Sponsored by Standard Bank, Umsobomvu Youth Fund (now operating as the National Youth Development Agency [NYDA]) and Fujitsu, SME Survey is in its sixth year and polls 2500 business decision-makers on the issues they face and how they overcome these to remain competitive and sustainable in the current economic climate.
Principal researcher Arthur Goldstuck explains that the survey asked respondents to rate the importance of strategies they were adopting to get through the downturn. "Based on the responses, we have a very clear picture of what SMEs are doing in trying times. We believe the results of this specific aspect of the research are the single most important set of findings to date, as it gives business owners practical recommendations to follow," he says.
Key ratings results
"Cash flow is hardly surprising; it is and always has been at the heart of business viability. A little more surprising is the prominence given to business and financial systems; this tells us that business owners know that it is vital to have a finger on the pulse of the business. Managing cash flow goes hand in hand with such systems," Goldstuck remarks.
"It is important for government funded institutions such as NYDA to be involved in initiatives like SME Survey to understand what makes SMEs successful and establish their needs. The majority of SME owners are youth and therefore it makes sense for NYDA to align its products and services with SMEs in order to be relevant and to make a lasting impact," said Malose Kekana, NYDA CEO.
The good news, Goldstuck stresses, is that survival simply means going right back to business basics. "There is no mystery, no elixir in this blueprint - just sound business sense," he concludes.
Go to www.smesurvey.co.za for more information.
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