Setting South Africa’s small and medium-sized enterprises Up for Success
South Africa’s small and medium-sized enterprises (SMEs) represent more than 98% of registered businesses, employ between 50% and 60% of the country’s workforce, and are responsible for a quarter of job growth in the private sector[i]. “It’s no wonder then that these companies are the country’s hope for economic recovery. But what is being done to ensure their success?” asks Andrew Hardie, Chief Executive Officer at Pay@ - a leading payment aggregator and provider of secure payment solutions.
South African SMEs have the highest failure rate in the world[ii]. In fact, 70% to 80% of small businesses fail within five years[iii]. Studies conducted by the Universities of the Free State[iv], Limpopo[v] and Cape Town[vi] have found that a lack of business capabilities (including skills and tools)...