impact and opportunities
Something that really strikes me is how many SME owners in our country want to have a positive impact – they want to add value and make a difference. This is an amazing quality that needs to be nurtured and utilized in the growth of South Africa’s economy.
More support needs to be given to early-stage businesses and entrepreneurs to help them realize their potential and achieve that positive impact that they’re striving toward.
In February this year, Finance Minister, Tito Mboweni, made the national Budget speech and referenced the private sector as the key engine for job creation. Based on this, some key positives for SME’s were highlighted;
Mboweni said he was committed to work with necessary parties to ensure the decrease of data costs. Should this be the case, it means more opportunity for SME’s and entrepreneurs to build their businesses as well as seeing a rise in new technology businesses. Affordable data aids the positive economic growth.
billion towards building schools and maintaining school infrastructure
The increase in national infrastructure has a positive knock-off effect for SME’s in that it creates opportunities for SME’s to be involved in the supply chain and create jobs. An increase in infrastructure projects also boosts economy which ultimately has a downstream effect.
billion to operationalize the small business and innovation fund
This budget is aimed at uplifting small businesses and developing the country’s entrepreneurial eco-system and is believed to create more innovative businesses that have the capacity to respond to opportunities they are faced with in the current economic climate.
R19.8 billion has been allocated to industrial business incentives which means an increased yield in opportunities for local, industrial SME’s, job creation and a positive impact on the economy overall. R600m has been assigned to the clothing and textile competitiveness programme, which is a much-needed boost for this struggling sector and a potential driver of economic growth.
Whilst looking at the glass half full, we the small business owners of this Country have some positives to look forward to.
Thank you BOKKE for giving us Hope
Chairperson: IBhayi Small Business Chamber