05 Oct Rebuilding Past Covid19
Covid-19 has had a catastrophic impact on the global economy. While markets have recovered reasonably well since the end of 2020, small businesses in South Africa and around the world have possibly been the hardest affected. While taking into consideration that the South African economy is made up of 90% of SMMEs and they are responsible for more than 50% of employment, of which 40% of the gross domestic product was attributed to SMMEs (Statistics South Africa, 2019). Research conducted by Saica Enterprise development revealed that out of 1500 SMMEs about 42,7% of small business were permanently closed due to the lockdown rule and the COVID19.
Most countries are focusing their efforts to restore their economies, aggressively seeking prospects that will revive their economies and giving their people hope. In the light of President Cyril Ramaphosa’s latest plan, it is clear that the government wishes to restore and revive the economy so that jobs can be created and enduring poverty eradicated. Seeming there are so many benefits to ensuring the survival of SMMEs. Everyone looks to the government when we should be working together to address the lower hanging fruits; such as prioritising enterprise and supplier development element. To stimulate entrepreneurship, increase the
number of SMEs, drive economic growth and ultimately contribute towards the recovery of lost jobs.
In 2020, the Companies and Intellectual Property Commission (CIPC) reported a record number of new companies. The underlying reason is attributed to people losing their full-time jobs.
Thus, as a custodian of business links and ED/SD and ESD programmes, Open Links will do more to help and grow small businesses in South Africa while addressing compliance relating to Enterprise and Supplier Development and Social Economic Development to resolve and accelerate the beginning of the economic recovery process.
If you are Responsible Corporate Company operating in South Africa and you want to see a recovery in our economy, why not partner with OpenLinks to co-create an entrepreneurial ecosystem that promotes enterprise development and support socio-economic development. Prioritising to strengthen SMMEs as the backbone of our economy is very important, it will in turn create employment opportunities. For more information on the above topic, please contact the Open Links Information desk at:
info@khulanathiglobal.co.za
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