South Africa is ahead of many other African countries in many contexts, but itself remains riddled with issues.
Confronted with a GDP growth rate that just will not budge over 5%, South Africa has, together with the rest of Africa, reached out for the golden fleece called the SME.
However, while there are no specific interventions aimed at growing the existing SME's, the existing businesses are still able to thrive simply because the economy is still doing reasonably well at 5% growth rate.
But these unassisted SME's, together with those government is trying help, all have the same problem to contend with. A complete and utter lack of formal market information. At a recent high level function with the Department of Trade & Industries, they handed out booklets on a variety of economic topics. The biggest and most impressive full colour book, was 3 YEARS OLD.
This speaks to the problem in a clear voice. Overtrading is a major problem in South Africa, simply because there is no information to guide or inform wannabe SME's. This is a disgrace considering that we have such an advanced and informed constitution, and yet the departments themselves do not share valuable information with the country's business people!!! Why not? Do they not have it?
Until such time as our businesses, particularly the SME's who cannot afford to do their own research, get access to useful and timeous market related information and research, we will never become a great nation of entrepreneurs and SME owners.
Rob Smorfitt
To learn more about this author, visit Rob Smorfitt's Website.
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Rob Smorfitt
(Visit Rob's Website)
Based in Pietermaritzburg, South Africa.
Married with 3 children (22, 21 and 14).
Have an MBA and am currently doing a PhD
in entrepreneurial success. I have been
self employed since 1982. I have started
26 and bought 5 businesses since then.
Most were sold again and a few were shut
down because of a lack of profitability.
Many were run by staff or family while I
worked in full time employment in my
bigger businesses. 6 books written in SME
and Project Management educational field.
Written articles for various magazines,
newspapers and websites.
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