Ways South African small businesses can survive, country’s economic constraints

 

Having a successful Small Businesses in South Africa is a very challenging task, especially with the technical recession and the economic constraints facing the country.  The country might face an increase in interest rates and the availability of credit is low.

Here are some of the ways small businesses can survive the economic difficulties;

  1. Taking the positives out of a weakening rand and exporting more products. The local economic development offices can also assist in taking advantage of export opportunities.
  2. Small business can succeed is by sustaining a positive cash flow and performance by increasing value and cutting costs.
  3. Marketing is essential for a business’s success and growth; the business needs to be well marketed.
  4. Maintaining capital expenditure on innovation.
  5. Establishing different revenue channels by exploring idea like your core product and service. 
  6. Maintaining customer services.

 

Source: businessinsider.co.za

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