ractice our SMEs receive little in the way of support not only to achieve this mammoth task that is but nine years away, but rebuild our country from the ravages of Covid-19 from the bottom up.
“SMEs most certainly have the capabilities and attitudes to create jobs, affect the economy and now so importantly, positively add to the tax base, but they trip up time and time again on the same impediments. Here are 10 of the most common, as agreed by the panel,” says Karl Westvig, CEO of Retail Capital.SMEs contribute around R1.5 trillion to our GDP, yet government puts a fraction of this back into the sector which doesn’t move the dial.
Covid-19 triggered our need for contactless payments, and unlocked government’s opportunity of generating more revenueCash flow is a serious impediment to SME sustainability and success. Government – and big business – must commit to paying suppliers within 30 days. While this has been on the table for decades, it remains an issue that stunts SME growth, job creation and tax contribution. We need less talk and more action.
Westvig is the CEO of Retail Capital, Colin Timmis from Xero, Jonathan Smit from PayFast and Idan Jaan from Fundrr. They took a good look at what is obstructing our SMEs – and specifically those under the R10-million per annum turnover mark – from getting ahead, to achieve these Big Hairy Audacious Goals.