The Benefits of Technology for SMEs

There’s a plethora of technology and services available to give small businesses the upper hand.

March 3th, 2020 – South Africa’s small to medium-sized enterprises are instrumental in driving the country’s market economy and employment rates. With unemployment figures reaching 27.7 percent last year and the economy forecasted to grow just under two percent, the SME sector is viewed as their growth vehicle.

According to Ravi Govender, Head of Small Enterprises at Standard Bank, on average, about 50 percent of all start-up businesses in South Africa fail within two years due to the inexperience of the owners, as well as a lack of resources to sustain.

SMEs can come with inherent risk — this isn’t necessarily a bad thing, but SME companies with smaller resources must adopt risk management and loss prevention measures to build a sustainable enterprise by facilitating improved decision-making, as well as streamlined, efficient processes. There’s a plethora of technology and services available to give small businesses the upper hand.

Here, we’ll explore the tools available to ensure SMEs have a greater chance to succeed in South Africa.

More…https://www.africanexponent.com/post/7225-the-benefits-of-technology-for-smes

Written by The African Exponent