Issues such as high inflation, late payments, and disparate levels of financial literacy are all contributing to the need for more support, digitalisation and skills development for them to thrive.once again shows optimism and ambition amongst small businesses in South Africa as 87% are positive about their outlook for 2024 and nearly three-quarters reported business growth over the past 12 months.
Our research shows the top barriers small businesses expect to face in the next year are political and economic instability , unpredictable loadshedding , lack of government support , and access to funding . In fact, 27% said technology has been the most significant factor in helping their business survive the past 12 months.
With over half of small businesses planning to invest in new technology this year, it’s crucial that we offer support and advice to help them choose the right tools.South Africa has huge potential to grow the small business economy through digitalisation, and I firmly believe that accountants and bookkeepers will be key drivers of this.