SME survivor’s guide: Businesses must be prepared for the unexpected
Research shows SA has one of the highest start-up failure rates in the world, with 70% to 80% of businesses failing within five years. To survive the tough times:
1. Be prepared for whatever may come. This is especially crucial in SA’s unpredictable business landscape
2. Get on top of your cash flow. In 2021, the top reason that start-ups failed was because they ran out of cash, which means that keeping a close eye on your cash flow is vital.
3. Know when you need help – and ask for it. Too many companies wait until the last minute to seek help and by that time it is often too late.