#EntrepreneurCorner: Here's how Ramaphosa can help SMMEs

accreditation

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: 

Did you find this useful? We need your input to identify your most pressing issues. Send us your questions. Our resident coach Anton Ressel or one of our experts will answer as many as possible in future shows. You can also engage with us on Fin24's Twitter and Facebook pages. Look for our hashtag, #EntrepreneurCorner.

Missed it? Here are some of our previous episodes.

#EntrepreneurCorner: Start making money in 2018#EntrepreneurCorner: Time for women to step out of the support zone

#EntrepreneurCorner: Delegating for success

  • #EntrepreneurCorner: Incubators require commitment
  • #EntrepreneurCorner: Upscaling is about your customer
  • #EntrepreneurCorner: Don't obsess over protecting your idea
  • #EntrepreneurCorner: Why it's crucial that you pay yourself first
  • #EntrepreneurCorner: Make it easy to do business with you
  • #EntrepreneurCorner debuts: The funding conundrum
  • * Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

    We live in a world where facts and fiction get blurred
    In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
    Subscribe to News24
    Rand - Dollar
    14.75
    -1.0%
    Rand - Pound
    20.26
    +0.1%
    Rand - Euro
    17.29
    +0.2%
    Rand - Aus dollar
    10.72
    +0.1%
    Rand - Yen
    0.13
    +0.1%
    Gold
    1,754.62
    0.0%
    Silver
    22.41
    0.0%
    Palladium
    2,019.00
    0.0%
    Platinum
    944.00
    0.0%
    Brent Crude
    75.34
    -0.4%
    Top 40
    56,605
    -0.9%
    All Share
    62,864
    -0.7%
    Resource 10
    56,497
    -3.9%
    Industrial 25
    81,170
    +1.0%
    Financial 15
    14,018
    +0.5%
    All JSE data delayed by at least 15 minutes Iress logo
    Company Snapshot
    Voting Booth
    What potential restrictions on unvaccinated South Africans may make the biggest difference to public health, the economy?
    Please select an option Oops! Something went wrong, please try again later.
    Results
    Limited access to restaurants and bars
    9% - 41 votes
    Limited access to shopping centres
    17% - 79 votes
    Limited access to live events, including sport matches and festivals
    28% - 129 votes
    Workplace vaccine mandates
    46% - 211 votes
    Vote