Efficiency and skills vital for small business growth and development

 

 

General performance along with investment in skills development is crucial to making sure the expansion of Small Medium Micro Enterprises (SMMEs), suggests

Gauteng MEC for Economic Development and Tourism, Nkosiphendule Kolisile

.

At the recent annual International Small Business Congress (ISBC) Kolosile stated that efficiency is paramount to make sure that small businesses are capable of doing well and achieve a competitive edge both nationally and internationally.

For South African SMMEs to succed it is vital that they become more efficient to allow them to effectively play their role in establishing sustainable employment as well as realize inclusive economic growth.

South Africa would need to make investments in skills development in order to enhance and strengthen the capacity of human resources within the SMMEs and cooperatives. We will need to enhance their capabilities and know-how as numerous studies have shown that with the required support, SMMEs could possibly end up being the foundation of employment creation in the country.

To deal with the country’s disturbing 25.4% unemployment rate, all provinces ought take the lead from Gauteng who have implemented steps and procedures to support SMMEs prevail over challenges and barriers by setting up the Gauteng Economic Propeller, amongst other things.

The Propeller has been given the job of furnishing financial together with non-financial support to SMMEs and cooperatives. In addition, it offers the means to access information, which has been recognized as a critical obstacle to SMMEs’ development and growth.

The intention of the conference was to brings together small business policymakers and provide a stage for policymakers to discuss ideas and best practices with regards to improving support to both survivalist micro enterprises as well as nurturing more high-growth firms.

This is the very first time the conference has been held in Africa.

Source: SAnews.gov.za

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