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By Shumirai Chimombe

Small businesses have established themselves as indispensable contributors to South Africa’s economy, playing a vital role as catalysts for growth and job creation.  And very importantly,  a major number of these enterprises are either based in, or have deep connections with their communities. This makes them key players in generating local employment opportunities as well as income for local suppliers by sourcing from them, thereby driving the economic inclusivity, development and upliftment of their communities.

SMEs account for a substantial portion of employment opportunities, particularly for individuals who might otherwise face stiff competition for jobs in larger companies or organisations. With the official unemployment rate standing at 32.1% small enterprises can be part of the solution and in the same vein contribute to alleviating poverty.  Furthermore, their propensity for innovation and ability to quickly adapt to changing market demands allows SMEs to be more agile in their recruitment of new employees based on the demands of their market and business environment. 

In its 2023/24 Annual Report, SEDA, now known as the Small Enterprise Development & Finance Agency (SEDFA) indicated that small, medium and micro enterprises (SMMEs) are estimated to account for about 34% of South Africa’s Gross Domestic Product (GDP) and employ around 60% of the labor force. And in its Annual Financial Statistics (AFS) release, StatsSA reported that small businesses generated 21% of turnover in the AFS 2023.

The Public Investment Corporation SOC Limited (PIC) ‘s report Landscape of Women-Owned & Managed Businesses in South Africa 2023 – an asset management firm wholly owned by the government – reports that women-owned businesses account for 21.9% of total businesses, slightly below the global average of 22.5%. It adds that women are more likely than men to become entrepreneurs, with female participation in entrepreneurial activities being higher in Sub-Saharan Africa with 1 in 4 women starting or managing a business. 

So what does this picture of the business landscape mean for established and aspiring women entrepreneurs alike? 

As SMEs grow and thrive, they are well-poised to make an enormous impact on the economy, in society and in their respective communities, particularly through job creation.

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Are you on the threshold of being a changemaker?

Do you have a story to share about how your small business has succeeded in making an impact, or do you aspire to grow your business into an enterprise that makes a difference and want to learn from other female changemakers?

According to PIC, one of key drivers behind the success of small enterprises is finding  network opportunities that will expand women’s linkages to new business networks. This is because women with large diverse networks are likely to perform better than women who lack the connections. 

The  Standard Bank EmpowHER and the  Standard Bank Top Women Conference provide the perfect platform for you to expand your network and be inspired by  influential global changemakers. Top Women is a community for women who want to change the world. The community will enable you to connect with other like-minded women, learn from each other and achieve your goals.

Be part of the conversation and take the Poll to let us know if you would like us to bring our 2025 EmpowHER conference to your province.

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