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KAMMY REDDY | Small business progress is key to economic growth

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KAMMY REDDY | Improving knowledge around sustainable financial best practices is crucial for SMEs looking to expand. Many face challenges in securing funding due to not having the necessary financial records in place

Small and medium-sized enterprises are the lifeblood of SA’s economy, making up more than 98% of businesses across the country and contributing 39% of the country’s GDP. That contribution is also set to increase in the coming years, further cementing the importance of SMEs to our economy. However, these businesses are also the most vulnerable to externally driven economic fluctuations.

In the same vein, conversations around sustainability in business, particularly when it comes to small businesses, are gaining increasing importance among multiple stakeholders. This includes investors. In fact, according to the World Economic Forum, in a recent poll, 88% of investors placed equal importance on environmental, social and governance practices in business operating models as they did on financial considerations when making investment decisions. ..

 

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