Everyone agrees, we need small businesses!
SMMEs are major contributors to the economy, as they provide employment opportunities and create economic wealth. In order to succeed and prosper, SMMEs need to establish a sound business model backed by a robust financial management function.
Notwithstanding this, the financial challenges for small businesses are stark. Many businesses start with a great deal of promise. The founder is talented and has a vision, the initial team is hardworking and innovative, and the concept behind the venture has economic merit. Unfortunately, even promising small businesses fail, often within the first year or two, due to financial challenges commonly faced by entrepreneurs.
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