Article written by Brendon Saunders (ActionCOACH – Gauteng)
Gauteng has long been known as South Africa’s wealthiest province and our country’s financial hub. According to Gauteng Premier Panyaza Lesufi, in his recent State of the Province Address (SOPA),
“Gauteng’s economy has outperformed other provinces significantly, surpassing the combined economies of the Western Cape, KwaZulu-Natal, and Limpopo.”
As the smallest of the nine provinces in terms of area size, it not only has the largest economy, but it also has the national reputation of being the province to go to when looking for work. Key industries include banking, IT, real estate, transport, broadcast and print media as well as private healthcare companies and a dynamic consumer and leisure retail sector.
Despite the difficulty of the last few years, it is indicated that not only has Gauteng returned to pre-COVID business levels but also that it is growing and thriving. Even in the face of increasing competition from other provinces, Gauteng remains strong across the minerals extraction and processing, and automotive sectors, with particularly positive growth being seen across manufacturing, construction and tourism.
There continues to be a strong focus on growing small businesses. For example, there are many projects across Gauteng’s construction sector that are creating and providing opportunities for smaller businesses. In fact, the Gauteng business culture can be likened to that of a micro and small business culture. This is further validated by Lesufi’s earlier SOPA, in which he discussed the creation of opportunities for small, medium and micro enterprises.
Yet the challenges do remain. Over and above increasing global and local pressures – many of which are well documented, there are some recurring themes present amongst the businesses that I work with.
- Finding businesses that ‘match’ or ‘fit’ your target market.
It is not enough to simply ‘know’ your product or ‘understand’ its value and benefit. It needs to be communicated – constantly, and to your intended audience(s). What you sow today, you will reap tomorrow. A continued focus on marketing is therefore essential for any business and business owner. - Late payments
Outdated, inadequate or a lack of proper processes can seriously hamper business operations including that of finance. Irrespective of whether accounts are payable or receivable, late payments can jeopardize the financial health of one’s business. A regular review of one’s internal systems and processes is necessary to minimise this risk. - Increased legislation requirements
As bothersome as certain legislations or areas of compliance may appear; it nevertheless remains essential to conform with established laws to ensure safe and fair treatment of any and all parties.
Whilst most assuredly not applicable to Gauteng only, not all challenges are directly related to business only. A failing infrastructure, the result of a lack of maintenance and theft, compounded by a battered economy, the rising cost of living and transport together with rising personal debt and unprecedented levels of crime continues to exacerbate everyday business difficulties.
In spite of this, business continues to innovate in Gauteng, and to grow. According to Invest SA, ‘there are currently 15.2 million people living in Gauteng. This is projected to grow to 18 million by 2030 and increase to between 22 and 25 million by 2050. As the principle economic hub in South Africa, the Gauteng Province is uniquely positioned to be a beacon for the goal of inclusive growth. It is also the province where exponential possibilities emerge.’
ActionCOACH is a proud NSBC Partner
About Brendon Saunders
Brendon Saunders is an award-winning, internationally Certified Business Coach with the top business and executive coaching firm, ActionCOACH. His passion is to help business owners, directors, senior managers and organizations to build the life they have always dreamed of utilising their number one asset… their business.
With his background in corporate sales and marketing, business start-ups and 17 years as a successful Suzuki franchise owner, he brings specialised experience and knowledge to the table.
Brendon works with multi-million Rand organisations, executives and small to medium business owners, and helps them increase their businesses holistically by over 100% in less than 12 months. He does this by helping them understand where the actual problems lie within their business, implement simple cashflow techniques, maximise system efficiencies and build effective office cultures (to name a few). Brendon helps CEOs, Directors, Business Owners, and Senior Managers build businesses that can work without them so that they can live their dream life.
