Good Read
Brian Kantor remains one of South Africa's favourite economists.
In his book, Get South Africa Growing, he articulates a positive
approach to South Africa's challenges and opportunities.
FACTS ABOUT SMMEs
3 Million SMMEs in SA
As of 2024, South Africa is home to approximately 3 million Small, Medium, and Micro Enterprises (SMMEs). These enterprises collectively employ around 13.4 million people, underscoring their pivotal role in the nation’s economy.
A significant portion of these businesses, about 72%, operate informally, highlighting the prevalence of unregistered enterprises within the sector. This informality presents challenges in terms of regulation, support, and integration into the broader economic framework.
The South African government acknowledges the critical importance of SMMEs in driving economic growth and job creation. Initiatives such as the Township and Rural Entrepreneurship Programme aim to bolster these enterprises, particularly in underserved areas. Efforts are also underway to streamline regulatory processes and reduce barriers to formalisation, thereby fostering a more conducive environment for SMMEs to thrive.
Despite these efforts, challenges persist. Many SMMEs face obstacles related to access to finance, market entry, and compliance with regulatory requirements. Addressing these issues is essential to unlock the full potential of the sector and ensure its sustained contribution to South Africa’s economic development.
Challenges
Small Businesses can't get access to professionals without funding, and they can't get access to funding without professionals.
Medium-sized enterprises may be able to afford professionals, but because they don't apply a holistic approach, they are often unaware of all the critical business success factors.
FBW is a holistic business support solution tailored for SMMEs. It connects entrepreneurs with professional services at affordable rates while ensuring accountability. The initiative also amplifies brand visibility and opens valuable networking opportunities, empowering businesses to grow sustainably.
WHAT EXPERTS HAVE TO SAY
Brian Kantor is a pre-eminent economist.
He is an Investment Strategist and Economist at Investec Wealth and Investment and Professor Emeritus at UCT, and he regularly writes on the South African and global economy. "The initiative First Business Wellness (FBW) demonstrates beneficent market forces in action. They are the actions of a risk-taking and highly innovative new enterprise. South Africa needs both risk-taking and innovation if it is to prosper.
Should FBW work out as so carefully planned, it will help deliver a more productive South African business sector. One that will promote not only the well-being of the business owners but that of its employees, suppliers, and customers, and with improved profitability and incomes, higher tax revenues for the State. This is what all successful businesses achieve"
"First Business Wellness is a living example of an innovative business. I wish them every success"
Ben Durandt, Turnaround corporate specialist.
Ben Durandt (CA) (SAICA), serves on the board of Turnaround Managers Association SA, member of the Institute of Directors SA, member of Insolvent Practitioners SA, 25 years of experience at KPMG. "First Business Wellness has created a vigorous platform for entrepreneurs to forge viable financial pathways towards becoming real contenders in a highly competitive business environment"
Philip Pla, Senior Partner, Adams & Adams.
Philip Pla BSc (Mech Eng) (BProc), “The First Business Wellness Company platform will provide essential multi-disciplinary support to entrepreneurs, allowing them to lay a solid foundation to unlock the true potential of their business. First Business Wellness recognises that many SMEs and MMEs are cost-sensitive and for this reason, the associates have agreed to strive to render their professional services at affordable rates by harnessing internal efficiencies within their respective organisations"
Anton Rautenbach (Executive Financial Advisor, DL Sure)
"With so many investment 'scams' in the past combined with an unhealthy economy, it becomes very difficult to fund new business ideas.
The First Business Wellness' offering is, in my opinion, definitely a step in the right direction and is ideally positioned to offer attractive investment opportunities"