South African small and medium businesses (SMBs) remain optimistic about their prospects despite a challenging 2022, where rising costs significantly impacted profitability. This is according to Sage's annual survey of almost 12,000 SMB leaders globally, called Small Business, Big Opportunity.
The findings from the survey reveal that 83% of business decision-makers are confident their company will be successful 12 months from now, an increase from 2022 of 76%. Over a third (41%) say that working more efficiently is increasing business confidence.
Looking to the next twelve months, over half (54%) of South Africa’s SMBs expect an increase in revenue, with 42% expecting to increase their workforce.