There are a lot of pitfalls when establishing a small business in South Africa and with the country entering a recession, there may be more hurdles along the way.
Founder of Business Process Mechanics Marang Marekimane joined Azania on her show to discuss some of these challenges and and what you can do to stay afloat.
The issue of funding is a very big issue for us and its going to be even harder to get that kind of money. We will definitely feel the pinch as small business owners.— Marang Marekimane, Founder of Business Process Mechanics
Skills is an issue, so it is important that we keep upskilling ourselves and find alternative means to upskill the staff we work with. How do you get people to work right with you and be invested in building the business with you. I do encourage using digital tools to learn...— Marang Marekimane, Founder of Business Process Mechanics
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Find ways to diversify your products and services. That will make you sleep easier at night.— Marang Marekimane, Founder of Business Process Mechanics
I think especially now that we have entered into a recession, it is going to be more important that we start reducing the waste that is in our business. Start looking at where could I be saving money as opposed to spending it, where could I swap services with people as opposed to having to pay.— Marang Marekimane, Founder of Business Process Mechanics
Marekimane says bartering between businesses is going to be essential as the things get tougher in the economy.
I wish people caught onto it more. If we can equate the value of the service and products that we are giving each other, lets go for it. We don't necessarily need physical cash to be doing these things.— Marang Marekimane, Founder of Business Process Mechanics
Click on the link below to listen to the full conversation....