Cape Town – During his first State of the Nation Address, President Cyril Ramaphosa emphasised the importance of small businesses to boost the economy and create jobs. Small business coach and mentor Anton Ressel looks at few practical ways in which the president could make his promise to small businesses a reality.
He suggests that the first thing Ramaphosa should do is to give small business owners a "tax holiday" for the first three to five years after inception. Even though this will make the president unpopular within the ANC, it’s a necessity if government is serious about helping small business.
"We've got such a high failure rate of businesses, not just in this country but it’s a worldwide thing. But certainly in South Africa the stats are something like four (out of) of five businesses fail," Ressel said.
WATCH last week's episode of #EntrepreneurCorner: SONA, Budget Speech and your business
Ressel said if these businesses were given the necessary support they need, they may have a chance of surviving and would be in a position to create jobs.
"For every small business that employs two, three four or five people, it's five people less in the unemployment queue," Ressel emphasized.
WATCH the full interview here:
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