The number of SMME’s (Small, Medium, and Micro Enterprises) has increased significantly over the last few years. SMME’s play an important role in growing South Africa’s sluggish economy, and creating much needed employment. Unfortunately, most of them will close their doors before reaching their full potential. Government has placed the development of SMME’s high on the economic agenda, recognising their ability to create employment opportunities, and drive BBBEE policies.
Unemployment remains a huge obstacle for South Africa’s economic and social development. Since 1990, more than one million jobs have been cut from the economy, and by the beginning of 2015 the unemployment rate was a staggering 26.4%. The SMME sector is considered by many leading economists as the driving force in economic growth and job creation. it is believed that South Africa will be able to reverse the massive unemployment it is currently facing, through the success of these enterprises.
With so much importance placed on SMME’s, why are millions of Rands lost annually on business ventures that fail unnecessarily? Research shows that up to 80% of enterprises fail within the first five years, often due to problems or mistakes that could have been avoided with the right support. The idea behind the failed business is often very good, and the people involved are competent, but the problem, is a lack of fundamental business knowledge and administrative support.
Capital requirements, bookkeeping, financial planning, human resources management, income generation, and legal assistance are necessary skills that SMME’s can’t afford to keep in-house,” says Advocate Jackie Nagtegaal, Managing Director at LAW FOR ALL. “Without these valuable skills, important parts of the business are often overlooked. LAW FOR ALL wants to address this problem by providing affordable skill solutions that empower businesses to thrive.”
According to Nagtegaal, SMME’s have to think like big corporations in a competitive market place, but financial constraints prevent them from employing skilled professionals. LAW FOR ALL offers the valuable skills and assistance SMME’s need, allowing business owners to focus on what they do best. A team of lawyers, mediators, tax practitioners, payroll administrators and financial accountants help the business operations of an SMME, run smoothly. These services are available in a selection of innovative and affordable packages, designed to encourage and support growth. With over 20 years’ experience in the financial services field, LAW FOR ALL is known as a trusted advisor to many business institutions.
“We care about the future of our country and its businesses. We want to see the citizens thrive, to achieve this we cannot rely on Government only. We need to work together to find solutions that eradicate unemployment and stimulate the economy.”