SMALL BUSINESS
SMALL BUSINESS _________________ “As a business, this responsiveness has contributed greatly to us remaining relevant over four decades. With the disruption caused by Covid-19, we have had to respond to what our clients tell us and introduced a variety of relief initiatives aimed at SMEs." ________________ Harness technology to become more client-centric and give support quicker and more efficiently There have been great forces of change in the macroeconomic environment and the biggest driver of change in the past few years has been technology. Due to improvement and access to technology, we have had to adapt to doing things quicker to meet client demand in terms of decision-making and support. Big data, fintech and systems play an ever-increasing role in shaping the way financial institutions operate, especially to improve the understanding of the client’s needs and the ability to assess business risk. Red tape to be trimmed to increase ease of doing business SMEs often lack resources within their organisation to deal with legislative red tape. Often the entrepreneur or business owner spends more time jumping through administrative hoops rather than focus on running their businesses. Cumbersome legislation often becomes the biggest stumbling block for SMEs to develop access to markets, improve the ease of doing business, grow their businesses, or create much-needed jobs. It’s more important now than ever to invest capital and other resources into SMEs, as well as cut some of the red tape that exists in the legislative environment that makes it difficult to grow and create jobs. In comparison to big corporates, SMEs can often create more jobs at a lower cost. Innovate and adapt to meet needs of SMEs In this ever-changing and uncertain environment, it is difficult for any business to commit to a long-term plan. By staying close to and prioritising SMEs, both government and the private sector can better respond to SME needs and thereby contribute to a greater survival rate for these vital businesses. About Business Partners Ltd Business Partners Limited (Business Partners Ltd) is a specialist risk finance company for formal small and medium ownermanaged businesses in South Africa and selected African countries. The company actively supports entrepreneurial growth by providing financing from R500 000 to R50-million, specialist sectoral knowledge, Ben Bierman, Managing Director, Business Partners business premises and added-value services for viable small and medium businesses. Since its establishment in 1981, Business Partners Ltd has provided business finance worth over R20- billion in over 71 600 transactions facilitating over 671 000 jobs. Business Partners Ltd was named the 2019 Gold winner in the SME Bank of the Year – Africa category at the Global SME Finance Awards. Visit www.businesspartners.co.za for more information. 20 | www.opportunityonline.co.za
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