The Importance of Small and Medium-sized Enterprises

A vibrant small and medium-sized enterprise sector is a vital ingredient for a healthy market economy.

According to The Banking Association South Africa, SMEs make up 91% of formalised businesses, provide employment to about 60% of the labour force and total economic output accounts for roughly 34% of GDP.

SMEs are the true backbone of the South African and African economy. Their capacity for innovation and flexibility in a changing business environment makes them crucial for South Africa’s success. Because of their size, SMEs are often much better at identifying and embracing new trends in the industry and, therefore, driving the innovation within their respective sectors. This allows SMEs to be pioneers in emerging technologies, paving the way for bigger investment opportunities.

Boraine Consulting provides accounting, tax and consulting services to assist SMEs with growth and business challenges. If you’d like a free consultation, email us at info@boraineconsulting.com