Resilient SMEs will thrive in 2023: Here's how ~
The past year has not held much for the SME sector to celebrate, but 2023 is expected to be a year of growth and recovery.2022 saw the end of Covid-19-related restrictions but, at the same time, we also experienced some of the worst levels of load shedding ever. It has been a very difficult year for a sector that is widely considered to be the engine driving the SA economy. It is the resilience of SME owners that kept the doors open and the tills ringing.
We saw how they demonstrated an innate ability to pivot, change, and adapt to the ‘perfect storm’ they had to weather. Over the past 12 months, we saw almost every foreseeable bit of bad news being thrown at them and somehow their resilience carried them through. This is a characteristic to encourage and nurture in 2023
Loadshedding needs to come to an end – It would be remiss not to mention the dire need for a reliable source of power. The SME sector needs load shedding to come to an end. In a world that is moving away from handling cash, it is nearly impossible for SMEs to process payments and operate when there are constant power disruptions.
Inflation might have peaked and come down in 2023, something that is also potentially positive news for the sector. I expect we will see less aggressive interest rate increases or even a stabilisation of interest rates. A lot of companies in the renewables sector have completely pivoted to find new opportunities and tap into the gaps where Eskom is failing. This is great to see as it speaks to the dynamic capabilities of SMEs in South Africa. It also shows that people want to grow the economy. Jobs numbers have also recently improved, which is indicative of a growing economy.
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