Despite the fact that small, medium and micro enterprises are estimated to provide employment to up to 60% of the South African labour force, SMEs face plentiful challenges on a daily basis.
Administrative tasks are likely to consume a vast majority of billable hours. Between legal compliance, SARS documentation, bureaucratic red tape and lack of resources, emerging enterprises are left with very little time to get on with what they should actually be doing best – growing their businesses.
Here are four of the biggest challenges that need addressing if the country’s SMEs are to realise their immense potential:
- Administrative assistance: Paperwork can cause significant productivity backlogs for SMEs, who are seldom sufficiently staffed to deal with the countless red tape requirements of business.
- Procurement: For any start-up, expenses can quickly start to accumulate, particularly when strong supplier networks are not yet in place.
- Compliance: This is a key area in which numerous fledgling enterprises come unstuck, either due to a limited understanding of requirements, or simply thanks to it being assigned to the bottom of an ever-growing to-do list.
- Human resources: Staffing is often a concern for small businesses where significant problems can arise in the event of a staffing dispute, as smaller enterprises seldom have the means or know-how to deal with such issues.
MiWay Business Insurance has devised a plan to address issues our small business clients face in order for them to focus on running and growing their businesses. By means of MiBusinessAssist, our Business Insurance clients have exclusive access to business support services answering to the pressing issues mentioned. This service can assist with business matters, reduce unnecessary operational costs, and give business owners extra time to focus on what they do best – running their companies!