COVID-19 - The Small Business Site

Time to take over

Article written by Thabo Pitse (ActionCOACH Business Coach - Bloemfontein)

A 2021/2022 report from the Global Entrepreneurship Monitor showed that women displayed 20% less confidence when it came to their ability to start a business vs their male counterparts. What caused this?

Perhaps it was the COVID climate that was intimidating for entrepreneurs regardless of their gender, or the fact that women have been marginalised in the professional world for centuries. Whatever the cause, the lack of confidence is not a reflection of the power women have in business, their capabilities, insights, and skillsets that not only build businesses, but build economies.

ByNSBC Editorial TeamJuly 28, 20220Comments

Can South Africa match China’s e-commerce growth?

Article provided by PayFast

When you look at the global e-commerce landscape, there’s no denying that China is leading the pack. With high internet penetration and adoption, a large tech-savvy population and efficient delivery infrastructure, even before the COVID-19 pandemic there was already a sizable online shopping culture in the East Asian country.

According to STATISTA, in 2020, more than 38% of China’s GDP originated from the country’s digital economy, with nearly a quarter of all physical goods being sold online, compared to the global average of 18%. Another interesting fact is that in 2021, more than half of all the world’s e-commerce retail sales originated from China and, as of 2022, China remains home to the largest digital buyer population in the world, with a staggering 780 million individuals actively shopping online.

ByNSBC Editorial TeamJuly 28, 20220Comments

COVID-19 Growing a Business Tech tools

How the right technology can help empower SMEs in a hybrid environment

Article by Thibault Dousson (General Manager - Lenovo South Africa)

In March 2020, the world as we knew it was plunged into a scary unknown that impacted all aspects of our lives. And unfortunately, as what often happens when there is a crisis, small businesses were one of the areas hardest hit by the pandemic. Across different sectors, many were unable to operate for a long period, others had to scale down their operations, and a large percentage were forced to shut their doors for good.

It shouldn’t be surprising then, that the Q3 2021 SME Index conducted by Business Partners reports that SME owners’ confidence in their business’ growth over the next year has decreased to just 33% - a stark contrast from the 61% in Q2 2021 and 72% in the same period in 2020.

ByNSBC Editorial TeamJune 29, 20220Comments

COVID-19 Money Matters

Protect the value of your retirement savings from the impact of inflation

Article provided by Liberty Corporate & Mentenova Consultants and Actuaries

A major consideration when saving for retirement is the impact of future inflation. This is particularly critical in times when inflation is high or accelerating, as we are seeing now.

In December 2021, South Africa's headline Consumer Price Inflation hit its highest peak of 5.9% since March 2017. The price of food and non-alcoholic beverages increased by 5.5% year-on-year and transport increased by 16.8% due to the rise in petrol and diesel prices.

ByNSBC Editorial TeamJune 27, 20220Comments

COVID-19 Health & Wellness Managing a business

COVID-19 facts as we enter the fifth wave

Article provided by Bonitas

As the fifth wave of COVID-19 spreads, South Africa is seeing an increase in positive cases. Just as the Delta and Omicron variants became part of our daily vocabulary, the new Pi strain will too. However, unlike when the first wave of COVID-19 took the world by surprise, everyone is better prepared for this new wave.

Current data indicates that Pi is more infectious but that the people testing positive, are presenting with mild symptoms with far fewer hospital admissions. Medical professionals believe this is a direct result of the immunity acquired through vaccinations.

ByNSBC Editorial TeamJune 13, 20220Comments

Business Success COVID-19

Youth is where the heart is

Article written by Marie-Louise Smith (ActionCOACH Business Coach, Bloemfontein)

Youth. How is the word and concept of youth defined? I loved the United Nations definition: Youth is best understood as a period of transition from the dependence of childhood to adulthood’s independence. Basically, it is when a person leaves compulsory education and starts finding their first job. If we had to define youth by age, it would be the group between 15 – 24 years of age.

ByNSBC Editorial TeamJune 6, 20220Comments

COVID-19 Growing a Business

Digital economy for African SMEs

The pandemic has sped up the adoption of the fourth industrial revolution with many companies implementing automation tools to help continue production and keep their businesses going. The growth of the digital economy has made it possible for people to participate in local and global economies but how can the digital economy help strengthen African SMEs?

ByNSBC Editorial TeamMay 30, 20220Comments

COVID-19 Human Resources Managing a business

Fixed-term contract employee or full-time employee: which is it?

Article provided by SEESA

The COVID-19 pandemic has brought uncertainty in most instances, like when to appoint someone as a part-time employee or full-time employee.

As the economy is hankering toward the “normal”, meaning pre-COVID-19, employers may be sceptical about appointing full-time employees for fear of another hard lockdown on businesses and not being able to pay salaries to employees. Such fear may push employers to lean towards appointing people on a limited duration contract, making them part-time employees or not even calling them employees at all.

ByNSBC Editorial TeamMay 23, 20220Comments

Access to Finance COVID-19 Credit Starting a Business

Tips to help get your small business funded in South Africa

Article by Rean Bloem (Bizcommunity)

You'll understand what it means to have your credibility intact when seeking funding if you've watched the Netflix sensation, Inventing Anna. At the risk of being a spoiler alert, in short, the protagonist Anna Sorokin's dream of building her society club, through securing millions of dollars of finance, comes crashing down when she is found out not to be what she claims to be.

Every SME looking for funding can learn a lesson from this: make sure what you present to the outside world, even in your personal capacity, is legit, and that you look, or more importantly, are credible to the highest degree. Else it could affect your ability to secure finance for your small business.

ByNSBC Editorial TeamMay 23, 20220Comments

COVID-19 Risk Management

How small businesses can navigate risk in a post-pandemic world

Article provided by Santam

Five out of seven small businesses in South Africa fail within their first year of operation. As we begin to emerge from the pandemic, small business owners are finding themselves having to adjust to a very different business environment. There is a cascade of complex new risks that entrepreneurs must contend with if they wish to successfully steer their business into the future. Here are some tips to help entrepreneurs navigate this new world.

ByNSBC Editorial TeamMay 16, 20220Comments