As we draw closer to the end of July, a month dedicated to encouraging South Africans to save it is imperative that we look at how small businesses in South Africa are able to keep afloat. Over 70 per cent of small businesses struggle to survive the first two years of operation, with poor cashflow management and insufficient funding being cited as two of the main reasons for failure.
Thomas Vollrath, Head of web hosting company, 1-grid “Taking your business online is a good starting point – there are less overheads and you can save on renting out a retail space by setting up a digital shop run from the comfort of your own home.”
“Making money is ultimately why you start your own business, but neglecting to plan ahead and innovate can result in failure,” said Vollrath.
